Annual Financial Update

Summary

• Fiscal Year 2025 Results (The Good News): The university achieved a remarkable turnaround, swinging from a $9.9 million deficit in Fiscal Year 2024 to a $4.8 million surplus in Fiscal Year 2025 – nearly a $15 million improvement. Revenues exceeded budget by $10.2 million, though expenses also ran over by $5.4 million.
• The Central Challenge: Kent State faces ongoing structural budget deficits of $5 million to $9 million annually because inflationary costs are outpacing revenue growth from tuition, housing and state funding. This isn’t a one-time problem but a continuing reality for at least the next five years.
• Key Budget Pressures:
  • Enrollment has declined 17.1% over the past decade (from 41,005 to 34,012 students).
  • Healthcare costs are surging, especially pharmacy expenses (up 14.8%).
  • Student aid has increased 197% over the past decade due to competition.
  • Property insurance costs have jumped 377% in eight years.
  • Deferred maintenance exceeds $398 million, with 77% of buildings built before 1990.
• Fiscal Year 2026 Budget: Approved at $722.9 million (up 2.7%), the budget for Fiscal Year 2026 required over $13 million in expense cuts to balance it. The university implemented a hiring freeze, reduced travel and supplies, reorganized units and still managed to provide 2% wage increases for non-represented staff.
• Cost-Reduction Strategies: Since 2017, the university has implemented employee separation plans, strategic hiring practices, healthcare redesign, debt refinancing, shared services and energy savings measures.
• Looking Forward: The university maintains strong credit ratings (Aa3/AA-) and remains financially stable but must continue reducing employees and physical space to match declining enrollment while preserving its mission of academic excellence and student access.

Dear Members of the Kent State University Community,

Here is the quandary I face as I compose this annual budget message: how to celebrate our tremendous success in eliminating last year’s deficit of nearly $10 million while at the same time explaining that for structural reasons we will continue facing real budgetary challenges for at least the next five years. In any normal year we … I … would be crowing about our nearly $15 million turnaround from a deficit in Fiscal Year 2024 to a modest fund balance when we closed Fiscal Year 2025 in June. Indeed, this is a major accomplishment, especially when we compare ourselves to other universities in the state and nation.

Thank you, each and every one of you, for your collaboration in this amazing effort.

And yet, celebrating our success without acknowledging our ongoing challenges would be dishonest of me. Because inflationary costs continue to outpace both our revenue increases from tuition, room and board, and the State Share of Instruction (SSI), we begin each and every budgetary planning year confronting a potential deficit between $5 million and $9 million. Clearly, we must find new ways to reduce annual expenses just to have a balanced budget.

To borrow a popular phrase, our financial challenges are not “one and done.” They are ongoing, they are structural, and I understand fully the anxiety this produces among members of our community as we adjust procedures, lower expenses and, in full transparency, as we continue to reduce employee numbers (mostly through attrition) in the wake of enrollment declines and constrained state funding.

Nevertheless, I am not discouraged. We’ve got this, in the sense that careful five-year budget forecasting provides clarity to what we need to do to avoid annual deficits. Through it all, we will strive to be the most supportive and generous employer possible and the most supportive institution for our students. Uncertainties abound, but so too does our commitment to our Kent State community. That’s just what we do, year in and year out, at our institution, and I thank you for what you contribute to our success in staying committed to being an institution of access that is not just for the fortunate few but also for the meritorious many.

Fiscal Year 2025 Performance Results

Executive Summary. In September 2024, the Board of Trustees approved a balanced budget for Fiscal Year 2025 with proposed revenues of $703.6 million and expenses of $703.6 million, a $16.1 million (or 2.3%) increase from the prior year. We ended Fiscal Year 2025 (July 1, 2024, through June 30, 2025) with a $4.8 million university-wide operating budget surplus, which is equal to 0.7% of our budget. While we celebrate the $14.8 million swing from the prior year $9.9 million deficit, we still fell short of the annual target of a 1% surplus. In total, our revenues exceeded our budget by $10.2 million, and our expenses were over budget by $5.4 million. 

The budget surplus was driven by positive balances of $2.9 million at the Kent Campus, $1.1 million in the Kent Campus Auxiliaries and $3.1 million at the Regional Campuses, with an offset from a $2.3 million deficit at the College of Podiatric Medicine.

