Currently, there are three foundations registered with the Kentucky Secretary of State that are associated with Kentucky State University. These non-profit organizations include the following:
No formal contractual relationship exists between Kentucky State University and any of these foundations. A formal relationship is being developed between the University and the Kentucky State University Foundation, Inc. as that is now an accreditation requirement. No agreements are anticipated between the University and the other two foundations for reasons that will be outlined below. A brief discussion of each foundation and their interaction with the University follows.
The Kentucky State University Foundation was incorporated on July 7, 1968, as the Kentucky State College Fund, Inc. On June 14, 1973, the trustees of the fund changed the name to the Kentucky State University Foundation, Inc.
The Foundation is a Kentucky not-for-profit corporation formed to receive, invest and expend funds to promote and implement educational and developmental activities at Kentucky State University. The Foundation is managed by a Board of Trustees independent from that of the University. The Foundation is supported primarily through contributions.
The Foundation Board meets two times per year. The President of Kentucky State University is not a member of the Board or a director of the Foundation, but is invited to the semi-annual meetings as a guest.
Currently, the Foundation works closely with the University Vice President for External Relations. With the exception of the Vision 20/20 (Bucks for Brains) funds, all funds received by the Office of Institutional Advancement and External Relations are deposited at the Foundation. The Foundation accounts for income and expenditures, and investment earnings and fees for these funds.
Most scholarship funds at the Foundation are governed by donor-specific criteria and guidelines. Disbursements for scholarships or any other activity must be requesting in writing by the University. The request must have supervisory and departmental approval and must also be approved by the Vice President of External Relations or the University President. Requests must include relevant documentation showing student need and qualifications. Documentation for non-scholarships expenditures must include, receipts, supporting