New York based ITT Corporation completed its acquisition of YSI Incorporated in Yellow Springs last week, bringing 34.7 million dollars to Antioch College's endowment fund that will help secure the college's future. Emily McCord reports for WYSO.
Antioch College is benefiting from the last week’s merger between the New York based company ITT and YSI Incorporated in Yellow Springs. The sale was valued at $310 million. The college owned just under 12 percent of YSI shares. It’s valued at 34.7 million dollars, which will be added to the college’s endowment fund.
“It is absolutely great news. Anytime you can double your endowment value, it’s wonderful news,” says Scott Frasure, the chief Financial officer for Antioch College.
Frasure says because the money is in an endowment, restrictions still apply. But he says it will go a long to way to providing opportunity and security to the college in the future.
“We’re going to use that money very judiciously to rehab the campus, build the infrastructure, give students scholarships, and bring in professor, all the things we can do with that to bring Antioch back up and running,” says Frasure.
Antioch College closed three years ago due to financial problems, but they will welcome students back to campus with classes beginning on October 4. The college says they think they need to raise $3 millions a year for the next three years to reach their $27 million operating goal. Officials are studying how this larger endowment will affect their bottom line.