to complete the audit procedures. The audit report is due to the Finance Administration Cabinet by October 3rd.

Vice President Lockridge stated that the University has transitioned for this upcoming budget year to a per credit hour price structure and that any student taking between 12-18 hours will be charged a flat rate. This proposal was presented to the Council on Postsecondary Education at their June 20th meeting and approved. Vice President Lockridge stated that most of the operating budgets have been loaded into Banner. She stated that only 50% of the budget for the year was loaded and they will be monitoring performance and results.

Vice President Lockridge informed the committee that the Kentucky Council on Postsecondary Education has begun to have meetings to work on a model of how appropriations will be allocated in the next biennium budget. She stated that President Burse is part of that discussion on a different level and she and Mr. Mason have attended meetings. Vice President Lockridge stated that the guiding principles will be developed by April, 2015.

The renewal of the University's insurance was completed with an effective date of July 1, 2014. Ms. Lockridge stated that the University has changed its Workers Compensation carrier from Brickstreet to Kemi due to Brickstreet's 50% price increase.

Vice President Lockridge stated that the Bursar's Office participated in the New Student Orientations that were held June 20th and July 18th. The Bursar's Office will present Understanding Your Wired Account and Student Payment Plans at the next orientation scheduled for August 14th.

Vice President Lockridge gave an overview of the Bursar's Office presentation for New Student Orientation, Understanding Your Wired Account and Student Payment Options. She stated that on July 18th personal letters were sent to students' home addresses and also e-mail addresses informing them of their account balances, instructions on how to access their wired accounts, the different forms of payment plans and a letter from President Burse. Ms. Lockridge noted that beginning this semester new and returning students with a zero balance are required to pay 50% of their current charges by August 22nd and the remaining balance is due by the end of the term. She stated that returning students with a prior balance are required to pay 50% of their current charges by August 22 and the remaining balance for the current term and prior term must be paid within twelve months. She stated that the KSU Payment Installment Option is available to all students.

Vice President Lockridge introduced Ms. Latrina Sweatt, as the Grant Accountant in Finance Administration. She stated that Ms. Sweatt will be responsible for Title III.

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