Alderson Broaddus in Academic Trouble due to Finances

[boatcapt]

I don't see the MEC adjusting the 2023 schedule at this late date other than the teams basically having an open date when they would've faced AB. But, it's going to be next to impossible to find an opponent for those open dates with the season less than a month away.

I don't see why not. The football season is weeks away and all teams have their OOC game the first week anyway so even longer till rearranging the schedule would impact anyone. Also not like we're talking a D1 cross country game with all the cost and logistics that go along with that. All the teams involved have been to ever place so it is literally a matter of getting the buses and MAYBE making hotel reservations for any games that are long distances.

[ctrabs74]

I don't see why not. The football season is weeks away and all teams have their OOC game the first week anyway so even longer till rearranging the schedule would impact anyone. Also not like we're talking a D1 cross country game with all the cost and logistics that go along with that. All the teams involved have been to ever place so it is literally a matter of getting the buses and MAYBE making hotel reservations for any games that are long distances.

Except for the fact that teams already have their schedules set; we're only three and a half weeks away from the start of the season. The only impact this really has is that each team who was scheduled to face AB will simply have an open date. Why would you want to rearrange the schedule under that circumstance? It makes no sense, to be honest.

[Columbuseer]

More details on AB in testimony to wv legislature by HEPC.
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.
$30m long term debt, $5m line of credit maxed out, city of Phillipi owed $835k.
lawmakers were concerned that AB continued to recruit students for fall semester, given their finances.

Ominous message for other schools:

Chancellor Tucker suggested it’d be a good idea for state officials and the HEPC to take a closer look at other universities across the state from a financial standpoint.

“I do think it is probably incumbent upon us in this next year to take a really hard look at the finances of all of our institutions. Institutions across the country are closing,” said Tucker.

https://wvmetronews.com/2023/08/06/s...ttee-meetings/

[Uindy18]

Looks Like Fairmont found a schedule replacement for AB

https://fightingfalcons.com/news/202...ming-game.aspx

[Ram Tough]

More details on AB in testimony to wv legislature by HEPC.
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.
$30m long term debt, $5m line of credit maxed out, city of Phillipi owed $835k.
lawmakers were concerned that AB continued to recruit students for fall semester, given their finances.

Ominous message for other schools:

Chancellor Tucker suggested it’d be a good idea for state officials and the HEPC to take a closer look at other universities across the state from a financial standpoint.

“I do think it is probably incumbent upon us in this next year to take a really hard look at the finances of all of our institutions. Institutions across the country are closing,” said Tucker.

https://wvmetronews.com/2023/08/06/s...ttee-meetings/

I mean, I don't think that's a horrible idea. No one wants to see any college close its doors, but AB should have closed at the end of the Spring. Now, all kinds of young men and women are in a real bind. There are some schools that we know are hanging on by a thread, and we don't want another situation like this. I hope the rest of them are healthy enough, but I have my doubts on some. Cough ... Salem ... Cough ... Bethany ... Cough ... Bluefield State ... Cough

[stealth]

More details on AB in testimony to wv legislature by HEPC.
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.
$30m long term debt, $5m line of credit maxed out, city of Phillipi owed $835k.
lawmakers were concerned that AB continued to recruit students for fall semester, given their finances.

Ominous message for other schools:

Chancellor Tucker suggested it’d be a good idea for state officials and the HEPC to take a closer look at other universities across the state from a financial standpoint.

“I do think it is probably incumbent upon us in this next year to take a really hard look at the finances of all of our institutions. Institutions across the country are closing,” said Tucker.

https://wvmetronews.com/2023/08/06/s...ttee-meetings/

Did I miss it that this $30M loan is somehow due in full? All I have seen is that they have a $30M loan at 3% (in a 7-10% market) That's good, nearly free use of money. Having maxed out the LOC at the end of the year when no funds are coming in, is that so out of the norm? And the Utility bill thing is just a stupid reason for pulling the plug, the city is likely willing to take pennies on the dollar for this.

Then there is this:
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.

“Isn’t that pretty high,” Delegate Joe Statler (R-Monongalia) asked, to which Chancellor Tucker replied, “yes.” SHE'S WRONG, OR VERY IGNORATE.

This is pretty typical for private colleges to have a discount rate of 45%. The fact that she said it wasn't, discredits her.

I have no ties to AB, but this smells like a railroad job to me.

