explained there was no way to know what this adjustment would be. Thompson went on to explain that all the public institutions in Kentucky had to face this same issue; SACS is working on ways to assist universities with the issue, basically all of higher ed is working on how to deal with this.
Regent Gilmore asked if the adjustment was impacting the AAA rating? Rush replied not yet, the rating agencies were taking the situation into effect. Thompson reported that some universities were trying to remove themselves from the pension system; this is a way for the state to prevent them from doing so. It could potential have an impact on rating.
Dean, Dorton, and Ford, the external auditors presented their letter addressing inadequate controls, similar to last year. The general ledger accounts were not being reconciled, there are differences in cash receipts and approximately 135-140K lost through the draw down in grant projects.
Regent McFayden stated that he has attempted to retrieve detail information from External Relations but has been unable to do so. This information request included the cost to run external relations, job descriptions, etc.
The ‘What We Can Do’ campaign has launched. The portfolio is performing well. There was a $200K increase during the quarter. KSU is outperforming most other institutions in the region.
There are no action items
The Health Center has been moved to the School of Nursing
The Career & Development center has been relocated to 321 Hill Student Center
The career fair was well attended.
Fall enrollment is 1,736 students, an increase from last fall.
75 ITT and St. Catherine students were admitted.
January 2nd is the projected go live date for Oracle. There are however, some risks this date won't be met. One of the risks relates to the system integrated testing. They have not seen evidence that exit criteria have been met in order to move to the next phase. President Thompson stated that we are still pushing to meet the January 2nd date, but we must make sure the system is operating properly and things are done according to plan. The next phase is user assessment testing. Training will take place in November through December 20.
Regent Farris stated that a lot of the problems in Banner were related to training. She asked about the training plan for Oracle. She also mentioned that KSU has a lot of turnover and wants to make sure we crosstrain and be sure employees are competent. Thompson reassured that crossstraining is planned, and the system is very secure. Regent Bearden asked if the funding issue for Oracle had been resolved, Thompson replied that it had, money has been set aside from the Foundation.
Ms. Leath presented a very comprehensive report on Title III funds, the various grants, and how money is being spent. Additional grants accounts have been hired and the reconciliation process is moving forward. Some grants are not totally reconciled, but are close.