Sale of Mount Ida College to UMass formally closes - Western Mass News - WGGB/WSHM

Sale of Mount Ida College to UMass formally closes

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BOSTON (AP) - The former campus of Mount Ida College has been formally transferred to the University of Massachusetts Amherst as questions linger about the financial problems that led to Mount Ida's demise.

The Boston Globe reports that UMass officials notified state lawmakers on Thursday that the $75 million sale has closed. The deal was approved by the state attorney general but her office is still reviewing whether Mount Ida trustees violated their fiduciary duties.

On Wednesday, lawmakers grilled the chairwoman of Mount Ida's unpaid board of trustees about whether students or faculty were misled about the extent of the school's financial distress. She said the school never tried to deceive anyone but did not broadcast its situation to prospective students.

Information from: The Boston Globe, http://www.bostonglobe.com

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