The financial health of Weatherford College ranks near the top of community colleges in the state according to data shared with the WC Board of Trustees Thursday by Dr. Andra Cantrell, executive vice president of financial and administrative services.
Community colleges are ranked as part of the Composite Financial Index with a state average of 3.6. WC is usually in the top 10 out of the state's 50 community colleges. This year, with an index rating of 7.2, WC tied for third with Grayson College.
The CFI uses four ratios: primary reserve ratio, viability ratio, return on net assets ratio, and a college's net operating revenue ratio to determine their financial health.
"This documents that we have sound financial resources and demonstrated support of the mission of this institution and the scope of its programs and services," Cantrell said.
This is the highest index rating WC has ever received and is made even more of an accomplishment that this milestone was achieved at WC's 12.535816 cent tax rate as the rating is related to the amount of money raised through a tax levy.
The community college state average for property taxes hovers around 18 cents, and of those that offer bachelor's degrees, the rate ranges from 20 to 30 cents. WC is well below both the state average and that of comparable institutions.
In other business, the board:
- Approved the minutes from the March 11 board meeting.
- Approved the financial reports ending March 31.
- Approved a contract with Ellucian for purchase and supplier management software for the purchasing department.
- Received written reports on Guided Pathways, Numbers with Heart and the Quality Enhancement Plan.
- Received a written update on the demand study.
During his president’s report, Dr. Tod Allen Farmer:
- Recognized Dr. Hyeyoung Song and Duane Durrett, dean of fine arts, for a successful third annual WC International Piano Competition.
- Recognized Ralph Willingam on his recent President’s Excellence Award from the Texas Association of Collegiate Veteran Program Officials organization.
- Recognized WC Phi Theta Kappa students Jay Love, Jo McClendon, Carey Price and Crislin McFarlin on being named to the 2021 All-Texas Academic Team.
- Recognized Vance Christi and his agriculture department for hosting a safe Parker County/Weatherford College FFA event last week where just under 2,000 local students participated in 13 events at the college.
- Announced the retirement of Beverly Gibbs, Academic Support Center manager; Loretta Huddleston, institutional scheduler; and Clementina Nuncio, food service worker.
- Announced the resignation of Diane Irwin, associate degree nursing instructor; Jennie Jones, social sciences instructor; Greg Shrader, executive director of information technology; Kenneth Smith, director of information systems; and Dr. Allison Stamatis, life sciences instructor.