Final $3M installment made to keep Sweet Briar College open
Sep. 02, 2015
SWEET BRIAR, Va. (AP) — The nonprofit formed to save Sweet Briar College says it has delivered more than $3.6 million to the private women's college, topping the terms of a mediated settlement to keep the school operating.
Saving Sweet Briar Inc. says the final installment was wired to the school at noon Wednesday. It tops the $3.5 million that the nonprofit, Saving Sweet Briar agreed, to deliver.
Under a settlement announced this summer, Saving Sweet Briar was committed to making three installments, totaling $12 million. It met each funding milestone to ensure the current academic year at the 114-year-old liberal arts college.
Saving Sweet Briar was formed after the school's former leaders said in March that the school could not overcome financial challenges and would close.
Skeptical former students disagreed and started raising money to reverse the decision.