Regular Meeting of the Board of Regents Finance Committee July 25, 2014 10:00 am to 10:45 am Board Room – Academic Services Building Frankfort, Kentucky
Regent LaVaughn Henry, Chairperson called the Finance Committee meeting of the Kentucky State University Board of Regents to order at 10:00 a.m. on July 25, 2014. Regent Henry asked the secretary to call roll:
LaVaughn Henry Syamala Reddy Charles Whitehead Present
David Guarnieri
Not Present
A quorum was declared.
Action: Motion to approve the minutes from the April 25, 2014 Finance Committee meeting was made by Regent Whitehead and seconded by Regent Henry. The minutes stand approved as presented.
Regent Henry recognized Vice President Lockridge to carry the discussion forward.
Executive Summary Narrative
Vice President Lockridge gave an overview of the Executive Summary. Ms. Lockridge noted that for the eleven months ending May 2014 the bottom line was $4.7 million dollars positive. She cautioned that the University will not end the year in a positive as projected. Regent Henry inquired of the estimated amount of the negative. Vice President Lockridge stated that staff were estimating approximately two million dollars. She also stated that there were some expenditures that weren't anticipated at the end of the year, the majority were contractual allowances.
Vice President Lockridge stated that the week of July 14th the auditors were on campus for revenue testing and to start some of their preliminary work and will return the weeks of August 18th and 25th