Approval to enter into the Registry Advisory Services Agreement.
The Registry Advisory Services (Registry), the practice branch that provides high level advising and consultation to institutions of higher learning, will provide an interim Chief Financial Officer (CFO) to manage the financial services of Kentucky State University. These financial services include performing accounting services, preparing the audited financial statements, developing the budget, supervising payroll and procurement services, managing the endowment and investment-related responsibilities, ensuring compliance with federal and state tax laws and regulations, and all functions related to tuition, housing, dining, and student payments.
The Registry shall also be responsible for assessing performance of the CFO under this agreement and a senior officer of the Registry shall be on call throughout the duration of the engagement to deal with all matters related to the consultant's performance. One or more of the Registry principals shall also be available to provide strategic advice to the Assigned Member's contact at the University, and to the Board, if requested. The scope of these services is inextricably bundled and cannot be disaggregated.
Payment in consideration of this Agreement shall be in the amount of an annualized consultant's fee of $140,000 plus a 33% Registry Fee to be paid monthly, by the University to the Registry. In addition, the Registry consultant will be reimbursed for pre-approved travel related expenses to arrive at the beginning of the assignment and to depart at the conclusion of the assignment in accordance with University policy.
Acting President Stamps recommends that the Board of Regents approve the Registry Advisory Services Agreement.
Approve the Registry Advisory Services Agreement.