7 KSU Board should implement a comprehensive internal control system over the budgeting process, including written policies and procedures for all University departments to follow Concur TBD BOR/Internal Auditor TBD

Keep records that show the amount of funds under each grant, how the funds will be used, the total cost of the project, any cost-sharing source, and any other documentation necessary to facilitate an effective audit Concur Completed CFO 1/31/23

Utilize software effectively and efficiently to post transactions that are properly supported to the correct grants and other operating accounts Concur Completed CFO 1/31/23

Transactions should include the date they occur instead of the date they are entered into the accounting system Concur Completed CFO/CIO 2/28/23

Have the Foundation remit $31,815 in interest to the federal grantor as required Concur Ongoing CFO 4/30/23

KSU Board should ensure that members are sufficiently knowledgeable about the budgeting process and the intricacies of college and university budgeting Concur TBD BOR/Internal Auditor TBD

Build sufficient time into the budget approval process to allow the Board to comprehensively review and analyze the budget before voting for approval Concur TBD BOR/President/CFO TBD

Accounting system should include general controls that ensure the Board receives accurate, reliable information in the budget packet and that prevent overspending of budgeted accounts Concur- Ongoing CFO/Internal Auditor TBD