UPDATE: Gaffney foundation commits $1 million towards Limestone’s future

Editor's Note: Updating with additional information

By BEN LEDBETTER – Down Ballot Staff Writer

Editor’s Note: Spartanburg Herald-Journal reports that Gaffney-based Fullerton Foundation commits $1 million towards keeping Limestone open.

ORIGINAL STORY:

Limestone University appears on the latest Worker Adjustment and Retraining Notication list that ended on April 18, 2025.

It states the Gaffney school plans to close on April 30 and that 478 employees would be affected.

Despite the possible closure or transition to online-only classes, Limestone is still seeking solutions.

According to a news release from the school, its board of trustees announced a possible funding source that would allow the school to stay open with online and in-person classes.

“This possible funding solution has us all cautiously optimistic about the future of Limestone as both an in-person and online educator," said Randall Richardson, Chair of the Limestone University Board of Trustees, in a written statement. “Last week, we were at the brink of a possible closure or transition to online-only classes. Now, we are pausing that discussion so we can wait on more information about a potential financial lifeline. We want to emphasize, this is just a possibility at the current time.”

Limestone's Board of Trustees will meet to discuss the possible funding source no later than April 29.

Full closure of the school is still an option, but the board is also considering an option that would discontinue all in-person academic operations and other activities, including athletics.

The Saints currently play in the NCAA's Division II and the South Atlantic Conference. Other Palmetto State schools in the league are Anderson University, Coker University and Newberry College.

In 1990, Limestone fielded the first men's lacrosse team in South Carolina. The Saints won the South Atlantic Conference title on Wednesday, April 23.

“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. The179-year-old institution aims to maintain online degree programs. The online portion of the institution has seen strong growth and could support long-term stability."

Founded in 1845, Limestone University currently serves 1,600 students, including student athletes and those seeking online degrees. Last week, the Limestone Board of Trustees announced that, absent the school obtaining immediate financial support in the amount of $6 million, the institution would need to move to a fully online model or possibly close.

According to data from ProPublica's Nonprofit Explorer, the school is a 501 (c) (3) nonprofit and has held that status since 1946.

The school's latest available tax return is from 2023. Limestone had $45.7 million in revenue and $58.3 million in expenses. It had $73.1 million in assets and $40.7 million in liabilities.

The school commissioned an audit for the fiscal year June 2024 and identified substantial doubt about the school's ability to meet its financial obligations and continue operating. It also identified a deficiency in internal financial or governance controls that could limit the organization's ability to track and record financial data reliably.

Cherokee County's population was 56,299 according to 2023 census data. According to South Carolina's WARN report from Jan. 1, 2024 through March 7, 2025, Cherokee County lost three employers and 280 workers were effected.

Limestone is the only four-year college or university in Cherokee County, which borders North Carolina. However, the Cherokee County university is close to others. In Cleveland County, N.C. is Gardner-Webb University and in Spartanburg County is the University of South Carolina Upstate and Wofford College.

Spartanburg Community College has a campus in Cherokee County.