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The audit, performed by The Bonadio Group in Syracuse, reveals Wells lost $4.9 million in 2023 and $1.2 million in 2022. Tax filings also showed the college's financial struggles, but the audit provides a more thorough accounting of the losses that contributed to the decision to close the Aurora institution after 156 years. 

Wells College's expenses totaled $25.6 million in 2023, while revenue was $20.7 million. The gap was smaller in 2022, with over $23 million in expenses and revenue totaling $21.8 million. 

At the time of the report, auditors noted that the college took action to improve its financial condition. Those efforts included working with a recruiting firm and adding academic programs. 

"Future financial stability of the college depends upon success of these actions," the auditors wrote. 

Six months later, Wells announced it would close at the end of the academic year in June. The college's leadership said it was determined they lacked "adequate financial resources to continue." 

Auditors noted that Wells borrowed against its endowment, which now totals more than $28 million, in 2010. The college received approval from a state Supreme Court judge to use certain funds — contributions from now-deceased donors — to support the institution's financial and strategic plans. 

According to the audit, the college borrowed $16.6 million from its endowment. It was required to repay $14.9 million, or the market value of the gifts.

As of June 30, 2023, the college owed $10.4 million. 

Wells' long-term debt totals nearly $5.3 million. This includes a $1.5 million loan in 2017 that was due to be paid on Oct. 1, 2021. However, the terms were amended and the new due date is Oct. 30, 2026. 

The college was scheduled to make annual payments on its long-term debt — $251,108 this year, $252,983 in 2025, $257,969 in 2026, $264,861 in 2027 and $252,050 in 2028. After that five-year period, the remaining principal would total over $4 million. It's unknown how the closure will affect the college's debt payments. 

Wells is winding down operations and must develop a plan for disposing of its remaining assets. That plan will be reviewed by the state attorney general's office and must be approved by a state Supreme Court judge. 

The college's assets totaled $69.1 million in 2023, according to the audit. The assets include more than $30 million in investments and $26.7 million in property, such as buildings and land.