Given that Calvin College Board of Trustees just recently became aware of the financial legacy left behind by the administration of former President, and now IOC's Chairman of the Board, Gaylen Byker.
Here's the lead in to the article published today:
GRAND RAPIDS, MI -- Calvin College faculty say they’re "bewildered" that past administrators pursued a business strategy that has left the college facing $115 million in long-term debt, with insufficient money set aside to cover the expense.
One question many faculty have on their minds: How was Calvin’s financial condition allowed to reach this point?
“How could this have been possible,” said Calvin history professor David Diephouse. “The former administration, the former president certainly had a reputation as someone who understood finances and business. He came from a banking background. And so I think there’s some bewilderment at the scope of the problem.”
The full article can be found at today's MLive.
IOC is already noted for a lack of transparency and misleading and/or "confusing" statements about its activities.
Apparently, COB Gaylen Byker fits right in with this philosophy, based on his responsibility for what was discovered at Calvin.
Connect the dots.
You continue to recycle this post from a month or more ago. It is not a current article in MLive. Current mgt. at Calvin has explained the balance sheet. The college has much greater assets than when Byker started borrowing to purchase them. You can look at many other colleges and universities who have become severely land-bound by office buildings and the like that they do no control, and then they cannot expand. Byker made it possible for the college to grow.
Some legacy! ha ha ha! Not that running a podunk college is an easy gig. I understand the faculty politics is pretty rough in some places but of course Calvin only hires people who all agree to go to the same frickin' church! Are they Mormons? LMAO!!!!!!!!!!!
Sentiment: Strong Sell
“Debt of $115 million for a college with $442 million in assets is within an appropriate range for colleges of our size and type,” Calvin President Michael Le Roy said in a summary of the task force’s report. “Though we are near the high end of where our debt threshold range should be.”