Saving Sweet Briar, Inc. recently commissioned a fraud examiner to review the financial documents and data of Sweet Briar College.
Saving Sweet Briar, a non-profit organization founded following the announcement of the college’s closure Mar. 3, has so far received financial pledges in excess of $3 million in an effort to keep the institution open. Saving Sweet Briar spokesman Eric Cote said Steven Spitzer, a certified fraud examiner, was appointed to investigate the financial problems at Sweet Briar.
“Saving Sweet Briar hired the forensic accountant and fraud examiner to conduct a forensic review of Sweet Briar College’s finances in order to help us determine the true current financial state of the college,” Cote said.
Cote said a more comprehensive evaluation is necessary to determine both the problems and potential solutions for Sweet Briar.
“We’re not speculating on anything at this point until we can get additional information so that our current accountant can conduct a deeper analysis of the finances,” Cote said. “We’re optimistic that the information that we uncover will provide us with the number we need in terms of the real financial shortfall to be able to assess what is really needed to close that gap and keep the school open.”
Spitzer said that though the investigation is an ongoing process, the evidence presented to justify closing appears unsupported by existing financial data.
“The college’s balance sheet still indicates that there is a financially viable entity,” Spitzer said. “I hope to get through a lot of information this coming weekend.”
Alumni from Hampden-Sydney College — an all-male college located in Farmville, Virginia — are also joining the effort to save Sweet Briar from closing. A group called HSC for SBC is backing an online retail event, Shop For Sweet Briar, to help fundraise for Saving Sweet Briar.
William Ballance, leader of the HSC for SBC group, said Hampden-Sydney shares Sweet Briar College’s belief in a single-sex education and are determined to protect the survival of the school.
“Surely the women of Sweet Briar have had a long historical and social connection with Hampden-Sydney,” Ballance said. “There’s lots of events that we do together, and we consider them our unofficial sister school. So, we’ve always been taught to lend a hand when someone is in need, and that’s what we’re doing here for the Sweet Briar ladies.”
Though there is no official relationship between Sweet Briar and Hampden-Sydney, Ballance said HSC for SBC has two initiatives for fundraising purposes, including Shop For Sweet Briar and “A Rose for a Vixen” — an Indiegogo campaign, making reference to the Sweet Briar Vixens, in which anyone can dedicate a $5 figurative rose to a Sweet Briar student or alumna.
Although Cote was not aware of any other colleges who had reached out, he said Sweet Briar welcomes the support of any individuals or organizations committed to helping save Sweet Briar.
“We absolutely are hopeful [Sweet Briar will remain open],” Cote said. “We’re fighting hard — we’re raising funds and doing everything we can to reverse the college’s decision to close.”
University spokesperson Matthew Charles said the University extended the transfer application deadline from Mar. 1 to Mar. 25 for Sweet Briar students because of the announced closure of the school.
“It is important to note that per the current transfer policy, any first- and second-year students could have applied to transfer,” Charles said in an email. “Third-year students could apply only to the Engineering School. Admitted transfer students are required to attend for two years before receiving a U.Va. degree. The only substantive adjustment is the extension of the transfer application deadline for Sweet Briar students.”
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