CWUFinancial Affairs NewsFinancial Affairs News's Budget Advisory Committee, 16 Jan 2014 08:34:03<p style="text-align: center;"><img alt="" height="134" src="/financial-affairs/sites/" width="276" /></p> <p style="text-align: center;"><strong><u>Next&nbsp; Meeting</u></strong></p> <p style="text-align: center;">Tuesday, January 14, 2020</p> <p style="text-align: center;">Barge 412, 3-4:30PM</p> <p style="text-align: center;">&nbsp;</p> </p style="text-align: center;"></p style="text-align: center;"></p style="text-align: center;"></p style="text-align: center;"></p style="text-align: center;">CWU to Save $4.6 Million Through Bond Refinancing, 04 Nov 2013 14:36:26<p>The Central Washington University Board of Trustees Tuesday approved refinancing $29.175 million in bonds in a sale that will save the university $4.6 million over the next 22 years.</p><p>The bonds were initially issued in 2008 to fund the construction of Wendell Hill Hall.</p><p>“Refinancing these bonds will save us about $279,000 per year in interest over the next two decades,” said CWU President James L. Gaudino. “That’s more than we originally anticipated saving, which is great news.”</p><p>The board unanimously approved the refinancing the bonds during a special telephonic meeting. Under the terms of the new bonds, the university will pay an interest rate of 2.7 percent.</p><p>“The original bonds were sold when the university’s bond rating was not as favorable as it is today,” noted Joel Klucking, CWU’s chief financial offer and vice president for Business and Financial Affairs. “Ultimately these savings will benefit students either through new facilities or an advanced timeline on necessary renovations.”</p><p>Fortunately, through exercising fiscal responsibility over the past several years, we’re in a position to be able to take advantage of better interest rates and save money.”</p><p>Klucking said Moody’s Investors Service last week reaffirmed CWU’s A1 bond rating, which is the highest rating a comprehensive university such as CWU can achieve. He said the Moody’s analysts also were impressed by the school’s enrollment increases last year and for the coming academic year.</p><p>University bonds are supported by revenue from residence halls, dining services, parking, the Wildcat Shop, and mandatory services and activities fees.</p><p>Moody’s is the top credit-rating agency that performs international financial research and analysis on commercial and government agencies. The Moody’s rating is a forecast of the credit-worthiness of an institution, particularly the likelihood that the institution will be able to repay the bonds. It provides such ratings whenever an institution is preparing to issue bonds.</p><p>Media contact: Richard Moreno, Director of Content Development, CWU Public Affairs, 509-963-2714,</p><p>—August 10, 2016</p>Career Opportunities in Business and Financial Affairs, 17 Oct 2013 09:51:10<div style="text-align: center;">Interested in a career at</div><h2 style="text-align: center;">&nbsp;Central Washington University</h2><div style="text-align: center;">in</div><h2 style="text-align: center;">&nbsp;Business and Financial Affairs?</h2><div style="text-align: center;">&nbsp;</div><div style="text-align: center;">Please click <a href=";siteid=1">here</a> for the current openings.</div><div style="text-align: center;">&nbsp;</div><div style="text-align: center;">&nbsp;</div><div style="text-align: center;"><em>Or copy and paste the below link: </em></div><div style="text-align: center;"><em><a href=";siteid=1">;siteid=1</a></em></div></div style="text-align: center;"></h2 style="text-align: center;"></div style="text-align: center;"></h2 style="text-align: center;"></div style="text-align: center;"></div style="text-align: center;"></div style="text-align: center;"></div style="text-align: center;"></div style="text-align: center;"></div style="text-align: center;">CWU Preparation, Federal Plan Reduce Government Shutdown Effects on Students, 01 Oct 2013 10:45:23<p>Rapid processing of federal financial aid and federal contingency plans will protect students at Central Washington University from the most extreme effects of the shutdown of the federal government. The failure of Congress to approve a continuing budget resolution by midnight last night will disrupt the operation of federal programs, including agencies and programs that fund higher education research and many student assistance programs.</p><p>"In preparation for the imminent shutdown, CWU requested reimbursement for all federal awards that had incurred costs. However, we can only be reimbursed for funds we've spent," explained Connie Williams, associate vice president for Business and Financial Affairs. "We've received payment for about 83 percent of what has and will be spent in the next few weeks. We'll cover the remaining 17 percent until Congress agrees on a budget."