Response: KSU has implemented this recommendation. All known active contracts have been uploaded into the contract repository. As any additional contracts are located, they are immediately loaded into the contract repository.
KSU develop training for credit cardholders to ensure consistent application of policies and procedures. This should include, at a minimum, guidelines on appropriate usage, tracking, receipt requirements, and approvals.
Response: KSU has not implemented this recommendation. The University is establishing guidelines on appropriate usage, tracking, receipt requirements, and approvals that will be required during upcoming trainings and before usage of any University credit card.
KSU develop and implement training procedures for employee travel.
Response: KSU has not implemented this recommendation. The University is in the process of establishing training procedures concerning employee travel.
Travel expenses be encumbered.
Response: KSU has not implemented this recommendation. The University has reviewed the travel procedures and will implement encumbrances on travel through upcoming employee training.
Finding 9: KSU Failed to Fully Implement Controls Over Its Internal Endowment Funds, Then Withdrew Over $2.7 Million, Supplementing Its Cash Balances.
KSU consider updating their Endowment Spending Policy and until such time should follow all aspects of the approved 2018 Endowment Spending Policy. In addition, KSU update their Investment Policy.
Response:
KSU has not implemented this recommendation. The University has prepared an Endowment Investment and Spending Policy to be presented to the Board of Regents for approval at an upcoming meeting. The approved 2018 Endowment Spending Policy will remain in place until the draft policy is approved by the Board of Regents.
KSU consider addressing whether the 2012 policy remains in effect and, if so, harmonizing the 2012 and 2018 policies.
KSU has not implemented this recommendation. The University has prepared an Endowment Investment and Spending Policy to be presented to the Board of Regents for approval at an upcoming meeting. The approved 2018 Endowment Spending Policy will remain in place until the draft policy is approved by the Board of Regents.
Response: KSU has not implemented this recommendation. The University has prepared an Endowment Investment and Spending Policy to be presented to the Board of Regents for approval at an upcoming meeting. The approved 2012 Investment Policy will remain in place until the draft policy is approved by the Board of Regents.