Regent Barfield called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:36 p.m. on January 24, 2014. Meeting was held in the Cooperative Extension Building – Room 238 A/B/C.
Regent Barfield-Yes Regent-Bearden-Yes Regent-Guarnieri –Yes Regent-Haskins Quorum was established
Approval of the October 25, 2013 minutes – motioned by Regent Bearden, seconded by Regent Guarnieri– Approved.
Regent Barfield welcomed the new member of the Audit committee Regent Travis Haskins. Regent Barfield introduced Mark Ferm, Internal Auditor of Tronconi Segarra & Associates for an audit update.
DISCUSSION: Mr. Ferm presented additional focus areas of the 2014 audit. First time review for Sponsored Programs and Auxiliary Services. Regent Barfield inquired about internal controls, programs already in place, and Land Grant. Other areas mentioned were student accounts receivable; Title IV funds and/or Federal Aid. Regent Barfield inquired about the areas of bad debts as it relates to student financial aid; policy and procedures; and reserves. Mr. Ferm said these areas would be addressed through the audit and shared with the Board. No further discussion.
Action: Motion to adjourn by Regent Bearden and seconded by Regent Guarnieri. Meeting was adjourned at 12:49 p.m.
Submitted and Approved by:
___ Approved with no corrections ___ Approved with corrections
Regent Mindy Barfield, Chair Internal Audit Committee Board of Regents