The brief answer - from what I've heard - is basically yes, although not on a real overt level. There have been some racial undercurrents on campus for a while now, and I think there are a number of students that are feeling marginalized - not necessarily by the administration or campus policies, but on the seeming lack of pro-activeness of the administration. We saw things start to come to a head with the frat incident last year. The reaction now isn't to the racist graffiti as a standalone issue, but basically a culmination of things with the graffiti being the straw that broke the camel's back. This one incident and the response shouldn't be looked at in a vacuum.
As for the graffiti itself (second hand info) - the N word appeared several times, along with slurs against Asians and several minority student's names called out specifically. Pretty ugly stuff. Perhaps some of this is a result of declining academic standing and rising "party school" status. I know Kent hates that label, but what is the school doing to change the profile of admitted/incoming students?