The Institutions of Higher Learning posted this press release on its website:
The Board of Trustees of State Institutions of Higher Learning has
engaged the CPA firm of Matthews, Cutrer and Lindsay, P.A. to provide
accounting analytical services for Jackson State University.
Jackson
State has been depleting cash reserves since FY 2014. The university’s
cash reserves have been reduced by 89% over the past five years,
dwindling from $37 million in FY 2012 to $4.2 million in FY 2016.
- FY 2012: $37,086,677
- FY 2013: $36,598,901
- FY 2014: 23,604,500
- FY 2015: 10,818,569
- FY 2016: $4,241,141 (Unaudited)
- FY 2012: 72.53
- FY 2013: 72.60
- FY 2014: 45.72
- FY 2015: 20.52
- FY 2016: 7.77 (Unaudited)
Jackson State owes $8.74 in debt for every $1 held in their unrestricted fund balance, after adjusting for net pension liability. The system average is $1.32 in debt for every $1 held.
“Since May 2014, the Board of Trustees, the Commissioner of Higher Education and IHL Staff have communicated concerns over the university’s financial position to Jackson State University personnel, including the Chief Financial Officer and President,” said Dr. Glenn Boyce, Commissioner of Higher Education. “The annual financial statement for FY 2016 received by IHL Staff in August 2016 indicated that the situation has escalated from a concern to a level serious enough to require immediate intervention.”
The Board requested an Expense Management Plan in June 2015, but did not receive a feasible plan.“Both IHL staff and Mattews, Cutrer and Lindsay will work in partnership with Jackson State to improve the situation,” said Boyce. “MCL will evaluate the financial impact of all decisions. IHL, JSU and MCL representatives will meet regularly to share information on findings and recommendations during the review.”
“Matthews, Cutrer and Lindsay is a respected firm with the experience necessary to conduct the review and identify ways to correct the structural budget imbalance,” said Boyce. “An issue of this magnitude may take several years to correct. Throughout the process, our absolute goal is to ensure that students are a top priority.”
36 comments:
Myers didn't even show up at the IHL's Board meeting today. How quickly will she be out the door?
Sure they are broke.
Holy shit, somebody, somewhere in IHL didn't see a problem in FY2014? C'mon.
IHL should have been on this much sooner. Maybe somebody should look at IHL. They spent too much time on personal vendatta's against Jones?
You fellas go ahead and build them that stadium so they can play football! They don't need any damn books!
What the hell happened between 13-14(12,994,401$) and 14-15(12,785,931$) that caused the university to spend nearly $26M? Was there a major lawsuit that was lost during this time? Was there start-end payment on a new building? Lastly, wasn't this around the time frame of staff changes, both academically and athletically? Could it be buy out money?
many a Mississippi state university lets EVERYONE pay in-state rates....
perhaps it's time to end that practice at JSU...
Didn't I read that JSU was receiving zero dollars in alumni donations, or something outrageous like that? Maybe if we all pony up and build them a dome, that will fix the problem and get those generous alumni to open their wallets.
Jones spent too much time thinking he was untouchable.
11:53. All that momey was just sitting there ,nobody was using it anyway!!!
Sounds a little like what happened to South Carolina State. They had to remove President and Board in order to get money from the state. New leaders have it moving in the right direction, but will take years to resolve.
sounds like there's a need for a FORENSIC accounting firm to ferret out where the money trail leads...
this is whey they can't have/maintain nice things...
@ 12:55, that is a very big elephant in the room that no one will (or maybe "can") acknowledge. MS's HBCUs get little to no money in the way of almuni donations. A university fulfilling it's mission will crank out alumni who are able to give back and who will feel compelled to give back. There is a broken link somewhere in that very short chain and it is holding back our universities.
Note: See the Ayers Agreement re: a state match for fundraising and the utter failure to capitalize on it
"Myers didn't even show up at the IHL's Board meeting today. How quickly will she be out the door? "
Check her pockets before she leaves.
They run that school based on City of Jackson accounting methods...
Speaking of the on campus enclosed stadium, did I hear where Cowboy Maloney wants naming rights and call it the Con-Dome?
All donations to four year universities
Should be collected by a third party and distributed on a weighted basis. The HBCU's should get the lions share because their need is greater than say MissState or Ol Miss.
