In an in-depth report on the school’s struggles earlier this year, Politico’s Maggie Severns laid out her approach:

In an interview with the Burlington Free Press at the time, she cited building enrollment and expanding the school’s small endowment as priorities. The college adopted a plan to offer more majors and graduate-degree programs, renovate its campus and grow enrollment a couple of years later. And in 2010, Sanders and the board went further: She brokered a deal to buy a new plot of lakefront land with multiple buildings from the Roman Catholic Diocese to replace the college’s cramped quarters in a building that used to house a grocery store. The college used $10 million in bonds and loans to pay for the campus, according to reports by the Burlington Free Press.

The land was 33 acres on the shores of Lake Champlain. Ironically, the diocese was selling the land at the time because it was cash-strapped. The purchase was huge—especially for a school whose annual budget didn’t crack $4 million. Jane Sanders plan was to bet big. To finance the deal, Burlington issued tax-free bonds, took a $3.5 million loan from the diocese, and received a $500,000 bridge loan from Tony Pomerleau, a wealthy local real-estate developer and close friend of the Sanderses.

But the land deal proved to be a white elephant. The school did increase its enrollment, slightly (on Monday, administrators said they had 70 students after last week’s graduation, plus another 30 who had placed deposits to join the incoming class), but not enough to make up the difference. Nor did donations rise enough to remain solvent.

Sanders left her post in 2011, for reasons undisclosed. Her successor Christine Plunkett tried to bring more financial stability but failed, and in 2014, its accreditor placed it on probation. Plunkett resigned. In November 2014, interim President Mike Smith sold 25 of the original 33 acres to a local developer for $7.5 million. Of that, $4 million went to the diocese to pay for the land—Burlington College hadn’t paid for all of it yet—and the rest went to the school’s bank.

That wasn’t enough, leading to today’s announcement. Burlington College was always a fragile concern. Its website notes that in the early days, it “had no financial backing, paid its bills when they came due, and paid its President when it could.” Jane Sanders’s plan to place a big bet on expansion in order to put the school on a more solid long-term footing was similar to decisions made by other college presidents, and sometimes those bets simply don’t work out.

But several questions at a press conference held by the school’s president and dean elicited surprising replies. Asked whether Jane Sanders was to blame for the closure, President Carol Moore and Dean Coralee Holm declined to answer, even as they acknowledged that that the college’s press release, in naming the land purchase as the reason for the closure, implicitly pointed a finger in her direction. Smith and Holm also declined to comment on whether there was a federal investigation into the college, or whether the FBI or other authorities had interviewed faculty, staff, or administrators, or if they’d sent any subpoenas. Those “no comments” may raise eyebrows, since it’s generally assumed that if the answer was no, administrators would simply have said so.