Robert M. Fisher III, vice president for business affairs, reported the College has once again received an unqualified clean audit opinion for its financial statements. Fisher said this marks the seventh consecutive year that auditors found no condition worthy of mention in a management letter. Fisher added the College has assets totaling $165 million and net assets of $74 million.
Dr. Gilmour thanked Board member Rep. Brett O. Feese for his efforts to secure an additional $500,000 in state grant funding for Penn College. The funds are earmarked for the purchase of instructional equipment, she added.
Larry L. Michael, associate dean for technology transfer, provided the Board with an update on the activities of the Technology Transfer Center over the past decade. The TTC, which started with just four employees in 1991, now employs 32 people. Michael noted revenues have risen from $140,000 in 1991 to $5.8 million in 2001. The TTC has trained a total of 46,065 clients over the past 10 years.