Kentucky State University Finance and Business Committee Meeting July 26, 2013
For Fiscal 2013, planned budget results are presented in item B5 as of May 31, 2013.
For Fiscal 2013, unaudited comparative financials are presented in item B6 as of May 31, 2013.
Dean|Dorton|Allen|Ford began the interim audit work the week of April 15th; returned June 17th for additional testing and will return August 5th to complete the field work.
Dean|Dorton|Allen|Ford issued the final report for the agreed upon procedures.
Tronconi Segarra & Associates was on-site the week of June 10th to perform general controls reviews in the areas of Purchasing, Accounts Payable Human Resources and Student Financial Aid.
As of June 30, 2013, the cohort default rate is 13.5%. The rate is below the 15% threshold.
The renewal of insurance coverage for the university with an effective date of July 1 was completed. In addition, a policy was secured for the newly acquired research vessel referred to as Kentucky River Thorbred.
The university acquired additional use of rights from TouchNet for the Payment Gateway Suite and Payment Plan. Implementation is currently underway.
Ellucian was engaged to provide training for the Finance team. The Vice-President of Finance Administration has partnered with the School of Business to implement an Accounting internship program.