</p><p>Last week CWU received a memo from US Office of Management and Budget (OMB) outlining the contingency plan for the US Department of Education (DOE) in the event of a government shutdown. The memo said work required to process Pell Grants and subsidized and unsubsidized student loans will continue as normal. Federal employees necessary to support those functions are among the agency's top priorities.</p><p>Federal reimbursements to CWU received so far total about $13.7 million in federal loans and $70,000 for the Supplemental Educational Opportunity Grant (SEOG), a federal assistance grant reserved for college students with the greatest financial need. As of close of business yesterday, the last day of the federal fiscal year, Williams said about $5 million in loan packages had been offered to, but not officially accepted by, students. If the aid is accepted within the next week, CWU may have to cover those payments until Congress approves a budget.</p><p>Of the total Pell grant funding of $5.5 million, CWU has allocated and received federal payment for about $4 million. Williams said CWU also will hold Pell recipients harmless from the effects of the government shutdown.</p><p>"The bottom line is that students, who were awarded and have accepted federal financial grants and loans by September 30, should not be affected by the federal government shut down," said Williams.&nbsp;</p><p>CWU federal research and non-research funding also may be affected, because reimbursement requests for other grants and contracts are typically processed after September 30, the last day of the federal fiscal year. Funding processing may be suspended until a continuing resolution is approved. The university will be able to submit requests for new awards, but they will not be processed until a new continuing resolution is adopted.</p><p>CWU already has received federal funding for the 2013-2014 school year for the McNair Scholars program, the College Assistance Migrant Program (CAMP), Higher Education Program (HEP), Student Support Services (SSS), and for Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP) grant, which prepares more than 2,000 middle school students in central Washington for success in college.</p><p>However, CWU’s Army ROTC program received a direct hit. Government Services employees had to be furloughed, which will delay books, tuition, room and board and monthly stipends for cadets, since appropriate paperwork cannot be processed. The program is working with the university to avoid any adverse affects on students.</p><p>At this time there is no information on any impact to veteran’s programs through CWU’s Veterans Center.</p><p>Under the contingency plan of the DOE, 90 percent of employees would be immediately furloughed. During the first week of a shutdown the agency would maintain only functions related to the discharge of the duties of presidentially-appointed, senate-confirmed individuals; the protection of life and property; and, as appropriate, the obligation, payment, and support of student financial aid as well as other pre-authorized payments and obligations.</p><p>A shutdown lasting longer than a week, could affect the processing of student loans/grants and payments. Programs using mandatory or multi-year funding from a prior year would continue to operate through a government shutdown, though likely at a slower rate with far fewer employees. The text of the full OMB Contingency Plan may be accessed at:</p><br><p>Media Contact: Linda Schactler, Executive Director of Public Affairs, 509-963-1384</p><p>October 1, 2013</p></br>CWU Authorizes Compensation Adjustments, 22 Jul 2013 14:00:48<p>Central Washington University today announced salary adjustments for non-union employees. Exempt employees will receive a 3-percent increase effective retroactively on July 1, 2013.&nbsp; Classified staff who are not represented by a union will receive a 1-percent wage increase, wage adjustments that are linked to performance goals, and an adjustment to the state salary schedule.</p><p>The compensation adjustments were approved Friday by the Board of Trustees. In June, the state legislature approved contracts negotiated with classified staff represented by the Washington State Federation of State Employees and the Public School Employees of Washington. The university is currently negotiating a new contract with the United Faculty of Central Washington University.</p><p>CWU President James L. Gaudino said the increases, the first since 2008, will begin to address the erosion in employees' compensation and in the ability of the university to recruit and retain employees.</p><p>"Even though we are unable to rectify the total loss of salary increases that you have endured these last four years, I am committed to beginning the process of providing some movement forward," said Gaudino Monday in a memo to employees. "The services you provide have positioned us to continue to provide an exceptional educational experience for everyone."