WILBERFORCE — Central State University will be removed from fiscal watch this week.
Ohio Department of Higher Education Chancellor John Carey will make the announcement 9 a.m. Thursday, April 27 at CSU, the ODHE confirmed April 25.
Carey will be joined by Central State President Dr. Cynthia Jackson-Hammond and the CSU Board of Trustees, according to a release from the university.
CSU was placed on fiscal watch April 21, 2015, after an audit by the state showed the university’s financial scores dipped below an allowable number for two consecutive years.
The term “fiscal watch” was created by the State of Ohio under Senate Bill 6 in the 1990s in response to financial issues that impact higher education institutions.
There are three variables that constitute SB-6 ratio: Ready reserve, net income and variability. The composite score of the three variables ranges from 0-5. If a university ratio falls below 1.75 for two consecutive years, it is placed on fiscal watch. A university is eligible to come off fiscal watch after achieving a score of 2.4 or above, according to the ODHE website.
CSU scored a 2.8 in 2016 after scoring 2.3 in 2015, according to ODHE reports. It’s scores in 2013 (1.3) and 2014 (1.0) led to the fiscal watch status. It had scored 3.6 in 2012.
The public announcement will take place on the second floor of the student center, the school said.
Contact Scott Halasz at 937-502-4507.