The University of the Arts, which used to occupy a series of striking old buildings along South Broad Street in Philadelphia, seemed to be on firm footing when its imminent closure was announced on May 31, writes David Murrell for Philadelphia Magazine.
University of the Arts is a private university that was always highly reliant on tuition. The school had a modest endowment of $62 million, which meant that 75 percent of its budget came from tuition.
“There was always a sense that we didn’t have enough money,” said Karl Staven, a professor who worked at UArts for two decades.
Despite that, there was never a sense of imminent financial doom, according to anyone who worked at UArts.
The news that its accreditation by the Middle States Commission on Higher Education had been revoked came as a shock to many, including students who had placed their deposits for the coming fall semester that same day.
In a statement released the following day, UArts president Kerry Walk and the chair of the board of trustees Judson Aaron blamed the Middle States for announcing the news before them.
“With a cash position that has steadily weakened, we could not cover significant, unanticipated expenses,” read the statement.
Read more about the collapse of the University of the Arts and its continued ramifications in Philadelphia Magazine.
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