Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Wednesday, November 19, 2014

COD Update

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This post includes a link in the references to a recent Forbes article about $95 million in hidden spending at the college. The link, (reference 4) is at the end of this post.


An Announced Tuition Freeze
The College of DuPage has announced a tuition freeze. what does that mean? According to the COD website, for the fall term, 2014 the cost of a credit hour for a resident of District 502 is:  $144 per credit hour ($108.15 tuition, plus $35.85 fee)

National Averages are Lower Than the Cost of Attending COD
According to an October 6, 2014 article over at PBS.org entitled "Why even top tier students should consider community colleges" the community college graduates "pay much less on average for their educations — $3,264 per year for tuition and fees, according to the College Board, compared to $8,893 per year at public and $30,094 per year at private four-year colleges and universities."

How does COD compare? Here's the official COD fall 2014 tuition schedule:

2014-2015
COLLEGE OF DUPAGE OFFICE OF STUDENT FINANCIAL ASSISTANCE
CAMPUS BASED & STAFFORD BUDGETS
DEPENDENT/INDEPENDENT MODEL
RESIDES WITH PARENTS/NO DEPENDENTS

Due to the revisions of the Higher Education Act of 1998 College of DuPage has established this Student Budget for Campus-Based/Stafford budgets for the 2014-2015 academic year

 TUITION & FEES
                                    IN-DISTRICT   OUT-OF-DISTRICT    OUT-OF-STATE
                                      $144/HOUR           $331/HOUR            $401/HOUR
FULL TIME 15 HRS=          $4,320               $9,930                   $12,030
BOOKS/SUPPLIES=          $1,587               $1,587                    $ 1,587
ROOM & BOARD =            $2,462               $2,462                    $ 2,462 TRANSPORTATION=        $2,300               $2,300                    $  2,300
PERSONAL EXPENSE=    $1,596               $1,596                    $ 1,596
TOTAL =                          $12,265             $17,875                    $19,975 

Tuition and fees data obtained from COD Finance Office based on average full-time tuition of fifteen (15) hours. 

Average Loan Fees Sub/Unsub: $54
Average Loan Fees Plus: $144

Comparing Community Colleges in Illinois
Over at CollegeIllinois.org, these are the published fees for Illinois Community Colleges. In the table COD is listed as $4,664 for tuition and fees. However, COD says their tuition and fees for an "in-district" student is $4,320. The weighted average of tuition and fees in this table is $3,809. At the lower published rate of $4,320, COD is about 13.5% above the state average for community colleges in Illinois, and 32.4% higher than the national average. 
: 
Illinois Community Colleges:  2014 - 2015 Annual Tuition & Fees
Black Hawk College
$3,840
Carl Sandburg College
$4,690
College Of DuPage
$4,664
College Of Lake County
$4,165
Danville Area Community College
$4,118
Elgin Community College
$3,658
Frontier Community College
$2,954
Harold Washington College
$3,248
Harper College
$4,286
Harry S Truman College
$3,248
Heartland Community College
$4,448
Highland Community College
$4,318
Illinois Central College
$4,000
Illinois Valley Community College
$3,562
John A Logan College
$3,168
John Wood Community College
$4,544
Joliet Junior College
$3,855
Kankakee Community College
$4,000
Kaskaskia College
$3,808
Kennedy-King College
$3,248
Kishwaukee College
$4,192
Lake Land College
$3,689
Lewis & Clark Community College
$3,872
Lincoln Land Community College
$3,664
Lincoln Trail College
$2,954
Malcolm X College
$ 3,248
McHenry County College
$3,374
Moraine Valley Community College
$4,198
Morton College
$3,508
Oakton Community College
$3,494
Olive Harvey College
$3,248
Olney Central College
$2,954
Parkland College
$4,208
Prairie State College
$4,516
Rend Lake College
$3,200
Richard J Daley College
$3,248
Richland Community College
$3,687
Rock Valley College
$3,246
Sauk Valley Community College
$3,424
Shawnee Community College
$3,040
South Suburban College Of Cook County
$4,408
Southeastern Illinois College
$3,104
Southwestern Illinois College
$3,552
Spoon River College
$5,280
Triton College
$3,858
Wabash Valley College
$2,954
Waubonsee Community College
$3,584
Wilbur Wright College
$3,248






List of References:

1. Clicking will open a  New Window> http://www.collegeillinois.org/PlansAndPricing/CollegeTuitionCostandFees.html


2. Clicking will open a  New Window> http://www.pbs.org/newshour/updates/revenge-community-college/


3. Clicking will open a  New Window> https://www.cod.edu/tuition/pdf/coa_13.pdf


4. Clicking will open a  New Window> Forbes: College President shot an elephant and hid $95 million spending

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