An ownership change for Keystone College is off, for now.
The college and the Washington Institute for Education and Research mutually decided this week to no longer pursue the new ownership structure, Keystone President John Pullo Sr., said Thursday. Pullo is a member of the WVIA Board of Directors.
Keystone, located in Lackawanna and Wyoming counties, sought approval for an ownership change from the state Department of Education and Middle States Commission on Higher Education.
The college and the institute entered into a “membership interest transfer agreement."
Under the agreement, the institute would have become the “sole member” of Keystone, and the college would have remained a domestic nonprofit corporation, according to a letter Pullo sent in January to the Department of Education.
Like other colleges and universities, Keystone has struggled financially in recent years. Schools face growing costs and declining enrollment as families worry more about student debt.
“Everyone in higher ed is challenged these days,” Pullo said.
The college will continue pursuing partnerships and may continue conversations with the Washington Institute, Pullo said.
“I feel we’re doing the things necessary to strengthen the college,” Pullo said. “That’s the important message.”
