The College of New Rochelle Announces $5 Million Donation from Anonymous Benefactor
December 14, 2016
The Board of Trustees of The College of New Rochelle announced today that an anonymous benefactor recently donated $5 million to the “We Are CNR” fundraising campaign launched to ensure the College’s future.
The $5 million donation, along with another $1.7 million in donations came as the Board was facing a financial crisis which emerged earlier this fall. The We Are CNR campaign was launched to secure the necessary funding to support the College in the short term while a long term restructuring plan is finalized. The We Are CNR campaign has included both online and person-to-person outreach as well as a series of videos featuring faculty, students and alumnae/i sharing what CNR means to them. For more information about the “We Are CNR campaign,” visit www.cnr.edu/weareCnr.
“In addition to the generous support of our alumnae, faculty, staff, students and friends, we had 100 percent participation from our Board and our Executive Team in helping us to reach this goal. The result was a sense of community and commitment to make CNR successful, at a time when we had all but run out of options to save this institution we love,” said Gwen Adolph, Chair of the Board of Trustees.
“We are humbled and grateful for the generosity of those who have donated and continue to donate, as well as the ongoing support we are receiving from alumnae and others in our hour of need. Although we have more work to do, I am pleased to say that the College will remain in business and continue moving forward.”
Adolph said the Board and College administrators will restructure the College and reduce costs while seeking additional funding to stabilize the College’s finances and meet past and current obligations. Staff reductions have already begun, and more are expected, as the College right-sizes its financial standing for the future.
“We are very grateful that we can continue to provide a quality education for students today and into the future,” said Dr. Dorothy Escribano, interim president.
In other positive news for CNR, applications for incoming students remain steady. This follows the enrollment of the largest freshman class in decades – and the first to admit men to the College’s School of Arts & Sciences in its history.
“We were motivated throughout this effort with the unshakeable belief that The College of New Rochelle was worth fighting for,” said Adolph. “Our work is not done. But this $5 million donation and additional financial support we have received allows us to continue this fight and to continue to provide a profound education in the Ursuline tradition to future generations of students who follow in the footsteps of the more than 50,000 alumnae/i who have come before them.”