POLICY TITLE: Financial Exigency
APPLIES TO: All Departments and Units Faculty, Staff, and Students
ADMINISTRATIVE AUTHORITY: Kentucky State University Board of Regents Office of the President
APPROVED BY: Kentucky State University Board of Regents
EFFECTIVE DATE: August 8, 2025
NEXT REVIEW DATE: August 8, 2028
Kentucky State University (KSU) recognizes that declaring financial exigency is an extreme and serious measure. It is to be taken solely when essential to preserve KSU's institutional integrity, ensure its long-term financial stability and viability, and enable it to continue fulfilling its core educational mission during severe financial circumstances. This policy is invoked only as a last resort after all other feasible cost-saving and revenue-generating measures have been explored and implemented, or have been determined to be insufficient to alleviate the financial crisis.
The authority to declare financial exigency resides exclusively with the KSU Board of Regents, upon recommendation of the President or by the Board's own initiative. This policy ensures due diligence, robust consultation, and transparency throughout the process of considering, declaring, implementing, and terminating financial exigency, and outlines the steps for managing such a declaration.