VP Dunaway discussed steps currently being taken to strengthen the University's internal controls, including the project to revise all policies and procedures. To ensure dual controls in every area, staff members had been added in the Accounts Payable and General Accounting divisions, with additional staff members being sought for. Staff training is planned to begin once all F&A policies and procedures are approved. VP Dunaway noted that additional controls will be implemented in the future.

Regent Dukes queried whether a review was contemplated to ensure an appropriate separation of duties within specific finance-related departments to prevent access to transactions. She also inquired into the status of a review of system access.

VP Dunaway stated that the dashboard for the Budget-to-Actual report now reflects collected revenue, and began with a report of E&G expenses from 7/1/24 through 8/31/24.

Chair Hatchett and Regent Dukes inquired whether Ms. Dunaway had any historical information comparing the current Budget-to-Actual report to the one from this time last year.

Regent Dukes asked whether the University continues to receive and pay old invoices and expenses. VP Dunaway responded affirmatively. Regent Dukes asked why she was not previously aware of these expenses. President Akakpo provided additional perspective to VP Dunaway's response.

As to the Operations and Maintenance Plant expenses, Regent Dukes queried if it was possible that some of those numbers were incorrectly coded.

Moving ahead, VP Dunaway reported salaries, wages, and benefits for the same time period. As to those figures, Regent Dukes sought clarification for the numbers being reported.

VP Dunaway next presented on auxiliary revenue and expenses. Chair Hatchett asked her to explain the composition of the “contracted services” category of auxiliary expenses.

Regent Moyer inquired into the current cash balances.

VP Dunaway continued with a student accounts receivable report, reflecting total outstanding student receivables as $13,374,368.

Chair Hatchett and Regent Moyer sought clarification as to the blank spaces in the “non-enrolled students” category.

Regent Dukes requested that moving forward, a forecast be provided in the area of operations.

Chair Hatchett inquired how many dual credit students fell into the “balance owed from prior semesters” category of student accounts receivables and further queried whether international students accounted for the bulk of that number.