McNally Smith goes broke, shuts down

McNally Smith is shutting down, and suddenly.

McNally Smith is shutting down, and suddenly. Google Street

McNally Smith College of Music will shut down at the end of its semester next week, and the school lacks the funds to pay its staff tomorrow.

This afternoon’s letter from Jack McNally, the chair of McNally's board of directors, began ominously: “As you all know, in the past few years higher education has been in an unprecedented decline.”

McNally went on to disclose the school’s inability to meet payroll on Dec. 15, but he asked staff to stick around till the end of the semester to ensure that students receive credit for this term and so Saturday’s scheduled graduation ceremony can proceed. McNally Smith would make efforts to eventually compensate them for their work, McNally said.

In addition to “declining enrollment and revenue” and a need to increase scholarships to remain competitive with other institutions, McNally cited unexpected costs and delays that arose when the school transitioned to non-profit status earlier this year.

McNally stated that McNally Smith would be reaching out to other colleges and universities in the area to find ways for its students to continue their education, and perhaps to partner with these other institutions.

But McNally was blunt about the short-term future of McNally Smith: “We will no longer offer any of our current programming after this semester.