SC’s Limestone University to close after nearly 2 centuries

A 179-year-old, private college in South Carolina’s Upstate will officially close and sell its campus.

Limestone University’s governing board made the final decision after several hours of deliberations late Tuesday, the last day of classes for the spring semester. The vote for closure followed a series of hopes and disappointments for students unsure about the fate of their school and their academic and athletic future.

The college first made its financial straits known two weeks ago, when President Nathan Copeland announced to students and staff that Limestone faced a $6 million budget shortfall, which could lead to its closure.

Limestone had been holding out for an eleventh hour donation in hopes of keeping its doors open. It managed to raise $2.1 million but still fell short of what school officials said it needed to stay afloat in the short term.

Even if it had succeeded, the college still would have needed a long-term solution to its growing financial woes.

“Words cannot fully express the sorrow we feel in having to share this news,” Copeland said in a statement. “Our students, alumni, faculty, staff, and supporters fought tirelessly to save this historic institution. While the outcome is not what we hoped for, we are forever grateful for the passion, loyalty, and prayers of our Saints family.”

The school has cited enrollment declines impacting colleges nationwide and rising costs for its demise.

Limestone’s enrollment fell by half over the past decade, from 3,214 students in fall 2014, according to state higher education data, to 1,600 now, both online and in person according to the university’s announcement.

At first, the board said it would continue with its online classes, which would have allowed the college to continue with its associated charter school management operations — Limestone Charter Association — which sponsors 13 K-12 public charter schools.

But online operations are also ending and at least 478 people employed by the college are losing their jobs.

Limestone was founded in 1845 by Thomas Curtis, a Baptist minister from England. It began as the Limestone Springs Female High School and held classes in the town’s former hotel, built by the founder of a limestone quarry that supported the area economy for nearly a century.

At the time of its opening, Limestone was the first women’s college in South Carolina, and among the first in the country. The college began admitting men in the early 1900s, but did not initially allow them to live on campus.

While not the largest employer in Cherokee County, it is the county’s only four-year institution of higher education.

Gaffney’s mayor and Limestone alumnus Lyman Dawkins III, called the college “a cornerstone of our city educationally, economically and culturally.”

“Limestone has provided countless jobs, brought in students and families who supported local businesses and served as a catalyst for growth,” Dawkins wrote in an online statement after closure was first announced two weeks ago.

He cited Gaffney’s efforts to revitalize its downtown and said students have played a vital role.

“Their energy, involvement, and contributions have breathed life into our city and helped us build momentum for the future,” Dawkins said.

“Limestone has been a point of pride, tradition, and inspiration for our residents. It has opened doors for countless local students and families. Many of them were first-generation college students and helped shape dreams into realities,” Dawkins added.

Auditors reported the school had a $7.6 million operating loss as of June 2024. Its shortfalls were caused by a decline in enrollment and uncontrolled spending in previous years.

Since 2020, the school has borrowed some $22 million from its small endowment, which had a balance of just $9.2 million last June the audit showed.

“These factors create uncertainty regarding the University’s ability to continue,” the auditors wrote.

The school also faced an additional $30 million in debt, according to Copeland, who took over as university president last year and laid plans he hoped could have sustained the school. The debt comes from a 40-year U.S. Department of Agriculture Rural Development loan, which Limestone took out in 2018 to construct a new library and student center, purchase a residence hall and refinance previous debt.

Limestone is not alone. Small, private colleges with meager endowments have been closing across the country. According to Inside Higher Ed, 2023 saw 15 colleges announce closures. That was followed by another 16 in 2024.

Limestone’s final commencement ceremony for graduates is May 3.