Move the Committee to make a formal demand upon the KSU Foundation to submit their financial statements within one week of the date of the meeting. Absent of receipt of the financial statements, the Committee instructs the auditors to complete KSU's audit with an adverse finding in regard to the component unit and the appropriate findings for the main unit by the March 31st deadline. The demand should include verbiage regarding ramifications if the KSU Foundation fails to act.
Seconded by Regent Harnice and passed without dissent.
Information Item(s) Mr. James Harris, Internal Auditor, reported that he has been unable to complete his Internal Audit Plan because the audit is not complete due to the absence of the KSU Foundation audit.
MOTION by Regent Jantzen:
Move the Executive and Audit Committee to adjourn.
Seconded by Regent Barfield and passed without dissent.