The Finance Committee is responsible for ensuring that the Board of Regents (the “Board”) meets its fiduciary duties to the University. This Committee shall review, evaluate and provide guidance on all financial and budgetary matters for the University.
The Finance Committee shall be responsible for overseeing the University's budget and all of its financial affairs. The Committee shall review and provide guidance to the Board on biennial budget requests and interim budget requests submitted to the Kentucky Legislature, the annual operating budget of the University and all other budgetary matters. The Committee must also ensure that budget allocations are suitable to meet the needs and priorities of the University.
The Finance Committee must inform the full Board on short-term and long-term budget issues, financial planning policies and asset allocation and management strategies. The Committee shall also be responsible for overseeing the financial relationship of the University to all of its partner organizations, including the University Foundation.
The Finance Committee is responsible for oversight and review of appropriate data and metrics to assess the University fiscal condition and its long-term financial health. In order to fulfill this function, the Committee shall review the University's quarterly and annual financial reports, periodic reports on the University's reserves, asset management reports and any other relevant financial reports.
The Finance Committee shall consist of four members. The Committee chair and the members of the Committee shall be appointed by the Chair of the Board of Regents. The President of the University shall be a non-voting, ex officio member of the Committee. Committee members should have financial expertise and/or business experience. A simple majority of the members of the Committee shall constitute a quorum.
The Vice President for Business Affairs shall be staff designee to the Finance Committee.
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