MINUTES *****
Regent Mindy Barfield, Chairperson, called the meeting of the Audit Committee of the Kentucky State University Board of Regents to order at 2:40 p.m. on October 20, 2016. Regent Barfield asked the secretary to call the roll:
| Present | Derrick Gilmore |
|---|---|
| Present | LaVaughn Henry |
| Not Present |
Mindy Barfield Karen Bearden Syamala Reddy
Present Not Present
A quorum was declared.
Action: A motion to approve the minutes from the July 21, 2016 Audit Committee meeting and the April 21, 2016 Audit Committee meeting was made by Regent Bearden and seconded by Regent Gilmore. The motion was approved unanimously.
Regent Barfield recognized Mr. Quick to carry the discussion forward.
Mr. Ingram Quick, Internal Auditor, stated follow-up testing was performed to assess an issue identified in the January 2016 Bursar Office Audit Report. Per Mr. Quick, testing was performed to determine whether cash receipts were deposited in the bank in a timely manner. Mr. Quick stated follow-up testing for this particular issue was expedited due to concern raised by the Board of Regents in the July 2016 meeting. Test results revealed that all 20 daily cash receipts reviewed were deposited in the bank in a timely manner, within one business day of receipt.
Mr. Quick stated that the current Out of Town travel policy does not address the approval of the University President’s travel expenditures. Mr. Quick recommended the Board of Regents should adopt a policy to have the Chairperson or designated personnel from senior management approve the University President’s travel plans and/or subsequent travel expenses. Mr. Quick
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