Antioch College could probably “limp along” with the $12-million its alumni association has already raised, but the college must raise more, and quickly, if it is to avoid shutting down.

Representatives of the alumni group and the university’s trustees met on Wednesday in Denver to review preliminary plans to keep Antioch College operating. The alumni association has until October 25, when the trustees next meet, to finalize its plans. The trustees have agreed to consider a plan to allow Antioch College to create its own Board of Trustees that would operate under the umbrella of Antioch University. The trustees have told the alumni association that, in order to proceed with the plan, the alumni group must meet certain benchmarks, including raising a specific amount of money.

Neither Art Zucker, chairman of the Antioch University trustees, nor Nancy R. Crow, president of the alumni association, would say what that amount is. Ms. Crow, in a telephone interview today, said, “We’re getting a firm grasp on the numbers involved, and how we are going to get them. It is so much a money issue at this point.”

Asked if the $12-million raised so far is enough, she said, “We need to raise more than that. We don’t want to just limp along. We want to provide buildings that are comfortable and free of mold, and with complete wi-fi access on campus. It’s going to take that kind of investment to bring in new students and keep the ones we have.”

Both Mr. Zucker and Ms. Crow described the talks in Denver as productive and helpful, but Ms. Crow admitted that if the plan is not accepted by the trustees this month, it is getting late in the year to keep the college open. “If we are going to stay open, we need to get the word out, especially to prospective students,” she said. —Martin Van Der Werf