Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 14, 2024 23 FOCUS | MANUFACTURING other schools and accreditation agencies that want to learn about the acquisition strategy, since it was unique in higher education. "They're looking at us to see what's working, but also the pitfalls, and we're making a road map," he said. "No one knows how to do this, and it's often not clear what the strategies are when taking over entities. Do you buy the assets, take control of the board? These are questions that private corporations deal with all the time, but it's rare in higher education." Enrollment trends The acquisition has also allowed UB to expand its sports programs. It has added men's and women's track and diving, men's lacrosse and wrestling. Offering new academic and athletic programs is a key part of the strategy to growing enrollment, Wilken said, particularly undergraduate and international students. UB's enrollment grew nearly 21% from 2021 to 2023 to 3,486 undergraduate, graduate and professional students. Conversely, Goodwin's enrollment declined 8.2% between 2021 and 2023, which Scheinberg attributed to a robust jobs market that offers more opportunities for working adults, who make up about 90% of Goodwin's student population. Goodwin's enrollment tends to increase during economic downturns, Scheinberg said, because that's when people look for new skills. The inflationary environment and changes to the Free Application for Federal Student Aid application process also impacted enrollment, he added. But overall, officials from both schools said they are happy with how the deal has turned out so far. "Higher education is really moving in the direction of 'how do you create these synergies,'" Wilken said. "We are able to leverage each other's strengths and brand and niches in the market, but also retain our identities." Following 2022 federal settlement that calls for his retirement, Scheinberg weighs future By Hanna Snyder Gambini hgambini@hartfordbusiness.com A s part of a 2022 settlement agreement with the U.S. Departments of Justice and Education over allegations that he improperly influenced the now-de- funct Stone Academy's student loan default rate, Mark Scheinberg agreed to retire within five years from Goodwin University, which he founded, and the University of Bridgeport. There's still time before that 2027 deadline hits, but Scheinberg said he continues to weigh his future options, and will almost certainly stay on in some capacity at Goodwin, which he still leads as president. "I have another two, three years to decide what I'm going to do," Schein- berg said in a recent interview with the Hartford Business Journal. "I'm intrigued about the idea of looking at a post-presidency that has me deeply involved with creating programs, or perhaps involved with workforce development, which I've done well all these years." He added: "I love what I do. I mostly love the impact it has on students. I know that I transform lives through what I've been able to do and what I've been able to accomplish, and I'd like to continue doing that, and the way in which I'm going to do that, I just haven't … thought about deeply enough yet. I'm not going anywhere." According to the Department of Justice, Scheinberg, now 68, in 2022 agreed to pay more than $1 million to resolve allegations that he violated the federal False Claims Act by concealing 154 payments he made to loan servicers on behalf of 102 Stone Academy students in attempts to prevent those students from defaulting on their loans. That falsely lowered Stone Academy's student loan default rate — a key metric used by the government to determine a school's eligibility for federal student loan and grant programs. In addition, the DOJ said Schein- berg entered into an administra- tive agreement with the DOE that "governs Scheinberg's agreed-to retirement from Goodwin University A look inside the former Stone Academy campus in East Hartford. HBJ FILE PHOTO and the University of Bridgeport." Goodwin University acquired the University of Bridgeport in 2021. He also agreed to divest his owner- ship stake and cease involvement in Stone Academy — a private, for-profit nursing school — and another for-profit school, the Paier College of Art. Both institutions have faced signifi- cant issues over the past few years. Stone Academy abruptly closed its three campuses in East Hart- ford, Waterbury and West Haven in February 2023 amid financial and other issues. Months later, Attorney General William Tong sued Stone Academy, Paier College, and their owner Joseph Bierbaum, alleging violations of the Connecticut Unfair Trade Practices Act. It was reported earlier this month that Paier College will not open for its fall semester after being denied certification renewal from the state Office of Higher Education for failing to comply with approval standards. UNIVERSITY OF BRIDGEPORT ENROLLMENT A CADEMIC YEAR UNDERGRADUATE GRADUATE PROFESSIONAL TOTAL 2019-20 3,233 1,856 192 5,281 2020-21 2,350 1,805 192 4,347 2021-22 1,873 1,690 182 3,745 2022-23 1,637 2,351 168 4,156 2023-24 1,479 2,624 148 4,251 Source: Univ. of Bridgeport GOODWIN UNIVERSITY ENROLLMENT ACADEMIC YEAR UNDERGRADUATE GRADUATE TOTAL 2019-20 3,248 89 3,337 2020-21 3,218 99 3,317 2021-22 3,157 102 3,259 2022-23 3,034 127 3,161 2023-24 2,937 123 3,060 Source: Goodwin Univ.

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