If you are under the impression that all colleges have endowments the size of Harvard or even a fraction thereof, you are sadly mistaken. Quite a few colleges and universities across the US are struggling financially, some with their very survival at stake.

Randolph College in Lynchburg, VA is one such school seeking to strengthen its bottom line and hopes to do just that by selling off four of its prized assets, namely valuable paintings donated to the school long ago.

The first painting offered in auction was Rufino Tamayo’s Trovador, purchased last week by an anonymous party for $7.2 million, more than double the amount the school expected to receive for it. Three other paintings are being sold and Randolph College hopes that the proceeds netted will add $50 million to their coffers.

A group of alumni, donors, students, and other concerned people — calling themselves Preserve Educational Choice — had sued to block the sale questioning whether the donor’s intent was being followed. The group announced in March that it was dropping that case, choosing to focus instead on a separate suit against Randolph challenging its right to use any of its assets in a coeducational setting.

Randolph had previously been known as Randolph-Macon Women’s College before admitting men and changing its name in 2006, a decision that has been met with widespread opposition. Virginia’s Supreme Court heard arguments in that case earlier this month with a final decision expected this summer.

Further Reading

Randolph College painting fetches $7.2 million at auction

Should Co-education Be Reversed At Randolph College?

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Save On Study Supplies

Tags: art, endowment fund, Randolph College, Randolph-Macon, Virginia

In 1891, a private liberal arts college for women opened up in Lynchburg, VA — Randolph-Macon College For Women. For well over a century the school maintained its women only charter until the college decided to admit male students effective July 1, 2007.

Ever since the school first made its announcement in September 2006, the change has met much opposition with students blocking the administrative offices, holding rallies, and even striking classes. Though the school went ahead and admitted male students as planned the protests have continued and two cases are now before the Virginia Supreme Court who has promised to hand down their decision on a lower court appeal on June 6.

Two cases are involved, both of which were dismissed by a circuit court judge in January 2007. In one case, the plaintiffs are arguing that the school had a contractual agreement with their students to remain co-education, an argument the school says doesn’t exist. In the second case, the plaintiffs have argued that the former Randolph-Macon College is a charitable trust using funds donated to educate women. The school counters that the funds are to be used to benefit students regardless of gender.

Notable alumnae of the school include author Pearl S. Buck, CNN political columnist Candy Crowley, and Susan Webber Wright a district court judge in Little Rock, AK who oversaw the Paula Jones case. The college current has 1,125 students.

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Graduate School Attendance Guide

Tags: co-education, Lynchburg, Randolph College, Randolph-Macon, Virginia