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In approving Mercy College’s name change to Mercy University on Aug. 22, the New York State Board of Regents was only acknowledging what Mercy has long since been, said new President Susan L. Parish, Ph.D., M.S.W.
They issued the 2015 audit report despite many unanswered questions and lack of documentation, according to the SEC, and overstated the collegeâ€™s net assets by $33.8 million.
â€œCNR routinely failed to pay federal and state payroll taxes, flouted and ignored rules regarding use of federal grant money, overdrew its bank accounts, and depleted the majority of CNRâ€™s endowment fund.â€
Mercy College has been approved by the New York State Education Department to provide increased degree offerings online and at its Dobbs Ferry, Manhattan and Bronx campuses.
The college filed for bankruptcy on Sept. 20 due to $80 million in liabilities, following several years of financial uncertainty.
Manhattanville College in Purchase wants to establish a school of nursing and health sciences and has proposed a curriculum plan to the New York...
If he were really committed to CNR, he would not have retired in 2016 at age 60; he would have stuck it out and handled the financial problems openly and honestly, Judge Vincent Briccetti said.
â€œThe defendant was literally the only person who knew the truth about CNRâ€™s financial condition,â€ prosecutors state in a sentencing memorandum. â€œHe was the only person who could have initiated a successful effort to save the college."
Borge detailed his version of the collegeâ€™s decline in a sentencing memorandum and letter to a federal judge in which he asks for no jail time and no fine when he is sentenced on Aug. 28.
The College of New Rochelle ceases academic operations on Aug. 10 and holds its final commencement on Aug. 20.
Bids are now being accepted by A&G Realty Partners and B6 Real Estate Advisors, which have been retained by the college to manage the sale.Â
Borge, 62 of Valley Cottage, inflated assets and underreported liabilities from 2014 to 2016, the government says, to disguise the collegeâ€™s rapidly deteriorating financial condition.
Officials from Mercy said Monday that the Dobbs Ferry college has entered into a memorandum of understanding with College of New Rochelle to "offer its students an uninterrupted pathway to continue their education at Mercy."
A letter signed by the college president and interim board chair said the school is still facing "significant cash flow challenges" stemming from a financial crisis that started to unravel in 2016.
The private college disclosed to bondholders in December that it is has reached a memorandum of understanding for â€œa potential strategic transactionâ€ with an unnamed educational institution.