Rock Valley College Comprehensive Annual Financial Report ...

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ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511 HISTORY (Unaudited) (Continued) 2001 Three new academic programs, mass communications, dental hygiene, and graphic arts technology, were designed and prepared for offering in Fall 2001. The first phase (expanded seating and support facilities) of the Bengt Sjostrom Theatre was completed prior to the Summer 2001 Starlight program. The construction of the perimeter road connecting two sides of main campus was completed. The College sold $21.5 million in funding bonds to support Phase I of the Facilities Master Plan and defease a portion of the 1999 bond issue. The College sold the vocational programs property on 28 th Avenue and purchased the house on Springbrook Road adjacent to the main campus. 2002 The College completed Datatel conversion with implementation of payroll/human resources and general ledger modules. The College initiated a multi-year strategic planning process with the current year strategic plan tied to the annual operating budget. Phase II of the Bengt Sjostrom Theatre including the proscenium building was completed prior to the Summer 2002 Starlight program. The New Mulford Road entrance, athletic fields, and educational path were completed. 2003 The College sold $27.5 million in funding bonds to support Phase II of the Facilities Master Plan. Phase III of the Bengt Sjostrom Theatre was completed and the gala grand opening was held on June 10, 2003. Construction of the new Support Services Building (SSB) to be occupied by Plant Operation and Maintenance, Business Services, Human Resources, Public Safety and Financial Services was started. The College began construction of Parking Lot 8 and the Information Technology Microwave Tower Projects. Phase I of III of the Student Center Remodeling, which includes Levels 1 and 2, began. The College received a federal Integrated Skills Technology grant to retrain dislocated workers under the federal Workforce Investment Act. 2004 The College received a ten-year accreditation from the Higher Learning Commission of the North Central Association. The College completed construction of the new Support Services Building (SSB). Construction was completed on Phase I and Phase II, Level 1 and Level 2 of the Student Center remodeling. Construction began on Phase III of the Student Center addition. 81
ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511 HISTORY (Unaudited) (Continued) 2004 (Cont’d) The College sold $8.675 million in funding bonds to defease a portion of the 1999 bond issue. The College developed a multi-year Financial Planning Model to assist in the long-term strategic and financial planning of the College. 2005 Dr. Jack Becherer assumed presidency on November 1, 2004 as Rock Valley College’s fifth president. Rock Valley College partnered with Northern Illinois University, Rockford College, and University of Illinois College of Medicine at Rockford to develop the Higher Education Alliance for the Rock River Region (HEARRR). HEARRR is an alliance of four, non-profit, higher education institutions that share a long-term commitment to the vitality of the Rock River Region. Rock Valley College partnered with area manufacturers, research firms, and other higher education institutions to form the Eigerlab partnership as a venue for industry, education and government to focus on Advanced Manufacturing. The College began implementation of a shared governance model and held elections for the various Shared Governance Councils. Shared Governance is a collaborative process in which member groups of the college community participate in deliberations regarding college rules and procedures. In April, the final construction was completed on Phase III of the Student Center (Atrium) addition. 2006 The College sold $17.75 million in funding bonds to defease a portion of the 2000 bond issue. Rock Valley College Board of Trustees approved the ERC remodel construction project totaling $7.5 million. Approved funding for the project is as follows: $4 million from Life Safety funds, $1.5 million from existing bond funds, and $2 million from the Rock Valley College Foundation. The College established a new Certified Manufacturing Assistant program, a partnership initiative with Sauk (Dixon) and Highland (Freeport) Community Colleges. 2007 The $7.5 Million remodel of the Educational Resource Center (ERC) was substantially completed by the start of Fall Term 2007. The construction time frame was reduced from 26 months to 14 months. The dramatic reduction in construction time for the project was made possible by moving all library services to Building F and relocating all the library books to an off-campus storage facility. The College created an Honors Program to bring together exceptional students and faculty from a broad variety of disciplines. The Honors Program has been a success by keeping the class sizes small, offering 6 to 7 courses, and utilizing targeted recruitment. 82
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Rock Valley College Comprehensive A
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CONTENTS INTRODUCTORY SECTION 2007
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INTRODUCTORY SECTION
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Local Economy Changes in the local
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ROCK VALLEY COLLEGE ILLINOIS COMMUN
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FINANCIAL SECTION
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Comparative Analysis of Net Assets
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Fiscal Years 2007 and 2006 Financia
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The following is a graphic illustra
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Fiscal Years 2008 and 2007 Operatin
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The following are graphical illustr
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Salary expenses increased by $883,6
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Fiscal Years 2008 and 2007 Capital
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BASIC FINANCIAL STATEMENTS
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2008 2007 LIABILITIES Current liabi
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COMPONENT UNIT ROCK VALLEY COLLEGE
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Page 48 and 49: ROCK VALLEY COLLEGE ILLINOIS COMMUN
Page 60 and 61: UNIFORM FINANCIAL STATEMENTS #1 - #
Page 74 and 75: STATISTICAL SECTION (UNAUDITED)
Page 76 and 77: ROCK VALLEY COLLEGE COMMUNITY COLLE
Page 80 and 81: ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 82 and 83: ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 102 and 103: SPECIAL REPORTS SECTION
Page 111 and 112: ICCB COMPLIANCE STATEMENT FOR WORKF
Page 117 and 118: ROCK VALLEY COLLEGE ILLINOIIS COMMU
Page 119: ENROLLMENT DATA AND RESIDENCY REQUI
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