Quincy Reporter

John Wood Community College Finance & Audit Committee met June 9.

Here are the minutes provided by the committee:

The Finance Committee met at 8:30 a.m., at John Wood Community College. Present were Don Hess and Randy Greenwell; trustees, Josh Welker; Dean of Business Services & Institutional Effectiveness, Mike Elbe; president, and Jenny Venvertloh; note taker.

• Bills for Payment – Bills will be recommended for payment. It was noted there was a large student refund made to a student. This was due to an early childhood education grant through the State of Illinois that pays for the total cost of attendance of school for someone majoring in early childhood education.

• Out of District Travel Requests – The committee reviewed the out of district travel forms that were submitted and recommended for approval.

• Financials – Financials were presented and will be recommended for approval.

• Board Budget – The budget was reviewed.

• President’s Expense Account – Expenses were reviewed.

• Review Investments – The investment report was reviewed. Proposals were sent out for certificate of deposits. It was recommended to obtain treasury bonds through Commerce Bank.

• Board items

a. Tentative Budget – the tentative budget was reviewed. The proposed budget is balanced. Some key items from the budget:

Operating revenue projections include:

• Federal Higher Education Relief Fund (HEERF) lost revenue of $250,000.

• State funding of $2,261,279 which represents 8.5% of total revenues.

• Tuition revenue based on 34,000 credit hours which represents a decrease of 6,300 credit hours from FY2022 budgeted credit hours.

• Local property tax levy of $5,629,406 based on an estimated flat tax rate which represents 34.3% of total revenues.

• Corporate Personal Property Replacement Tax revenue of $750,546 which represents an increase of $275,546 over the FY2022 budgeted amount.

• Tuition increase of $7.00 per credit hour.

Operating expenditure projections include:

• All contractual obligations including all debt payments.

• Items from the College’s Strategic Master Plan.

• Faculty and staff salary increases of approximately 4.75% for all Board approved positions and associate faculty.

• Funding for the following position changes: upgrade of Financial Aid Coordinator to Financial Aid Manager, upgrade of Concurrent Enrollment Coordinator to Concurrent Enrollment Manager, creation of new PT Concurrent Enrollment Success Coach.

b. School Treasurer’s Bond – The treasurer of the college is required to be bonded. The level of bonding is $6.3 million. A recommendation is being taken to approve this bond level.

c. FY 2023 ICCB Capital Budget Request RAMP (Resource Allocation Management Plan) Document - It is recommended that the Board of Trustees approve five RAMP documents and matching funds commitment for submission to the Illinois Community College Board. The projects are:

1. Parking Lot Repairs – Main Campus

2. Heat Pump Replacement - Agricultural Education Center

3. Roof Replacement – Learning Center (B Building of Main Campus)

4. Restroom Stall Partition Replacements – Main Campus & Agricultural Education Center

5. Entrance Vestibule – Heath Center (D Building of Main Campus)

d. Courtyard Concrete Improvements Request for Proposals – Proposals were requested for concrete improvements to the courtyard. One proposal was received. It is recommended that the proposal be rejected. The specifications will be modified and sent out for new proposals.

e. Furniture for Orr Research Center Request for Proposals – Proposals were requested for furniture for the Orr Research Center. Four proposals were received. It is recommended that the proposal from Henricksen & Company be accepted with a cost of $46,877.93.

https://www.jwcc.edu/about/board-of-trustees/board-agendas-minutes/#finance-committee