March BOT meeting included updates on Main Building Recovery and College finances

Board of Trustees

Mar 24, 2021

Actions at the Mar. 23 meeting of the Cincinnati State Board of Trustees included reports on the continuing efforts to repair and reopen the Main Building, and a report on College finances.

The Board also recognized and thanked Fifth Third Bank for a major contribution to College fundraising, through a multi-year “transformational” gift that will help provide funding to re-start the CState Accelerate program.

CState Accelerate, which was supported by grant funds in the past, achieved impressive results in helping students complete an associate’s degree in no more than 3 years through a structured program that included comprehensive academic support services.
Tim Elsbrock, President of Fifth Third Bank Cincinnnati, said the bank is happy to support Cincinnati State because, “What you are doing here is hugely important.”
Additional information about the Fifth Third gift will be announced soon.

To view the complete set of slides from the Mar. 23 Board meeting, click here or click the image above.

The Board received a progress report on efforts to repair and reopen the Main Building.

Vice President of Administration Lawra Baumann said the Main Building will be ready for reoccupancy prior to the start of Summer Semester in May.
Electrical system repair is nearly complete and the hot water system will be activated this week. Assessment of air handling systems is continuing, with replacement planned for 8 units that do not meet COVID-related air circulation standards.
Design work for replacement of the fire loop system– which was the source of the water leak that led to Main Building closing– is continuing, and a bid to complete the replacement work will be issued soon.
All asbestos and insulation removal is complete and re-insulation is 80% complete.
VP Baumann said that as recovery work continues, the College is also examining opportunities to improve the Main Building infrastructure for the long-term future.
CFO Chris Calvert said the College continues to receive insurance reimbursements for costs associated with Main Building repair, and to date, no insurance claims have been rejected.

During the Financial Report, CFO Calvert said the College’s cash assets are at a “nearly historical high” level of $7.5 million, but are still subject to adjustment during the remaining months of the fiscal year that ends June 30.

In answer to questions from Board members, CFO Calvert said that the College doesn’t yet know the amount of funding that will be received as a result of the American Rescue Plan recently approved by the Federal government. It’s expected that half of these funds will be allocated directly to students, as has been the case for previous federal stimulus funding.
CFO Calvert said that when the College receives more information on how American Rescue Plan funds can be used, the College Executive Team will “seek guidance from the full College community.”

Other business conducted at the Mar. 23 Board meeting included:

A report from Provost Robbin Hoopes on planning for Fall semester.

All planning is guided by emphasis on two touchstones: maintaining safety and enhancing student success.
Many classes that are currently remote-only are expected to return to in-person format for Fall; however, the College will continue to offer students flexibility with ongoing use of “web” and “live web” remote classes and through options for remote student support services.

A report from President Monica Posey on recent College achievements and activities.
Reports on activities of the Faculty Senate and the Student Government organization.

Recordings of Board meetings conducted via Zoom, and the “packet” of information (the agenda and supporting documents) for each Board meeting are posted on the College intranet.

Go to How the College Works > Board of Trustees and then select “BOT Packets” or “BOT Recordings” and choose “2021”.

The next Board of Trustees meeting is scheduled for Tuesday, May 25, starting at 3:45 p.m. The format for the meeting (remote or in-person) will be announced in the future.