Randolph College, in Lynchburg, Va., is asking a court to declare that the college has the authority to sell or share ownership of items from its art collection that were purchased with funds from a trust set up under a 1928 bequest, or to enter an order modifying the terms of the trust to allow the college to take such steps, according to court documents obtained by The Chronicle. The college, formerly Randolph-Macon Woman’s College, filed the documents in State Circuit Court in Lynchburg today.

In an e-mail message to faculty and staff members today, Virginia Hill Worden, interim president of the college, wrote that the legal action was “one more step in a long, thoughtful process,” but added, “This does not mean we have made a decision. We have not.”

The college was put on warning by its accreditor in December because of its failure to show financial stability. In part to increase its income, the institution has begun enrolling men. Officials have also considered using the college’s large art collection to raise money.

The 1928 bequest, from Louise Jordan Smith, stipulated that income from the trust be used to form a permanent art collection for the college. In the court documents filed today, the college states that it has purchased more than 35 works of art using those funds and that those works “are now worth more than $40-million, although they were purchased at a fraction of this cost.” It also states that the options it is considering “involve only a small number of items of the Smith Art.” —Erin Strout