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

Thursday, September 24, 2015

"Breuder Bill" is Passed to Limit Severance Packages



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From the Wheaton Patch:

Rauner Passes 'Breuder Bill' to Limit Severance Packages for Community College Administrators

Severance packages would be limited to only one-year of pay and benefits.

From the Chicago Tribune:

Illinois House passes severance cap for community college presidents

From the Daily Herald:

Rauner ends severance deals like the one COD's Breuder got


Summary:
July 9, 2015: The “Breuder Bill”, HB3593, which limits severance pay at Illinois Community Colleges to no more than 12 months pay passed the House with a 73-34 vote on concurrence with the Senate amendment.

On September 22, 2015 Gov. Rauner signed it into law.

This came "six months after College of DuPage trustees voted to give President Robert Breuder $763,000 to retire in March 2016, three years early. The deal is one of the largest severance packages for a public employee in state history." According to the Chicago Tribune. The Tribune also stated that "The Breuder deal, shrouded in secrecy until the Tribune revealed the details, has caused a firestorm in the western suburbs, where it came to symbolize lavish spending at the state's largest community college. The deal also did little to help Illinois' 48 community colleges as they battle proposed cuts in state funding."

This is not the end. The Tribune also stated "The bill that passed Thursday was the first that lawmakers addressed. A state Senate subcommittee intends to hold a hearing July 20 in Chicago on administrator compensation, following a scathing report from Senate Democrats that accused the state's community college and university presidents of living in a "fantasy world of lavish perks" that included housing allowances, cars, club memberships and generous bonuses."

According to the Daily Herald '"Abuses of taxpayers that arose at the College of DuPage are now being transformed into serious reforms statewide," COD board Chairwoman Kathy Hamilton said in a statement. The COD board, led by a new majority elected in April, voided Breuder's contract just last week.'




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