Montclair State offers financial support, if needed, to Bloomfield College
Montclair State University will financially support Bloomfield College until the 2022-23 academic year, if necessary, while the institutions strive to establish a permanent relationship.
The Montclair State Board of Trustees announced the agreement to support Bloomfield College, which is New Jersey’s only four-year predominantly black institution, as well as a Hispanic-serving institution and an institution in Minority Service, March 23.
Last fall, Bloomfield College revealed that it was looking for a partner institution with which to form a strategic relationship that would allow the college to continue to serve students for the long term. Bloomfield chose Montclair State University as the ideal partner; in December, the presidents of the two institutions signed a non-binding letter of intent to pursue a permanent relationship, such as a mutually agreed merger or affiliation.
the Montclair State The board has authorized university president Jonathan Koppell and acting vice president for finance and treasurer Michael Galvin to finalize an interim financial support agreement that will allow Bloomfield to support students throughout the 2022-23 academic year. Under the agreement, Montclair State will provide Bloomfield with a source of additional funds, if needed. Any loan made under this agreement will be secured by a lien on real property belonging to the College.
Montclair’s level of support needed may be reduced if a $5 million allocation in Governor Phil Murphy’s proposed state budget passes.
“The missions of the two institutions are closely aligned,” Koppell said. “We are both committed to providing access to high quality educational experiences for often marginalized students. This response to financial adversity is therefore born from the belief that together we can have an even greater impact on the communities we serve. That’s what it means to be New Jersey’s premier public service university: turning challenge into opportunity through collaboration and innovation. I look forward to working closely with President Evans to build a strategic relationship that could serve as a national model for innovation.
“We are grateful to the Montclair State University Board of Trustees for reaching this important milestone,” said Bloomfield President Marcheta Evans. “Montclair officials, including President Koppell, have visited the Bloomfield campus several times and have been impressed with our students, faculty and staff as well as our programs and facilities. Most importantly, Montclair shares our commitment to students from historically underserved populations, which is our core mission.
Bloomfield College’s Board of Trustees also authorized Koppell and Gavin to finalize and execute the Interim Financial Support Agreement.
“A future relationship would build on the strengths of both institutions and enhance academic and other opportunities for current and future students on both campuses,” said Bloomfield Board Chairman Vernon Endo.
“We are committed to working together to build a relationship that would advance the missions of both institutions and create opportunities for the students and communities we serve,” said Montclair Board Chair Francis Cuss. “The funding agreement that the trustees approved today will be a line of credit that the College can draw on, should it become necessary, while the details of a permanent relationship are explored.”
The two institutions will develop their plan for a permanent relationship in the coming months.