Sunday, May 15, 2016

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New NYMA owners pay off $16 million debt, invest in school upgrades

Mo: Donating $1 million

CORNWALL-ON-HUDSON – The financially troubled New York Military Academy is on the road to financial recovery now that a new group has purchased the Cornwall-on-Hudson prep school.

On alumni weekend, members of the class of 1966 marked the 50th anniversary of their graduation.

The weekend was also special as the new owners of the school announced they have paid off the more than $16 million debt and are spending some $400,000 in support of daily operations at the school.

Vincent Mo, a member of the Board of Trustees, told the alumni that he would donate $1 million to fund the school’s upgrades in development of faculty and staff.

Rather than cutting staff and programs, he said they would be recruiting staff, upgrading curriculum, improving facilities and adding new technologies.

With the investments, Mo said the new ownership expects increased enrollment going forward.

“Everything now is back to normal,” he said. “We’re starting recruiting students and we have students on campus; we have cadets on campus already.” The new administration expects about 100 cadets for 2016-17 school year and double that number in 2017-18.

“The school is coming back to its normal operations and we expect going forward, with the support from the board and with the support from alumni, the school will get back to its glorious greatness.”

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