Mr. Norvell shared accomplishments to date regarding the FY 22 financial and compliance audits. As to the financial audit, testing is substantially completed for cash, investments, receivables, accounts payable, accrued expenses, revenues, and expenses. Mr. Norvell then explained the next steps to be taken regarding the FY 22 financial audit.

Regent Moyer queried whether any elements of the audit touched upon the University’s relationship with the KSU Foundation.

Chair Hatchett asked what Mr. Norvell's impression was regarding the University's improvement of their mastery over Banner.

Chair Dukes inquired when the Committee could expect the financial audit to be completed.

Mr. Norvell continued with an update as to the FY 22 compliance audit and tasks remaining to be completed.

Chair Hatchett asked Mr. Norvell to characterize how far along he is with his findings as they relate to the FY 22 audit.

Mr. Norvell also discussed the status of the FY 23 financial and compliance audits, noting that the compliance audit is moving more quickly than the financial audit.

President Akakpo asked whether Mr. Norvell could provide an indication of when the FY 22 and FY 23 audits would be completed so they could be provided to SACSCOC and queried whether Mr. Norvell needed anything further from KSU staff in order to expedite the remaining tasks.

Chair Dukes requested that Mr. Norvell keep the lines of communication open and inform the Board if he experienced delays.

Chair Hatchett thanked Mr. Norvell for his presentation.

This agenda item was presented by Ms. Tonya Walker, Controller, and Mr. Justin Peach, Budget Director. Mr. Peach stated there was much to be optimistic about in terms of the figures being presented, then began with budget to actuals for E&G for the end of the second quarter ending December 31, 2023. Chair Hatchett interjected, noting that none of the Regents had the numbers in front of them. While waiting for the issue to be corrected, Chair Hatchett invited Mr. Peach to share his perspective as to the University’s progress in mastering Banner.

As Mr. Peach continued his presentation, Chair Hatchett inquired whether the Committee should take comfort in the fact that Mr. Peach was presenting them with 61% of total expenditures versus 55% of total revenues. Mr. Peach responded affirmatively and stated that the way things look at this moment is a very good indication that the University will have a balanced budget.

Mr. Peach continued with a discussion of asset preservation and auxiliary budget to actuals. Chair Hatchett asked how frequently Mr. Peach interacts with CPE regarding these numbers.

Hearing no further questions, Chair Hatchett thanked Ms. Walker and Mr. Peach for their presentation.