MUSKOGEE, Oklahoma - Bacone College may be holding its last graduation ceremony on Saturday. 

The school says they are shutting down after graduation Saturday because they are simply out of money. 

The college will be laying off all of their full time employees after the ceremony Saturday.  Some people have already been let go.

Right now, the college needs about $2-million to complete the academic year and to open back up again in the fall. 

Bacone College President Franklin Willis says his college is in a tough predicament.

"We're scraping the bottom of the barrel right now, to pay utility bills and property bills and health insurance and we'll just barely make paying the payroll," said Franklin Willis

Commencement is set to begin at 10 a.m. and will be held in front of the Bacone Memorial Chapel.