It appears the school took out a second mortgage against its Cedar City building on 5/30/07. This was likely used to buy its 520-acre parcel in Monticello, which was acquired between January and June 2007.
Here's what we can surmise so far on this Monticello land. The school paid about $1 million cash, took on another $1 million in debt, and mortgaged its Cedar building for another $125,000, for a total of $2.18 million--all to buy raw land at the top of the market that may now be worth less than $1 million.
How the school expects to develop this land is beyond me. One of the biggest questions marks involves water rights.
I have done an exhaustive search of area water rights, and the school/foundation appears to own none. They own the land, but no water. In Utah, water rights are bought and sold in a way similar to real estate. Water is a requirement for development, especially in a rural area like Monticello.
Buying the Monticello land outright, with not only $1 million cash but over $1 million in debt, appears to have been a major financial blunder for the institution.