Jon Baker posted the following to the Antioch College Alumni & Community Facebook group.
No, of course this is no more true than when Trump accused our Haitian neighbors in Springfield of doing this. But you have to wonder, given the lies the administration is spreading about alums, just how far off is it? The truth, of course, is that the alums are the biggest supporters of the College. Two recent examples:
In yet another Alumni Work Project, some 40 alums showed up and put in a week’s worth of work performing a variety of jobs fixing up the campus.
And most importantly, an alum made a seven-figure gift last month to prop up the endowment just before the close of the College’s fiscal year. But, no sooner were the books closed, than the administration again dipped into the endowment, taking a $1 million of this gift for “operating expenses.” Had they not, once again staff and faculty might not have gotten paid.
But that has left the endowment with $1.5 million, $1 million of which is frozen and can’t be touched. What this means is that should the administration soon need another $1 million it simply won’t be there. The cooking jar has only $500k left in it.
This repeated borrowing from the endowment is one of the reasons the College’s auditors no longer consider Antioch “a going concern.”
And let’s not forget that the administration has had to pay the U.S. Department of Education $261,000 in penalties each year for the last two years for failing to meet the minimum standards for providing student financial aide. If they have to do it again this year just where is that money going to come from? And how long will this substandard practice be allowed to continue?
The ship is heading into the rocks, not because of the crew but because of the course set by the captain.
