Regent Bearden called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:24 pm on October 22, 2010.
Regent Barfield-No Regent-Bearden-Present (Acting Chair) Regent-Reddy-Present Regent-Williams-Present Dr. Ralph Kimbrough-By phone (Recovering from surgery) Quorum Established: Yes
Regent Bearden presented the minutes of the July 23, 2010 Audit Committee meeting.
Action: Motion to approve the minutes from the July 23, 2010 Audit Committee meeting was made by Regent Reddy and seconded by Regent Williams. The motion passed.
The internal auditor's report was given by Dr. Sias. Dr. Sias deferred to Ms. Napier to discuss internal audit's recommendations regarding the purchasing card. Ms. Katherine Napier discussed the adoption of a purchasing card that was recommended by Dr. Kimbrough. Currently, the purchasing card program is being tested in a pilot program. Purchasing card purchases are checked daily. If successful, the purchasing card should eliminate petty cash and cash advances for travelers. There will be limits on the basic use of the card.
Dr. Sias discussed the audit findings regarding student residency. She stated that the University needs to make sure that student tuition is
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