Chair Hatchett and Regent Ramsey queried whether the deadlines for FY23 audit completion would be met.
President Akakpo stressed the significance of timely completing the FY 23 audits.
Chair Hatchett asked whether the timely completion of GASB 87 and 96 were manageable.
Regent Moyer inquired whether KSU was the last university in Kentucky to complete its FY 2023 audit. Mr. Norvell stated that he believed so.
A discussion followed regarding the critical need to have the FY23 audit completed prior to the deadline and the negative impact that the failure of having the audit completed is already creating for the University.
Chair Hatchett thanked Mr. Norvell for his presentation.
Ms. Megan Young, CBIZ, presented this agenda item. The Financial Aid and Fixed Asset Existence audits have been completed with management responses and timelines gathered for each CBIZ recommendation. Next steps include re-performing the AP and procurement audits that occurred in early 2023, addressing the ERM (PSC renewal form and ERM engagement letter to follow later this week), and addressing additional process areas of audit and reviews identified throughout the year. No new significant issues have been identified.
Regent Dukes requested that moving forward, CBIZ also provide a summary of issues identified in each audit as they are completed, as well as an open issues report that includes analytics around the timely remediation of those items.
Ms. Vicki Dunaway, VP, Finance & Administration and Chief Financial Officer, provided an analysis of the University's budget to actuals.
VP Dunaway stated that her department has been working with Blue and Co. to provide them with information needed to complete the FY23 audit. Next, she discussed a budget to actual report for E&G revenues and expenses.
Regent Dukes asked VP Dunaway to what she attributes the favorable report. President Akakpo responded that tighter controls have created a favorable impact. Ms. Dunaway concurred and provided additional commentary.
Chair Hatchett requested additional commentary regarding the academic support expenses.
VP Dunaway continued with an update regarding auxiliary services as well as a cash balance report.
Regent Fields queried whether land grant portions were included in the budget items. VP Dunaway responded that they only included E&G but land grant activities would be reported in the upcoming fiscal year. VP Dunaway also reported on student accounts receivable and provided an accounts payable aging report.