At 6:38 is a true Dim-O-Krat.......He wants to reduce the amount of all donations with his flawed ideology of I deserve it more, because I'm a HBCU. You think if a Ole Miss Rebel alumni is going to make say a ten million dollar donation to Ole Miss, through a "third party" if say only 2.5 million makes it to his alumni and the rest of it goes elsewhere!!!!! Jesus Christ, when is enough a frik'n enough?
6:38 - thou name is Stalin
jsu has been a train wreck for decades. just like the h20 department, it is not fixable.
Could someone post a link or two, to the 'Zero Alumni Donations' article(s)? I have a feeling that'll be some good reading.
A new state flag and a Whole Foods in the neighborhood would cure this problem.
State funded entities may well face exactly what 6:38 suggests with private donations.
Why should a donor be able to support a singular "state funded" entity?
Why aren't donations to the "state" collected and spent by the legislature? That's how all revenue generated by the state is spent.
This is not the last you've heard of this issue...as angry as it may make you.
If 3 decades ago when it was pointed out that all black universities were going to be struggling unless those like JSU in a city were able to attract a racially diverse population , they would start to fail, we wouldn't be in this fix.
For cities to prosper, it is an advantage to have a university. The university feeds the public education system as well.
But, racial divides made both races opposed to helping Jackson State become a flag ship university. Indeed, expanding the junior colleges within an 8 mile radius was simply an effort to starve JSU but JSU didn't oppose the expansions.
The problem with the education system in MS is that they are all political fiefdoms.
God forbid our elected officials of either race should put the best interest of the State ahead of that of their tribes! We might get off the bottom if either race had truly honorable leadership instead of two bit back room politicians.
Agree with 8:32;
Will never go to JSU nor will probably anyone in my family, but as a Mississippian it would make me proud to know that we have the best HBCU in the nation.
Not sure what we can do to support that vision happening--and some of that responsibility lies with JSU as well.
Jackson State will always have a fiscal dilemma. The university cannot operate effectively on the resources it has and the state as presently constituted will not allocate the resources it needs. To do so would change the status quo of higher education in this state, and that is the ultimate no-no. That is why the state of Mississippi could not win the Ayers suit in the first place. The third class treatment of Jackson State could not be defended by any practical rationale (other than racism) and so the state had to settle the suit, which for a payout, allowed it to continue to do everything in it's power to maintain the current order. This despite ample evidence that an equally funded JSU would easily become a much larger and more effective university. The leadership of the State of Mississippi collaborates with those forces at JSU who like to keep it a small HBCU with little or no forward movement. Those forces, predominantly Black, are comfortable in their positions but have difficulty keeping things "under control" since JSU just keeps on growing. After all, it is located in the most populous area of the state. Damn. That also means that they would never allow leadership at JSU, Black or White, who would aggressively pursue a policy of expansion and growth to the level a true urban university should attain. To do so means they are "fiscally irresponsible" and will be fired. You'll never have the money to do it anyway, so forget about the obvious potential and line your pockets all you want and bring in your friends and cronies to gorge themselves. After you fill up, the IHL will simply fire you and find another stooge and start the process all over again. That's fine, but do not under any circumstance move JSU to the "next level". The other so called "major" universities in Mississippi are barely holding that status themselves. So, let's get rid of the fiscally irresponsible harpy who's running things out there, and bring in some new blood. Those JSU students living in leased motels rather than dormitories like other state students deserve it.
It really is a pity, 9:36 am, the urban renewal and aid to black urban universities went elsewhere when the city council was lily white and couldn't abide doing anything to improve the black community. But, just as bad were the black leaders who were more interested in having white politicians help them line their pockets and solidify their power in the black community.
Too many white folks are ignoring the fact that black leadership has just been emulating the " good ole boy politicians" and they just aren't as experienced at being "professional" politicians.
It's slowly changing with men like Melvin Priester who don't need political help to be successful. Unfortunately too many black people, just like in the white community, resent our young people who go to top universities and come back hoping to make a difference. If I hear, " they think they are smarter than we are" or " better than we are", one more time, I may scream. The fact is many of them are smarter and better educated and have lived in communities that are progressing so they have observed what works.
