A total of 149 private nonprofit colleges failed the U.S. Department of Education's "financial-responsibility test" based on their condition in the 2009 fiscal year, data released on Thursday show. That's 23 more than the 126 that failed the test in the 2008 fiscal year, and an increase of about 70 percent over the number of degree-granting institutions that failed two years ago.
The colleges include small, religious institutions like Crossroads College, in Minnesota, and Concordia Seminary, in Missouri; specialized institutions like the Pennsylvania Academy of the Fine Arts, the Milwaukee Institute of Art & Design, and the Dorothea Hopfer School of Nursing, at Mount Vernon Hospital, in New York; and several residential and liberal-arts colleges, including Belmont Abbey, Bethel, Guilford, Harcum, Keuka, and Ripon.
Though these schools failed that does not mean that they are out of money. Simply put, they are running low on funds and have to remain aware of their finances.
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