INA — Mt. Vernon pharmacist Eric Black is the new chairman of the Rend Lake College Board of Trustees.
Black was appointed during the November board meeting on Tuesday, following the resignation of board chairman Bryan Drew, a Benton attorney.
Drew had served on the Board of Trustees for eight years, it was reported.
"I appreciate the opportunity and the people of our district who gave me the honor of serving on the board," Drew told fellow board members. "I love Rend Lake College. My mother, father and brother all went here. It was a good beginning for all of us."
Drew requested his replacement be from the Franklin County area, and the board appointed Randall Crocker to fill Drew's position.
Russ Courter of Clifton, Gunderson LLP presented highlights of the Fiscal Year 2013 audit. As of June 30, the district showed assets of $56.2 million, liabilities of $23.3 million and net assets of $33 million.
Current assets increased by $4.3 million due to the fact the college experienced an increase in its cash position when compared to the same time in the previous fiscal year, it was reported. Courter said this was due to more timely state payments received, the additional cash reserves held which are associated with the move to a fully self-insured group medical program, and the issuance of working cash bonds.
Liabilities increased $1 million due primarily to paying off outstanding bond and lease obligations which was offset by the issuance of new debt.
The college's total net assets increased by $2.7 million. This was the result of the college's ability to effectively manage all revenues received for maximum benefit coupled with the revenues received as proceeds from the sale of working cash bonds.
The college continues to be very dependent upon the revenues received from tuition and fees and the resulting state payments which are directly tied to credit hour generation, it was reported. This dependency will prove even more significant when one considers the shift in funding based not only upon credit hour generation but also on retention, completion and student success.