HAMBURG, N.Y. -- The Franciscan Sisters of St. Joseph are speaking out about their decision to end their sponsorship of Immaculata Academy.

"This is a very painful moment. It's a very painful moment for the sister's of my congregation, it's a very painful moment for the board of trustees of Immaculata Academy, it's a very painful moment for the faculty and staff, and a very painful moment for students and families," said Sister Ann Marie Hudzina.

That's how Sister Ann Marie Hudzina of the Franciscan Sisters of St. Joseph describes the decision to stop sponsoring Immaculata Academy. The FSSJ made the announcement Friday. Sister Hudzina says is was a difficult decision based on the economic realities of a dwindling and aging congregation.

"The median age for the congregation was about 30 years old in 1954. Today we have 60 members in the congregation, the median age is 80. Of the 60 members there are probably about 10 or twelve that bring in an income in varying degrees," said Hudzina.

Sister Hudzina say the congregation's financial problems began to deepen back in 2008. Despite the financial problem the FSSJ made a decision to honor it's funding commitment of $3.5 million until 2013. But efforts to launch a major capital campaign failed. The FSSJ also determined digging deep into their available funds also meant not being able to take care of its aging congregation.

"We also had to look at the current reality of providing for the health care needs of all of the sisters," said Sister Ann Hudzina.

"It's been a wonderful 88 years, I've been a part of it for 16," said Jill Monaco, Immaculata Academy, principal.

Mendoza says the hardest part will be telling the students face to face the academy is closing.

"We're all experiencing a lot of pain right now and I'll be glad to be able to share the pain with them and have some conversations," said Monaco.

Sister Hudzina says there will be counselors on hand when students and faculty return to school next week.

"We're gonna grieve together as an Immaculata, we're gonna move forward and end on a high note," said Monaco.

Immaculata Academy is scheduled to close in June at the end of the school year.