When the King’s College in New York shut down in summer 2023, its leadership said the cancellation of fall classes and termination of faculty and staff did not mean permanent closure. Now its Board of Trustees is seeking to revive the evangelical institution, according to a report from Religion Unplugged.
The news outlet obtained a document that detailed a plan “to gift the college, including its charter and intellectual property … to likeminded evangelical Christians who propose the most compelling vision to resume the operations of the college.” The document—reportedly a request for proposals—listed a deadline of Feb. 7 for potential partners.
TKC officials did not respond to a request for comment from Inside Higher Ed.
The King’s College shut down in July 2023 amid severe financial pressures and a failed $2.6 million fundraising effort earlier that year that officials said was necessary to meet immediate needs. However, the emergency fundraising effort only brought in $178,000 by its initial deadline.
The college, which enrolled a few hundred students a year, had faced declining enrollment in its final years and the loss of generous donors who had long buoyed TKC. Richard DeVos—the co-founder of Amway and father-in-law of former education secretary Betsy DeVos—donated millions of dollars to the college before his death in 2018. Another major donor, Bill Hwang, also contributed several million before he was arrested in 2022 on fraud charges.
Facing financial pressures in 2021, the college put its faith in another wealthy entrepreneur, striking a deal with Canadian investment company Primacorp Ventures, owned by Peter Chung, a for-profit education mogul who had also loaned the college $2 million in early 2023. Acting as an online program manager, Primacorp Ventures promised to enroll 10,000 students over three years, sources previously told Inside Higher Ed. The catch, according to one source, was that Primacorp would collect 95 percent of the revenue generated from online enrollment, a deal that struck experts as predatory. The online program—which cost TKC at least $470,00 to launch, according to tax documents—delivered around 150 students its first year and soon folded.
The college had previously tried and failed to find a partner to keep it open in 2023. If it finds one this time, the board will submit a “go-forward plan” to the New York State Education Department by mid-July, according to the RFP obtained by Religion Unplugged.
The King’s College will face a series of obstacles in its reopening effort, including accreditation. The Middle States Commission on Higher Education stripped TKC’s accreditation in May 2023, noting a failure “to demonstrate that it can sustain itself in the short or long term.”
If the King’s College manages to reopen, it would be history repeating itself. Founded in New Jersey in 1941, TKC closed in 1994, only to be revived in 1997 and re-established in New York City.
