Kentucky State University Improvement Opportunity Responses
Bundle repeat purchases that may in total exceed $40,000 to obtain the best price on all items purchased or services provided Concur Ongoing CFO SUMMER 2023
9 Update Endowment Spending Policy ASAP and until such time, follow all aspects of the approved 2018 Endowment Spending Policy Concur Ongoing Board SUMMER 2023
Implement strong internal controls that would discourage and prevent any attempts to subvert the normal procurement process, including appropriate discipline for noncompliance Concur Completed CFO 7/1/22
KSU Board and Administration should develop and communicate a strong ethical tone to all faculty and staff Concur TBD BOR/President TBD
8 All expenditures greater than $50,000 should be presented to the KSU Board for approval prior to execution or expenditure Concur Completed CFO 7/1/22
Ensure that final, signed copies of all contracts are provided to KSU's official records custodian Concur Ongoing CFO/Legal/Internal Auditor SUMMER 2023
Work with Banner to create a method to query their data to generate a list of all contracts and contract expenditures Concur Ongoing CFO/CIO SUMMER 2023
Upload any missing contracts a supporting documentation to the contract management system Concur Ongoing Legal SUMMER 2023
Develop training for credit card holders to ensure consistent application of policies and procedures Concur Ongoing CFO SUMMER 2023
Develop and implement training procedures for employee travel Concur Ongoing CFO SUMMER 2023
Encumber travel expenses Concur Ongoing CFO SUMMER 2023
Update Investment Policy Concur Ongoing Board SUMMER 2023