Holy Cross College in Notre Dame is facing steep financial and organizational challenges. The South Bend Tribune reports a plan is in the works by school officials to rebound from budgetary woes that include operating losses totaling more than $1 million in 2014 and 2015.

The figures come from a review undertaken by regional accreditation agency the Higher Learning Commission, which is calling for the school to develop a four-year plan to improve its financial standing.

Last month, Holy Cross announced interim President Father David Tyson would succeed Brother John Page at the helm of the more than 50 year-old college.

The publication reports Tyson sent a campus-wide message Friday addressing an email from earlier in the day mistakenly sent to all students from Vice President for Student Affairs Kelly Jordan. In Jordan's message, he said the school would be closing over the course of the upcoming school year. In a copy of the email obtained by the Tribune, Tyson said Jordan's email represented "one person's opinion and does not reflect the conversations that the Board of Trustees and administration are having about the future of the College." He added classes are set to resume in August.

You can read more about the situation from the South Bend Tribune.