The DePaul Art Museum in Chicago, founded in 1985 and part of DePaul University, will close at the end of its current fiscal year, on June 31. The school, which faces considerable financial challenges, announced the closure in an announcement to the community Thursday morning.

In December, the school laid off 114 out of 1,493 staffers, a greater than 7 percent cut, due to what it called a significant drop in international enrollment, according to WTTW News, which noted that the school had sought to cut some $27.4 million in spending. A report published this month by progressive think tank New America revealed that more than three dozen universities, including DePaul, had steered lower-income students to take out “hefty student loans while offering big tuition breaks to students from wealthier families,” reported a local Fox affiliate. Founded in 1898, the private school was established by the Vincentian order and offers over 300 degree-granting programs.