SPC Board of Regents met in a regular meeting Thursday.
1) Regents approved the audit from the accounting firm of Pate, Downs and Pinkerton for fiscal year 2011-2012. The audit report indicated the college had net assets of 53.9 million dollars, up 3% from last year. It was also noted that operating revenue was down 2.8% mainly due to state funding cuts, and slight decline in enrollment. Total revenues for the college equaled 62.4 Million Dollars which equals 26% from the state, 32% from the Federal and State grants and contracts, 22% from tuition and fees, 17% from property taxes and the remaining 3% from other sources.
2) The board also approved the monthly financial report and approved the sale of a piece of property inside the city limits of Whiteface.
3) The main item on the agenda—the board approved issuing a 2012 bond issue for construction of the new residence hall, to be built to the south of the existing Tubb Hall and the new Cosmetology building to be built west of the allied health building in the gentry square addition. It was noted that the interest rate for the bond issue will be 3.5% guaranteed for the first 3 years and the remaining time the rate will be an adjustable rate tied to the prime rate, however, the rate will never exceed 4.75%. The bond will be for a 20 year period.
4) The board also approved revisions to the board policy to comply with accreditation review board requirements. This is part of the changes being made to various policies in preparation for the Accreditation Review.
5) The board of Regents also extended Dr. Kelvin Sharp’s contract for a year, to make it the maximum 3 year contract. Board President Mike Box said “Your leadership has been invaluable over the past several years and you have made a difference in this college and I know this board is behind you 110%.
6) College President Dr. Kelvin Sharp also alerted the regents of upcoming events and also told the board that he and college construction managers met with Trainer Architects last week. Architects are working on drawings for the new housing unit and they expect to go out for bids on that project in April. They also hope to go out for bid on the Cosmetology Building project in March.