An infusion of nearly $6 million from businesses, supplemented by contributions from alumni, will keep Cornwall”™s New York Military Academy doors open for the 2010-2011 school year and, as is hoped, beyond.
The 122-year-old military school ”“ the last such noncollegiate institution in the U.S. ”“ received its reprieve from two well-known business owners and investors, Joseph Bonura and Wayne Corts.
Bonura, whose popular catering facilities (among them Anthony”™s Pier 9 in New Windsor and The Grandview in Poughkeepsie) and Corts (Haverstraw marina owner and Orange county developer who recently bought and refurbished Falkirk Estates Country Club in Central Valley) now have more in common than an interest in hosting events. Though reticent to share the exact amount of their donation, the two clearly are playing a major role in the school”™s future.
The military school”™s enrollment, once more than 500 cadets at its peak, had fewer than 150 students in grades 7 through 12 the past few years.
Its current superintendent, retired U.S. Navy Captain Robert Watts, told HVBiz in May that the school needed at least 240 enrolled day and boarding students to keep it financially viable.
“Unfortunately,” Watts told HVBiz at the time, “our endowment fund was not well established at a critical time. Very little was done to engage alumni in supporting NYMA once they left. Had it been in place, we would probably be looking at a surplus of $30 million and not be facing closure.”
Tony Jarrett, Long Island alumni of NYMA, spoke on behalf of NYMA2.0, the group of parents and alumni dedicated to keeping the military school open.
Jarrett said NYMA”™s board of trustees released a statement on Saturday, July 3, acknowledging the tentative agreement between Bonura, Corts and others who have pledged the fiduciary responsibility of paying the school”™s creditors and making it possible for it to re-open in time for the 2010-2011 school year. The backers have already granted the school interim funding until the deal is finalized.
An enhanced curriculum, physical improvements to the schools buildings and grounds and the selection of a new board of trustees will be in the works when the deal is inked on July 9, barring unforeseen roadblocks.
Jarett said both Bonura and Corts “would like to see it thrive and prosper. That”™s about all I can say right now. This agreement is between the business owners and NYMA. We are looking forward to a revitalized school.”
Regarding future development on the 120-acre parcel, a portion of which is directly on the Hudson, Jarrett refused to speculate. “I”™m sure that whatever is done is going to be in the academy”™s best interests.”
Fast Facts about NYMA:
1. Founded 1889 by Civil War veteran Charles Jefferson Wright, who believed military values promoted academic achievement.
2. Mandatory Junior ROTC program part of school curriculum.
3. Females joined cadet ranks in 1975.
4. Tuition: $14,100 for day students; $34,210 for boarding students.
5. All graduating seniors attend college.
