completed by October 2012 with a goal of no material findings. The university is currently operating with a Fiscal Year end surplus of $2.4 million operational surplus and a reduction of net assets of $2.5 million. At this time, year over year, the university is up approximately $36,000. Regent Henry also stated that the committee was provided information on personnel changes in the Finance Area. There were no action items.
External Relations and Development: Regent Whitehead presented the External Relations and Development Committee report. There were no action items.
Regent Whitehead stated that KSU received $2.654 million dollars in contributions from 772 contributors during Fiscal Year 2012. Scholarships received $334,854. Regent Whitehead stated that the Office of Alumni Relations has been reaching more alumni with increased mailings. The goal is to increase alumni participation by 10% per year.
Regent Whitehead reported that the Banner implementation is at 100%. Another module will be added, the Luminus module.
Regent Whitehead reported that new computers were distributed to faculty, staff and in student areas, such as residence halls and computer labs.
Regent Whitehead reported that at the end of the 2012 Fiscal Year, university housing occupancy was at 86%.
Audit: Regent Barfield presented the Audit Committee report. Regent Barfield stated that the Committee received a report from the university's internal auditor, Mark Firm from Tronconi and Associates. Mr. Firm developed an internal audit plan for the university including, risk assessment reviews of Finance, Financial Aid Department, CAFSSS-Land Grant. There were no action items.
President Sias provided the following report:
President Sias introduced Dr. Joel Thierstein, newly appointed as university Provost and Vice President, effective August 6, 2012. Dr. Thierstein previously worked at Rice University and the U.S. Department of Education with Undersecretary Martha Kanter. Dr. Sias provided Dr. Thierstein an opportunity to offer any comments. Dr. Thierstein stated that he is excited about being at KSU.
President Sias informed the board of a new addition to the university, Dr. Lorenzo Esters, previously employed with the Association of Public and Land Grant Universities. Dr. Esters will start on August 6, 2012. Dr. Esters will lead student success efforts at the university.
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