After nearly 200 years, Cazenovia College will permanently close its doors after the upcoming 2023 spring semester, according to a release from the college sent out on Wednesday morning.

The college's Board of Trustees say the decision comes with accelarating financial concerns, due to the impact of the pandemic and inflation.

“We’re deeply disappointed that it has come to this,” said Ken Gardiner, chair of the Cazenovia College Board of Trustees. “Considerable time and effort have been spent on improving the College’s financial position over the past several years. Unfortunately, the headwinds and market conditions were insurmountable, leading to a projected deficit of several million dollars for next year. As a result, the College won’t have the funds necessary to be open and continue operations for Fall 2023 and beyond. Our plan is to be open for the Spring 2023 semester during which faculty and staff will work with students to help them transfer to another college for the fall.”

According to the release, the fall semester will be completed as scheduled, with 2023 spring term classes, events and athletics, running as normal. The college will also assist in supporting students who need to transfer for fall 2023. 

College officials say the college's relationships with other small private institutions, including Daemen University, Elmira College, Excelsior University, Hilbert College, Keuka College, LeMoyne College, State University of New York College at Oneonta, Utica University, and Wells College should aid in student transitions. 

According to documents on the college's website, enrollment declined from 1,072 to in the 2015-16 academic year to 746 students for the 2021-22 year.

Since its peak with nearly 1,000 students on campus, Cazenovia’s enrollment has dropped by over 40%.

Cazenovia College was just shy of its 200th anniversary, having been established in 1824 as the Genesee Seminary.