Mr. Allen summarized the Circular A1-33 document. Mr. Allen stated that the audit identified a few significant deficiencies and one (1) material weakness related to the Circular A1-33. Mr. Allen noted that KSU management took appropriate corrective measures to take on compliance with financial management guidelines.
Board members asked several questions and President Sias, Ms. Johnson and Mr. Allen responded to the inquiries.
Regent Douglas commended Ms. Johnson and her staff for their diligence and professional expertise. President Sias also complimented KSU's Internal Auditor, Dr. Ralph Kimbrough. A final audit report will be prepared and distributed upon Board approval.
Action: Motion was made to approve and accept the audit report by Regent Bearden and seconded by Regent Guarnieri. The motion was passed.
V. Closed Session:
Action: Motion was made to convene a closed session. The motion passed.
The Board took no action in Closed Session.
VI. Adjournment:
Action: Motion was made to adjourn the special Board meeting by Regent Whitehead and seconded by Regent Guarnieri.
The meeting adjourned at 11:50 a.m.
Submitted by:
Lori A. Davis, Secretary General Counsel Kentucky State University
Laura Douglas, Chair Board of Regents Kentucky State University
Approved with no corrections Approved with corrections
Board of Regents Special Meeting Minutes November 5, 2010