Wesley College seeks $3.2 million from state amid financial stress
From The News Journal
In its continued fight to restore its financial health, Wesley College has asked for another round of state funding.
This $3.2 million request is more than triple the $1 million the state released to the Dover liberal arts school just weeks ago. It is the third time the school has asked for public funds this year.
The school continues to reallocate money for operating expenses, including a scholarship fund, grants and public funds meant for library renovations.
The small private college has received multiple installments of taxpayer dollars since 2018, most recently totaling $3.375 million. If the current request is approved, that amount would nearly double to $6.575 million.
Earlier this year, the state released $2 million to the school in order to “retain the proper account balance” so the federal government would continue to provide students with financial aid.
The school has since been permitted to request additional state funds, but needed to demonstrate “a sustainable financial plan for the future,” said Robert Scoglietti, spokesman for the state Office of Management and Budget.
The request for $3.2 million will likely also be used to maintain eligibility for federal financial aid, Scoglietti said.
Mirroring small liberal arts colleges across the country, Wesley continues to struggle with finances in the face of dwindling enrollment. In June, the U.S. Department of Education placed the school on a monitoring list for the second time in three years because of concerns about “financial responsibility.”
Enrollment continues to decline, and money that was intended for the renovation of the old Dover Public Library has had to be funneled into general operating expenses.