KENTUCKY STATE UNIVERSITY BOARD OF REGENTS FINANCE & AUDIT COMMITTEE REGULAR MEETING

Meeting Was Conducted in Person and by Teleconference

Monday, April 1, 2024 10:00 a.m. EDT

Board of Regents Room Julian M. Carroll Academic Services Building, 2nd Floor 400 East Main Street Frankfort, Kentucky 40601 (Primary Physical Location)

MINUTES *****

I. Call To Order

The Committee’s Chair, Regent Edward Hatchett, Esq., called the meeting to order at 10:07 a.m.

II. Roll Call

The Board's Secretary, Zachary Atwell, called the roll:

Regent Edward Hatchett, Chair Present

Regent Ernie Fletcher, Co-Chair Present

Regent Tammi Dukes Present

Regent Robert Ramsey, Sr.

Not Present (Joined After Roll Call)

At least three (3) Regents were in attendance and present at roll call. A quorum was therefore established. Regent Ramsey joined shortly after roll call.

III. Approval of the Agenda

MOTION by Regent Ramsey:

Move the Committee to approve the agenda of the April 1, 2024, meeting of the Finance & Audit Committee.

Seconded by Regent Fletcher and passed without dissent.

IV. External Audit Update and Plans

This agenda item was presented by Mr. Allen Norvell, Director of Blue & Co. LLC. Mr. Norvell began by discussing progress on the FY22 audit, specifically addressing the status of the financial audit as well as financial aid and non-financial aid components of the compliance audit. He noted that several FY21 findings were repeated in FY22, as expected, simply because there was not an opportunity at the conclusion of the FY21 audit to address those findings during FY22.