Excerpt from the Wright State Guardian
The Wright State University (WSU) Board of Trustees met virtually at 9 a.m. on Friday, Oct. 23, to discuss monthly financial reports, investment reports and to approve expenditure contracts.
Director of University Fiscal Services Sommer Todd and Director of Treasury Services Steven Sherbet began the meeting by providing Trustees with finance reports, monthly cash flow reports and the committee reviewed year-to-date financial performances.
While highlighting WSU monthly cash flow and investment balances, Sherbet pointed out that WSU is expecting to end the fiscal year 2021 with a reserve balance lower than that of previous fiscal years 2019 and 2020. This downward sloping trend was shown on a bar graph to Trustees, showing reserves of $113 million in August and sloping down to $66 million by June.
“We are projecting an ending balance of $66 million in reserves for fiscal year 21,” said Sherbet. “This is of course lower than that of fiscal year 20 where we ended at $84 million, and of fiscal year 19 where we ended at $72 million.”
Reserves are expected to be depleted quickly over the next six months, and the trend of depleting reserves continues into July, however, Sherbet did not have an exact estimate of July’s balance on hand.
“It will dip down once again in July, before starting to go back up in August once tuition receipts for the following year come in,” Sherbet said. “Somewhere in the high $50 million to low $60 million range, I would predict.”
