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With 550 students, the Aurora institution's reported enrollment reached a 35-year high. The surge occurred two years after the formerly all-female school, which was founded in 1868, began welcoming students of all genders. 

Susan Sloan, who was then the admissions director at Wells College, thought enrollment could continue to rise. 

"Growth in the future is possible," she said at the time, "but this is the first benchmark." 

Seventeen years later, with financial losses mounting and enrollment down 33% since 2007, Wells College will close at the end of the spring semester. The stunning announcement was made at the start of the final week of classes and three weeks before the 156th and final commencement in the school's history. 

Although the timing of the news is surprising, Wells College's tax records suggest the school was headed for closure over the last several years. 

In the 2011 fiscal year, Wells reported revenues totaling $35.5 million and expenses of $30.3 million, with a net income of $5.2 million. Enrollment, the college noted in its tax forms, was 530. 

The next year, Wells had a net loss of $3.3 million as enrollment dropped to 475. Enrollment would rebound over the next few years, reaching 558 in the 2016 fiscal year — the same year the college reported $40.8 million in revenues and a net income of $4.5 million. 

But over the next six years, Wells became more reliant on other sources of funding, such as donations and grants, to overcome steep losses. After a $1 million loss in 2017, the college received $2.5 million more in outside contributions that helped offset $35.5 million in expenses. The college's net income was $652,536 in 2018. 

However, when those contributions fell to $3.9 million in 2019, Wells reported a $2.6 million loss. Expenses rose to above $35.7 million, while total revenue was over $33 million. 

It was after the 2019 fiscal year that Wells was placed on probation by its accreditor, Middle States Commission on Higher Education, for not complying with certain financial and planning standards. The college took action to address its budget woes, including salary reductions and not filling vacant positions. 

In one year, Wells reduced its total expenses by more than $6 million, from $35.7 million to $29.2 million, and reported a net income of more than $2.5 million. But revenue was also down, from $33 million to $31.8 million, with declining enrollment contributing to that decrease. The college collected $9.3 million in outside contributions to boost total revenue. 

Wells, like many other educational institutions, was affected by the COVID-19 pandemic. In May 2020, the college warned it would have to close if students weren't allowed back on campus in the fall. The closure was avoided after a fundraising campaign collected $4 million for the school. 

The tax filing for the 2021 fiscal year, which occurred during the pandemic, shows Wells lost nearly $3 million. Despite getting $6.4 million in donations and other funding, expenses ($26.5 million) exceeded total revenue ($23.6 million). 

For the 2022 fiscal year, the most recent tax filing available, Wells reported revenue totaling $30.1 million and $29.6 million in expenses. It was in the black for the year, with a net income of $575,519, but it was aided by more than $12.4 million in donations and grants. Enrollment was 335, down 39.9% since 2016. 

In a announcing the closure, Wells College President Jonathan Gibralter and Marie Chapman Carroll, chair of the college's board of trustees, said the board determined that "the college does not have adequate financial resources to continue." 

"We acknowledge the work from all board members and college leaders, especially members of the cabinet, our faculty, staff and graduates on creating strategic plans, sponsoring aggressive fundraising campaigns, launching innovative new programs and managing our resources with care. Your efforts are appreciated more than you know," Chapman Carroll and Gibralter wrote. 

They added, "But revenues, unfortunately, are not projected to be sufficient for Wells' long-term financial stability." 

Wells College joins a growing list of upstate New York private institutions that have closed in recent years, including Cazenovia College in Madison County and Medaille University in Buffalo. The College of Saint Rose in Albany announced in December that it would close at the end of the academic year.