As per standard accounting practice, any year-end budget surplus or deficit is applied to the respective college or unit fund balance and carried forward as one-time funds.

Revenue Summary. Total revenues were $713.8 million, $10.2 million higher than the $703.6 million we had budgeted. Actual tuition and fees, which account for 57.9% of the university’s operating revenue, were $413.9 million, $7.3 million (or 1.8%) higher than the budget of $406.6 million, due to higher than budgeted enrollment at both the Kent Campus and Regional Campuses. These were offset by noticeably lower than budgeted enrollment at the College of Podiatric Medicine. Over the past 10 years, total enrollment declined from a headcount of 41,005 in fall 2015 to 34,012 in fall 2024 (down 17.1% for that period).

For academic year 2024-2025, the Board of Trustees approved the following tuition increases: 3% for the Tuition Guarantee Model for incoming first-year students, an amount which will remain constant during their four years at Kent State; 0% for continuing undergraduate students not on a Tuition Guarantee (those who started prior to fall 2018); and 4% in graduate student tuition and the surcharge for non-Ohio residents.

The state’s subsidy of public higher education, known as the State Share of Instruction (SSI), constitutes 21.9% of our university operating budget and, as is the case in most states, is awarded entirely based on student outcomes (courses passed and degrees awarded) rather than strictly on enrollment. Our commitment to student success generates additional state funding when we outpace our peer universities in Ohio.

The SSI allocation for Fiscal Year 2025 was $156.5 million, $1.7 million lower than the budget. Upon further analysis, we continue to experience reductions in SSI due to increasing enrollments and degree completions at other institutions. For example, Ohio State University and the University of Cincinnati had degree completion growth during the past three-year time period driven by their significant enrollment growth.

This represents a shift of funding from access-focused institutions to more selective institutions. Note that Ohio State and the University of Cincinnati combined receive more than 42.6% of the total SSI allocation annually. So as they grow and increase course and degree completions, the pool available to the other institutions shrinks because SSI is a “fixed pie” amount, meaning increases at one school reduce amounts at other schools with lower results. As SSI is allocated based upon performance, continuing our commitment to student success provides an opportunity to realize more revenue if we outperform our peer Ohio institutions in terms of course and degree completions.

Income on our investments (not on funds managed by the Kent State University Foundation) performed well in a highly volatile market. The diversification of the investment portfolio and focused oversight applied with our investment advisors delivered positive results. We ended the year with investment income (both realized gains plus market appreciation) of $26.0 million, allowing us to achieve our budgeted $15.35 million of investment income to support operations.

Revenue generated by the university’s auxiliary units (think housing and dining, the bookstore and the like) was $110.4 million, $2.8 million higher than the budget of $107.6 million. Revenues generated by University Housing were nearly $1.0 million (or 1.9%) higher than budget due to a slightly higher room occupancy than planned (actual 5,898 beds compared to budget of 5,623). University Culinary Services exceeded budgeted revenue by $2.4 million, with 6,499 meal plans sold compared to its budget of 6,440 meal plans plus increased cash sales, and Parking Services generated nearly $500,000 more than originally budgeted. These increases were offset by $500,000 lower than budgeted revenue in the Department of Intercollegiate Athletics due to less revenue from sponsorships and less revenue from the Kent State University Foundation.

Expense Summary. Delivering a balanced budget continues to be our bedrock principle to preserve the university’s sound financial position. As mentioned earlier, actual expenses were over budget by $5.4 million, but fortunately revenues were also over budget.

Salaries and wages totaled $316.8 million, $7.5 million (or 2.3%) lower than the budget of $324.3 million due to the hiring freeze that was implemented in October 2024. We have been able to deliver on our philosophy of maintaining lower staff counts while supporting our staff with competitive wages, benefits and work-life balance/enhancements. This is evidenced by four consecutive years of competitive wage increases for non-represented staff (3% in 2022 and 2023, and 2% in 2024 and 2025). We continue to hold the line on our faculty and staff headcounts (566 fewer faculty and 559 fewer staff compared to Fiscal Year 2017) while continuing to increase wages and benefits for our most valued assets – our people.

