The plan to be acquired by Fedcap is now a closed passage in Paul Smith’s College’s 77-year story. “Turned the page,” said Interim President Dan Kelting.
The chapter had laid out a vision of how the school would stem years of losses by joining a bigger nonprofit, but one with no history of its own in higher education. Fedcap Group, to be the acquirer, and Paul Smith’s, to be the acquired, would consolidate operations and benefit from synergies and combined funding and enrollment opportunities.
But the state Department of Education, after months of review, couldn’t abide by Fedcap’s business model, which called for control of the college’s board and budget. The proposed deal, which produced months of campus stress and hollowed out staff, collapsed in July.
Now, the idea is for Paul Smith’s to set its own course led by two administrators with multiple jobs, and the same board of directors in search
