Central State University, Ohio's only public, historically black college, has been placed on fiscal watch by the Ohio Board of Regents because of financial problems.
Senate Bill 6, a law passed in 1997, empowered the Regents to audit the fiscal health of Ohio's colleges and universities. Central State has scored badly in the audit for the last two years.
CSU President Dr. Cynthia Jackson-Hammond says declining enrollment and the inability for prospective students to qualify for federal financial aid has hurt the university. CSU reports an enrollment of more than 1,700, down from 2,068 the previous year.
In a written statement, Jackson-Hammond says the university gets more than 5,000 applications a year, but many of the applicants don't meet new, stringent guidelines concerning parental/family contributions required by federal grant programs.
Sen. Chris Widener weighed in to support the university saying that Central State plays a key role in serving Ohioans’ needs that often go unmet at other institutions.
CSU now has 90 days to submit a three-year financial plan to the board of regents on how it will resolve its fiscal problems.