Our benefits expenses, which represent 18.4% of the annual budget, consist of expenses such as healthcare, pharmacy, disability, retirement, leave time, tuition waiver, workers’ compensation and Medicare. Benefits expenses were $129.6 million, $2.4 million (or 1.9%) higher than the budget of $127.2 million. In building the budget, we discovered that not all units had budgeted benefits at the true rate, which we have corrected going forward.

We continue to see escalating costs for medical and pharmacy claims, which the university must fund since we are self-insured. Medical claims were $4.4 million more than the prior year due to pharmacy expenses increasing 14.8%, which were driven by significant price inflation and an increase in prescriptions for specialty drugs. Before the pandemic, expenses for pharmacy claims represented approximately 17% of the total healthcare plan expenses. This past year, it was nearly 32%. We are analyzing these costly trends and are developing strategies to combat this unsustainable rise in healthcare expenses. In addition, the expense related to tuition waiver usage for employees and dependents increased by nearly $1 million.

Student aid awarded in the form of merit scholarships and need-based aid was $97.3 million, $3.9 million higher than the budget of $93.4 million. Competition for students has always been fierce in Ohio, and with the state’s declining number of high school graduates, that competition has become even more pronounced and expensive. Our budget for student aid has increased 197% over the past decade as we continue to balance merit- and need-based scholarships in alignment with our strategic enrollment goals and our fierce commitment to access and affordability. Our Flashes Go Further Scholarship Program supports Kent Campus students with the highest levels of financial need so that these students will not have to borrow money to pay for tuition and general fees. Nearly 25% of our incoming first-year students are generally eligible for this program. During Fiscal Year 2025, we also experienced higher-than-budgeted scholarship costs within athletics and the College of Podiatric Medicine and for the waiver related to international students in partner programs.

The university’s auxiliary operations, primarily University Housing, University Culinary Services and the Department of Intercollegiate Athletics, continue to sustain normal modes of operation, offering modern, comfortable residence hall accommodations; healthy dining options in clean, energetic spaces; and active NCAA and Mid-American Conference competition. Overall auxiliary expenses totaled $110.9 million, $1.2 million (or 1.1%) higher than budget as a result of sustained inflation on the costs of food, supplies, materials and travel for athletics teams.

All other non-auxiliary, non-personnel expenses (supplies, utilities, repairs and maintenance, postage and rentals) totaled $56.5 million, approximately $7 million (or 14.1%) higher than the budget of $49.5 million, the direct result of continued inflation throughout the year, plus repairs and maintenance expenses exceeding budget by $4.5 million. Repair costs, coupled with the aging physical infrastructure on our campuses, require extensive resources. Nearly 77% of our campus buildings were built before 1990, and our current estimated deferred maintenance cost exceeds $398 million. Over the past year, we undertook an evaluation of our future space needs, and we began developing an actionable plan to reduce physical space (mothballing and demolition). We will focus on discontinuing use of buildings that are underutilized or have significant deferred maintenance. In the most recent state biennium budget bill, a funding provision was included for space reduction and demolition on higher education campuses. The Ohio Department of Higher Education is currently establishing application parameters, and we hope to receive a portion of the funding to assist with our space consolidation plan.

We also completed our strategic capital projects in Fiscal Year 2025 with Crawford Hall, the new home of our Ambassador Crawford College of Business and Entrepreneurship, opening in time for the 2024 Fall Semester. The renovated space for the Marching Golden Flashes also opened during the year. In Fiscal Year 2025, the university spent $51.7 million on construction and renovation projects funded by several sources, such as university facility funds, previously appropriated funding from the state, bond proceeds and donations.

Our annual expenses also included paying down long-term debt. Over the past eight years, we refinanced bonds four times, saving an average of $2.6 million per year, and restructured our debt service to reduce payments for 2023 through 2027 by $8 million per year. In February 2025, we completed the second phase of our debt restructuring, which delivered $4.0 million in net present value savings and strategically leveled out our debt service. Nevertheless, our debt service payments continue to be a considerable expense to the university, totaling $27.4 million ($13.8 million in principal and $13.6 million in interest payments).

Other Observations. Since 2017, we have implemented a series of cost-reduction strategies to counter declining revenues resulting from decreased enrollment. These efforts have included:

• Employee and faculty separation plans (2017, 2018, 2020, 2021 and 2022)
• Strategic hiring practices and position control
• Lowered investment management fees
• Redesign of the healthcare plan
• A comprehensive office print initiative
• Energy cost reductions through performance contracting and sustainability measures (solar, geothermal and recycling)
• Shared services in facilities operations and information technology
• Innovative sourcing strategies, including group purchasing and reverse auctions for electricity
• Refinancing and restructuring of debt

Together, these initiatives have played a critical role in maintaining financial stability.

