Limestone University annouces closure

Editor's Note: St. Andrews University's link for closure information is here. Limestone University just announced it's closure and a news release from the school is here.

By BEN LEDBETTER

Down Ballot Staff Writer

Limestone University's Board of Trustees announced on Tuesday, April 29, 2025 that it will close.

According to WSPA-TV, the CBS affiliate in Spartanburg, S.C., it will not be operating as an online school. The station published a statement from Limestone President Nathan Copeland. It was addressed to parents and students.

"Words cannot fully express the sorrow I feel in having to share this heartbreaking news.  Tonight the Limestone University Board of Trustees made the difficult decision to close our university for both in-person and online classes going forward," Copeland said in the statement. "I know the past few days gave us great hope fueled by generous commitments of meaningful donations, but our board carefully reviewed all options and arrived at the painful decision that even with those kind donations, we do not have a viable financial path forward. "

The school received a $1 million donation last week. Recently, the school announced it received two $500,000 donations and one for $100,000.

The school was seeking $6 million and started an emergency fundraising campaign.

Limestone University appeared on the Worker Adjustment and Retraining Notication list that ended on April 18, 2025.

It stated the Gaffney school planned to close on April 30 and that 478 employees would be affected.

The Saints currently play in the NCAA's Division II and the South Atlantic Conference. Other Palmetto State schools in the league are Anderson University, Coker University and Newberry College.

In 1990, Limestone fielded the first men's lacrosse team in South Carolina. The Saints won the South Atlantic Conference title on Wednesday, April 23.

Founded in 1845, Limestone University currently serves 1,600 students, including student athletes and those seeking online degrees. Previously, the Limestone Board of Trustees announced that, absent the school obtaining immediate financial support in the amount of $6 million, the institution would need to move to a fully online model or possibly close.

According to data from ProPublica's Nonprofit Explorer, the school is a 501 (c) (3) nonprofit and has held that status since 1946.

The school's latest available tax return is from 2023. Limestone had $45.7 million in revenue and $58.3 million in expenses. It had $73.1 million in assets and $40.7 million in liabilities.

The school commissioned an audit for the fiscal year June 2024 and identified substantial doubt about the school's ability to meet its financial obligations and continue operating. It also identified a deficiency in internal financial or governance controls that could limit the organization's ability to track and record financial data reliably.

Cherokee County's population was 56,299 according to 2023 census data. According to South Carolina's WARN report from Jan. 1, 2024 through March 7, 2025, Cherokee County lost three employers and 280 workers were effected.

Limestone is the only four-year college or university in Cherokee County, which borders North Carolina. However, the Cherokee County university is close to others. In Cleveland County, N.C. is Gardner-Webb University and in Spartanburg County is the University of South Carolina Upstate and Wofford College.

Spartanburg Community College has a campus in Cherokee County.

According to a story that was co-published by The Assembly and the Border Belt Independent, the school in rural southeastern North Carolina will close because of financial difficulties. It has been in Laurinburg since 1958.

In 2011, it merged with Florida-based Webber International University.

According to publicly available financial data, the Babson Park, Fla. school has held its nonprofit status since 1928. The school recently commissioned an audit and it raised concerns about the university's ability to continue operating. Also, over 96 percent of Webber's revenue was from one source.

St. Andrews has a website for closure related information. Its in teach-out discussions with multiple schools including UNC Pembroke, East Carolina University, Appalachian State University, N.C. Central University and Wake Technical Community College's RTP Campus.