Central State University removed from budget watch
Central State University was removed from budget oversight.
(Central State University)
WILBERFORCE, Ohio – Central State University has resolved its financial issues and is no longer under the financial supervision of the Ohio Department of Higher Education.
The decision follows two consecutive years in which the university’s reserves have increased, and the school exceeded financial responsibility criteria and increased financial liquidity a year earlier than required by law, officials said. .
Central State, Ohio’s only historically black public college, was placed on budget watch in April 2015 by the Department of Higher Education due to financial concerns. Ohio auditor Dave Yost released a report this fall outlining the steps needed to get back on a financial footing.
“We are pleased with the dedication and efforts of Central State University to address its financial situation and put itself on the path to fiscal recovery,” Chancellor John Carey said. said in a statement. “Central State’s release from budget watchdog status is the result of diligence and hard work. We look forward to seeing the university continue on this path.”
Central State President Cynthia Jackson-Hammond said the university has developed and implemented financial policies.
“The university is healthy and moving forward in our mission to provide quality educational experiences for our students,” she said in a statement.
Central State, near Dayton, receives a special financial supplement from the state to provide scholarships and keep tuition low.
Over the past two years, the university reported having:
- Implemented a targeted student enrollment initiative to recruit and retain more state, regional and international students.
- Secured external partners in planning and operations to maximize University business operations.
- Worked with various state departments, which provided essential services at low or no cost.
- Restricted most spending to initiatives that support the university’s strategic priorities.
Overall, operating costs have been reduced by 20% due to workforce right-sizing, implementation of significant energy saving initiatives and collaborative partnerships with the business community and other institutions of higher learning, the university said.
The university’s recent land-grant status has led to an influx of funding and support from the state and the United States Department of Agriculture.
The funding provided scholarships and expanded experiences for eligible students majoring in science, technology, engineering, agriculture and math.
The university was given “land grant” status in 2014 in a farm bill passed by Congress. It joined 18 other so-called 1890 Historically Black Land-Grant Universities.
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