"College of DuPage leaders have taken a proactive approach to the financial future of this institution in the wake of dwindling state funding and pension reform that could cost this institution millions more each year," he said. "We take our fiduciary responsibility very seriously."
In 2008, the College maintained a fund balance of just over $42 million. For the two years prior, fiscal years 2006 and 2007, administrators used fund balance money to bridge budget gaps without Board approval.
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Since his arrival in 2009, Dr. Breuder's administration has contributed an average of $14.7 million to the fund balance each year, growing COD's unrestricted fund balance by more than $53 million. Combined, the College's restricted and unrestricted fund balances now total more than $101 million, which includes $17 million for SURS pension funding and another $3 million for operating and maintenance fund depreciation.
"The fact that we have been able to make these great strides during the midst of a $550 million construction overhaul of the campus speaks volumes about the administration's ability to oversee and manage the College's operations," Dr. Breuder said. "We depend greatly on the leaders at COD and on our Board of Trustees to make sound fiscal decisions, and they have not let us down."
Additionally, the College maintains "Aaa/AAA" bond ratings from Moody's and Standard & Poor's, respectively, during one of the most challenging economic times and has received consistently unqualified clean audit opinions from external auditing company Crowe Horwath.
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