VIRGINIA INTERMONT COLLEGE IN BRISTOL VIRGINIA DIDN’T MEET A FUNDRAISING CHALLENGE DEADLINE ESTABLISHED BY A CITY BUSINESSMAN. HOWEVER, IT LOOKS LIKE THE DEADLINE MAY BE EXTENDED. AUTO DEALER BILL GATTON ORIGINALLY GAVE THE COLLEGE 250-THOUSAND DOLLARS AND OFFERED 750-THOUSAND MORE IF FIVE MILLION DOLLARS COULD BE RAISED BY THE END OF JUNE. SCHOOL PRESIDENT DR. MICHAEL PUGLISI WOULD NOT SAY HOW MUCH MONEY HAS BEEN RAISED, BUT IN MAY SAID ABOUT HALF OF THE FIVE MILLION DOLLARS WAS IN HAND. GATTON SAYS HE PROBABLY WILL GIVE THE COLLEGE MORE TIME TO MEET HIS CHALLENGE. OFFICIALS ANNOUNED IN APRIL THEY WOULD NEED ABOUT FOUR MILLION DOLLARS TO REMAIN OPEN NEXT YEAR. FACULTY CONTRACTS WERE NOT ISSUED UNTIL RECENTLY.