{ "document_id": 15062, "page": 56, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 15174, "item_count": 17, "counts_by_type": { "caption": 1, "footnote": 2, "header": 2, "heading": 2, "table": 1, "table_cell": 3, "text": 6 }, "build_ms": 3, "items": [ { "id": "p56.1", "order": 1, "type": "header", "bbox": { "l": 482.16, "t": 755.04, "r": 518.88, "b": 741.6 }, "text": "Page", "attrs": { "block_label": "header" }, "level": 2 }, { "id": "p56.2", "order": 2, "type": "header", "bbox": { "l": 526.32, "t": 754.56, "r": 540.72, "b": 742.56 }, "text": "50", "attrs": { "block_label": "number" }, "level": 2 }, { "id": "p56.3", "order": 3, "type": "text", "bbox": { "l": 68.64, "t": 719.28, "r": 542.16, "b": 690.72 }, "text": "investment committee that the President will name. Again, no appointment of an investment and endowment committee was made, and this policy has not been updated or revised as intended." }, { "id": "p56.4", "order": 4, "type": "heading", "bbox": { "l": 69.6, "t": 677.52, "r": 107.76, "b": 665.28 }, "text": "Draws", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p56.5", "order": 5, "type": "text", "bbox": { "l": 68.16, "t": 664.32, "r": 541.92, "b": 634.8 }, "text": "Draws approved by KSU's former EVP for Finance after the Board's approval of the 2018 Spending Policy on June 7, 2018 are presented in Figure 11." }, { "id": "p56.6", "order": 6, "type": "caption", "bbox": { "l": 77.28, "t": 622.56, "r": 534, "b": 608.4 }, "text": "Figure 11: KSU Draws from Internal Endowed Funds by Date, Amount and Spend Rate", "attrs": { "block_label": "figure_title" } }, { "id": "p56.7", "order": 7, "type": "table", "bbox": { "l": 137.28, "t": 609.084722, "r": 471.84, "b": 497.773009 }, "text": "", "attrs": { "block_label": "table", "n_rows": 1, "n_cols": 3, "integrity": { "cells_checked": 3, "cells_flagged": 0 } }, "children": [ { "id": "p56.7.1", "order": 8, "type": "table_cell", "bbox": { "l": 141.1216, "t": 609.084722, "r": 302.783077, "b": 497.773009 }, "text": "Date Internal Endowed Funds Drawn\nJune 26, 2019 (FY 2019)\nMarch 23, 2020 (FY 2020)\nDecember 15, 2020 (FY2021)\nTotal:", "attrs": { "row": 0, "col": 0, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true, "column_header": true, "header_source": "pdf" } }, { "id": "p56.7.2", "order": 9, "type": "table_cell", "bbox": { "l": 321.9576, "t": 601.333122, "r": 408.521755, "b": 497.773009 }, "text": "Amount Drawn\n$ 851,258\n$ 956,484\n$ 964,217\n$ 2,771,959", "attrs": { "row": 0, "col": 1, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true, "column_header": true, "header_source": "pdf" } }, { "id": "p56.7.3", "order": 10, "type": "table_cell", "bbox": { "l": 428.0876, "t": 609.084722, "r": 469.389382, "b": 517.1040820000001 }, "text": "Spend Rate\n4.8%\n4.8%\n5%", "attrs": { "row": 0, "col": 2, "rowspan": 1, "colspan": 1, "bbox_refit": true, "merged_continuation": true, "column_header": true, "header_source": "pdf" } } ] }, { "id": "p56.8", "order": 11, "type": "text", "bbox": { "l": 68.16, "t": 471.12, "r": 543.6, "b": 386.88 }, "text": "As demonstrated in Figure 11, KSU used a 4.8% spending rate when making draws from its internal endowed funds on June 26, 2019, and March 23, 2020. Notwithstanding the adoption of the 2018 policy and its 4.8% spend rate, emails maintained by KSU identify that the former KSU Controller requested the December 15, 2020, draw at a 5% spend rate after discussions with the former EVP for Finance. KSU's request to draw was based on terms found in the 2012 KSU Endowment Investment Policy, which states, in part:" }, { "id": "p56.9", "order": 12, "type": "text", "bbox": { "l": 104.16, "t": 374.4, "r": 506.88, "b": 318 }, "text": "The University anticipates annual spending of five percent (5%) of the average market value for the past three years, the amount of which shall be determined in January of each year and is fully described in its Endowment Spending Policy, which is fully incorporated by reference herein." }, { "id": "p56.10", "order": 13, "type": "text", "bbox": { "l": 68.4, "t": 305.52, "r": 542.88, "b": 193.68 }, "text": "In June 2020, KSU’s former EVP for Finance was advised by the former KSU General Counsel that the 2012 Investment policy allowed the University to spend up to 5% and that the policy may still be in effect despite the 2018 spending policy. This advice was given despite the 2012 policy being labeled as an investment policy, not an expenditure policy, with the five percent language being used as anticipated spending to be authorized in the future. This information was shared to assist the former EVP for Finance in addressing questions posed by the former Board Audit Committee Chair on behalf of the full Board. Consciously utilizing a 2012 policy after adopting a 2019 policy is indicative of a poor control environment." }, { "id": "p56.11", "order": 14, "type": "heading", "bbox": { "l": 69.84, "t": 180.72, "r": 192.24, "b": 168.24 }, "text": "Use of Endowed Funds", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p56.12", "order": 15, "type": "text", "bbox": { "l": 68.16, "t": 167.28, "r": 397.68, "b": 97.44 }, "text": "According to CPE and KSU personnel, internal donor records have been incomplete for years as to whether specific donations have been made for general purposes or if they have been made with restrictions as to use, requiring CPE to recently assist KSU in rebuilding its records. Without complete donor agreements, KSU is" }, { "id": "p56.13", "order": 16, "type": "footnote", "bbox": { "l": 135.12, "t": 496.32, "r": 470.4, "b": 485.04 }, "text": "Source: APA, based on KSU Internal Endowment Monthly Statements and Emails", "attrs": { "block_label": "vision_footnote" } }, { "id": "p56.14", "order": 17, "type": "footnote", "bbox": { "l": 419.52, "t": 151.92, "r": 525.84, "b": 109.2 }, "text": "KSU internal donor records have been incomplete for years.", "attrs": { "block_label": "footnote" } } ], "excluded_furniture": { "first": [], "last": [] } }