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performed during 2013-14. Only one urgent finding was made. It related to the need for monthly reconciliations for the bank account that includes grant revenue. The University has accepted this finding and has begun implementation. There were 15 recommendations. The second report outlined the 2014-15 audit plan. Once findings are made, a report card will be developed by the audit firm to advise the board how findings will be implemented.

No action items were reported.

Action: Motion was made to convene a closed session to discuss personnel matters, pending litigation and property acquisition pursuant to the Kentucky Open Meetings Act. The motion was made by Regent Henry and seconded by Regent Haskins. The motion passed, 10-0.

The Board discussed pending litigation, property acquisition and personnel matters. The Board took no action in Closed Session.

The Board reconvened in Open Session.

Chair Bearden stated that Interim President Raymond Burse will be paid $259,744.04 per year. The Board recognizes Mr. Burse's value by having served as president of KSU previously and his role as a member of the executive management team at General Electric, a Fortune 500 company. Ordinarily, based upon his background, experience and consistent with salaries with other presidents of Kentucky universities, the Board of Regents would have paid President Burse $349,869.00 in recognition of his skills, talents and ability to make significant contributions to KSU. President Burse has asked the Board to pay 24 employees who are currently earning less than $10.25 per hour, the amount necessary to bring their salaries to $10.25 per hour and this amount be reduced from the base salary that the Board would have paid President Burse.

Action: Motion was made to ratify the Interim President's Contract. The motion was made by Regent Henry and seconded by Regent Haskins. The motion passed, 10-0.

Action: Motion was made by Regent Henry and seconded by Regent Haskins. The motion passed 10-0.

The meeting adjourned at 4:55 p.m.

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