The King’s College Experiences Major Funding Gap
The King’s College is currently experiencing a $2.6 million dollar funding shortfall that is jeopardizing the future of the College.
The King’s College is currently experiencing a $2.6 million dollar funding shortfall that is jeopardizing the future of the College. King’s has been caught in a perfect storm of financial pressures this year, between a slow, post-Covid-19 recovery, an economic decline, and rising interest rates which have complicated the sale of our DeVos building. These factors have contributed to a $2.6 million dollar funding need that needs to be met in order to finish the semester well.
The King’s College Executive Committee is working diligently to address these funding issues through a multi-pronged approach. The College streamlined its operating budget at the beginning of the semester, drastically reducing discretionary spending while maintaining the same classroom environment for our students.
The College has also reached out to over 15,000 members of the King’s community to help reduce this funding gap. We are still pressing forward to raise our $2.6 million fundraising goal so we can finish the semester well. Fundraising has been positive and there are encouraging signs. We continue to approach donors of all sizes to assist us in meeting our financial obligations. We received bridge financing that will provide us with funds to ensure that we can fulfill our financial obligations to faculty and staff through the end of the semester, and we look forward to celebrating graduation with our seniors and their families.
Lastly, the Executive Committee is in the process of exploring potential partnerships with different colleges and universities. These potential partner schools have seen our strong academics, dedicated faculty and staff, and New York City location, and are looking at ways to partner with King’s and provide the long-term support and stability that the College needs. Many of these ongoing talks have been fruitful, but there is still work to be done to secure a partnership.
While we would never choose to go through times of uncertainty, the leadership of King’s is deeply encouraged by how the King’s community has rallied around the College’s mission to preserve its future as an institution. Students are gathering for prayer, volunteering their time, and sharing their support for King’s through the TKC Letters Project and the Save King’s video campaign. All of this support is sustaining the College during this challenging season and making it possible for us to continue to press forward with the work that God has called us to do.
Students and parents can be assured that we are on track to a successful completion of the semester. We look forward to celebrating or graduating class of 2023 at our 75th annual Commencement exercises at 10:30 AM on May 6th at St. George’s Episcopal Church in New York City.
The Executive Committee is hopeful that the College will be sustained during this funding gap, but in the event that students will need to continue their education elsewhere, preparations are being made to support students with transfer options.
We ask that every member of the King’s community consider how they can support the College during this time. Whether that be through prayer or through making a financial gift, we earnestly seek your support and rely on God’s providential provision.