Noting dissent, a roll call vote on the motion was held.
Regent Carolyn Burns – yes Regent Elaine Farris – yes Regent Chandee Felder – no Regent Paul Harnice – yes Regent Dalton Jantzen – yes Regent Roger Reynolds – yes Regent Jason Robinson – yes
The motion passed with dissent.
MOTION by Regent Harnice:
Move the Board to elect Roger Reynolds as Secretary of the Kentucky State University Board of Regents.
Seconded by Regent Felder and passed without dissent.
MOTION by Regent Harnice:
Move the Board to appoint Greg Rush as Treasurer of the Kentucky State University Board of Regents.
Seconded by Regent Reynolds and passed without dissent.
Dr. Aaron Thompson, President of the Council on Postsecondary Education (CPE), shared a comprehensive overview of the Executive Order relating to KSU that was put in place by Governor Beshear. The Executive Order calls for CPE to provide an assessment of the current financial status of KSU, for KSU to provide CPE access to any records needed for the assessment, for CPE to assist KSU's Board of Regents in creating a management, and improvement plan, and for CPE to make recommendations to the KSU Board of Regents regarding its administrative structure and leadership.
Dr. Thompson shared that CFO Greg Rush has begun the necessary work and CPE has identified some issues that can be remediated quickly. Dr. Thompson stated that he will be completely transparent about the situation and KSU has the support of the Governor and CPE.
Finances/Greg Rush, CFO
Greg Rush, Vice President for Finance and Administration/CFO, shared an update regarding the University's finances. He stated that currently, KSU owes over $13.5 million, including over $3 million in unpaid vendor invoices with $1.7 million over 121 days past due, payment of an ongoing energy performance contract of $621,868 which was due in June but not paid until July, $5.5 million in outstanding construction invoices, and a $5