A process of seeking information, advice, and recommendations from designated individuals or groups. Consultation involves providing access to relevant information, allowing adequate time for review and response, and giving good-faith consideration to the input received before making a decision. It does not necessarily imply that agreement must be reached.
A severe financial crisis that imminently threatens the sustainability of KSU's core educational mission and its ability to operate as a viable institution. Such a condition is determined to exist exclusively by the Board of Regents pursuant to KRS Chapter 164 and applicable laws. Indicators that might lead to an assessment of financial exigency include, but are not limited to:
Significant, structural, and recurring operational deficits over multiple fiscal years that deplete reserves and cannot be eliminated through standard budgetary adjustments.
Substantial, unplanned, and continued decline in enrollment, state appropriations, or other critical revenue sources that fundamentally impairs KSU's financial stability.
Depletion of institutional reserves to a level that jeopardizes KSU's ability to meet its financial obligations (e.g., payroll, debt service).
Inability to meet financial obligations or make payments on debts.
A documented pattern of expenditures exceeding revenues that, if continued, would result in an inability to function.
External factors, such as catastrophic events or drastic, unforeseen reduction in funding, that render the current financial model unsustainable.
It should be understood that these are indicators, and the presence of one or more does not automatically trigger financial exigency.
An ad hoc committee, with representation from key university constituencies, convened by the President to thoroughly assess KSU's financial condition. The advisory committee is responsible for reviewing all relevant financial data, evaluating the effectiveness of prior resource management efforts, exploring all viable alternatives to exigency, soliciting campus-wide feedback, and making a formal recommendation to the President regarding a potential declaration of financial exigency.