(CNN) Fraternities and sororities "will no longer exist" on the campus of Swarthmore College, President Valerie Smith announced Friday.

The decision comes nearly two weeks after two fraternity chapters said they will be closing their doors after allegations of racist, misogynistic and homophobic behavior against past members.

"Exclusive, dues-paying social organizations no longer effectively meet the needs of our residential liberal arts environment," Smith said in her message Friday. Her decision comes after recommendations made in a report this month by the Task Force for Student Social Events and Community Standards.

The college will no longer lease space to student groups, and will review policies governing student social events, the president said.

"The college should limit parties with alcohol the first several weeks of the fall semester, and, in particular, we recommend that the practice of allowing a 'Disorientation' party be ended," the report said. It also said the "college will not provide funds for alcohol at student social events."

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