Financial misturns led to Saint Joseph's College suspension

RENSSELAER, Ind. — A long-running pool of debt, the risk of losing accreditation and increased pressure from auditors that could've affected student loans led to the decision to suspend operations at Saint Joseph's College, a school official said Monday.

After announcing Friday evening that the private college would temporarily suspend all activities on campus for at least the 2017-18 academic year, Saint Joseph's Board of Trustees Chairman Benedict Sponseller on Monday addressed and fielded questions from a tense crowd of faculty and staff who filled the Shen Auditorium.

Sponseller provided the group with a breakdown of why the board voted to suspend operations at the 125-year-old Catholic school.

"The combination of cash-flow difficulty, the threat of losing our accreditation and the real possibility of students not being able to get loans — those are the primary things that led us to suspend our operations in hopes of rising again as a new Saint Joseph's College," he said.

Read more: http://www.jconline.com/story/news/college/2017/02/06/financial-misturns-led-saint-josephs-college-suspension/97542504/