</p><p>Gaudino said the compensation adjustments were possible due to the implementation of a series of emergency measures required to absorb a cut in state support of more than 50 percent since 2009. Over the same period, CWU reduced staffing levels by more than 100 full-time employees. In spite of the personnel reduction, employees are serving 1,000 more students than in 2009. The university also has implemented strong financial management systems that provide the more precise information that is required to make strategic financial decisions.</p><p>Compensation adjustments for non-union classified staff will mirror those in union agreements approved by the legislature. The increases include a new step on the pay schedule for classified staff on July 1, 2013. About 155 employees who have been at Step L for six years will be moved to the new "Step M" for an increase of about 2.5 percent.&nbsp; On July 1, 2014 all classified staff will receive a 1-percent salary increase. In each of the next two fiscal years classified staff will receive a lump-sum payment if the university achieves Student Success Incentive Goals for enrollment, retention, diversity, and graduation rates.<br><br>"All of your hard work and commitment has ensured that Central continues to grow and sustain a strong student FTE," said Gaudino.&nbsp; "I wish there were some other way to say thank you but I do sincerely thank you for all that you have done and all that you will do."&nbsp;</p><p>Increases effective on July 1, 2013 will be realized in the August 25 payroll distribution.</p><p><strong>Media contact:</strong> Linda Schactler, executive director, CWU Public Affairs, 509-607-4103,</p><p>July 22, 2013</p></br></br>CWU improving Campus Applications and Technology (iCAT), 26 Nov 2012 10:44:23<p><img alt="" src="/financial-affairs/sites/" style="width: 160px; height: 160px; "></p><p>November 26, 2012</p><p>ELLENSBURG, Wash. — Central Washington University is taking a giant step forward in information technology with the launch of multiple initiatives collectively called iCAT (improving Campus Applications and Technology). The project devotes a group of consultants solely to the automation of key business systems, software enhancements that will assist the end user, and the development of a university "portal."</p><p>"By modernizing our day-to-day business processes and information, the university will ultimately increase efficiency," said CWU President James L. Gaudino, who said the project will be completed by about two-dozen consultants from CedarCrestone, a consulting, technical, and managed services firm, based in Alpharetta, Georgia, specializes in implementing Oracle systems for higher education. "We want to bring our workplace technology up to speed as quickly as we can without diverting employees from their regular work."&nbsp;</p><p>CedarCrestone staff will be situated on the second floor of the Brooks Library and in Bouillon Hall. Project manager Gene Shoda said iCAT will automate paper forms now used for travel, charge-credit, purchasing, timecards, and faculty workloads. Another part of the project will tackle the university's fiscal systems. Shoda said that CWU users will play an essential role in project design and development—before the technical work gets fully underway. CedarCrestone staff have already begun to analyze paper processes and to meet with CWU employees about process requirements.</p><p>"The goal is to standardize and streamline processes and procedures and, in the end, make user tasks easier and more efficient," said Shoda.&nbsp; "We’ll look at process requirements, best practices, and the technology available to simplify and automate work processes.&nbsp;</p><p>The overhaul will include the development of a university "portal," a single desktop window that allows individuals to access all campus systems and that individuals can customize for their own work or school needs.&nbsp;</p><p>"We already own the portal through our PeopleSoft license, we simply haven't had the time or resources to install it," said Gaudino. "The portal will be a kind of personalized gateway to information people need every day, from class schedules and financial aid accounts, to vacation balances and payroll information."</p><p>iCAT is part of a significant new user-driven approach to "enterprise systems," technology that affects information flow across campus. A new university Enterprise Team, that reports to Cabinet, will help the university ensure that systems recommended for purchase are compatible with the current and future technology needs as well as existing technology.&nbsp; The Enterprise Team, chaired by Director of Organizational Effectiveness Ed Day, includes a diverse group of academic and non-academic people, with an emphasis on those who understand CWU academic, student, and technology "systems."</p><p>The iCAT project is slated for completion by July 2014.&nbsp;</p><p>Media Contact: Linda Schactler, director, Public Affairs, 509-963-1384,<br>&nbsp;</p></br>