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KENTUCKY STATE UNIVERSITY BOARD OF REGENTS AGENDA ITEM BACKGROUND

To: Board of Regents Finance and Business Committee Date: April 24, 2009

From: Alice B. Johnson Vice President for Finance and Business Affairs

Subject: Budget Update

Reason for Consideration: Informational Enclosures: Yes

Background:

Budget Policy and Planning has completed the following tasks resulting in the outcomes listed below:

1. External Audit of Land Grant. In preparation for establishing a College of Agriculture, an external review was conducted during February and March by Crowe Horwath to determine that the university has properly accounted for Land Grant funding from Federal and state sources. The report will be issued in April.

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