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            "text": "Dean Dorton Allen & Ford also reported on the external audit. The auditors reported that concerns and issues from last year’s audit are likely to reoccur. However, the auditors did indicate that they were encouraged to see that there now appears to be the right people in the right positions in Business Affairs and that personnel seems to be cleaning up past errors."
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            "text": "Regent Reddy suggested that the entire travel policy for the University should be reviewed to set parameters for travel, travel guests, and other related items. The Board tasked Mr. Quick with the responsibility of reviewing the current policy and comparing it with best practices at other universities."
        },
        {
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            "text": "No other action was taken in regard to the Audit Committee report."
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            "text": "Business Affairs",
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            "text": "Regent McFayden gave the report of the Business Affairs Committee. He stated that the committee learned that, due in significant part to unfunded pension obligations, the University’s net asset position was about $2.4 million less than previously projected. Regent McFayden stated that this deficiency must be addressed. The committee discussed deficiencies in the delay in drawdowns for grants and how those delays may have cost the University significant funds that it would have been able to access."
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            "text": "Regent Gilmore stated that he wanted to see an expansion of the Presidential Scholars program. President Thompson said that this will be explored."
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            "text": "Vice President for Business Affairs Gregory Rush explained the effects of the change in net asset position on unrestricted funds. He said that there were several reasons for the $2.4 million dollar difference. First, accruals were not done during the prior fiscal year. Although historically they were done after the audit report, he stated that going forward the accruals will be done during the year. In addition, the new GSB regulations require that KSU must account for pension fund contributions, which are about $900,000."
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            "text": "President Thompson commented that some of the problems were due to personnel who are no longer with the University. He noted that the pension aspect will continue to affect the University because the contribution will not be clearly known until the end of the year."
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            "text": "No other action was taken in regard to the Business Affairs report."
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            "text": "Student Affairs Committee Report:",
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            "text": "Chairperson Bearden summarized the Student Affairs Committee meeting. She reported that Francene Gilmer gave the report to the committee. She reported that many positive changes have taken place in the area of career services and that the Career Center has been renamed the Career and Professional Development Center."
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            "text": "[5]",
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