Thursday, December 12, 2024
Pennsylvania College of Technology’s Board of Directors on Thursday accepted the audited financial statements for Fiscal Year 2024 and authorized a list of banks to serve as depositories of college funds.
The board also heard presentations for the internal Governance Annual Report and an overview of the college’s Army ROTC student experience.
The board has a fiduciary responsibility to accept the college’s independent audit on an annual basis. Jon A. Nichols, executive director of finance/controller, reported on the audit performed by Baker Tilly. The college received an unmodified audit opinion for the fiscal year that ended June 30, 2024 – the highest level of assurance given in an audit.
The board authorized the college to enter into agreements with 11 banks as depositories of college funds. Suzanne T. Stopper, senior vice president for finance/CFO, said for optimal financial management, the college seeks to make informed decisions about its banking relationships through an evaluation process. Approved banks are:
• C&N Bank
• First Citizens Community Bank
• First National Bank
• Fulton Bank
• Jersey Shore State Bank
• Journey Bank (Muncy Bank and Trust merged with Columbia Bank)
• M&T Bank
• PNC Bank
• Susquehanna Community Bank
• Truist Bank
• Woodlands Bank
Nicole S. Warner, chair of College Council, provided the board with highlights of the 2023-24 Governance activities. They include completing a full revision of bylaws, to be voted upon in January; beginning monthly meetings between the College Council chair and President Michael J. Reed; creating a biannual online newsletter to keep the college community apprised of Governance issues, concerns and discussions; and revamping the myVoice procedure, including more in-depth discussions at College Council meetings, to determine whether responses are deemed sufficient.
Additionally, the Elections and Communications Committee worked closely with the office of People & Culture to increase engagement with new employees. The committee also completed a successful general election in the spring and filled nearly all positions.
Anthony J. Pace, associate vice president for enrollment and academic operations, and Cadet Michael Giordano, a construction management student from Palmyra, presented on the college’s Army ROTC program, which is part of Bald Eagle Battalion. The battalion also includes Lycoming College, Lock Haven University and Mansfield University. There are 26 cadets from Penn College, representing 53% of the battalion, Pace said.
There are three types of cadets in the program, Pace explained: Enrolled – currently enrolled in ROTC program to try the experience, or pending a scholarship or contract; Contract Scholarship – currently contracted with a scholarship that covers tuition and fees; and Contract Non-Scholarship – currently not receiving a scholarship but contracted and receiving a monthly stipend. ROTC cadets also receive priority scheduling.
Penn College leads Bald Eagle Battalion, with 10 of 26 cadets having been awarded scholarships. In addition to scholarship and stipend benefits provided by the U.S. Army, the college provides benefits to all levels of cadets. All contracted cadets receive free room and board.
Giordano, who also serves as a battalion commander, told the board he transferred to Penn College after attending West Virginia University. Having his housing costs paid for by Penn College greatly influenced his decision. He also discovered an academic major he could “be passionate about” and found the support provided by his fellow cadets to be “almost like a family.”
In his comments to the board, Reed said enrollment drives nearly all operations of the college, which showed record enrollment growth in Fall 2024. Total enrollment rose 6% (8% from two years ago). The president also noted that, while it is early in the admissions process, the college has received 3,890 applications from new or transfer students for Fall 2025 – an 11%, increase, year-to-date. Deposits already total 490, representing a 36% increase to date over last year. Reed attributed the gains to a relentless, multifaceted effort involving all stakeholders.
Reed said Nate Woods, special assistant to the president for inclusion transformation, will move in January to a new position: executive director for student wellbeing and inclusive excellence, serving as a part of the Hudock Center for Academic Excellence, with Counseling Services reporting through him.
Work continues to progress on a Habitat for Humanity home at a Fifth Avenue property donated to Greater Lycoming Habitat for Humanity by the college. By the end of the Spring 2026 semester, the “Penn College Build” will incorporate classes from at least six Penn College majors and result in a sustainable, energy-efficient home for a low-income family – who, when selected, will contribute to the volunteer building efforts and pay an affordable mortgage. Reed said students are “making exceptional progress on the home.”
The president said College Relations had an extraordinary first half of the fiscal year, securing $7.4 million for lab equipment, software and scholarships.
He noted that state Department of Conservation and Natural Resources Secretary Cindy Adams Dunn visited Williamsport on Wednesday to announce a $649,900 grant to Lycoming County that will support Phase 1 of the development of the Susquehanna River Walk Extension, a recreational resource that will benefit the community, including Pennsylvania College of Technology students and employees. She toured labs on campus following the press conference.
In his remarks, Board Chair Sen. Gene Yaw noted that Dunn was highly impressed by what she saw on the tour. He also referenced some programs being waitlisted already for Fall 2025, and said solutions to that situation are being addressed.
The next regularly scheduled meeting of the board is Feb. 6.
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