The public university is now on "fiscal watch," a designation by the Ohio Department of Higher Education that signals "immediate and decisive action is necessary to improve the institution's financial condition," according to a news release from the department.
Considering the totality of their finances, including delayed payments to vendors, downward budget revisions and cash flow concerns, it became clear to us this month that fiscal watch would be helpful and would help formalize a series of steps that we would have likely wanted to take with Central State University's leadership anyways, said Mike Duffey, chancellor of the department.
Central State University met five of the eight criteria needed for the designation of fiscal watch, including a significant gap between its adopted budget and actual revenue.
The university will have to develop a financial recovery plan within three months, including an analysis of how the university got into its poor financial position.
#central-state-university #fiscal-watch #financial-recovery #ohio-higher-education #enrollment-decline
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