What Does An 18-Month Closure Warning Look Like for Struggling Private Colleges?
College Viability Commentary:
There is a difficult and delicate balance needed to warn students, families, faculty, staff, and communities. While financial data is available on private colleges, it is not timely - nor easy to read and understand.
A good first step would be to require private colleges to post their audited financial statements no more than 90 days after then end of each fiscal year. Currently, this information is not publicly available until 12-16 months after the end of a fiscal year. Even then, it is posted in a complex data base from the National Center for Education Statistics.
A system that relied on private initiatives to identify financially troubled colleges would serve as a better approach. College leaders would know that their financials - and all of their competitor's financial data would be available more timely and more readable.
Sources like CollegeViability.com are available to analyze and simplify the financials.