DES MOINES (AP) — Vennard College in southern Iowa is closing, citing debt caused by stagnant enrollment.

The small, Christian college in University Park, near Oskaloosa, will cease operations at the end of the semester. It was founded in 1910.

“It’s the right decision,” college President Bruce Moyer said Thursday.

Moyer said the decision was made by the school’s board of trustees on the recommendation of the administration.

“We’re sad. It’s not a decision we would have liked to have made, but it’s the right decision so we can bring some closure with integrity,” he said.

Officials estimate a deficit of $300,000 for the semester. The school has 70 students, which is about the same as last year.

“The financial situation is due to the low enrollment. Our donations are up 50 percent from a year ago despite what has happened with the economy,” Moyer said. “We’d have to increase by 60 students to break even, and we didn’t feel like we could do that soon enough.”

The 70-acre college closed in the mid-1990s because of similar problems caused by declining enrollment, Moyer said.

It reopened in 1996. Moyer said the college had 96 students after it reopened, but the number of students continue to drop. Moyer said he didn’t know why more students weren’t attracted to the college.

“If we knew the answer to that we’d probably wouldn’t be at this point. We’re not sure,” Moyer said.

Moyer said the college has made a commitment to pay faculty and staff through December. As assets are sold, he said, the broad of trustees hopes to pay severance and transition pay.

Moyer said students who were to graduate in the spring will graduate at the end of the semester. The school is sponsoring a college fair for undergraduate students later this month. About a dozen colleges have signed up to recruit Vennard students.

Moyer said the board hopes to sell the campus.

“We would love to sell it, lock, stock and barrel as is. If not, we’ll liquidate all our equipment and everything that we can — furniture, vehicles — and then try to sell the campus as a property. The dream solution would be another school or church that needs a campground.”