CEDARVILLE — Cedarville University is now debt free, the university announced Monday morning.
Chris Sohn, vice president for business and chief financial officer, said Cedarville has carried some level of debt as far back as the current administration is able to access.
“Being debt-free is an indicator that we are financially stable, that we are good stewards of the resources given to us, and that donors can feel confident that their gifts will be used well,” Sohn said in a news release.
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Cedarville completed three projects in 2020 that were part of the university’s 10-year campus master plan which included a Chick-fil-A dining facility, the civil engineering center, and a 282-bed residence hall.
Cedarville chose not to take any new loans and continued to reduce its remaining debt, according to the release.
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The university is currently fundraising to support the remainder of the school’s master plan, which proposes six major construction projects in all by 2025.
“We are grateful for the grace God has shown us that has allowed us to eliminate our debt while continuing to serve our student body and pursue our mission,” said Dr. Thomas White, president of Cedarville University.
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