KENTUCKY STATE UNIVERSITY BOARD OF REGENTS FINANCE & AUDIT COMMITTEE REGULAR MEETING

Meeting Was Conducted in Person and by Teleconference

January 29, 2024 10:00 a.m. EST

Board of Regents Room Julian M. Carroll Academic Services Building, 2nd Floor 400 East Main Street Frankfort, Kentucky 40601 (Primary Physical Location)

MINUTES *****

I. Call To Order

The Committee’s Chair, Regent Edward Hatchett, Esq., called the meeting to order at 10:00 a.m.

II. Roll Call

The Board's Secretary, Zachary Atwell, called the roll:

Regent Edward Hatchett, Chair Present

Regent Ernie Fletcher, MD, Co-Chair

Regent Tammi Dukes Present

Regent Robert Ramsey, Sr. Present

Not Present (Joined after the roll call)

Three (3) Regents were in attendance and present at roll call. A quorum was therefore established.

Regent Fletcher joined shortly after the roll call. Regent Michael Adams, Jr. and Regent Moyer were also present.

III. Approval of the Agenda

MOTION by Regent Dukes:

Move the Committee to approve the agenda of the January 29, 2024, meeting of the Finance & Audit Committee.

Seconded by Regent Ramsey and passed without dissent.

IV. Internal Audit Problems and Progress and Recommendations for Enterprise Risk Management Process

This agenda item was presented by Mr. Frank Campagna, Managing Director, CBIZ, who was joined by Mr. Ben Martin, Senior Manager, CBIZ and Miranda Borla, CBIZ.

Mr. Martin began the PowerPoint presentation by sharing accomplishments to date and next steps to be taken. The financial aid audit, which was put on hold due to vacancies and turnover within the