Limestone University, a private Christian institution in South Carolina that has operated for 180 years, is set to close by the end of the current semester following an unsuccessful fundraising effort.

The university sought to raise $6 million but was only able to secure approximately $2.1 million through nearly 200 donations during its two-week campaign, as announced in a recent press release.

This shortfall has led to the decision to cease its on-campus and online educational programs.

Randall Richardson, chair of Limestone University's board of trustees, expressed that despite the closure, 'the impact of Limestone University will live on through our students and alumni.' The university experienced a decline in enrollment from around 3,200 students in 2014 to approximately 1,600, according to state higher education records.

Consequently, several hundred faculty members and staff will be leaving their positions due to the closure, with Limestone promising support for student transfers to other educational institutions.

Concerns have been voiced by students and faculty about the handling of the university's financial issues over time, questioning why more proactive measures were not taken sooner.

The institution is expected to hold its final commencement exercises on Saturday.

Founded in 1845, Limestone University has faced significant challenges, including a substantial debt burden estimated at $30 million, which contributed to the heightened stress and uncertainty among students and staff during the recent fundraising campaign period.