ARKADELPHIA — Trustees for Henderson State University met Friday to hear President Glen Jones outline financial plans for the cash-strapped campus, then agreed to meet again next week for the "sole" purpose of considering Jones' employment contract.
Jones, 49, the university's president since 2012, told trustees that a high carry-forward limit for student balances and a “very poor collection process” contributed to cash-flow problems for the Arkadelphia campus.
He outlined plans to reduce the balance limit for students — previously at $4,800 — to as low as $200 by fall of next year, though he said discussion about the exact amount would continue. In the meantime, the limit has been set at $2,500 for this fall.
Just over two weeks ago, Jones requested a $6 million loan from the state. The state's top finance officer approved the zero-interest loan, which must be repaid by June 30 of next year.
Trustees on Friday expressed frustration at the recent events. After an executive session lasting about one hour and 40 minutes, the board voted to approve a motion for a meeting "for the sole purpose of consideration" of Jones' contract, board member Bruce Moore stated in the motion.
After the meeting, board chairman Johnny Hudson declined to comment.