Our careful stewardship yielded a state of Ohio financial health score of 3.1 on a 0-5 scale. This financial score is a statutory measure of financial health comprising three key ratios: primary reserve, viability and net income. The Fiscal Year 2025 score remained at 3.1 for the second year, down from the Fiscal Year 2023 score of 3.6 as we intentionally used one-time funds to finance Crawford Hall, the Aeronautics and Engineering Building expansion, and the Marching Band Practice Facility instead of issuing debt during a time of rising interest rates. Our score for Fiscal Year 2025 shows that our reserves are sound and our remaining debt is reasonable. However, we must continue to align expenses to projected revenues and carefully and strategically steward the spending of one-time funds.

Other independent, external measures of our university’s financial health are provided by the Moody’s and Standard & Poor’s ratings agencies. During January 2025, Kent State received an updated credit analysis resulting in affirmed ratings of Aa3/Stable Outlook (Moody’s) and AA-/Stable Outlook (Standard & Poor’s), both investment grade but with a negative outlook, which reflects declining financial resources due to funding of the facilities master plan from cash on hand.

The reported strengths of our rating include enrollment growth for two consecutive years, maintenance of R1 research status, the university’s governance and management team, a very strong financial risk profile with satisfactory wealth and liquidity, size of the university, geographic diversity and debt profile (no new debt and paying down principal). Offsetting factors were noted as well: thin operating performance compared to peers, weak revenue diversity, highly competitive Ohio higher education landscape, selectivity rate (below median) and unfavorable student demographic pressures. We continue to work toward increased cash and investment balances and balanced budgets in an effort to return to a stable outlook.

Fiscal Year 2026 Approved Budget

Executive Summary. Our budget of $722.9 million is an increase of $19.3 million (or 2.7%) from the prior year’s approved budget. We continue to confront a difficult situation created by higher inflation and low (less than 1%) annual increases in funding from the state of Ohio. Because of this, we had to cut over $13 million in projected expenses to balance the budget. This reflects the reality that our revenues are not keeping pace in this inflationary environment. 

We rely on our five-year financial forecasting model for budget planning purposes. Based on realistic assumptions – including flat enrollment, slight tuition increases for non-Tuition Guarantee students, 8% healthcare inflation, maintaining current staffing levels, competitive wage increases, fully funding expected student aid and no new debt – we project an annual deficit of nearly $24 million by the end of Fiscal Year 2029 unless we reduce expenses and increase revenues. 

This forecast allows us to develop annual budget balancing actions and provides time to meaningfully and deliberately engage stakeholders in solutions, rather than making reactive, abrupt budget cuts in an uninformed and non-strategic manner. We all recognize that without careful planning and management of our financial resources, our university can quickly fall victim to an accelerated structural budget deficit.

We considered the following guiding principles as we worked through the Fiscal Year 2026 budget development process:

• Continue the hiring freeze.
• Reduce spending through reorganization, shared services and cost containment.
• Reduce complexity within the budget.
• Allocate realistic budgets and hold units accountable for staying within budget.

In September 2025, the Board of Trustees approved a balanced budget of $722.9 million in revenues and $722.9 million in expenses, which is $19.3 million (or 2.7%) higher than the Fiscal Year 2025 approved budget.

Revenue Summary. Tuition and fee revenue is budgeted at $419 million, $12.5 million higher than last fiscal year, based on minimal tuition increases, a projected 1.4% decrease in enrollment at the Kent Campus (-319 Full-Time Equivalent or FTE) and a projected 0.4% increase in enrollment across the Regional Campuses (+25 FTE). Fall 2025 tuition and fee increases authorized by the Board are as follows: 3.0% for new first-year Tuition Guarantee students (which is then frozen for four years) and 3.0% for graduate student tuition and the non-resident surcharge. These tuition increases, as well as the incremental revenue they provide, are modest in comparison to the ongoing inflationary pressures impacting our operating expenses.

