Finlandia Board of Trustees vote to dissolve university, wrap up affairs

HANCOCK, Mich. (WLUC) - Finlandia University announced Tuesday that the Board of Trustees has unanimously voted to dissolve the institution and wrap up lingering affairs efficiently.

The announcement follows news from March 2 that the institution would not enroll students for the 2023-2024 academic year.

According to a press release from the university, the Board of Trustees and University President Timothy Pinnow stated the decision is the result of an analysis of Finlandia’s operations after exploring all potentially feasible strategic alternatives, including a search for new partnerships and reorganization of the institution’s finances.

The combination of demographic changes, with fewer high school graduates available, a steep decrease in interest in going to college among those graduates, a dwindling endowment, and debt load have made Finlandia no longer viable.

Finlandia’s Board of Trustees and President have shared that Finlandia has hired legal counsel with experience in winding up the affairs of educational institutions. The University has notified the Office of the Attorney General of Michigan of its decision and is in the process of filing all appropriate paperwork with relevant regulators and accreditors.

Finlandia is working toward helping students find new academic homes and has submitted teach-out plans to the Higher Learning Commission that include options to complete comparable programs at other institutions and information about admissions to partner schools, including all credits earned. The teach-out plans also ensure that students will be able to complete their program in a timely manner and for a comparable cost to Finlandia.

Finlandia’s Board and President have said that in order to make funds available to facilitate student transfers and operations certain staff have been laid off, with most remaining staff to be laid off following commencement.

The University is working to satisfy its obligations to creditors, and it aims to ensure that all faculty, staff and vendors receive compensation for their work.

A teach-out and transfer fair with more than 20 colleges and universities will be held for Finlandia students on March 20. An employment fair with regional employers and other higher education institutions will be held for FinnU employees on March 21. Information regarding the events and institutions in attendance is available at finlandia.edu.