Institutional Comparison: Goddard, Hampshire, and Antioch Colleges

Sources: DOE composite score files (AY18–19 through AY22–23); Antioch audited financial statements FY2023–FY2025 (Brady Ware & Schoenfeld); DOE HCM list September 2024; HLC Public Disclosure Notices; Higher Ed Dive; Chronicle of Higher Education; Yellow Springs News.

Godard, Alphaville (1965)

Status as of June 2026

• Goddard College: Closed May 2024
• Hampshire College: Closing December 2026
• Antioch College: Open

Enrollment at crisis point (from historical peaks)

• Goddard: ~220 students — down 88% from ~1,900 (early 1970s)
• Hampshire: ~747 students — down 94% from ~1,200 (mid-1990s peak)
• Antioch: ~115 students — down 96% from ~2,700 (1973); down 57% from post-reopening high of 266 (2015)

Endowment

• Goddard: ~$862K at closure; effectively zero after reserve depletion
• Hampshire: ~$25M at closure announcement; majority restricted; drawn at 9% annually in 2024 and 2025
• Antioch: Negative. $17.1M borrowed from endowment principal; $3.0M in accrued interest as of June 30, 2025 (FY2025 audit, Note 16)

Cash on hand

• Goddard: ~$3M in investments + ~$500K cash as of June 2023; depleted by April 2024
• Hampshire: Insufficient to fund teach-out without a philanthropic loan (disclosed May 30, 2026)
• Antioch: ~$1.75M as of June 30, 2025 — approximately five to six weeks of payroll (FY2025 audit, Note 4)

Federal composite financial responsibility score (passing threshold: 1.5; failing: below 1.0)

• Goddard: 2.2 (AY18–19) → 2.2 (AY19–20) → 1.8 (AY21–22) → 1.6 (AY22–23)
• Hampshire: 3.0 (AY18–19) → 2.7 (AY19–20) → 3.0 (AY20–21) → 2.3 (AY21–22) → 0.6 (AY22–23)
• Antioch: 2.2 (AY18–19) → 3.0 (AY19–20) → 1.0 (AY20–21) → [absent AY21–22; confirmed below 1.0] → 0.6 (AY22–23) → 0.6 (AY23–24) → 0.6 (AY24–25)

Going concern audit finding

• Goddard: Yes (2018; recurred before closure)
• Hampshire: Not publicly documented
• Antioch: Yes — FY2023, FY2024, and FY2025; three consecutive years

Heightened Cash Monitoring (HCM1 or 2)

• Goddard: Not on HCM at closure
• Hampshire: Not on HCM
• Antioch: HCM1 every quarter since 2022

Operating gap

• Goddard: ~$500K shortfall on $7.5M budget (FY ending June 2023)
• Hampshire: $3.7M deficit (FY2025 audit, CliftonLarsonAllen)
• Antioch: ~$2M/year structural gap (SEE Plan projection; consistent with FY2025 audit analysis)

Debt

• Goddard: ~$1.9M (USDA loan)
• Hampshire: $21M in bonds; unable to refinance
• Antioch: ~$17.1M endowment principal loan at 4% interest; no repayment plan in place

Strategic plan

• Goddard: Pivoted online January 2024; closed April 2024
• Hampshire: Five-year plan; raised $55M of $60M goal; failed to refinance bond debt or complete land sale
• Antioch: SEE Plan adopted June 2023; three-year window lapsed June 2026; no successor plan adopted

Board action

• Goddard: Unanimous vote to close, April 9, 2024
• Hampshire: Board vote to close, April 14, 2026
• Antioch: Co-chairs extended president’s contract via Executive Committee, June 2026; no full board vote on contract renewal

Teach-out

• Goddard: Prescott College (same tuition rate)
• Hampshire: 30+ partner institutions; student records to UMass Amherst after December 31, 2026
• Antioch: Plan filed with HLC March 2025; no public partner list confirmed

Alumni organizing

• Goddard: Petition; Vermont Attorney General petition; unsuccessful
• Hampshire: “Hampshire Next” effort; unsuccessful
• Antioch: ACAA independent since March 2025; ongoing

Note on composite scores: Goddard’s final reported score of 1.6 — technically passing — illustrates the metric’s lag: the institution closed within a year of reporting it.