Willie E. Peale, Jr., Esq., President, and Don Lyons, Executive Secretary/Treasurer, of the KSU Foundation were in attendance to speak about the Foundation’s Annual Report. The Foundation received $2.8 million in donations and, with the strong market, gained an additional $1.7 million.
President Brown shared the 2021-22 staff calendar. He stated that the five year calendar had to be revised due to COVID-19 and the staff calendar and faculty calendar are now aligned.
President Brown updated the Committee on the status of admissions. He stated that applications are the highest they have been in five years. Due to controlling for quality with selective admissions, the admission rate is going down which then increases the university's ranking. The budget is based on 575 incoming freshmen and KSU is on target for that goal.
Douglas R. Allen II, Executive Vice President for Finance and Administration and CFO, presented KSU's budget as of April 30, 2021. He reported that the largest unfavorable variance in the budget is facilities due to the new roof for Kentucky Hall. He stated that KSU is on track to end the fiscal year in the black.
EVP Allen stated that currently there are no state funded projects. The ongoing projects, Hunter Hall and repairs to the farm road, are federally funded. The Kentucky Hall roof and Master Plan are the agency funded projects.
MOTION by Regent Farris: Move the Committee to adjourn. Seconded by Regent Burns and passed without dissent.