Wells College finances in last decade of operation

Nov 23

Note in the chart that the declines in net income and enrollment seem to showcase the difference in leadership, with President Dewitt’s progress being tanked by Jonathan Gibralter.

Reprinted by permission
Copyright © 2025, The Citizen

Wells College in Aurora lost $7.8M in final year, tax records show

Robert Harding, Nov. 21, 2025

Tax records reveal that Wells College lost more than $7.8 million in its final year as revenue failed to keep pace with soaring expenses.

The college’s 990 form, which covers July 1, 2023, to June 30, 2024, shows the institution had more than $37.9 million in expenses, up from $32.8 million in the 2022-23 academic year. Revenues were $30.1 million, a slight increase over the $29.6 million brought in during the prior school year.

When combined with the net loss of $3.2 million in 2022-23, Wells College lost $11 million over two years.

The staggering losses help explain why Wells College abruptly announced its closure at the end of the 2023-24 academic year. The dire financial situation was also the reason why the college’s board of trustees began planning for a potential closure during that final year, even though the school’s public messaging presented a more optimistic outlook.

A review of Wells College’s tax records provides a clearer view of its financial struggles. After revenue reached a 15-year high of $40.8 million and net income totaled $4.5 million in 2015-16, the college had significant losses in five of the next eight years, including the $11 million in losses during its final two academic years.

The financial blow came as Wells College’s enrollment declined from 558 in 2015–16 to 340 when it closed in 2024.

When Wells College announced its closure, its leaders cited the COVID-19 pandemic, fewer undergraduate students, inflation and a “negative sentiment towards higher education” as factors.

In the letter announcing the closure, then-Wells College President Jonathan Gibralter and Marie Chapman Carroll, chair of the college’s board of trustees, said a thorough review determined the college “does not have adequate financial resources to continue.”

Since Wells College closed in 2024, it has been winding down operations and is in the midst of court proceedings to transfer assets and records to Hobart and William Smith Colleges in Geneva.

Wells College Revenue Expenses Net Income Enrollment