Urbana University announced today that it will function as a division of Franklin University under a new partnership between the two private institutions.
Control of Urbana will transfer to Franklin University next year, according to a "frequently asked questions" document posted on Urbana's website.
Urbana said some details remain to be worked out, but "Most importantly, Urbana will have the assurance that the university will remain in operation for years to come."
Urbana will be led by a president who reports to Franklin administration, according to the online document.
The document also says that "it is clear that a reduction in overall salary expenses will be necessary" for current Urbana faculty and staff. And salaries and benefits will be reviewed as part of a longer term strategy.