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Antioch to explore transferring ownership of school to alumni
By Stephanie Gottschlich
Staff Writer
Tuesday, December 11, 2007
YELLOW SPRINGS — Trustees overseeing Antioch College said Tuesday administrators will explore the possibility of transferring ownership of the struggling school to a group of alumni, donors and others to create a free-standing institution with its own board of trustees.
Trustees instructed Antioch University Chancellor Toni Murdock to lead a group of administrators and others to examine the feasibility of transferring the college to the Antioch College Continuation Corporation, an independent, non-profit Ohio corporation recently formed by a group of college alumni, major donors, former trustees and emeritus faculty.
After negotiating with the corporation, Murdock will present a draft letter of intent laying out the transfer to university trustees during an upcoming board meeting in late February, according to a university statement.
If an agreement is reached, the new corporation would take ownership of the college on July 1, 2008.
The new decision by the university trustees replaces a Nov. 3 agreement with the college's alumni association, in which trustees reversed a June decision to temporarily close the college in July. That reversal came after alumni raised $18 million for keeping the college open.
"We are confident that we can raise the necessary resources to stabilize the college and secure its standing as one of the nation's foremost liberal-arts institutions," said Frances Degen Horowitz, co-chair of the corporation. Horowitz said the corporation has pledged to contribute $7 million by Dec. 31 for the operation of Antioch College.
Other members of the potential new corporate owner include Steve Schwerner, Antioch College professor emeritus and former dean of students, and Lee Morgan, president of The Antioch Company in Yellow Springs, among others.
The college, founded in 1852, is the flagship and residential undergraduate campus for Antioch University, which has five other campuses in Ohio and on the East and West coasts. It has an enrollment of about 230.
Posted by Vick Mickunas on 12/11/07; 6:43:31 PM
from the dept.
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