[Ram Tough]

Did I miss it that this $30M loan is somehow due in full? All I have seen is that they have a $30M loan at 3% (in a 7-10% market) That's good, nearly free use of money. Having maxed out the LOC at the end of the year when no funds are coming in, is that so out of the norm? And the Utility bill thing is just a stupid reason for pulling the plug, the city is likely willing to take pennies on the dollar for this.

Then there is this:
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.

“Isn’t that pretty high,” Delegate Joe Statler (R-Monongalia) asked, to which Chancellor Tucker replied, “yes.” SHE'S WRONG, OR VERY IGNORATE.

This is pretty typical for private colleges to have a discount rate of 45%. The fact that she said it wasn't, discredits her.

I have no ties to AB, but this smells like a railroad job to me.

They were literally asking for donations in order to meet payroll. The real travesty is that AB didn't shut down at the end of last year. The money just wasn't there.

[Columbuseer]

Did I miss it that this $30M loan is somehow due in full? All I have seen is that they have a $30M loan at 3% (in a 7-10% market) That's good, nearly free use of money. Having maxed out the LOC at the end of the year when no funds are coming in, is that so out of the norm? And the Utility bill thing is just a stupid reason for pulling the plug, the city is likely willing to take pennies on the dollar for this.

Then there is this:
Of the 750 students that are enrolled at the private institution, Tucker said around 80% of AB students are athletes, who have their tuition reduced by around 50%.

“Isn’t that pretty high,” Delegate Joe Statler (R-Monongalia) asked, to which Chancellor Tucker replied, “yes.” SHE'S WRONG, OR VERY IGNORATE.

This is pretty typical for private colleges to have a discount rate of 45%. The fact that she said it wasn't, discredits her.

I have no ties to AB, but this smells like a railroad job to me.

I don't think it was a railroad job. AB has been on the brink for 10 yrs. Taking 35m loan to build football stadium etc. Was a Hail Mary.
AB had a very generous utility repayment plan of approx 66k per month with phillipi. Yet they missed may and June payments. That is when phllipi lawyer sent letter. Apparently that surprised HEPC, for they called emergency meeting for following day.

Regarding long term debt, they were in default on a $35m bond at 7%. They got bond holders to accept $27m, which came from USDA 3% loan ( don't ask me how AB has any relevance to agriculture).
My guess is they had negative cash flow and were consuming their line of credit, which was nearly maxed out.

HEPC mission is to protect students and prevent middle of semester shutdown of colleges.

I don't think a college can survive with 80% athletes. Far too high a % imho. AB discovered that it somewhat increased enrollment, but hurt retention as the athletes did not stay 4 yrs.
Urbana tried the jock school approach and it failed also.

[Columbuseer]

I mean, I don't think that's a horrible idea. No one wants to see any college close its doors, but AB should have closed at the end of the Spring. Now, all kinds of young men and women are in a real bind. There are some schools that we know are hanging on by a thread, and we don't want another situation like this. I hope the rest of them are healthy enough, but I have my doubts on some. Cough ... Salem ... Cough ... Bethany ... Cough ... Bluefield State ... Cough

I think diocese has cut off wheeling from further bailouts. They are trying the jock school strategy. They could be on the list too.

[crixus]

I don't think it was a railroad job. AB has been on the brink for 10 yrs. Taking 35m loan to build football stadium etc. Was a Hail Mary.
AB had a very generous utility repayment plan of approx 66k per month with phillipi. Yet they missed may and June payments. That is when phllipi lawyer sent letter. Apparently that surprised HEPC, for they called emergency meeting for following day.

Regarding long term debt, they were in default on a $35m bond at 7%. They got bond holders to accept $27m, which came from USDA 3% loan ( don't ask me how AB has any relevance to agriculture).
My guess is they had negative cash flow and were consuming their line of credit, which was nearly maxed out.

HEPC mission is to protect students and prevent middle of semester shutdown of colleges.

I don't think a college can survive with 80% athletes. Far too high a % imho. AB discovered that it somewhat increased enrollment, but hurt retention as the athletes did not stay 4 yrs.
Urbana tried the jock school approach and it failed also.

I agree. It wasn't a railroad job or anything like that. They were living way beyond their mean$ for too long. I'm surprised their plug wasn't pulled earlier.