Our focus on strategic enrollment management continues, and the great work done by all continues to mitigate the ongoing demographic and regional shifts that are negatively affecting our enrollment trends. Our retention rate (the percentage of first-year students who return for the sophomore year) declined noticeably during the pandemic but continues to improve as we work with our students to provide the support services they need to persist and graduate. The retention rate declined at the Kent Campus from 82.0% in fall 2024 (the highest ever was 82.2% in fall 2015) to 79.5% in fall 2025 but increased at the Regional Campuses from 53.5% in fall 2024 to 57.0% in fall 2025. We welcomed 4,023 new first-year students at the Kent Campus and 1,314 new first-year students at the Regional Campuses in fall 2025. The Regional Campuses’ first-year enrollment was the highest since 2021. The fall 2025 entering class on all campuses includes a significant percentage of first-generation students (34% at the Kent Campus and 57% at the Regional Campuses).

We continue to remain committed to access through need-based student aid by fully funding the Flashes Go Further Scholarship Program, which covers unmet financial need for tuition and fees for students and families with incomes of $75,000 or less. Nearly 25% of the entering first-year students on the Kent Campus qualify for this highly valuable program that resonates with our university’s mission of access and affordability.

The funding we receive from the state of Ohio, or SSI, is budgeted at $156.8 million. This is consistent with the funding received in the prior year but includes a new component in the funding formula. The state of Ohio budget bill for the 2026-2027 biennium added a workforce component in the current year. This component allocates $100 million of the SSI based on employment outcomes at one year, five years and 10 years after graduation. This change in the formula resulted in a reduction of $0.3 million in the Fiscal Year 2026 SSI.

For the fifth year in a row, auxiliary revenues continue to grow, budgeted at $4.7 million (or 1.0%) higher than last year’s budget due to near-full occupancy expected in the residence halls and growing dining plan participation. For fall 2025, we welcomed 5,917 students into our residence halls, 19 more than last year, with annual dining plan sales increasing by 346 thanks to more sales to commuter students, faculty and staff. We expect our intercollegiate athletics revenue to decrease by approximately $400,000 for each of the next 10 years due to the settlement of the House v. NCAA class-action lawsuit. All other types of intercollegiate athletics revenues are expected to remain consistent. For example, ticket revenue is expected to be similar to the prior year.

We budgeted $14.6 million of investment income to support operating activities, a decrease of $0.7 million from last year. This assumption is reasonable considering that money market accounts continue to yield 4.56% interest and the projected Federal Reserve Bank’s reduction on the federal funds rate continues to be gradual. The $14.6 million is 2.0% of our total operating budget, with $13.6 million supporting the Kent Educational and General activities and $1.0 million in the Kent Campus Auxiliaries. While we continue to experience a volatile market, our investment portfolio is structured and managed well, highly diversified and positioned to deliver a competitive return.

Expense Summary. Balancing projected expenses to projected revenues has become increasingly difficult over the past several years given minimal incremental revenue projected for tuition increases and declining SSI, coupled with inflationary pressures that continue to impact our university’s operating expenses. In addition, we are now challenged by decreasing international enrollment – the result of U.S. embassies and consulates pausing interviews for student visas. As a result, we initially projected that over $10 million in expense reductions would be required to balance our Fiscal Year 2026 budget, but the actual required reduction exceeded $14 million.

We have budgeted for wage increases for non-represented staff and an inflationary increase in employee benefits, offset by fewer employees. We have also allocated an additional $2 million in base funding for repairs and maintenance due to continued higher costs and an additional $500,000 in base funding for advertising to enhance new student recruitment. We then reduced expenses as we balanced these expenditure increases by:

• Eliminating vacant positions
• Considering a vacancy factor due to the continuation of the hiring freeze
• Reducing travel and entertainment expenses
• Reducing supplies
• Reorganizing units to capitalize on normal attrition (resignations and retirements)
• Adjusting operating hours for service areas
• Renegotiating contracts for services or goods, such as the pharmacy benefits manager agreement
• Reducing print materials and mailings
• Reducing spending on temporary labor and consulting services
• Reducing spending on capital assets and equipment

Presenting a balanced budget has become more difficult with each passing year but is necessary to avoid a deficit budget, which could grow into a structural budget deficit in future years.

Even in this challenging environment, we approved a 2% wage increase for all non-represented staff in recognition of their hard work and dedicated service. For Kent State’s bargaining units (the Kent State United Faculty Association and the American Federation of State, County and Municipal Employees), wage increases will follow the respective contracts as negotiated.

