In 1865, the college reopened, now administered by the American Unitarian Association. The financial health of the college seemed improved, as the Unitarians had raised a $100,000 endowment in two months. The endowment was originally invested in government bonds and later in real estate and timber. The investment income, while performing well, was still insufficient to maintain the college at the level desired by the trustees. Some of the principal was lost to foreclosures during the Long Depression, which began in 1873. The college closed again from 1881 to 1882 to allow the endowment to recover.