Higher education regulators say they have concerns over the financial situation at Albertus Magnus College in New Haven.
The New England Commission of Higher Education (NECHE) gave the school a Notation earlier this month, flagging the commission’s worries that the school may not be able to maintain its programs. In a statement from NECHE, the organization said “the institution’s resources and cash flow may not be sufficient to sustain the quality of its educational program and to support institutional improvement now and in the foreseeable future.”
“For nearly a century, Albertus Magnus College has sought to fulfill the commitments associated with regional accreditation, including a spirit of continuous improvement and educational quality. We are grateful for the continued guidance of NECHE on its Institutional Resources standard,” said Albertus Magnus President Marc M. Camille when the Notation was issued. “Our community’s efforts remain focused on strengthening the College’s financial resources to assure we continue fulfilling our essential mission through delivering an excellent, values-based education to Albertus students in the years ahead.”
“We respect and understand the New England Commission of Higher Education’s (NECHE) notation and are working in collaboration with NECHE to share our short- and long-term strategies focused on strengthening the College’s cash flow and financial resources, which were significantly impacted by the COVID 19 pandemic,” said Andrea E. Kovacs, Vice President for Enrollment Management and Marketing at Albertus Magnus, in a statement to CII. “Albertus Magnus College is fortunate to have a solid endowment and multiple options that will provide financial support as we await millions in expected FEMA and Employee Retention Credit funds in the months ahead. Our community remains confident that we will continue to fulfill our essential mission through delivering an excellent, values-based education to Albertus students well into the future.”
According to IRS data compiled by ProPublica, Albertus Magnus reported negative income for fiscal years 2018-2020 totaling about $12.3 million over that span. The largest loss was $5.6 million, reported in 2019. More recent data has not been made available as of publication.
Albertus Magnus has been accredited with NECHE for more than 90 years. NECHE says it will conduct a further review of the school during a focused visit in the Fall of this year.
NECHE is a regional organization tasked with accrediting institutions of higher learning in the six New England states. Schools self-report on their eligibility which is then evaluated by a team of peers. Schools that maintain their status with NECHE also retain accreditation, which provides the school with access to federal financial aid and allows students to transfer credits from one institution to another.
A loss of this accreditation can put those actions at risk, making a school less attractive to students who might need financial aid or who think they might need to transfer schools in the future.
Earlier this month, Boston-based Bay State College saw the loss of its NECHE accreditation after years of dwindling staff and enrollment, as well as an expensive legal settlement. The move could force the already struggling institution to close its doors for good.
As of right now, Albertus Magnus is not in danger of losing its accreditation. A Notation of this type is a warning that the school could fall below NECHE’s minimum standards for accreditation and provides an opportunity for the school to correct the issue.
