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The Wells College Board of Trustees met Tuesday and Wednesday to discuss the financially challenged school's future after a fundraising campaign brought in about $4 million through the end of June.

Wells spokesman Christopher Pollock said trustees on Wednesday approved a 2020-21 fiscal year budget that keeps the college's operating. Wells President Jonathan Gibralter said Thursday the budget is in excess of $19 million.

"I think that our entire community is incredibly happy and relieved the college has a path forward. I want to say on behalf of our students and their families, I know this has been a stressful time of waiting but a lot of people stepped up to support Wells, and that's kind of been the history of Wells," Gibralter said. "Caring people always step up and always are willing to assist during the good times and the difficult times."

Gibralter that the school wouldn't be able to open again if students couldn't return to its Aurora campus in the fall due to the coronavirus outbreak. Room and board revenue make up a significant amount of the institution's operating budget, he said, so it could not afford to reopen without enough students involved in residential life. His announcement coincided with an alumni campaign to raise funds that could be put toward operations.

Wells has received significant financial help in recent months from alumni and some private foundations, with the #WellsNow campaign bringing in around $4 million, Pollock said.

In an interview Thursday morning, Gibralter noted that all of the gifts brought in through the campaign are still being calculated. That campaign ended June 30, before the college's fiscal current year began July 1. A page on the said the campaign goal was to hit $7.5 million by June 30. Pollock said that amount is still the college's fundraising goal for this year and efforts to bring in more donations will continue.

Wells was also helped with a federal Paycheck Protection Program loan ranging from $1 million to $2 million, according to data released this week by the U.S. Small Business Administration.

In addition to the funds raised so far, Pollock said, the college reached its enrollment goal for the fall.

The trustees approval comes as Wells is also seeking a renewal to its accreditation. The college's accrediting organization, the Middle States Commission on Higher Education, placed Wells on probation last year, largely due to financial challenges, with two years to fully comply with the commission's requirements.

The trustees also have a new chair. Marie Chapman Carroll, an alumnus of the college, was elected May 14 and began her term July 1.

In a letter to the Wells community on Thursday, she praised the efforts that have happened to allow for the fall semester to move forward. She also said more work remains.

"We are not out of the woods with COVID-19 and a long journey still lies ahead for Wells. The coronavirus continues to provide unexpected challenges beyond our control that may alter our path forward — we will continue to tackle those together," she wrote. "Our intensified fundraising efforts must also continue in earnest for the foreseeable future, although your unprecedented generosity has given us options and flexibility in finding this new path forward. We also will continue to work proactively with our accrediting body, which seeks to ensure that we have the financial and human resources to fulfill our educational mission."