Regent Dukes opined that the Investment and Advancement Committee was one of the most important Board committees, as it has to ability to profoundly impact the University's development and planning.
V. Information Items
A. Discussion of Investment Funds, Policies and Procedures
Prior to commencing the Information agenda items, Chair Moyer requested that presentations be limited to 15-20 minutes each.
Dr. Wendy Dixie, Interim VP, Finance & Business Affairs, and Mr. Michael DeCourcy, Interim Chief of Staff and VP, Strategic Initiatives presented the Discussion of Investment Funds, Policies, and Procedures.
Mr. DeCourcy began the presentation, reviewing policies and procedures relative to the University's investments, then offered to answer questions.
Regent Adams requested that Mr. DeCourcy bring committee members up to speed as to the operational side of institutional advancement and how money is raised.
Regent Hatchett asked Mr. DeCourcy to characterize the quality of record keeping relative to all contributions ever made to KSU.
Chair Moyer inquired into factors determining whether incoming donations are deposited into the University’s endowment or the Foundation’s endowment, and queried whether it was correct to say that where the money goes is largely a function of when the gift was given.
Regent Walston asked how gifts coming to the Foundation from small grants were accounted for, and whether the Foundation notified the University whenever these types of gifts were received.
Regent Adams queried as to the reason that the University has not received reports [of gifts received] from the Foundation since April 2022.
Regent Dukes requested clarification that the Foundation has ceased providing the University with documentation that they previously provided. Mr. DeCourcy confirmed that his office has not received any tax receipts from the Foundation since April 2022, though documentation has been requested.
Regent Adams asked whether the MOU between the University and the Foundation required the Foundation to report to the University and provide receipts and records. Mr. DeCourcy responded affirmatively.
Regent Walston queried whether the MOU had been updated since its original inception, and whether the Foundation was following all University policies regarding Advancement, as required by the MOU.
Relative to the manner in which the Foundation and University work together on a day-to-day basis, Chair Moyer asked Dr. Dixie whether she knows what funds will be available to the University from the Foundation as she prepares the budget. Dr. Dixie responded negatively, stating