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Iowa Wesleyan will remain open after raising $2 million

MOUNT PLEASANT, Iowa -- Iowa Wesleyan University is staying open this coming spring semester after a letter indicated major financial trouble.

The university's board of trustees voted on Nov. 15 on the school's future and announced they would continue education through the spring of 2019. University President Steve Titus said the work is just beginning.

"We are moving forward in a very vigorous way and a vigorous process, to engage others in collaboration and partnership that will allow us to create that sustainable future so that this institution can continue for another 176 years," Titus said.

Titus announced the financial trouble and vote in an open letter on Nov. 1. That gave the school half a month to raise enough money.

Read: Iowa Wesleyan University future threatened, facing 'significant financial challenges'

Since then, Iowa Wesleyan raised the $2 million needed to stay open. The money came from alumni, friends and the community.

The university is also working with the Department of Agriculture Rural Development to stay open, and recruiting for 2019-2020 is underway.