Iowa Wesleyan University’s Board of Trustees unanimously voted Tuesday to close the university at the end of this academic year. The decision is based on a combination of financial challenges – increased operating costs due to inflationary pressures, changing enrollment trends, a significant drop in philanthropic giving, and the rejection of a proposal for federal Covid funding by Governor Reynolds. This decision follows an intensive analysis of Iowa Wesleyan’s financial operations and considerable exploration of all feasible strategic alternatives. Iowa Wesleyan University President Chris Plunkett participated in a press conference on Tuesday with this update, “My colleagues and I will be working closely with faculty and staff over the next two months as the University prepares for closure. As our primary lender, the U.S. Department of Agriculture will oversee much of the closure process. We don’t know yet what that process will look like. As required by the Federal Warn Act, all employees will be provided with sixty days notice of their termination of employment. On Monday morning, April 10th we will host a teach out and transfer fair for students. And in the afternoon, we’ll host a career and job fair for employees and graduating seniors.” Iowa Wesleyan has secured four teach-out agreements with William Penn University, Upper Iowa University, University of Dubuque, and Culver-Stockton College so students can complete their degrees. When the university closes on May 31, the physical campus will become the responsibility of the United States Department of Agriculture.