GAFFNEY, S.C. — A higher education institution in the Carolinas is shutting its doors for good.

Limestone University has been educating students since 1845, but the institution about 50 miles from Charlotte is now preparing to cease operations.

On Tuesday, the Limestone University board of trustees announced they voted to end on-campus and online programs, stating that will result in the institution closing at the end of the academic semester.

The decision came after fundraising efforts to keep the educational campus functioning fell millions short.

“Despite exhaustive efforts to secure the funding necessary to continue our operations, we have come to the difficult conclusion that Limestone University has not been able to secure the necessary funding to sustain its operations," Randall Richardson, chair of Limestone’s board of trustees, said in a press release. "We want to thank the almost 200 recent supporters in the last two weeks who committed a collective $2.143 million."

"We had hoped that would be enough to sustain our institution. But in the final analysis, we could not continue operations on-campus or online without a greater amount of funding,” he stated. 

The board cites declining enrollment, rising operational costs and financial reasons for its discontinuation.

Data confirmed by The Associated Press shows over the last decade, Limestone’s online and in-person enrollment declined by nearly 50%.

The closure has forced many undergraduate students to re-evaluate pathways to attain a bachelor’s degree.

William Coker is a student athlete enrolled at Limestone. He plans on pursuing a career as an athletic trainer.

The freshman came to the university for its academic and sports offerings.

Coker expressed disappointment after recently learning of the school's pending closure.

“It really sucks, to be honest,” Coker said. "I had a great time here. I was thinking about spending four years here.”

Coker said weeks back, he’d heard conversations pertaining to the university's future. He started making plans then, in the event the worst occurred.  

“I had already been talking to other schools, applying because I wasn’t sure of the future here,” he said.

“I’m going to be going to Erskine College, and they have athletic training as well. I got offered to play football there [too] and hopefully my experience here carries on there,” Coker said.

Limestone’s decision to cease operations came days after St. Andrews University in Laurinburg, North Carolina, announced its decision to shut down.

St. Andrews cited lack of financial sustainability for its stoppage.

“This outcome follows years of effort to preserve our presence in this community while delivering an affordable, high-quality education and meaningful student experience. Despite those efforts, we have reached a point where financial sustainability is no longer attainable,” the school said in a statement.

Coker said it’s concerning to see institutions struggling to stay afloat.

“I really wish there was a little more support, especially for smaller colleges, independent [ones], because education is really important for everybody,” Coker said.

Limestone said it is helping students transfer to other institutions.

The Gaffney university is holding final graduation ceremonies on Saturday, May 3.