On Monday afternoon, the Frank Phillips College Board of Regents unanimously approved an employment contract for FPC President Dr. Jud Hicks, effective April 18 and running until July 31 of 2012.
After serving as the interim president since December, the Board of Regents officially named Dr. Hicks as the new college president during its April meeting.
Prior to becoming president, Dr. Hicks served as the college’s Chief Financial Officer (CFO), a position he had held since 2002.
With Dr. Hicks making the move from being the CFO to president, there were concerns by the board to make sure adequate internal controls were in place to protect against improper conduct.
Jerry McMillon, of Connor-McMillon-Mitchell-Shennum Certified Public Accountants and Consultants, came before the board to provide a risk assessment on having Dr. Hicks serving as the College President and CFO.
In looking at the college’s guidelines and procedures, McMillon told the board that there are good systems in place to guard against potential misconduct and that overall there isn’t a need for the college to make a lot of changes.
The biggest concern McMillon shared with the board is the perception it can give to the public of having Hicks serving as both roles of the College President and CFO.
In a move to help serve as a check and balance over the college’s finances, it was requested to have Bridey McCormack, the college’s Director of Accounting, start attending the monthly Board of Regents meetings and encouraging her to approach board members if there are concerns over the college’s finances.
In overseeing the public funds of the college, the board took action during Monday’s meeting to appoint Ms. McCormack as the College’s Public Funds Investment Officer.
Also during the meeting, the board approved a new President’s Compensation Policy and Presidential Compensation Authorization Form which states that “presidential compensation including pay is specifically authorized by the Board of Regents of Frank Phillips College and no other party or individual.” If the board approves changes to existing pay, the Board Chair will complete a President’s Compensation Form along with the signatures of the Board Chair and Board Secretary.
The form would be submitted to the Director of Accounting and the President in order to provide signatures indicating their agreement before being presented to the College’s Payroll Accountant to process.
Prior to going into the meeting’s agenda, the College and Board of Regents recognized Otis McClellan, who had served on the Board of Regents from 2003-2011 before stepping down earlier this year, for the time he served and his support for the college.