The budgeted expense for employee benefits (retirement, medical, leave time, workers’ compensation and the like) is $133.8 million, $6.6 million (or 5.2%) higher than last year. Healthcare costs drive our expenses, and therefore, our duty from a fiscal stewardship perspective will be to emphasize quality and affordable healthcare benefits while, at the same time, developing strategies for combating inflationary factors that could render these vital benefits financially unsustainable.

Student aid, which comprises both merit-based scholarships and need-based aid, is budgeted at $92.1 million. Access and affordability continue to define who we are, evidenced by our funding the Flashes Go Further Scholarship Program. Additional external funding sources, such as the Ohio College Opportunity Grant and the Federal Pell Grant, help us maintain accessibility, so we continue to watch any proposed changes in these programs to assess the impact on the students and the university.

Inflation on non-personnel expenses weighs heavily on our budget forecasts and offers another reason why we must continue reducing annual expense growth to deliver balanced budgets. In addition to the continued increase in the cost of pharmacy and medical claims, other expense categories continue to experience stubborn inflation. Insurance costs (property, casualty, liability, travel and cybersecurity) continue to increase. The cost of property and casualty insurance for the university grew 377% over the past eight years – from $900,000 per year in Fiscal Year 2018 to $4.3 million in Fiscal Year 2026. The list continues across all expense areas of our university budget, including food and consumables for food service locations, fuel for our vehicles, technology costs, repairs and maintenance supplies, and construction costs. The more we must pay for these items, the fewer of these items we can afford to purchase in order to stay on budget. We must contain and reduce non-personnel expenses moving forward.

Now that the Board of Trustees has approved the Fiscal Year 2026 budget, our top priority is to effectively manage revenues and expenses to end the year in a balanced position.

Fiscal Year 2027: Looking Ahead

Executive Summary. Uncertainty continues regarding possible reduced state funding (operating and capital), further tuition restrictions, enrollment and demographic challenges, prolonged inflation and volatile investment markets. We must continue to look for ways to balance our expenses to our revenues while also finding ways to invest in strategic programs that will drive growth.

Based on our five-year forecast modeling, we will begin each year with a projected deficit of $5 million to $9 million. With the state budget set for Fiscal Year 2027, we know that tuition for the incoming cohort under the tuition guarantee will be capped at 3% and that the state appropriations pool will increase by 1%, which means that our allocation will probably be flat at best. Reliance on investment income at the current levels will continue to be challenging due to the expectation of declining interest rates in the coming years.

Expenses will continue to increase – annual wage increases, increasing costs of providing employee benefits, inflationary increases in technology and other contracts, and facility operations (utilities and maintenance repairs). Budgets must be balanced annually to ensure that a structural deficit is not created. We must continue the work under Transformation 2028, implement recommendations that will be presented in the space consolidation study to reduce physical space and operating costs, and utilize technology to optimize processes and staffing.

Our goal is to maintain our core mission – academic excellence, student access and research – while becoming more sustainable financially. We may have to make difficult choices, but we’ll do so thoughtfully, with strong engagement and transparency.

In Conclusion

If you have read to this point, I salute you! As I always say, for better or worse, you now have the same understanding of the nearly $723 million budget of Kent State as I do.

We begin every year of budget preparations in a $5 million to $9 million hole. Inflationary costs will outpace revenue increases from tuition, room and board, and state support. This means that we must continue to reduce expenditures, primarily by reducing the number of employees to match a decade-long slide in enrollment and by reducing the amount of space we occupy on our campuses.

I realize this sounds dire.

And yet, we are not in dire circumstances because we will continue the work we have been engaged in since 2017. In the past 30-plus years, Kent State has run only one annual deficit (Fiscal Year 2024), and we engineered an impressive $14.8 million turnaround in Fiscal Year 2025, even while universities around us continue to accrue annual operating deficits. This fiscal discipline forces us to make hard decisions, but it also gives us the flexibility to fashion multiyear expense reduction plans instead of having to fire scores of employees in the span of only a month or two.

In short, you have my full gratitude, all members of the Kent State community, for your patience, your cooperation and your wise counsel as we make our way through new realities.

Thank you, and Go Flashes!

Sincerely,

Todd Diacon
President