EDUCATION

Muncie Community Schools losing another CFO

Seth Slabaugh
The Star Press

MUNCIE — Bob Coddington, the chief financial officer of Muncie Community Schools, plans to submit his resignation at a school board meeting on Tuesday night, according to the agenda.

Chief financial officer Robert Coddington speaks with Superintendent Dr. Steve Baule before a school board meeting at the Muncie Area Career Center Friday afternoon.

He is the sixth person to serve as treasurer/CFO of the deficit-ridden school district in the past 3½ years (see list below). The position was also vacant for two months this year.

Steve Wittenauer, head of the private emergency management firm that took full control of MCS on Jan. 1, expressed surprise and "a little concern" over the resignation.

Coddington's exit "has nothing to do with" the state's takeover of the district, Wittenauer said.

"Bob's done a wonderful job getting things in place that need to be in place," Wittenauer said. "He's been terrific. He knows his stuff and has gotten the train back on the rails, so to speak."

As a result, the CFO position at the school district "is a lot more attractive job now than it was before this thing came up," Wittenauer added, speaking of the district's financial crisis.

Wittenauer's firm plans to name an interim CFO before posting the job opening and searching for a permanent replacement.

Coddington declined to comment on the resignation. He is scheduled to present revenue and expenditure projections for 2018, as well as ending cash balances for 2017,at the school board meeting.

In the general fund, Coddington is showing a year-end cash balance of negative $9,232,916, compared to a cash balance of negative $10,137,825 at the start of 2017. General fund receipts of $43.5 million, primarily state tuition support, exceeded expenditures of $42.6 million, in 2017.

Coddington took over as CFO at MCS in May, signing a contract for $550 per day inclusive of payroll taxes, etc., or $143,000 a year, based on a work year of 260 days like other central office personnel.

The contract's expiration was not specified. "Either party may terminate this Memorandum of Understanding at any time by giving the other party 30 days' notice," read the contract, which identifies Coddington as a vendor.

Coddington was business manager of Richmond Community Schools during 2005-2014. He quit as Wayne County auditor to become the treasurer/CFO in Muncie earlier this year. He is the sixth treasurer at the school district in recent years, according to the State Board of Accounts:

• Mark Burkhart, longtime treasurer's term ended June 30, 2014.

• Chip Mehaffey, July 1, 2014, to Dec. 31, 2014.

• Cheri Scott (interim), Jan. 1, 2015, to May 31, 2015.

• Deborah Wiilliams, CPA, June 1, 2015, to Jan. 10, 2017.

• Bruce Perry, Jan. 11, 2017, to March 7, 2017.

• Vacant, March 8, 2017, to May 10, 2017.

• Robert Coddington, May 11, 2017, to ?

Earlier, Coddington provided financial consulting to MCS in 2014, uncovering many of the irregularities that eventually resulted in the state takeover, according to school board President Debbie Feick.

►The resignation of Chip Mehaffey

►The real reason Chip Mehaffey quit

►The resignation of Bruce Perry

►The resignation of Deboarh Williams and hiring of Bruce Perry

►The hiring of Bob Coddington

►The return of Mark Burkhart as CFO vendor

Seth Slabaugh is an education reporter at The Star Press who can be reached at (765) 213-5834 or seths@muncie.gannnett.com.