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Tue July 1, 2014
N.H. Won't Renew Approval of Italian University
The financially-troubled St. John International University will grant no more degrees.
The state’s higher education commission has unanimously declined to renew its approval of the N.H. chartered, Torino-based school.
State education officials had been monitoring St. John international for several years.
The for profit college was chartred by the act of the legislature in 2009, and three state senators – Democrats Sylvia Larsen and Lou D’Allesandro and Republican Nancy Stiles -- have sat on its board.
Almost from the start, the college had low enrollment. Its also faced money problems and complaints from employees who weren’t being paid.
Ed McKay, Chairman of the state’s Higher Education Commission, says the state told the college in May it would need a confirmation of its financial health – including proof it could make payroll and make good on any outstanding claims – but:
"The financial information we received was, in our view, incomplete and did not provide a full and accurate picture of their financial status."
State securities regulators are also keeping any eye on the school.
Last week, the N.H. Securities Bureau issued a cease and desist order to stop the school from selling shares to investors.
St. John could appeal that order.
The Vice-Chair of its board, Concord lawyer Jim Bianco, did not return a call for comment.