In conclusion, VP Dunaway presented an Accounts Payable Aging Report, stating that most were incurred due to the lack of purchase orders. She reported that a significant reduction would occur in September.

Chair Hatchett asked whether the University’s service providers understood the need for POs and their incentives for ensuring that we receive POs.

Regent Fields inquired whether bills submitted to the University without a PO were considered unbudgeted items.

VP Dunaway stated that CBIZ will have the risk assessment completed by September 30. Once she receives the report, she will review it and report findings and recommendations to the Board.

Chair Hatchett queried whether there had been a good bit of interaction with the Council on Postsecondary Education regarding the risk assessment.

The Investment & Advancement Committee’s Chair, Regent Charles Moyer, PhD, called the meeting of the Investment & Advancement Committee to order at 10:12 a.m.

Secretary Atwell called the roll:

Regent Charles Moyer, PhD, Chair Present Regent Michael Adams, Jr., Co-Chair Present Regent Edward Hatchett, Esq. Present Regent Robert Ramsey, Sr. Present Regent Tammi Dukes Present

Five (5) Regents were in attendance and present at roll call. Therefore, a quorum was established.

MOTION by Regent Dukes:

Approve the Investment & Advancement Committee's portion of the agenda for the September 27, 2024, regular joint meeting of the Finance & Audit Committee and Investment & Advancement Committee.

Second by Regent Ramsey and passed without dissent.

This agenda item was presented by Mr. Michael DeCourcy, VP of Institutional Advancement & External Relations. Prior to the presentation, Chair Moyer inquired into the status of the RFP for a new investment advisor. VP DeCourcy and Ms. Fran Pinkston, Director of Purchasing, responded.