Fiscal 2012 Audit
Vice President Johnson stated that the FY2012 audit activities began in May and the auditors will return for field work in August. A draft of the audit report will be submitted in September and will be available by the October Board meeting.
Vice President Johnson gave an overview of the Executive Summary Narrative. She stated that the FY2012 Budget vs Actual results were achieved meeting targeted spending goals. She also stated that the unaudited financial statements indicate a reduction in net assets of $2.5 million which reflects unaudited changes in net assets after accruals are recorded.
Mrs. Napier, Associate Vice President Business Operations informed the committee that the Perkins Loan default rate has been reduced significantly. She stated that a Strategic Plan was developed to work with the students before they get into default. She stated that the default rate last year was 38% and this year the default rate is 10.5%.
Motion for adjournment of the Finance and Business meeting was made by Regent Henry. The meeting adjourned at 10:37am.
Submitted by: Approved by:
Alice B. Johnson Vice President for Finance and Business Kentucky State University Lavaughn Henry, Chair Finance and Business Committee Board of Regents Kentucky State University
Lavaughn Henry, Chair Finance and Business Committee Board of Regents Kentucky State University
___ Approved with no corrections
___ Approved with corrections