KSU confirm what percentage their drawdowns may be.
Donor agreements should be obtained with each donation and maintained indefinitely.
KSU review spending from drawn funds and repay the funds to the endowment to ensure donor funds are made whole.
KSU shall continue to adhere to the approved Spending Policy until a revised Spending and Investment Policy has been reviewed and approved by the Board.
The responsibility for investments and endowments is the responsibility of the Board, the Board will establish a subcommittee. KSU shall continue to adhere to the approved Spending Policy until revise Spending and Investment Policies have been approved by the Board.
KSU Finance and Administration personnel meet weekly with CPE to provide updates. Any and all issues identified are communicated during this meeting. Also, Institutional Advancement is currently establishing policy and procedures to communicate endowment activities to CPE and applicable donors.
KSU will confirm allowable percentage for drawdowns.
KSU uses a third-party software provider (Blackbaud) to record and track all donor's information and agreements.
President is currently working with CPE to resolve this matter. BOR took corrective at April 12, 2023
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.
KSU discontinue awarding bonuses to employees in violation of section 3 of the Kentucky Constitution.
Changes made to benefits both in service contracts or in policy include an effective date and specifically state whether or not retroactive payment is necessary.
KSU HR Director and KSU Board of Regents Chair (or the full Board or a member of the Board) meet periodically to review benefits received by and payroll payments issued to all Vice President level and above employees and compare to similar information