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Ohio’s Central State University Undergoes Fiscal Watch: Key Insights

Ohio’s Central State University has been placed under fiscal watch by state regulators, as announced by Mike Duffey, chancellor of the Ohio Department of Higher Education. This designation follows the university’s report of financial difficulties, which became evident following a significant budget shortfall forecast earlier this year. Although the institution has maintained strong enrollment figures, it has experienced a nearly 31% increase in expenses between 2020 and 2022.

Increased Financial Reporting Requirements

Being under fiscal watch necessitates that Central State adhere to increased financial reporting requirements. A state auditor will conduct an evaluation and implement measures intended to stabilize and enhance the university’s financial conditions.

State Leadership Engagement

Ohio Governor Mike DeWine has indicated that he has engaged in discussions with Central State President Morakinyo Kuti and Board Chair Jacqueline Gamblin, agreeing on the need for fiscal oversight. Governor DeWine underlined the significance of Central State as Ohio’s only public historically Black college and one of two land-grant universities in the state.

Impact of Pandemic Relief Fund Expiration

The university’s financial challenges have been exacerbated by the expiration of federal pandemic relief funds, which previously provided substantial support. In fiscal year 2022, Central State recorded revenues of $28.4 million from federal COVID-19-related funding. The cessation of this funding has contributed to the financial pressures faced by numerous colleges nationwide.

Financial Recovery Plan

To address its financial issues, Central State plans to develop a financial recovery plan, which will undergo quarterly reviews by its board of trustees and the Ohio Department of Higher Education. The state’s auditor’s office is also set to offer technical assistance and guidance in financial management during this recovery phase.

(Source: Higher Ed Dive)

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