In 2013, Iona Prep and Iona Grammar reunited for the first time in almost 60 years as a single K-12 school known as Iona Preparatory School. Iona Grammar School had declared its inability to operate with financial solvency after several years of difficulties due to the combination of declining enrollment and financial burdens that had been placed on the worldwide Christian Brothers Institute. The financial problems followed legal settlements with claimants who alleged illicit sexual misconduct (primarily outside the United States). Due to the shared history, name, and cordial relations between the two schools, Iona Grammar was subsumed into Iona Preparatory. The combined Iona Preparatory School now operates under a unified administration across their two campuses called the Iona Prep Lower School and the Iona Prep Upper School.