Rather than rejoice and be proud, we tear down our bright young men and women who come home with new ideas and good energy and an eagerness to do things that matter. The powers that be feel threatened by them.
We don't really want our children to do better as they might start thinking they're too good for us and find us embarrassing.
That's the ugly truth. We drive them away.
JSU China Campus?
http://www.jsums.edu/global/china-iniciatives/
Wonder how many trips out there? Cost?
Madison Campus?
They actually bus students to the campus because there are no offerings out there. Dare anyone to go to the campus and ask "what can I enroll in and take to persist to graduation here."What program can I take here and finish here?
Answer nothing.
How much was the payout for sexual discrimination?
How much was payout for firing a career coach?
How much was payout for second sexual harassment suit?
How much was press spin for students living in their cars in the parking lot?
How much was it to house students in hotels nearby?
How much was it to secure and host first lady?
How many alumni donate to the foundation? Zero.
I've always wondered how a non-HBCU urban university would do in Mississippi. Tennessee has UMemphis, Alabama has UAB, Arkansas has UALR, Louisiana has UNO, etc.
Anonymous said...
"State funded entities may well face exactly what 6:38 suggests with private donations.
Why should a donor be able to support a singular "state funded" entity?
Why aren't donations to the "state" collected and spent by the legislature? That's how all revenue generated by the state is spent. This is not the last you've heard of this issue...as angry as it may make you.October 21, 2016 at 6:02 AM"
Some of you folks must be on drugs. Anyone and everyone is free to give donations to the State of Mississippi and to the USA and that money will be put into the general funds and spent or wasted as the politicians decide. AND there is no waiting to do this because there is no one in line to do this. When you take donations the donors decide what to give to and how much. IF they cannot make that decision, you won't get their money. If you think that is going to change you must be on drugs.
Yes 1:14 such a school would have done extremely well. It would have had a medical school, a law school. an engineering school and all the other academic offerings expected at such a school. But this is Mississippi. Jim Crow dominated everything and his legacy is still holding sway. So Jackson State will never be what it should have been. Neither will Mississippi.
Rap group at JSU next Tuesday. Part of the Homecoming experience. Tickets for these poor minority students are only $65-100 . With all that student debt and Pell grants I guess they can use their JSU cards just like at the mall.
I thought the multi-millions from the Ayers case was going to prop JSU up for fifty or so years. Now I see the term 'forensics accounting audit'. Surely there has been a mistake. What the hell?
When you dare to question the spending practices (or disappearance of money) of a predominately black school or black-led government body....you gonna have all manner of upheaval from the press, black organizations, groups like the ACLU and Southern Poverty Law Center.....and it will never end until you back the hell off and pretend there is no issue.
10:45 posted the following. If this is true, I'm alarmed. Aren't YOU? Kingfish should do a story on this, alone.
Madison Campus?
They actually bus students to the campus because there are no offerings out there. Dare anyone to go to the campus and ask "what can I enroll in and take to persist to graduation here."What program can I take here and finish here? Answer nothing.
Just recently someone posted a comment suggesting that white enrollment at JSU had bumped up because so many were enrolling at the Madison campus.
You folks who want to blame white folks because JSU have a selective memory. Remember when people like Water Payton, Jerry Rice, and Steve McNair played in the SWAC? That was before the Ayers case. In Ayers one of the main claims was 'We should have schools that are as good as the white schools'. And Judge Biggers agreed. He said one of the main reasons you don't is because you accept students who made a 12 on ACT while the white schools have a minimum score of 18. In order to have a better school you need to raise your minimum ACT score to 18 and let these kids who have been sleeping thru high school try Junior college first. And the black schools fought this tooth and nail because is was going to cut back their numbers. Never mind that they were enrolling folks who had no business in college.
So now, you want to rewite history and say JSU should have had a medical school. You cannot take students who make a 12 on their ACT and make doctors, layers, and engineers out of them. The black leaders wanted more students. They lowered their standards to get more students. Today we have thousand with degrees from JSU, etc who could not have been admitted to a white college because their grades were too low. Would it have been better if they had not gone to college at all, or was it better to lower the standards?
At 9:22, when did they say they wanted a medical school?! Talk about stupid! They can't even handle their money. And I agree with everything you said in your post. What I want to know is how stupid will the taxpayers be to allow a medical school!
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