Limestone University is hoping that a $1 million donation will spur more gifts that will allow it to … More
A recent one million dollar donation by a local foundation has given Limestone University a possible lifeline to remain open, as it struggles to overcome severe financial problems.
Last week, Limestone University — a private, Christian college in Gaffney, South Carolina — revealed that it was facing such significant uncertainty about its financial future that a complete closure of the institution was a possibility.
“After 179 years educating students in person, Limestone University is facing a critical turning point which may require transitioning to online only classes or at worst ceasing operations completely,” according to a university statement.
As part of Limestone’s announcement that it was in financial peril, its Board of Trustees said that it would need to immediately secure $6 million in financial support to allow the institution to continue normal operations and give it time to examine other longer-term solutions that could sustain its viability. If that effort was not successful, it would be forced to offer only online instruction or begin the process of shutting down.
Then, on April 22, the university revealed there was a possible funding source that might allow it to remain open with on-campus and online classes. Although the source and amount of the possible contribution were not specified at the time, the university decided to hit pause on moving forward with an immediate plan to convert to online operations only or to close altogether.
“This possible funding solution has us all cautiously optimistic about the future of Limestone as both an in-person and online educator,” said Randall Richardson, chair of the Limestone University Board of Trustees, in the news release. “Last week, we were at the brink of a possible closure or transition to online-only classes. Now, we are pausing that discussion so we can wait on more information about a potential financial lifeline. We want to emphasize, this is just a possibility at the current time.”
On April 24, Limestone launched a new fundraising campaign — “Together for Limestone” — designed to raise money that would “provide critical support for campus operations, academic programs, and essential services – and ensures our mission endures.” Its website encourages prospective donors to “Stand with us. Invest in Limestone. Secure the future.”
Several hours later, Limestone reported that it had received a $1 million commitment from the Fullerton Foundation, a Gaffney-based private foundation.
Limestone University President Nathan Copeland said, “This extraordinary gift from the Fullerton Foundation is a testament to the long-standing partnership between our two institutions and a powerful affirmation of the role Limestone plays in this region. The Foundation’s support will have an immediate and lasting impact on our students, our programs, and our community.”
“The Fullerton Foundation’s relationship with Limestone University goes back to our inception in 1954,” said Chris Steed, executive director of the Fullerton Foundation, on behalf of the board of directors. “Alma Fullerton learned to love Limestone at the feet of her father Dr. Wylie Hamrick. Dr. Hamrick was an ardent board member and financial supporter of the institution and modeled servant leadership at Limestone to his children, grandchildren, and great-grandchildren.
“Our board of directors understands how important Limestone is to her students and our shared community,” he added. “We make this gift in the hopes that Limestone continues to nurture and educate future leaders and continues to be an integral part of the local economy and culture.”
Whether the Fullerton donation, which Limestone described as one of the largest in its recent history, will prompt other gifts that are sufficient to get to the $6 million goal and keep the school operating remains to be seen.
Founded in 1845, Limestone University currently serves 1,600 students, including both on-campus students and those seeking online degrees. It employs slightly less than 500 faculty and staff.
The university attributed its financial troubles to what has become a well-known set of factors — enrollment declines, rising costs, and structural budget deficits — plaguing small, private colleges and universities. Limestone ran a $12.6 million deficit in fiscal year 2023, noted a ProPublica database, and its enrollment has dropped by about 1,600 students over the past ten years. In 2024 alone, 16 nonprofit colleges closed up shop, with several of them having – like Limestone — a religious affiliation, Inside Higher Ed reported.
Limestone’s fate is likely to be determined soon. Its Board of Trustees is scheduled to meet again by April 29 to decide if enough money has been raised by the new campaign to give the institution the temporary stability it needs to pursue other long-term financial strategies.
