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Paul Smith’s College no longer plans to be purchased by the Fedcap Group, which works to provide job training to low-income students, among other things, The Adirondack Explorer reported.
Daniel Kelting, the interim president, told the campus that the college had withdrawn its application for regulators to approve the purchase.
That decision came shortly after the New York Department of Education informed Fedcap and Paul Smith’s that proposed changes to the college’s bylaws and charter were unsatisfactory, particularly passages that would give Fedcap control of the board and operations.
In May, the Middle States Commission on Higher Education demanded that Paul Smith’s College submit a teach-out plan, which would detail what would happen to students if the college closed.
The college is fighting to continue, but the Board of Trustees is still working on a budget for the new fiscal year, which started July 1. The spending plan has been delayed despite several board meetings since May, according to a person familiar with the college’s operations.
