The College of New Rochelle is likely to close this summer after struggling to pay its bills due to a financial crisis that surfaced in 2016.

"At this point in time, it appears unlikely that the College will be able to continue operations beyond the end of the summer 2019 semester," a letter to the college community said on Friday.

The letter, obtained by The Journal News/lohud, was signed by Marlene Tutera, interim board of trustees president, and William Latimer, president.

A spokesman for the college declined further comment.

The Journal News/lohud reported earlier this week that the struggling private Catholic college was in talks with an unnamed educational institution over a possible partnership. But the letter stated that institution isn't considering a merger or acquisition, nor is it considering taking on the college's significant debt.

"The discussions are now focused on finalizing an agreement with that institution that would meet the continuing educational needs of CNR's students without interruption and may necessitate the retention of a number of faculty and staff," the letter stated.

The college has been struggling to dig out of a financial crisis it first announced in October 2016 when it faced $31.2 million in unpaid financial obligations. That overall burden included $20 million in unpaid payroll taxes.

Former College President Judith Huntington, long-time Controller Keith Borge and Vice President for Finance Betty Roberts resigned or retired around the time that the crisis was announced.

Remaining school leadership made drastic changes to save the 115-year-old institution and an investigation was launched into why the mounting crisis wasn't evident to college leadership or documented in its audited financial statements.

Donations, property sales, alumni support, cost-cutting efforts including layoffs, and new leadership helped the college stave off closure in 2016.

The college's latest financial statements, for the year ending June 30, 2018, have not been completed due to "open audit items," the letter stated. Negotiations with the IRS over mounting penalties for the college's outstanding federal tax liability stalled during the recent government shutdown, the letter said.

Because of that and ongoing financial challenges, the college's auditor hasn't made a "final determination as to CNR's ability to continue as a going concern."

A tax warrant was issued to the school in May 2018, notifying the college it owed more than $3.1 million to the state Department of Taxation and Finance. There is a 9 percent interest rate attached to that debt.

The college missed a $1.2 million payment in July 2018 to the city Industrial Development Agency. This was paid months later in December at a 5.5 percent interest rate.

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