Hellenic College President Steps Down Amid Financial Crisis
The president of New England based Hellenic College Holy Cross has tendered his resignation one month after the Massachusetts Department of Higher Learning expressed concern over the academic and financial stability of the college.
According to a press statement issued by the college, president Christopher Metropulos announced his resignation on Tuesday without citing exact reasons. The release largely praised his contributions to the college and cited various initiatives undertaken by him.
Last month, the Massachusetts Department of Higher Learning sent a letter to the college, threatening to revoke its degree-granting authority after its review found structural deficits, extensive borrowing from its endowment to meet operating expense, a decline in enrollment, and inadequate budget and planning processes.
“The Department’s preliminary inquiry, which is now reasonably complete, has indicated a reason to believe that HCHC is not in compliance with certain provisions of 610 CMR 2.00,” the letter reads.
“Pursuant to 610 CMR 2.10(2), at this time the Commissioner of Higher Education may review the alleged violations with the institution and approve a corrective course of action by the institution or, where the Commissioner does not determine it to be appropriate to review the alleged violations with the institution, the Board may conduct an adjudicatory hearing to determine whether to revoke or suspend the institution’s degree-granting authority.”
Earlier this month, the Hellenic College Holy Cross announced a slew of measures, including the creation of a ReImagining Committee to design short- and long-term plans to modify its academic programs, to boost enrollment, and to enhance student services.
The Board of Trustees also reduced various expenditures to balance the budget to ensure long-term financial stability.