LA PLUME, Pa. — Keystone College says it has made "significant progress" on a plan to keep the school open.
Keystone College announced Friday that it is in the final stages of a funding agreement with a strategic partner to create a plan to move forward.
Details of the agreement are not yet public, but Keystone says the day-to-day operations of the college and its academic mission will remain essentially unchanged.
Earlier this month, the Middle States Commission on Higher Education (MSCHE), Keystone College’s accrediting body, voiced concern that the school is in "imminent danger of closing" and gave Keystone until August 1 to show otherwise.
In response, Keystone acknowledged that Middle States raised concerns about the college’s finances, but reiterated earlier statements they are in “substantive discussions” with an undisclosed investor who may provide “a long-term path forward.”
Keystone said Friday that MSCHE would be notified of the parties' intentions as soon as the signed agreement is finalized.
On May 15, the college submitted all of the necessary components of an "implementable teach-out plan" and institutional status report as requested by MSCHE. That plan is under review.
Keystone intends to continue the uninterrupted operation of classes, as well as all other college activities and intercollegiate sports, and continues to accept and enroll freshman and transfer students for the fall 2024 semester. Keystone will conclude its current academic year with its 153rd commencement on Saturday, May 18, on campus.
Keystone's campus spans Lackawanna and Wyoming Counties.
