Albright College says it ended its recent fiscal year with a more than $10 million surplus, zeroing out its deficit by slashing operational costs, eliminating half of its full-time staff, and selling unused property and other assets.
Still, experts warn that windfall does not guarantee long-term financial health, since much of the revenue was raised using one-time maneuvers. The numbers presented by the liberal arts college are also not audited, meaning they haven’t been reviewed by a third party and could be unreliable.
Albright’s financial struggles are not unique. It is one of several small colleges or universities in Pennsylvania grappling with major challenges due to declining enrollment, an issue facing higher education nationwide.
