Bard's Big Cash Crunch

A ratings agency's downgrade of Bard College has raised anew longstanding questions about the small private college's business strategies, with the spotlight falling on cash concerns at an institution known for prioritizing idealism and expansion over conservative financial models and endowment building.  Moody’s Investors Service issued an opinion Aug. 16 downgrading the credit at the small liberal arts college about 100 miles north of New York City, edging it farther into junk territory. The ratings agency pointed to declining total cash, an increasing dependence on lines of credit and Bard's heavy borrowing from its endowment.