Here's What Happens to Endowments When Colleges Close
- College closings tripled last year as small institutions flag
- At Dowling, a lot of fancy real estate and a $2 million pain
Dowling College in Oakdale, New York, in Feb. 2016.
Photographer: Frank Eltman/AP PhotoThis article is for subscribers only.
When Dowling College on Long Island closed last year, it left a few things that will be easy to unload. There’s the waterfront mansion and a score of houses. There are 13 cars and a couple of boat trailers.
One thing off limits is the $2 million endowment, restricted by a tangle of bankruptcy law.