GAFFNEY, S.C. (WSPA) — A South Carolina university could soon close its doors after 179 years unless it can secure a significant sum of money.

Limestone University in Gaffney, SC held meetings with students and staff on Wednesday to inform them the college is facing “financial uncertainty,” which could lead to the school switching to a fully-online model or permanently closing.

According to a press release on the college website, Limestone’s Board of Trustees has announced that unless the university can obtain “immediate financial support in the amount of $6 million” the institution will need to move fully online or begin the process of closing.

Faculty and students said that no one saw this coming.

“I’m just a bit scared,” said sophomore Annabelle Dougherty. “We don’t really know like the next steps of what’s gonna happen or fully what’s going on but we just have to take it one step at a time and figure out what we’re gonna do for ourselves and how we’re gonna say goodbye to each other if we have to.”

The Board will convene on April 22 to discuss the next steps for the institution.

“Limestone remains committed to our students and we will work directly with current students to help them identify the best path to successfully complete their educational journey,” said Randall Richardson, chair of the Limestone University Board of Trustees. “We are reaching out separately to students with information regarding options to continue their education.”

In the event the university were to swap to online model, it would discontinue all in-person operations, including athletics in Gaffney.

“The Board’s priority is to preserve the Limestone mission of education and service on our campus in addition to online. But without this financial lifeline, we will have no choice but to move all operations online, which means closing our physical campus,” said Richardson.

The college said its financial challenges stem from a combination of nationwide enrollment declines, rising costs, and long-standing structural pressures facing small, private institutions. The proposed $6 million emergency fund would stabilize operations and give the university the opportunity to pursue long-term solutions that preserve its on-campus identity, according to a media release.

Limestone University opened in 1845 as Limestone College, an independent non-denominational Christian college located in Gaffney. The school changed its name to include the university moniker in 2020.

At the time of its opening, Limestone was the first women’s college in South Carolina and among the first in the country. The college began admitting men in the early 1900s, but did not allow them to live on campus.

The school offers programs on campus and online from associate, undergraduate, and master’s programs.

In 2024 the college named Dr. Nathan Copeland as its newest president. Earlier this year the school kicked off a $1.5 million athletic campaign by naming its first female athletic director.

According to nonprofit investigative journalism outlet ProPublica, Limestone University’s finances have dipped in recent years. The school operated at a $12.6 million deficit in 2022-23, up significantly from a $2 million annual deficit in previous years.

A tax form for the 2022-23 tax year shows the university received $9 million less in donations and grants that year.

Notes from tax forms said the university was home to 2,250 full-time equivalent students and 330 employees.

Some people emphasized that the impact of Limestone’s potential closure will hit Gaffney and Cherokee County.

“The county is going to definitely feel it if the institutions close the university has a $150 million annual economic impact. The hotel and the restaurants will all see a significant decline,” said Dr. Suzanne Lindley, the Dean of Health Sciences. “The thought of Gaffney without Limestone is incomprehensible. I can’t imagine.”

In a post on Facebook, Gaffney Mayor Lyman Dawkins said the closure would be a “significant blow to our community.”

“The economic impact will be substantial. Limestone has provided countless jobs, brought in students and families who supported local businesses and served as a catalyst for growth. In our current efforts to revitalize downtown Gaffney, Limestone students have played a vital role. Their energy, involvement, and contributions have breathed life into our city and helped us build momentum for the future.”

“The psychological and emotional toll will be equally profound. Limestone has been a point of pride, tradition, and inspiration for our residents. It has opened doors for countless local students and families. Many of them were first-generation college students and helped shape dreams into realities. As a proud alumni, I will forever love and honor Limestone University.”

Mayor Lyman Dawkins III

For now, the university said the main focus is working with students and staff.

Limestone University has already been in contact with the NCAA and plan to host a “reverse college fair” on April 25, where students can speak with other universities.