College of Saint Rose students, staff and faculty were told in an emotional meeting Friday that the 103-year-old college, which was founded by the Sisters of St. Joseph of Carondelet and grew into a major presence in Albany, would close after its spring graduation.

College President Marcia White said despite Saint Rose's recent cuts and and moves to save money, the efforts were not enough to offset an ongoing deficit, projected to reach $11.3 million for this year.

“We are heartbroken to have to share this devastating news with the students and our community,” she said. “The Trustees and I are profoundly grateful to the College’s faculty and staff who have remained committed to Saint Rose and have dedicated their lives to fulfilling its mission.”

The Board of Trustees voted Thursday to cease operations in May. Board chair Jeffrey Stone said it determined the college did not have the financial resources to operate for a full 2024-2025 academic year, "and therefore cannot remain a standalone institution.”

He cited declining enrollment caused by a shrinking pool of high school graduates and the impact of the COVID-19 pandemic.

The news sent shockwaves across the campus. Students said that even after a meeting with the college president, there were still too many uncertainties.

“Everyone is very frustrated and heartbroken with everything that is going on," said Erin Duffy, a College of Saint Rose junior. “Our voices want to be heard, and they’re not being heard right now. They’re not taking any questions at this time, which is very upsetting.”

“I just remember like going, 'oh my gosh, like what am I going to do?” College of Saint Rose junior Annie Catone said.

“It’s tough seeing a school like Saint Rose close, growing up so close," said Max Miller, a freshman. "It was always the school I wanted to go to growing up as a musician. It’s tragic.”

White said the college is prepared to guide students and staff through what will be a challenging process.

In a statement, the college said it will assist students to graduate or continue studies elsewhere. It said a plan by the Middle States Commission on Higher Education and state Education Department will govern the transition.

The college’s human resource department will serve as a resource to assist faculty, administrators and staff with their careers, it said.

White took issue with reporting that stated the college had been seeking a financial bailout, and instead called it a request for “bridge funding” to allow a “runway” for conversations surrounding a potential merger to continue along with academic instruction.

Albany Mayor Kathy Sheehan said Friday that the college's closing carries "profound significance" for the city's Pine Hills neighborhood, the city and greater Capital Region.

“We are in close communication with City and County stakeholders, state and local government leaders, academia, and developers to ensure that we are all working together to reimagine the CSR campus to minimize the impact of the College’s closure," she wrote. "In the coming weeks and months, we will also work with the College’s staff to connect them to job opportunities with the City, County, and other local employers through job fairs and other events."

It was an emotional day throughout the community, as Saint Rose's women's soccer lost to Adelphi on penalty kicks in the NCAA Division II round of 16 in West Chester, Pa. It was the Golden Knights' first loss of the season.

The loss marks the end of one of the most prestigious collegiate programs in the country led by longtime head coach Laurie Darling Gutheil.

Freshman midfield Piper Klammer got the Golden Knights on the scoreboard first with a goal in the 42 minute of the game. She was assisted by her sister junior forward Mia Klammer and graduate midfielder Elina Seppala.

Adelphi tied the match 13 minutes later with a goal from Kayleigh Goodrich, which later went into extra times and eventually ended in penalty kicks.

Saint Rose finished the year 18-0-2. The other tie was to Southern New Hampshire in October.

Gutheil’s 28-year tenure is also coming to an end. Her illustrious coaching career with the Golden Knights includes 426 wins, 11 NE-10 championships, 18 NCAA Tournament appearances, seven Final Four trips and the 2011 national championship.