Arts college on financial watch list

LYME, Conn. (AP) - A new report raises concerns about one Connecticut college's finances, but another that was on last year's watch list has been removed.

The U.S. Department of Education says Lyme Academy College of Fine Arts in Old Lyme received an unacceptable score under a formula that considers debts, assets and other factors.

Mitchell College in New London was on last year's list, but its finances improved and it was removed this year.

That test monitors the financial stability of schools where students receive federal financial aid. Lyme Academy was the only Connecticut institution on the list of 180 private, nonprofit colleges nationwide.

Lyme Academy has 85 students and offers bachelor of fine arts degrees in drawing, illustration, painting and sculpture. A message left at the college was not immediately returned Thursday.