Southeast Tech finance report shows $29.6M in revenues to date and strong HLC composite index

Christine Goldsmith, vice president of finance for Southeast Technical College, presented the board with a year‑to‑date financial summary showing roughly $29.6 million in revenues recorded through May and noted that year‑to‑date expenditures totaled about $31.3 million, producing a net outflow the college expected to cover with fund balance as part of normal seasonality.

"The college had, 29,600,000 of monies that had come in," Goldsmith said, adding that tuition and fees represent just under half of that total, state funds about one‑third and federal funds around 2 percent.

Goldsmith told the board the reported figures reflect 92 percent of the fiscal year to date as of the end of May and said a lag in recording some federal reimbursements (notably Perkins funds) accounts for differences between budgeted and actual federal revenue recognized so far.

On expenditures, Goldsmith said instructional services account for the largest share of spending and that several positions slower to fill created some temporary savings.

Goldsmith also reviewed the college's composite financial index (CFI), a measure used by the Higher Learning Commission (HLC) to compare institutions’ financial strength. She said Southeast Tech’s CFI has ranged from roughly 2.7 to near 4.5 in recent years and described the HLC "in the zone" threshold as 1.1 or higher.

Board members and a peer reviewer on the board noted that a CFI near 4.6 indicates solid financial strength but cautioned that excessively high cash reserves can raise questions about whether the institution is investing appropriately in students.

The board moved to acknowledge Goldsmith’s report; the motion was seconded and passed by voice vote.