Regent Charles Whitehead, in the absence of Regent LaVaughn Henry, Chairperson, called the joint Finance Committee and the Audit Committee meeting of the Kentucky State University Board of Regents to order at 10:34 a.m. on October 24, 2014. Regent Whitehead asked the secretary to call roll:

LaVaughn Henry Not Present Syamala Reddy Not Present

Karen Bearden Present Charles Whitehead Present

Mindy Barfield Present Ekumene Lysonge Present

David Guarnieri Present Travis Haskins Present

Elgie McFayden Present Breana L. Smith Not Present

Elaine Farris Present

A quorum was declared.

Action: Motion to approve the minutes from the July 25, 2014 Finance Committee was made by Regent Whitehead and seconded by Regent Barfield. The minutes stand approved as presented.

Regent Whitehead recognized Mrs. Martin to carry the discussion forward.

Deborah Martin, Interim Vice President Finance, gave an overview of the Executive Summary. Ms. Martin stated that on the revenue side the fall tuition has a shortfall of $1.66 million versus budgeting, fall housing shortfall about a half million dollars and student tuition/fees is down $2.8 million from prior years. On expenditures to date we have gone through 25% of the budget, expenditures are at 20.56% of the approved budget. She stated that we have an operating loss as of September 2014 of $2.7 million versus $1.4 million in 2013 and an increase in net assets of $8 million versus $8.9 million in 2013. Regent Whitehead questioned

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