Auditors give Penn College highest level of assurance
Reporting on what she called the “financial story of the college,” Suzanne T. Stopper, senior vice president for finance at the Pennsylvania College of Technology, told the board of trustees that the annual audit was given an unmodified opinion, which is the highest level of assurance that is given.
The scope of the consolidated audit included the college, the Community Arts Center and the Penn College Foundation.
The college had over $157 million in operating revenue with more than half, 59 percent, coming from tuition and fees, Stopper said.
Highlighting the $14.1 capital investments the college made over the past year, Stopper labeled them “investments for the future of our students.” These investments included opening a Woodlands Bank innovation lab, rededicating a Lycoming Engines Metal Trades Center, opening the Shell Polymers Rotational Molder Center of Excellence and the Dr. Welch Workshop and maker space.
There were also a number of larger capital investment project, including renovating and dedicated a space at Wellsboro which had been donated by UPMC, the installation of a new turf athletic field and a 35,000 square foot expansion of the welding program.
The board voted to accept the audited financial states as detailed by Stopper.
In other business, the board approved the emeritus status of Robert M. Vaughn, a member of the welding staff, who retired after almost four decades of teaching at Penn College. He was instrumental in the development of the welding associate and baccalaureate degrees, according to the board.
His retirement was effective in August.
In her report to the board, Dr. Davie Jane Gilmour, Penn College president, announced the college had been designated by the League of American Bicyclists as a Bicycle Friendly University.
“That’s a pretty important thing for our campus,” she said. “We’re in an elite group of institutions — only 208 institutions in the country and only 11 of those are in Pennsylvania. So, we’re taking action to make our campus a little bit more bicycle-friendly. The student government helped raise money for a bicycle repair station that is now on campus.”
Gilmour also reported that members of the first graduating class of the Physical Therapy Assisting major achieved a 100 percent pass rate on their first attempt at licensure and the graduates achieved 100 percent employment.
“We had a very successful first year for our physical therapy assisting students,” Gilmour added.
Gilmour told the board the property at 942 First St., which is now owned by the college, is being emptied in preparation for razing.
She also noted that winter commencement will be held at 11 a.m., Dec. 21. at the Community Arts Center, 220 West Fourth St.
The board also heard presentations on the college’s international program and athletics.
The next meeting will be at 3 p.m. Feb. 6 at the Professional Development Center. A dedication of the expanded welding facility will follow the meeting.