Higher education notebook
ASU System sets cash-reserve policy
MALVERN — Arkansas State University System trustees approved Friday a policy on how much cash its schools must maintain in reserve.
System President Chuck Welch said the policy formalizes an ongoing practice. The policy outlines a formula for schools to use and requires schools to have enough cash on hand for 60 days of operation in order to avoid being considered fiscally distressed. Schools also must have an annual “Primary Reserve Ratio” of 0.25 to 0.50, when dividing assets by expenses.
Trustees adopted the policy without opposition.
The practice has become policy as the system is attempting to merge with financially troubled Henderson State University, which wouldn’t have adequate cash on hand under the new policy.
In December, HSU reported having enough cash to cover expenses for only seven days.
Welch told trustees Friday that HSU has made great strides since the ASU System began working on its finances under an agreement reached in July.
A $6 million advance from the state may take years to pay back, he said, and the system is working with lawmakers on a payment plan.
He additionally expects a third-party audit report in the coming months for HSU, and he plans to have a permanent president in place by May.
Scholarship’s name will honor trustee
MALVERN — A $100,000 scholarship endowment for Arkansas State University will bear the name of Arkansas State University System Trustee Christy Clark.
Clark’s husband, William, surprised her Friday at the system’s board of trustees meeting in Malvern with the announcement and a bouquet. It’s in honor of Clark’s 50th birthday later this month.
“I’m just overwhelmed by this,” Clark said.
Tearing up, she said she was honored to be a trustee and looked forward to continuing her service. Her term expires in January 2023.
The scholarship is for students from Woodruff County. Clark is from McCrory, which is in that county.
Beyond that, Clark can determine additional eligibility criteria.
The Clarks pledged $60,000 to the University of Arkansas, Fayetteville for an Advance Arkansas scholarship in January. William Clark is a UA alumnus. Christy Clark graduated from ASU in 1992.
UAM dorm in plans for music students
Music students will have their own dormitory at the University of Arkansas at Monticello starting in the fall.
Royer Hall will be remade into a co-educational dormitory exclusively for choral and instrumental music students, the university announced last week.
Preference will be for music majors, but students enrolled in music courses who are not majors can apply to live there.
It will be the first music-only dormitory in Arkansas, according to the university’s announcement. It will house 120 students and have “nine practice rooms with acoustical panels, a listening lab, study areas, and a lounge.”
The school is developing a learning community within in the dormitory for the music programs the university says put the school on the map. The news release notes that the school’s jazz ensembles, including UAM Band One Ensemble, “have been recognized on a national scale and are often invited to perform around the country.”
“We think this is not only a great recruitment tool as we continue to sign top-ranked musicians from around the region, but also a wonderful retention tool for our current music students,” Justin Anders, chairman of the UAM division of music, said in a news release.