The beginning of the end for Marymount University
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Anonymous
| Recent new came out that they drained 1/3 of their endowment to "attract students" through capital projects. They are soon to be on their way out from the university space. |
Anonymous
| More info please, OP. Random post with little info. Links helpful. |
Anonymous
| What are you doing to help them? Or are you rooting for their closure? |
Anonymous
| It’s the president! She needs to go she spends all their money to go on trips |
Anonymous
| That campus would make a beautiful high school. |
Anonymous
| I thought it got bought by Northeastern? |
Anonymous
Ignore me! I’m talking about Marymount Manhattan. |
Anonymous
ding bat! |
Anonymous
Was thinking the same thing. We live close by. |
Anonymous
| Wait your not talking about Marymount in the DMV, specifically V? |
Anonymous
Not OP but I think she is. |
Anonymous
| No surprise. Most of the university closures we've seen this year are smaller, religious-focused schools. Marymount fits in that category. |
Anonymous
|
https://www.bloomberg.com/news/articles/2024-07-19/dc-area-college-drains-one-third-of-endowment-in-bid-to-lure-students?embedded-checkout=true
The article says they pulled $16.5 million from their endowment in the 2023 fiscal year (endowment is now down to $32 million from $49 million). Money was spent on new flooring, paint, windows and furniture to try and convince more students to enroll and to refresh 3 floors of the Ballston building that they lease to an outside company. Their VP Finance is quoted as saying “an endowment just sits there, what’s the point?”. Full time undergraduate enrollment has dropped 370 students (down to about 1,700) since the recent President took over in 2018. They phased out several liberal arts majors. There was a May call with investors in their $111 million of municipal bond debt after the school disclosed it was drawing down its endowment. The debt traded in July for the first time since 2015 at roughly $.80 on the dollar, down more than $.20 since its last trade. Moody’s and S&P downgraded the school’s credit rating deeper into junk. Doesn’t look promising for this school and one should question the fiscal management of this president and VP Finance. Marymount Manhattan just merged with Northeastern and Marymount California closed in 2022 and the property was bought by UCLA. Seems like this one is headed in the same direction. Sad. |
Anonymous
| Just seeing this. Do you think the whole school is in jeopardy or just Liberal Arts. It seems like the Business Innovation Leadership and Technology school and Nursing school do well. |
Anonymous
| They seem to be focusing more on professional preparation which seems like a good thing. |