Financial matters were the primary topic of discussion at Tuesday’s State Fair Community College Board of Trustees meeting.
While much of the news was expected and planned in the budget for Fiscal Year 2017-18, one matter that was not is the current downward enrollment at the college.
SFCC projected a 2 percent decline in their enrollment but with fewer than 30 days before the Aug. 21 start of the fall semester, enrollment is down more than 9 percent, according to SFCC President Dr. Joanna Anderson.
“Right now the economy is strong, which is a good thing,” Anderson told the board. “But that means our adult, non-traditional students are choosing to enter the workforce and not continue their education at this time.”
Anderson commented that at a recent meeting of college presidents and chancellors she attended, most colleges and universities are seeing a flat or decreasing number of students enrolled.
Gary Sorrell, vice president of finance and administration, told the Democrat the enrollment numbers were about the same as the college faced last year at this time.
Both indicated the college was hoping to see the numbers increase through enrollment in eight-week and online classes before the beginning of the semester.
The board approved the payment of nine loans and leases on college-owned buildings and property. The payments totaled $1,861,430 and were budgeted items in the 2017-18 operating budget, according to Sorrell.
The long-term obligation bond payments total a little more than $16 million dollars over the course of their terms. Trustees voted to authorize certain preliminary actions for refunding the certificates of participation, series 2007 and the refinancing of the district’s lease obligations.
Board members also authorized Sorrell to write off $378,065 in uncollected balances for Fiscal Year 2017. That dollar amount was higher than the $309,695 the college was unable to collect last year, but according to Sorrell is an “average amount.”
“We make multiple attempts to collect the funds including collection agencies,” Sorrell said prior to the start of the meeting. “The money represents tuition, fees, book store charges, any type of student fees.
“This year through the collection process we were able to recover $218,210.89,” Sorrell added. “We do budget an amount each year, usually 4 percent because we know that we will be unable to collect all the outstanding debts.”
One bright spot for SFCC’s financial picture remains the college’s Foundation. Mary Treuner, Foundation executive director, presented an institutional report to the board.
She presented information detailing $928,804.47 in scholarships and contributions awarded to SFCC students and departments/organizations last year.
“We were able to award more than $217,000 in both annual and endowed scholarships,” Treuner said. “More than 300 students applied and 177 students were awarded scholarships.”
Over the past three years, the Foundation has raised $123,634.56 at Chrome Fest, Tech and Tunes, and Saturday Night Fever. Most of those funds have been earmarked for probable building projects at the college.
Although a theme hasn’t been chosen, Treuner told the Democrat the next annual fundraiser will be March 10, 2018.
In other actions the board:
• Approved the proposal from CDW-G for the network refresh project for equipment, implementation, and maintenance over a term of five years in an amount not to exceed $875,000. The funding source is the annual operating budget and a recommendation will be presented at the August board meeting as to the type of leasing/financing instruments that will be used, according to information provided in the board packet.
• Approved the purchase of a second Electromechanical Bench Package for $26,000 from the sole source bid from Design Assistance Corporation Swedesboro, New Jersey. In June, board members approved the purchase of the first bench, which is used for training students in the IEM field enrolled in the CTC program.
The trainers are being used in the college’s IEM Program. This will allow CTC students to use the same type of trainer, allowing them to be familiar with the equipment, making the transition smoother to the college IEM program upon graduation from the CTC. The funding source is 75 percent Enhancement Grant funds and 25 percent CTC funding.
