WHEELING, W.Va. — President Dr. Debra Townsley could feel a collective sigh of relief on campus of Wheeling-Jesuit University Tuesday when she told the school’s employees the Diocese of Wheeling-Charleston through Bishop Michael Bransfield had decided to pay off the university’s long-term bond debt.
“They are helping us pay off that long-term debt and giving us long-term financial stability and when I announced it to the employees this morning they applauded the Bishop (Mansfield) and the Diocese,” Towns said.
The payoff was made Monday, the exact amount will not be released, but Townsley told MetroNews it was substantial.
WJU, like others in higher education, has faced challenges in recent years providing accessible education while staying affordable, Townsley said.
“Every year we work on a new budget for the coming year, we do that in the Spring, so that’s what we’re working on. That will (soon) be presented to the trustees and it will be minus this long-term debt payment. It’s really a wonderful gift from Bishop Bransfield and the Diocese,” Townsley said.
The school will be able to hold tuition at the same rate heading next year, according to Townsley.
Under the deal, the Diocese will purchase all of WJU’s property, which it originally gifted to the school in 1952. The school will buy back the property through a multi-year lease agreement at a nominal rate. The Diocese won’t be responsible for operating the school.
The bond debt is connected with facilities the school has built over the years, Townsley said.
WJU has approximately 1,100 and 200 employees.
According to a release from WJU, the school looks to embarking “on a new strategy to reimagine, realign, and renew the future of Jesuit education that began with the support of the Diocese more than 60 years ago.”