College confirms receipt of SSB payment
Posted on July 30, 2015 by Staff Writer
Sweet Briar’s new administration is delighted to confirm that it has received a transfer of $3.5 million from Saving Sweet Briar Inc. — several days ahead of the Aug. 2 payment due date.
The funds transfer is the second of three payments required by a June court settlement that kept the College open following a decision by the former administration to cease operations in August. In June, the alumnae-led group, Saving Sweet Briar, successfully negotiated an agreement to keep the school open under new leadership, which took control on July 2.
As part of the settlement, Saving Sweet Briar agreed to deliver a total of $12 million by early September for short-term operations. Additionally, Virginia Attorney General Mark Herring agreed to release $16 million of restricted endowment funds for general operations.
“The miraculous work of the alumnae through Saving Sweet Briar continues!” said Sweet Briar President Phil Stone. “What remarkable energy, passion and generosity these women have displayed. This effort will not be unrewarded: Even one hundred and fourteen years from now, with the College flourishing, the achievements of these Sweet Briar women will be honored and praised.”
The funds transfer is the second of three payments required by a June court settlement that kept the College open following a decision by the former administration to cease operations in August. In June, the alumnae-led group, Saving Sweet Briar, successfully negotiated an agreement to keep the school open under new leadership, which took control on July 2.
As part of the settlement, Saving Sweet Briar agreed to deliver a total of $12 million by early September for short-term operations. Additionally, Virginia Attorney General Mark Herring agreed to release $16 million of restricted endowment funds for general operations.
“The miraculous work of the alumnae through Saving Sweet Briar continues!” said Sweet Briar President Phil Stone. “What remarkable energy, passion and generosity these women have displayed. This effort will not be unrewarded: Even one hundred and fourteen years from now, with the College flourishing, the achievements of these Sweet Briar women will be honored and praised.”
