GODDARD COLLEGE PULLS THROUGH ITS FISCAL CRISIS WITH PAYROLL
PLAINFIELD -- Goddard College has pulled through another fiscal crisis, officials said Thursday.
The pioneering liberal arts college had missed one payroll and was in danger of missing another when a concession from Goddard's major creditor -- coupled with a flood of donations -- kept the wolf from the door once again.
Goddard nearly went under last year, and officials worked out a reorganization plan with the Chittenden Trust Co., which is owed about $3 million by the school.
College president Jack Lindquist said the bank had agreed to free up some funds that were being held in escrow. The money came from the sale of the college lands.
Lindquist said that money and "lots of support from trustees, friends, and alumni" had added up to about $100,000 -- more than enough to meet the $28,000 payroll.
"I'd say were out of the woods for now," Lindquist said. "But things are going to be tight for some time to come. We're still in a period of transition."
During this week's cash crunch, students were told they might have to leave the Plainfield campus and complete the term's studies by mail. Lindquist said classes at the campus will continue until the end of the term.
Goddard has an enrollment of about 115 students.
