Amid money woes, Saint Rose looks to city, county, state for help
ALBANY, N.Y. (NEWS10) -- Two years after discontinuing more than a dozen academic programs in an effort to lighten its financial burden, the College of Saint Rose is still in trouble.
"The College of Saint Rose has been forthright about its financial challenges and continues to explore all options," said Denise Dagnino, spokesperson for the college.
We're learning those options include reaching out to the city, county, and state for help.
"We are already working and talking to as many people as possible to make sure that we come up with some type of a plan for the next steps here,” said Assemblymember Patricia Fahy, who is also chair of the chamber’s Higher Education Committee.
According to Fahy, the existing financial struggles of the college worsened following the COVID pandemic and a decline in enrollment.
“This is my neighborhood, and this has been very, very painful," Fahy said, "and my focus, really, is now to save what we can on some very valuable programs, including the teaching, including nursing.”
The campus takes up a large portion of the Pine Hills neighborhood, and the college has nearly 90 properties in total. Many of the buildings are densely concentrated around Madison and Western Avenues.
Nestled among the residence halls and classrooms are businesses like Motor Oil Coffee, where Saint Rose students are frequent customers.
“They come in to get a beverage, they come to get a snack, you know," said Motor Oil Coffee Co-Founder Joe Bonilla, "it’s a place for them to study.”
Bonilla, who also grew up in Pine Hills, said the college is an anchor for businesses like his.
“I hope they can turn it around and keep it together. You know, the college represents a big reason why we chose this location," Bonilla added.
City and county officials have confirmed they have been approached regarding the financial problems at Saint Rose.
"Mayor Sheehan believes it is in the City of Albany’s and our residents’ best interest for the College of St. Rose to continue to operate. The College requested the City provide $5 million in direct assistance. There are a number of legal and fiscal hurdles the City would have to overcome to provide direct aid to a private college, and we are exploring how we can help," said David Galin, Chief of Staff to Mayor Sheehan.
"Albany County was approached and made aware of the extent of the College of Saint Rose's financial difficulties. The future of the college is important to this community, and the County is willing to explore assistance in some shape or form if the options ahead are feasible and have the support of our state and city partners," said Cameron Sagan, Public Information Officer and Policy Analyst at the County Executive's Office.
Assemblymember Fahy said the college’s board has a meeting Thursday.
“One of my favorite lines in this business is, 'it’s not over until it’s over.' We know they have an endowment fund, we know that there’s no imminent closure," Fahy said, "there is funding to get through this entire school year."