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Controlling Board approves final emergency step to wind down Eastern Gateway Community College
Summary
The State Controlling Board approved an Office of Budget and Management request to allow Eastern Gateway Community College to defease state credit-enhanced bonds as part of the college's orderly wind-down after loss of accreditation and appointment of a conservator.
The State Controlling Board on a voice vote approved an Office of Budget and Management request to provide emergency funding for Eastern Gateway Community College’s final step to defease state credit-enhanced bonds, a move OBM said is part of an orderly wind-down of the institution.
OBM said the action follows a series of events beginning with the Chancellor of Higher Education declaring Eastern Gateway under fiscal watch on March 11, 2024, the college board voting to dissolve and withdraw accreditation from the Higher Learning Commission, and Governor Mike DeWine appointing a conservator effective Aug. 1, 2024. "The board of trustees of Eastern Gateway Community College subsequently voted…
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