DENVER (AP) – The nation’s only congressionally created Master of Fine Arts program will close its doors next year because of a lack of funds.

Officials at the Denver Center for the Performing Arts tell The Denver Post they will phase out the National Theatre Conservatory next year. The closure was announced last March, and currently enrolled students will still be able to receive their three-year degrees.

The Post reports the University of Denver studied the possibility of incorporating the program into its existing theater department. University Chancellor Robert Coombe announced Tuesday that the school won’t partner with the performing arts center and take over the conservatory program.

The program pays the tuition of all its students, and officials say cutting it will save up to $1.2 million a year.

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