MOUNT PLEASANT, Iowa (AP) — A private school in southeast Iowa is on the verge of closure despite a recent enrollment increase. The Hawk Eye reports that Iowa Wesleyan University in Mount Pleasant needs to raise more than $2 million for its spring semester and at least $4.5 million to stay open for another year. If the university fails to raise the funds, current seniors hoping to graduate in the spring would have to transfer to another university at the end of the fall semester.

University officials are searching for additional funding sources and partnerships. Officials are also meeting with the U.S. Department of Agriculture, higher education partners and regional business and community leaders to look into alternatives to closure. The board of trustees will discuss the university’s future during a closed meeting Nov. 18.