OAK RIDGE — Oak Ridge Military Academy plans to operate in 2009-10 and begin classes Aug. 24.
Speaking Friday outside of Alumni Hall, President Roy Berwick also said the school has elected a new board of trustees — the Friends of Oak Ridge Military Academy— but wouldn’t disclose the names of the new members.
Oak Ridge officials have been searching for an investor to rescue the 158-year-old cash-strapped school.
Last month, Berwick talked about a proposed “long-term fix” for the school’s financial problems. If the deal went through, Berwick said then, the investor would absorb most of the academy’s $4.8 million debt and provide additional funds to keep the school open.
Earlier this month, the school canceled its five-week summer programs because of a lack of enrollment.
Enrollment at the private military boarding school in Oak Ridge fell during the past academic year to about 130 students, a drop of 12 percent over the previous year, and well below the peak of about 300 in the 1990s.
In addition, the school faced a significant decline in giving and struggled with how to pay off the $4.8 million debt on an academic building that opened in 2001.
To help keep the school open, about 45 faculty and staff agreed in April to relinquish about five weeks of salary. That decision came after Berwick told employees he could not make payroll. In May, the school ended the academic year a week early and laid off 11 employees.
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