Richmond, VA – Saving Sweet Briar, Inc., the non-profit group formed to save Sweet Briar College, has delivered $5 million to Sweet Briar College today – twice the amount it was required to pay as part of the settlement agreement to keep the college open and usher in new leadership. The larger than required payment was made two days ahead of the July 2 due date.
“I’m pleased to announce that this afternoon Saving Sweet Briar made a $5 million payment to Sweet Briar College as part of our obligation in the settlement agreement that saves our school and ushers in new leadership to rebuild the college and create a vibrant, long term future for our alma mater,” said Sarah Clement, Chair of Saving Sweet Briar (Sweet Briar College, AB 1975; University of Virginia School of Law, JD 1984).
Today’s delivery of the $5 million payment satisfies a condition stipulated in the settlement agreement that triggers the leadership change at the college which is scheduled to take place Thursday, July 2 at 4:59 pm when the resignations of the outgoing Board of Directors becomes effective. At 5:00 pm the same day, a meeting of the new Board of Directors is scheduled to take place at which the new Board will appoint Phillip Stone as president of the college.
Clement thanked the Sweet Briar alumnae for converting enough of their pledges into contributions to enable the larger payment and urged those who have not yet done so to move quickly. Saving Sweet Briar must deliver an additional $3.5 million by August 2 and the final $3.5 million by September 2.
Incoming Sweet Briar President Phillip Stone has not waited for his official appointment to begin addressing the many challenges that await him. He has continued advancing an active transition process that has included meetings and discussions with college staff, faculty and alumnae.
“I will be ready to hit the ground running after Thursday’s formal vote by the new Board of Directors,” said Stone. “I am humbled by the confidence shown in me to help rebuild Sweet Briar College and very much look forward to pouring my heart and soul into the work that lies ahead. I remain confident that Sweet Briar’s best days are ahead of us.”