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Board of Trustees News: Auditors praise CLC’s financial performance

by Public Relations and Marketing | Published Sep 25, 2014

Issuing an “unmodified” (“clean”) finding, auditors praised the College of Lake County’s performance on key financial metrics at the Sept. 26 board of trustees meeting. 

Representatives from McGladrey LLP, the college’s auditing firm, cited the college’s performance on key financial metrics such as liquidity and fund balance as well as the clarity and transparency of CLC’s financial records.

“For the board of trustees, financial oversight is a top priority,” Board Chairman Amanda Howland said after the meeting. “We are thrilled to have another clean audit. We’ve worked hard to ensure we have many checks and balances in order to ensure that taxpayer dollars are used effectively. The audit is extremely satisfying and shows that our supervision and guidance pays off.”

CLC’s fund balance is now 30 percent of annual operating expenditures. According to David Agazzi, vice president of administrative affairs, financial oversight and a healthy fund balance were important factors in keeping the college’s financing costs low. Moody’s Investment Services recently reaffirmed CLC’s Aaa bond rating.

Fiscal accountability report
 
David Agazzi provided a fiscal accountability report covering the fourth quarter of Fiscal Year 2014. Agazzi said that the college ended FY 14 with total operating fund revenues of $97.8 million and expenditures of $88.6 million. He said that most of the surplus has been applied toward the funding for the Sustainable Campus Master Plan. According to Agazzi, applying the surplus to the master plan will save the college hundreds of thousands of dollars on financing costs.

CLC to go smoke-free Jan. 1, 2015

The College of Lake County will become a smoke-free institution starting Jan. 1, 2015, under a policy revision approved by the Board of Trustees. The smoking ban, which includes all tobacco products and smoke/vapor producing devices, complies with new state law going into effect July 1, 2015, that prohibits smoking on all Illinois higher education campuses. The revised CLC policy on Clean Air and Tobacco Use applies to all CLC campuses, including buildings, roadways, outdoor premises and college-owned vehicles. The college will form a task force to develop an educational campaign to inform students and staff of the policy change and to help tobacco users access smoking cessation programs.

Campus Master Plan update

David Agazzi, vice president of administrative affairs, presented schematic drawings for two Sustainable Campus Master Plan projects: the Grayslake campus cafeteria addition and the Southlake Campus chemistry addition. The projects are part of a $148 million plan to upgrade facilities on all three CLC campuses. The cost of the plan is being paid through a combination of college resources, bonding and state funding.

The cafeteria on the Grayslake campus will be constructed as an addition to the first floor and have a view of Willow Lake. Construction will be included in a major renovation of the A and B wing core of the Grayslake campus. Bids for cafeteria and core will go out in spring 2015, Agazzi said. The 2,500-square-foot chemistry lab addition at the Southlake Campus, which will go out for bid in December 2014, will include an instrument area, preparation room and storage room.

Purchasing

The board awarded the following:

  • A contract for up to $200,000 with Cardosi Kipper Design Group, Inc. of Chicago, for design services for signage standards at all campuses as part of the master plan.
  • A contract with eCube Inc. of Chicago, for $154,900 to provide commissioning services for the A and B Wing additions and renovations included in the master plan.
  • A contract for $62,350.68 with Mignone Communications of Berne, Ind., to print the spring and summer editions of a new college marketing publication.
  • A contract with Bank of America of Boston, Mass., to provide a new procurement card program that rebates from 1.39 to 1.74 percent of purchases.

Human resources

Erika Behling, Libraries and Instructional Services faculty, was granted tenure effective spring semester 2015.

Election official

The board appointed David Agazzi, vice president of administrative affairs, as the local election official and assistant secretary for the April 7, 2015 election. Candidates for two CLC trustee positions will be on the ballot.

Committee of the Whole Meeting
 
Prior to the regular meeting, the board held a Committee of the Whole meeting to discuss reporting on student success as well as policy and procedures for invoicing and approving bills. The trustees directed the administration to develop recommendations for revising college policy and procedures for payment of invoices. In addition, the board discussed enrollment planning and heard the administration’s plans for reporting on progress on meeting strategic goals and institutional effectiveness measures each semester and annually.