list information about the role of the Board; the Governance Committee will be reviewing this information to determine what processed should be in place for the Board. Regent Reddy stated that the committee will prepare a governance handbook.

Academic Affairs – Regent Farris presented and highlighted several areas from Dr. Jackson's update and discussion by the committee.

• Title III funds are used for faculty development, institutional planning and recruitment and retention.
• Working on a new QEP, no more AWA
• Funds have been allocated to support the strategic plan.
• Questioned how much of Dr. Wheeler's activity is supported by Title III funds.
• The organizational chart was presented. There are concerns about adding the Dean level. Dr. Jackson says Deans are best practice and a recommendation from the Registry.
• The central advising model is currently being piloted.
• Regarding the 2+2 program: 20 students in the cohort. They have low ACT, but high grades. Students meet with advisors weekly. Once the pilot is complete, a policy will be developed.
• There is a new chair in the nursing program.
• Several individuals will be attending the SACS conference in December in preparation for the 2019 reaffirmation.
• Call for proposals on the QEP begin November 1st.
• The faculty handbook is currently being revised and a draft should be presented in January.
• Faculty searches will be published November 1.

Audit Committee – Report by Regent Barfield

Mr. Ingram Quick, internal auditor presented a follow up to a cash deposit issue from the July meeting. At that time, it was discovered that checks were not being deposited timely. Since then, another review was completed and all are now compliant. There were two action items: one related to presidential travel and the other for a charter for the independent auditor. There currently is no written policy relating to presidential travel. This was remanded back to Mr. Quick to prepare a written policy that while ‘nimble’, provides for approvals.

The external audit is not yet complete. Dean, Dorton & Ford has provided a letter similar to last year where there are material weaknesses listed relating to general ledger issues. While weaknesses still exist, there has been marked improvement from last year to this year. Several new people have been added, ‘we have the right people in the right seats.’ The audit will be finished soon and available for approval during the January meeting.

Regent Reddy requested that a review of travel policies for all employees take place. This was tasked to Mr. Quick with the instructions to review best practices.

Business Affairs Committee – Report by Regent McFayden

Regent McFayden explained there is in unexpected $2.4 million increase in the pension obligation for which there is no contingency and no current plan to address. Mr. Greg Rush later explained that the entry was a result of the application of GASB 68 during the year end close. The amount is based on a calculation for which the university has no control. The original estimate by the University was $400,000. The increase in the pension obligation due to actuarial effects was an additional $900,000 plus an additional $1,000,000 from the GASB 68 calculation. The liability previously was booked at the state level. GASB 68 pushed it out from the state to the universities. Both Rush and President Thompson