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            "text": "Ms. Fiscus stated that items came to light during the audit that were incorrect from prior years. Corrections were made during this year's audit and there were restated in the following areas: 1) Allowances for Doubtful Accounts; 2) Useful Lives of Capital Assets; 3) Fair Value of Investments; and 4) Accumulated Sick Leave Liability."
        },
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            "text": "KSU will take nine months and review every student account to decrease its bad debt expense so that its cohort default rate does not approach the 30-40% threshold. Any educational institution that reaches these percentages would be in danger of losing its ability to participate in Title IV federal financial aid program. KSU's current default rate is 20.1% based upon a three year average."
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            "text": "Many questions were asked by board members about the university's accounts\nreceivables. Various members of the university staff responded to questions. Although information had been provided about current students in financial arrears, Ms. Lockridge stated that she'd provide board members with the percentage of graduates who still owe the university."
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            "text": "The audit findings included a material weakness in Financial Reporting and some significant findings. KSU was issued an unmodified opinion. According to Ms. Fiscus, KSU is in a better financial position than not having these findings. She has nothing but good comments about working with Ms. Lockridge and the staff in the Finance and Administration division throughout the audit process."
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            "text": "Action:",
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            "text": "Motion was made to accept the findings and recommendations of the 2013 audit by Dean, Dorton and Allen by Regent Williams and seconded by Regent Henry. The motion passed unanimously, 8-0."
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            "text": "My Math Lab:",
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            "text": "Ms. Lockridge discussed a request to add the cost of the MyMathLab student online program to the university's fee schedule. MyMathLab is an online learning system for students in some introductory math courses at KSU. This course does not have a traditional textbook, and the online system is used in lieu of textbook. MyMathLab is $80.00 per student. If approved, the university would pre-purchase the system and add the fee to each participating students' tuition and fee account."
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            "text": "Action: Motion was made to approve MyMathLab to the approved 2013-14 student fee schedule by Regent Henry and seconded by Regent Williams. The motion passed unanimously, 8-0."
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            "text": "XI. Closed Session:\nNo closed session was held."
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            "text": "XII. Open Session:\nThe board remained in Open Session throughout the meeting."
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            "text": "VI. Adjournment"
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            "text": "A",
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