After 114 years, Sweet Briar College, the venerable women-only college in rural Virginia, announced Tuesday that this will be its final year despite strong alumnae support and more than $90 million left in its endowment, even after several years of running a deficit.

Paul G. Rice, board chair, said that he realized some would ask, “Why don’t you keep going until the lights go out?” but that doing so would be wrong. “We have moral and legal obligations to our students and faculties and to our staff and to our alumnae. If you take up this decision too late, you won’t be able to meet those obligations,” he said. “People will carve up what’s left — it will not be orderly, nor fair.”

Well, at least the board is taking this lying down.

Rice’s excuse is nonsense, and the board’s action  is an abdication of a difficult duty, not an…