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June 18, 2024

College of DuPage – ICCB report may have SEC concerns

By Kirk Allen & John Kraft

On October 8, 2015

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!

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  • S. Langdon
    Posted at 10:55h, 08 October Reply

    Since the SEC does not regulate municipal bond issues, this is just another example of the bullsh*t put out by these political hacks. Since the SLEA credit hour issue is not material to the bond repayment, no one except these idiots who work for Hamilton, will care; certainly not the SEC. Kirk and Johnny need to check your facts! The truth actually does mean something.

    • Kirk Allen
      Posted at 21:29h, 08 October Reply

      I guess you are not familiar with all the SEC cases related to bond issues. No one said SLEA credit hour issue was related to the bond repayment so your attempt to distribute misinformation wont work. Since it is now proven that enrollment numbers were wrongfully used, those numbers used for the bonds are wrong and certain self reporting would be appropriate for any bonds sold using bogus numbers. The bond issue has nothing to do with paying back ICCB.

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