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Closed school finances deemed firm
Investigation continues into sudden closure
Updated: Thursday, 10 Jan 2013, 6:40 AM EST
Published : Thursday, 10 Jan 2013, 6:40 AM EST
PROVIDENCE, R.I. (WPRI)- Students were left out in the cold after the Sawyer School failed to reopen its doors after winter break.
The Rhode Island State Police have confirmed they're working with the FBI to examine the for-profit school's finances to determine whether any crimes were committed.
Target 12 went digging for answers and found that the Sawyer School was on firm financial footing through at least June 2012.
Audit documents show the school's working capital was nearly $5.1 million and its net income was more than $250,000, an increase of more than $100,000 from the previous year.
Documents also show the college had a $430,000 student refunding bond which expired on January 1, 2013.
The Accrediting Council for Independent Colleges and Schools revoked the Sawyer School's Accreditation for all 5 of it's locations in Rhode Island and Massachusetts following the closure.
Copyright WPRI 12
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