PERRYSBURG, OH (Toledo News Now) - Owens Community College informed the community Wednesday that the school has officially been placed on fiscal watch by the Ohio Board of Regents.
School officials say part of the reason for the watch is a major drop in enrollment - from 23,000 students in 2011 to just 11,000 this year - but the college president says they're not going anywhere.
"We're not closing," President Mike Bower, PhD, said. "That's not going to happen. We're excited. We're celebrating 50 years for our anniversary, and we'll be here another 50 years."
The goal of a fiscal watch is to provide financial accountability and an early warning system about a college that might be heading into financial trouble. Under the watch, Owens will have to increase reporting to the state and provide a three-year recovery plan. Read more here.
"You submit a plan of action to show where you're going as far as revenues, expenses, what you're doing at the college to get that accountability that you're looking for," Bower said.
College officials say they have been working closely with the Ohio Board of Regents and have made significant strides toward gaining fiscal recovery. Earlier this year, they eliminated 50 positions.
Owens leaders say the school continues to follow an aggressive recovery plan outlined in their November announcement that the college was facing fiscal watch. The school's five-part recovery plan includes: financial stability and expenses, human resources and labor relations, additional long-term revenue stream, enrollment and marketing, and academic programming.
“Strong regions have strong community colleges preparing their workforce,” said Bower. “These are challenging times, but more than ever we need to keep Owens innovative, responsive and accountable. Owens has been a quality provider of higher education and workforce training in northwest Ohio for 50 years and we will continue to do so for years to come.”
The Ohio Board of Regents issued the following statement:
"We are pleased to know that Owens Community College is working diligently to become more fiscally stable. Owens is a vital part of Ohio's higher education system, and fiscal stability will help the college continue to play an important role in the workforce development and economic success of the region. The Board of Regents will continue to work with President Bower and the Owens board as they move forward and deal with these issues."
During this recovery phase, Owens officials say the college is taking steps to ensure that students are not impacted. The college remains accredited through the Higher Learning Commission and there is no change or impact to any program-specific accreditations.
to see the full letter from the Ohio Board of Regents to Owens.
More from Owens on its recovery plan:
- Financial Stability and Expenses - The college is stabilizing its net asset position and financial indicators through aligning projected revenue with operational expenses and implementing prudent financial oversight, controls and cost-saving measures.
- Human Resources and Labor Relations - The college is evolving its organizational capacity through a systemic focus of meeting the needs of students, employers and employees, fostering communication and accountability.
- Additional Long-term Revenue Stream - The college is seeking additional long-term revenue through cultivating partnerships, strengthening relationships and leveraging resources to expand the mission of providing students and northwest Ohio employers with access to affordable quality education and technical training.
- Enrollment and Marketing - The college is strengthening connections to prospective students through marketing, linking academic programs with careers and jobs, promoting opportunities for earning college credit toward a degree and supporting key services that enhance student retention, transfer and completion.
- Academic Programming - The college is adapting, developing and aligning quality academic programs and educational delivery with labor market needs and job opportunities while fostering student learning, assessment and completion through strategic planning, efficiencies, partnerships and pathways.
