The President appoint an Investment and Endowment Committee. This includes implementing monitoring and reporting controls.
KSU has not implemented this recommendation. Per The Gold Book, the Chair of the Board of Regents is the only individual authorized to appoint members to the Investment and Endowment Committee. At the next quarterly meeting of the Board of Regents, the Chair will appoint members to all Board committees, including a newly created Investment and Endowment Committee.
Reporting to CPE and to applicable donors should occur as prescribed and in a transparent manner.
Response: KSU has not implemented this recommendation. The University has prioritized the completion of the Endowment Investment and Spending Policy, as well as the restructuring of the endowment chart of accounts within the Banner system to reflect each fund separately for reporting purposes.
KSU confirm what percentage their drawdowns may be.
Response: KSU has implemented this recommendation.
Donor agreements should be obtained with each donation and maintained indefinitely.
Response: KSU has implemented this recommendation.
KSU review spending from drawn funds and repay the funds to the endowment to ensure donor funds are made whole.
Response: KSU has not implemented this recommendation. The University sought and received the Board of Regents' approval to correct prior drawn-down funds and is adjusting the entries, thereby making donor funds whole.
Finding 10: Former KSU Administration Rewarded Select Members with Unallowable Benefits, Including Bonuses, and Granted the Former President an Excess Housing Allowance and Utilities.
KSU provide only those benefits outlined in service contracts and HR documents for applicable employees that are properly approved and supported.
Response: KSU has implemented this recommendation. The Office of Human Resources is ensuring that only the benefits outlined in an employee's agreement/contract are being provided. The University in the process of reviewing its policy bank and will draft a compensation policy should it be determined one is needed.