College of New Rochelle Owes Millions

The College of New Rochelle, which warned of “an imminent financial crisis” last month, owes millions in payroll taxes and additional debt, according to a report released this week by its board of trustees.  The board launched an investigation after learning of “significant unmet financial obligations” at the start of the school year.  Its preliminary report, which it issued Tuesday, found that the school didn’t pay $20 million in payroll taxes and owes $11.2 million in additional debt.