Palomar's finances analyzed for risk of fiscal insolvency

The following news article discusses the Financial Crisis Management Assistant Team's (FCMAT) study of Palomar's finances.

Of notable interest is that FCMAT was initially scheduled to conduct their analysis in early April of 2019. In fact, former VP of Finance Ron Perez and other Finance employees were working vigorously in the latter half of February to produce the many financial records FCMAT requires as part of their analysis*. By late February, the interview schedule between FCMAT and College officials was finalized and the College was working at full tilt to procure the required financials.

But then, communications went silent.

Why? One possible reason is that former VP Ron Perez was placed on administrative leave abruptly on March 1 (the circumstances of his departure remain highly questionable). There is no evidence in the e-mail exchanges that FMCAT was aware of his unceremonious removal.

When FCMAT reached out to the College again in early March after the eerie silence, it was Connie Moise who responded this time. Her short email simply stated that the College decided to postpone the FCMAT visit until a later date.

In early August 2019, VP Steven Garcia re-initiated the FCMAT visit, and FCMAT officials conducted their site visit last week. A formal report is expected in early November.

*I conducted a California Public Records Act Request from both Palomar College and FCMAT regarding all communications between FCMAT and the College. From e-mails procured from Public Records Act requests, it is evident that members of the Finance team were putting in many, many hours to get all of the financial documents to FCMAT. Based on the timestamps on these emails, it appeared to be the Finance team's primary focus for about a week in late February. In other words, the Finance department was very serious about getting this analysis.

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