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            "text": "ACTION ITEM 10K",
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            "text": "KENTUCKY STATE UNIVERSITY BOARD OF REGENTS",
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            "order": 5,
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        {
            "id": "p164.6",
            "order": 6,
            "type": "text",
            "bbox": {
                "l": 33.6,
                "t": 574.56,
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            },
            "text": "Approval of the proposed corrective entries set forth on the attached “Proposed Correction for Prior Endowment Withdrawals.”"
        },
        {
            "id": "p164.7",
            "order": 7,
            "type": "heading",
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            "text": "FACTS",
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            "id": "p164.8",
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            "bbox": {
                "l": 33.12,
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            "text": "Kentucky State University has various endowment funds originally funded by donations from various external donors, Title III funds from the U.S. Department of Education, and appropriations or grants from the Commonwealth of Kentucky and the Kentucky Council on Postsecondary Education or its predecessor agency. The endowment funds have been managed by ARGI Financial Group since August 2019 and were previously managed by Fifth Third. The following spending distribution withdrawals were requested and received from Fifth and ARGI, and were allocated to the various endowment funds on a pro-rata basis:"
        },
        {
            "id": "p164.9",
            "order": 9,
            "type": "text",
            "bbox": {
                "l": 32.88,
                "t": 424.56,
                "r": 191.52,
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            "text": "June 2019 $851,258.07"
        },
        {
            "id": "p164.10",
            "order": 10,
            "type": "text",
            "bbox": {
                "l": 33.36,
                "t": 411.6,
                "r": 192,
                "b": 399.84
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            "text": "March 2020 $956,484.13"
        },
        {
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            "order": 11,
            "type": "text",
            "bbox": {
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                "r": 192,
                "b": 387.36
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            "text": "December 2020 964,217.18"
        },
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            "type": "text",
            "bbox": {
                "l": 34.08,
                "t": 386.4,
                "r": 198.96,
                "b": 374.64
            },
            "text": "Total $2,771,959.38"
        },
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            "id": "p164.13",
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            "type": "text",
            "bbox": {
                "l": 32.64,
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            "text": "Based on available information, the original intent of the withdrawals was to begin expending income from the various endowment funds for the purposes directed by the original donors (i.e., scholarships, endowed professorships, and other directed activities). However, the accounting entries were not completed, and the withdrawals were used to provide general fund support. As institutional aid in each year exceeded the amount of the withdrawals and there is lack of evidence that the withdrawals were used for the other endowed initiatives, it is prudent to allocate 100% of the withdrawals to the General Scholarship Fund, created to provide scholarships to students."
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            "text": "BUDGETARY IMPLICATIONS",
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            },
            "text": "N/A"
        },
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            "order": 16,
            "type": "heading",
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                "r": 150.96,
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            "text": "RECOMMENDATION",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p164.17",
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            "type": "text",
            "bbox": {
                "l": 33.36,
                "t": 200.64,
                "r": 498,
                "b": 187.68
            },
            "text": "Interim President Ronald A. Johnson recommends that the Board of Regents approve the corrective entries."
        },
        {
            "id": "p164.18",
            "order": 18,
            "type": "heading",
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                "l": 33.84,
                "t": 176.16,
                "r": 86.4,
                "b": 163.2
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            "text": "MOTION",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p164.19",
            "order": 19,
            "type": "text",
            "bbox": {
                "l": 34.32,
                "t": 150.48,
                "r": 574.32,
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            },
            "text": "Approve the proposed correcting entries set forth on the attached “Proposed Correction for Prior Endowment Withdrawals.”"
        },
        {
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            "text": "Finance and Administration",
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