After a month-long assessment of Lon Morris College's financial status, Bridgepoint Consulting Company announced it would be in the best interest of the school to enter an agreement with another educational institution.
A press release provided to the Daily Progress stated Lon Morris College experienced negative cash flow in recent years and overextended itself in attempt to grow, which included adding football to its athletic department in 2010.
At the beginning of May, the LMC board of trustees hired Bridgepoint, a reorganization firm, to analyze and restructure the two-year institution.
The board of trustees reviewed Brigepoint's assessment and determined an agreement with another institution would be best to continue the college's mission.
"Discussions with multiple entities are ongoing, and an initial agreement is expected this summer,” Dawn Ragan, LMC chief restructuring officer, said in the release. “A modified academic program that will continue compliance with the SACS accreditation policies is currently being developed for the upcoming academic year.”
All athletic programs have been eliminated and all students will be notified of applicable options available to them.
If whether classes would continue in the fall, Ragan said the college's academic plan is still in process and is not yet finalized.
When the restructuring firm was first employed, Bridgepoint furloughed all but 11 LMC employees on May 22.
During that time, all extended campus housing and other room and board type of benefits were terminated. Those employees and tenants were given 10 days to vacate the facility.
Lon Morris College, founded in 1854, is the oldest two-year college in Texas.
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