Saint Katherine’s University, a private Orthodox Christian school in San Marcos, is closing its doors indefinitely and filing for bankruptcy, its president and founder Frank Papatheofanis announced Thursday.
In an email to students, faculty and staff posted on social media, he said the institution could no longer meet its financial obligations due to a “significant lack of operating liquidity.” .
“There are several reasons for this deficit, including extraordinary inflation, higher-than-expected salary increases and high institutional financial aid for students,” he said. “The same factors have led to the closure of many small colleges and universities across the country. »
The university’s closing date is May 18, Papatheofanis said in an email Friday. He declined an interview, but shared the following statement:
“Saint Katherine University is a non-profit Hispanic and minority serving institution that will close its doors at the end of this semester. As a WASC-accredited institution, we offer numerous undergraduate and graduate programs at one of the lowest tuition rates in California. Financial pressure from unprecedented inflation and government-imposed rising labor costs prevents us from continuing this valuable work while remaining affordable.
In Thursday’s memo, Papatheofanis said he and the school’s board of trustees had “vigorously explored several options that could allow us to continue.” Unfortunately, none of these solutions proved viable.
He added that the institution is filing for bankruptcy and that it will “continue to pursue and consider any opportunities that we can identify.”
Thursday’s announcement, released just days before the final exams, was sudden and surprised many. The school’s athletic department and others took to social media to express their thoughts.
“Our hearts break for our student-athletes as their careers at Firebird end, and we pray for their continued success as they move forward,” read a statement from the athletics department. “Our beach volleyball team is currently competing in the NAIA National Championship Invitational and we will continue to do so. They are excited to have the opportunity to play for a national championship this Friday and Saturday.
On Friday, students and faculty were seen packing their bags and wondering what would come next. Among them was final year student Chloe Thompson.
“I’m so hurt by this,” she said. “I’m supposed to graduate on May 18th. Now I don’t even know if they will graduate. My parents bought plane tickets and were going to come here from Alabama. It’s shocking.
Evan Getz is chair of the university’s Department of Arts and Humanities. He said he was “deeply grateful” to have been able to teach at USK.
“The teachers and students are wonderful. It’s the most collegial atmosphere I’ve ever experienced. I am sad, but grateful. I have to find a new job. I have four children.
The university, which operated out of a large office building on Rancheros Drive near Ronald Packard Parkway, was founded in 2010 and offered more than two dozen undergraduate degree programs and three degree programs superior. It enrolled about 300 students, mostly from California.
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