Saving Sweet Briar Delivers $5 million to Sweet Briar College

by vixenSBC

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.”

About the Author


Saving Sweet Briar Timeline

March 3, 2015 - Sweet Briar College announces Spring 2015 will be final semester, school will close on August 25, 2015.

March 3, 2015 - Sweet Briar College alumnae galvanize on Facebook, creating working groups to work to halt closure.

March 4, 2015 - launches in the early morning hours. Website begins accepting pledges midday.

March 6, 2015 - pledges exceed $1 million (with additional unconfirmed $1 million pledge that will later be confirmed).

March 6, 2015 - Troutman Sanders retained to fight closure. Read More

March 9, 2015 - Saving Sweet Briar, Inc. formally incorporated as a non-profit with seven alumnae appointed to serve as board members. Read More

March 11, 2015 - Virginia State Senator Chap Petersen sends letter to state Attorney General regarding the legality of closing the college. Read More

March 11, 2015 - Sweet Briar faculty join alumnae in fight to keep college open. Read More

March 18, 2015 - Saving Sweet Briar, Inc. begins accepting donations in the fight to save the college.

March 23, 2015 - Troutman Sanders sends letter requesting President and Board resign. Read More

March 26, 2015 - Saving Sweet Briar, Inc. hires Certified Fraud Examiner. Read More

March 30, 2015 - Amherst County Attorney, Ellen Bowyer, files suit against Sweet Briar College.

April 6, 2015 - Initial Financial Analysis concludes financial condition did not warrant closure Read More

April 12, 2015 - $5 million pledged to Saving Sweet Briar.

April 13, 2015 - Amherst Mayor sends letter opposing closure. Read More

April 15, 2015 - Judge Updike issues a 60 day injunction preventing the college from using funds solicited to operate the college to close it.

April 23, 2015 - Saving Sweet Briar, Inc. launches Alumnae Angels program to help students with financial concerns during transition and uncertainty.

April 29, 2015 - Judge Updike issues another injunction in one of the other legal cases preventing the college from selling assets for six months.

April 29, 2015 - Amherst County Attorney files Petition to Review with Virginia Supreme Court.

May 19, 2015 - Saving Sweet Briar, Inc. granted 501(c)(3) status, with tax exempt status applying to all donations made from the incorporation date of March 9, 2015.

June 9, 2015 - Virginia Supreme Court rules that Sweet Briar College can be a trust.

June 19, 2015 - Saving Sweet Briar, Inc. announces $21 million total pledged over 5 years.

June 20, 2015 - Settlement reached, keeping Sweet Briar College open. Settlement terms include 3 payments to college with the first $2.5 million due on July 2.

June 23, 2015 - Amherst CountyBoard of Supervisors names Sweet Briar Day.

June 30, 2015 - Saving Sweet Briar, Inc. delivers $5 million ahead of schedule to Sweet Briar College.

July 2, 2015 - President Stone assumes new position, new Board of Directors appointed.

September 2, 2015 - Saving Sweet Briar, Inc. delivers final settlement payment to Sweet Briar College, exceeding $12 million total.