- Associated Press - Wednesday, April 16, 2014

MAYFIELD, Ky. (AP) - Officials at the financially struggling Mid-Continent University have decided to close the school on June 30.

Media reported the board of trustees announced the decision Tuesday evening after meeting for three hours.

Acting President Robert “Tom” Walden, who was appointed Saturday to replace interim president Ken Winters, said there’s not enough money to pay staff.

“Every employee had been laid off, but the school will be open tomorrow (Wednesday) by volunteers,” he said Tuesday night.

Walden said the school will remain open so that seniors can graduate thanks to faculty and staff who are volunteering their time.

The final day of classes is set for May 2 and graduation is May 10. The Kentucky Baptist Churches Association will sponsor the ceremony and donate food for students.

Walden said some courses offered by the school may cease immediately.

“We have to be optimistic but also realistic,” Walden said. “We didn’t know until today what we had to do. But the real heroes are the teachers who have stepped up to the plate out of concern for the students.”

The school announced in February that financial woes might force it to close. The financial situation stems from the U.S. Department of Education’s rejection of financial aid paperwork.

Winters was appointed in February to take over the troubled school after longtime President Robert Imhoff agreed to step aside. The board appointed Walden on Saturday after Winters stepped down due to family health issues.

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