COLUMBUS — Ohio Department of Higher Education Chancellor Mike Duffey announced that Central State University has been placed on fiscal watch after CSU leadership recently informed ODHE of the university’s financial challenges.
The fiscal watch designation launches increased university financial reporting requirements, board of trustee engagement and evaluation by the Auditor of State, among other measures designed to stabilize and improve the university’s financial outlook.
Under Ohio Administrative Code 126:3-1-01, the Chancellor of Higher Education can place a college or university under the fiscal watch designation if they determine that immediate and decisive action is necessary to improve the institution’s financial condition. Duffey certified the declaration of the fiscal watch with Ohio Gov. Mike DeWine as outlined in the state code.
“As the only public HBCU and one of only two land-grant universities in the state, Central State and its students are a unique and important piece of the higher education landscape in Ohio,” DeWine said, in a statement. “We will continue to work closely with Dr. Kuti, his team at CSU, the Board of Trustees, Chancellor Duffey and the Ohio Department of Higher Education, and the Auditor of State to stabilize the finances of the institution through the fiscal watch process.”
Under the fiscal watch designation, CSU will adopt a financial recovery plan that will outline a path toward financial stabilization to end the fiscal watch within three years. CSU must also furnish quarterly reports to its Board of Trustees and the chancellor.
The fiscal watch process requires consultation with the Auditor of the State’s office. ODHE will also work in collaboration with CSU to surge additional accounting support.
“We are continuing to take action to ensure we manage our way through this fiscal watch period and address what’s necessary to ensure a bright future for our students, faculty and staff,” Central State President Morakinyo A.O. Kuti said.
