Vice President Lockridge gave an overview of the executive summary. She reported on budget vs actual and the financials for the five month period ending November 30, 2013.

Vice President Lockridge reported that the internal auditors were on campus during the week of December 9th performing work in Land Grant.

Vice President Lockridge stated that KSU purchased a software package through TouchNet that allows students to pay their balances online by ACH or credit card. Students can access TouchNet's website on-line at the One Stop Shop. Students were made aware of this service at the time the University was communicating with them about the financial requirements to return for the Spring semester.

Vice President Lockridge stated that the budget planning process is underway for FY 2014-2015. The budget will be presented at the April Board meeting.

Vice President Lockridge stated that on January 15th, the Employee Benefits Advisory Committee (EBAC) met with representatives from United Healthcare to receive the annual update on the plan performance. She also mentioned that Neace Lukens, our insurance broker, will assist us with the health care renewal negotiations.

Vice President Lockridge stated that The Classification and Compensation Project began with a formal kick-off on January 7th. Per Vice President Lockridge, Dr. Fox provided a project overview with faculty and staff and also provided an explanation of the position description questionnaire (PDQ) that every non-faculty employee is to complete. She gave an overview of the project timeline. Regent Guarniere inquired as to the goal for this project and if there were generic job descriptions. Mr. Meiseles, Director of Human Resource Services responded stating the project goal is for internal equity, review of job descriptions for exempt and non-exempt and that there were some generic job descriptions.

Vice President Lockridge stated that the salary increase of 2% with an effective date of January 1, 2014 will be reflected on the January 31st paycheck.

Vice President Lockridge reported that year-end tax form 1099 and 1098T have been issued and W2's will be mailed today and are also available online.