The precipitous drop in 1975 likely reflects a desperation move to stave off bankruptcy by prioritizing paying students. Absorption into USF marked the end of New College for many of us early students, but by that time the only alternative was bankruptcy. Teasing out the causes behind that insolvency would be an interesting project, but in broad strokes it’s obvious enough: profligate spending early on (Pei, “buying” students, land deals), poor marketing and overoptimistic fundraising projections, and poor early leadership, both from President Baughman and the board who supported him, driving away most of the senior faculty during the first year of operation.

It’s easy to blame Baughman (and I do), but the board who appointed him, bought into his rosy projections, and backed him against Dean Gustad surely share the blame.