INTERIM REPORT
IN RESPONSE TO EVALUATION TEAM RECOMMENDATIONS FOR REAFFIRMATION OF ACCREDITATION FOR SITE VISIT MARCH 23-25, 1999
VICTOR VALLEY COLLEGE 18422 Bear Valley Road Victorville, CA 92392-9699 760-245-427l ext. 2414
Date of Submission 3/28/00
Table of Contents
Letter of Acceptance of Interim Report
Response to Commission Action Letter and Team Recommendations
June 16, 2000
Dr. Nicholas Halisky
Superintendent-President
Victor Valley College
18422 Bear Valley Road Victorville, CA 92392
Dear President Halisky:
The Accrediting Commission for Community and Junior Colleges, Western Association of Schools and Colleges, at its meeting on June 4-6, 2000, reviewed the Interim Report submitted by the college. I am pleased to inform you that the report was accepted.
The Commission commends the college for obtaining analysis of its indebtedness by outside experts, and is reassured by the finding that "adequate provisions" have been made for the repayment of this debt. Noted also is the conclusion that "close monitoring" of institutional indebtedness is in order as the impact of interest rate changes is revealed.
All colleges are required to file a Midterm Report in the third year after each comprehensive evaluation. Victor Valley College should submit the Midterm Report by November 1, 2001. Midterm Reports indicate progress toward meeting the evaluation team's recommendations and forecast where the college expects to be by the time of the next comprehensive evaluation. The college also includes a summary of progress on college-identified concerns as expressed in the self study. Information about the Midterm Report is found in the 1997 Guide to Institutional Self Study and Reports to the Commission.
On behalf of the Commission, I wish to express continuing interest in the institution's educational programs and services. Professional self-regulation is the most effective means of assuring integrity, effectiveness and quality.
Sincerely,
David B. Wolf
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cc: Ms. Fay Freeman, Accreditation Liaison Officer
Board President
A scan image of the Letter of Acceptance can be obtained here
Interim Report Preparation
Under the leadership of Nick Halisky, Superintendent/President, an Accreditation Recommendation Implementation Plan was established as part of an ongoing monitoring process at Victor Valley College. Dr. Jim Pell, Vice-President, Institutional Infrastructure was designated to have the administrative responsibility for implementing the Recommendation for Standard 9C.1. The President's Cabinet, Accreditation Liaison Officer, President, Academic Senate, President, CSEA Chapter 584, Chairperson, Management Group, co-chairs of the self study, and other administrators, faculty, and staff were involved in the preparation, review, and approval of the Interim Report. The District retained the services of Sutter Securities Incorporated to conduct the enclosed analysis of the indebtedness/investment. The Interim Report will be approved at the board meeting, May 9, 2000.
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Response to Commission Action Letter and Team Recommendations
Recommendation for Standard 9C.1
That the college conduct a thorough analysis of the institution's indebtedness and develop a plan that clearly demonstrates that the college will be able to liquidate its rather substantial Certificate of participation obligations.
The team recommends that the college retain the services of an independent financial advisory firm to review and evaluate the financing strategies of the college. Although the District's auditors identified no exceptions in their report with regard to the college's long-term debt, the team was unable to verify a plan for paying off the long-term debt incurred by the use of Certificates of Participation. The resulting report should include the history of financial indebtedness of the District, the current level of indebtedness, and the District plans for repayment. This advisory team should have expertise in Certificates of Participation, investing, and auditing. A report of the findings should be submitted to the ACCJC no later than a year from the date of acceptance of this report and recommendations by the Accrediting Commission.
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Sutter Securities Incorporated, an independent financial advisory firm, has conducted a thorough analysis of Victor Valley College's long-term indebtedness/investment. Enclosed is the program analysis of the Certificates of Participation Bond which includes the history, comparison of assets and liabilities, and projected repayment scenarios based upon average variable interest rates on a per annum basis. As concluded by Sutter Securities Incorporated, the District has made sufficient provisions for the repayment of the 1997 Certificates of Participation. With the safeguards in place, and interest remaining low, this program has become a major asset to the District.
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