KSU will review financial feasibility of bundle purchases to obtain the best price on all items purchased or service provided if they meet quality and performance standards.
KSU is developing processes in which all contracts and agreements made on behalf of the University must first be vetted, approved by the President and/or the Board then given to record custodian for cataloging and uploading in central repository.
The central repository maintains contracts whereas Banner purchasing module host expenses tied to the contract. However, KSU will be adopting the Ellucian Spend Management suite which will extend Banner functionality in the areas of purchasing, invoicing and travel and contracts in one location.
KSU is in the process of identifying and recording all "fully executed" contracts. Contracts and supporting documentation will be uploaded into the central repository by Legal.
KSU shall conduct training for new card issuers and periodic training for existing/current card users to ensure consistent applications of policies and procedures are followed.
KSU is currently reviewing/updating travel policy and procedures. Once the policy and procedure have been reviewed and approved by the Board, employees will be required to attend travel training to ensure consistent applications of policies and procedures are followed.
KSU will explore the use of a general encumbrance fund for travel and determine whether its value added.
Finding 9: KSU Failed to Fully Implement Controls Over Its Internal Endowment Funds, Then Withdrew Over $2.7 Million, Supplementing Its Cash Balances.