DuPage - Co. (ECWd) -
For those that are not aware, the Illinois Community College Board (ICCB) issued their preliminary draft report to COD yesterday (see below) and pointed to an enrollment number problem as it related to the Suburban Law Enforcement Academy (SLEA). In short, COD got caught cooking the books to boost enrollment numbers which in-turn increased state funding that now must be paid back.
If those enrollment numbers were invalid and improper COD may have a bigger concern facing them regarding any Bonds that were sold during that time frame. Reason being is that enrollment numbers are part of the bond information.
If false information is provided in those bonds the Securities and Exchange Commission (SEC) may have great interest in looking deeper into this matter.
Considering the faculty was throwing flags early on with the SLEA enrollment issue and no one listened, is it possible the SEC could see this as an intentional manipulation to help increase the credit rating and make bonds more lucrative with lower rates? It's well known that Breuder took great pride in the credit rating and now one must wonder if this was not all part of his master plan?
Many questions to be asked, and a lot of information to sift through, but for now I would urge COD take the initiative and self report this matter to the SEC if any Bonds were issued during the time frame in which enrollment numbers were being manipulated.
Please note, I intentionally used the word "manipulated" because they were informed this was wrong and ignored the faculty that tried to put a stop to this action.
With all of these issues coming to the surface I wonder how long it is going to take Dr. Collins to terminate the Administration that allowed these matters to go on?
Or better yet, when will Dr. Collins be held accountable for what appears to be his support of the ongoing misapplication of enrollment numbers as recently as September 3rd of 2015?
A recently obtained communication further revealed that on September 3, 2015, VPAA Kartje sent a communication to faculty indicating that, “After considerable thought and discussion with Dr. Collins, I have decided to continue the status quo until we get direction from ICCB and HLC.”
So in spite of all the evidence presented by the faculty, of which even us hayseed Southern Illinois Watchdogs could understand was wrong, the Senior Administration and interim president still failed to take a leadership role and fix the problem. Instead they defaulted to the ICCB and HLC for direction.
I think most would agree, that is not the type of leadership COD needs!