DATE: April 6, 2021
SUBJ ECT: Approval of Fiscal Year 2020 Audit
FROM: FINANCE AND ADMINISTRATION
ACTION ITEM: YES
BACKGROUND: In accordance with KRS164A.170, the corporation shall also cause an audit to be made by a resident independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages, leases, assignments, loans and all other matters relating to its financial operations. The persons performing such audit shall furnish copies of the audit report to the secretary of the Finance and Administration Cabinet, where they shall be placed on file and made available for inspection by the general public.
FY2020 Audit Summary:
The University received an unmodified opinion -- the highest level of assurance an external audit firm can provide
The audit was issued with the inclusion of the completed KSU Foundation, Incorporated audit as a component unit of the University
The University closed FY2020 with an increase in net position of $2,340,515
The University reported no material weaknesses in financial reporting
The University reported no material weaknesses in internal control over federal grant awards
The University resolved three audit findings from the prior year
The University received only one audit finding resulting in $0 questioned cost
Goal 3: Increase the University's Financial Strength and Operational Efficiency.