The College of Visual Arts’ board of trustees reiterated last week that it will close the school at the end of this semester, rejecting a detailed plan by an ad hoc alumni group to keep it open.

James Rubenstein, who chairs the college’s board of trustees, said that opening next year without substantial funds, and no plan to boost cash flow or stem enrollment decline, would leave current students without options while making no headway for the small St. Paul arts and design school.

The board suggested that the school might be reopened in the future if the ad hoc group, CVA Action, could raise $3 million in the next couple of weeks before decisions are made on selling college property. The group considered that option ridiculous and blamed the closing on poor management, said alumnus Ben Levitz. “We’re heartbroken and angry,” he said.

Officials said in January that they were closing the Summit Hill neighborhood college because of falling enrollment and rising costs.