[crixus]

Looks Like Fairmont found a schedule replacement for AB

https://fightingfalcons.com/news/202...ming-game.aspx

Fairmont State also hired some coaches from AB as assistants for the Falcons, including former Battlers HC Everhart and Sprint football HC Perotti.

[AlexTheHAMMER]

I think diocese has cut off wheeling from further bailouts. They are trying the jock school strategy. They could be on the list too.

Wheeling also eliminated their philosophy and theology departments in 2019 as a part of a broader academic restructuring, and the Jesuits cut their academic affiliation in return. The Jesuits still have a presence on campus, and they are still a private institution.

[Columbuseer]

Wheeling also eliminated their philosophy and theology departments in 2019 as a part of a broader academic restructuring, and the Jesuits cut their academic affiliation in return. The Jesuits still have a presence on campus, and they are still a private institution.

In 2017, deeply in debt, wheeling charleston diocese bought the campus by paying off $32m in bond debt and leased it back to WU for $2,500 a month, dramatically reduced debt.

In 2019, diocese gave $2m to "stabilize" WU.

Feb 18, 2020 news
WU commits to be self sufficient by 2025, provided diocese gives them $5m.
The school will receive $2.5 million for the next school year [2021], $1 million the year after [2022], and $500,000 for the remaining 3 years.Beyond that, Bishop Mark Brennan says the donations from the diocese will end.

On March 1, 2020, the diocese dissolved bishop's fund that at one time had $17m, most of which was spent at WU by the now disgraced Bishop Bransfield.

According to a recent report to NCAA, a high percentage of full time WU undergrads are athletes.

[AlexTheHAMMER]

In 2017, deeply in debt, wheeling charleston diocese bought the campus by paying off $32m in bond debt and leased it back to WU for $2,500 a month, dramatically reduced debt.

In 2019, diocese gave $2m to "stabilize" WU.

Feb 18, 2020 news
WU commits to be self sufficient by 2025, provided diocese gives them $5m.
The school will receive $2.5 million for the next school year [2021], $1 million the year after [2022], and $500,000 for the remaining 3 years.Beyond that, Bishop Mark Brennan says the donations from the diocese will end.

On March 1, 2020, the diocese dissolved bishop's fund that at one time had $17m, most of which was spent at WU by the now disgraced Bishop Bransfield.

According to a recent report to NCAA, a high percentage of full time WU undergrads are athletes.

If youre going to a Catholic university, do you really want to go to one that doesnt have one of the most important Catholic academic units in philosophy?

A Catholic university that wants to be taken seriously needs both programs. Theres the chance Catholic high school counselors recommend students to colleges and universities that are listed in the Cardinal Newman Society's Newman Guide. Wheeling is not on that list.


It's worth mentioning now that the Theology department at WU has been reinstated through an academic partnership between Wheeling University (WU) and Catholic Distance University (CDU). Previously I had stated that Philosophy and Theology were eliminated at 2019, but WU's academic listing now has Theology, but not Philosophy.

[CardinalAlum]

In 2017, deeply in debt, wheeling charleston diocese bought the campus by paying off $32m in bond debt and leased it back to WU for $2,500 a month, dramatically reduced debt.

In 2019, diocese gave $2m to "stabilize" WU.

Feb 18, 2020 news
WU commits to be self sufficient by 2025, provided diocese gives them $5m.
The school will receive $2.5 million for the next school year [2021], $1 million the year after [2022], and $500,000 for the remaining 3 years.Beyond that, Bishop Mark Brennan says the donations from the diocese will end.

On March 1, 2020, the diocese dissolved bishop's fund that at one time had $17m, most of which was spent at WU by the now disgraced Bishop Bransfield.

According to a recent report to NCAA, a high percentage of full time WU undergrads are athletes.

While I really don't care what my alma mater does anymore, I feel compelled to point out they ended with a surplus in the 2020 and 2021 fiscal years. Check the audits if you don't believe me: https://projects.propublica.org/nonp...dit/8059820211

And while the IRS hasn't released the 2022 fiscal year data, I know the full time undergrad enrollment in Fall 2022 increased by 150 students to 650 with an additional 250 part time UGs and grad students. This fall is also expected to be a significantly boost to enrollment. If I believe the alumni newsletter spam, back in the start of May they said: "they had 1885 Applications, a 22.6% increase over last year (last year, 1537). Our deposits are also up considerably over last year. To date, we have received 325 deposits; in comparison, on this date last year, 149 deposits had been received."