CSU to Restructure Foundation Board in Light of Anticipated Cuts in State Funding
According to a Chicago State University (CSU) spokesman, the current economic climate and limited funds available from the state of Illinois, has led the CSU Board of Trustees to the restructuring of the CSU Foundation, a non-profit entity governed by its own set of board of directors, that is responsible for raising funds for the University's advancement.
The Foundation restructuring could mean some or all of the current 23 board members would be eliminated.
CSU has had a contract with this current Foundation since 1983 that is set to expire June 30, 2015.
A statement from CSU claims the University reached its decision after thorough review and found that “the current foundation has not met fundraising expectations.”
“The economic climate has changed since (1983) then,” CSU spokesperson, Tom Wogan told the Chicago Citizen Newspaper on Monday. “We’re in the early stages of how the new board will be structured but it will include members from the community, people with backgrounds, in community development, communications, education etc., pretty much like the current makeup in terms of background.”
Moving forward, the University intends to reestablish a Foundation as a body that is self-sustaining and will maximize outside revenue for the long-term benefit and enhancement of the CSU development, enrollment and retention.
“Both internal and external stakeholders have challenged CSU to bring in more external dollars as a means to lessen the reliance on public funds and to increase student scholarship opportunities for the benefit of the overall CSU enrollment,” said Wogan.
When asked if negative factors led to the decision to restructure the Foundation, Wogan said:
“No. What necessitates the restructure more than anything is the pressure to bring in more dollars The Illinois Board of Higher Education has told public universities to prepare for 10 percent reduction in state funding this fiscal year and a 30 percent reduction next fiscal year.”
According to a Nov. 24 article printed in the Illinois Review, James Applegate, executive director of the Ill. Board of Higher Education, issued the “bad budget news” following a meeting with Ill. Gov.-elect, Bruce Rauner’s budget transition team.
Rauner takes over as Gov., 12 days after the 2011 temporary tax increase rolls back from its current 5 percent to 3.75 percent, punching an estimated $2 billion hole in the state’s current fiscal year budget, dropping revenues in the fiscal year 2016 budget by an estimated $4 billion, according to the Illinois Review article.
“Hopefully the new Foundation will bring in more money that generally comes in from alumni, charities and the community,” Wogan said.
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