President Akakpo reiterated that:

• ●The target goal is to complete the FY 2024 audit around September 1, 2025, although neither Protiviti nor CLA is prepared to commit to a specific date due to the potential for unresolved legacy issues.
• ●FY 2023 audit delays were driven by serious issues such as unreconciled bank accounts and complex grant accounting corrections, some of which required Protiviti to reconstruct prior-year balances month-by-month.
• ●FY 2024 work may still reveal additional complications, but the University is committed to reaching a “normal” audit cycle as quickly as possible.

On bank reconciliations, Dr. Hicks reported that:

• ●Monthly reconciliations are now being completed on schedule.
• ●Outstanding items from earlier periods (when reconciliations were not done) remain under review, which is why the relevant mitigation plan items are still shown as partially implemented.

The Board also discussed:

• ●The anticipated repetition of certain FY 2023 audit findings in FY 2024 and FY 2025 while controls are fully implemented and normalized.
• ●The need to fill key positions (CFO, Budget Director, accounting staff) to sustain improvements.

No action was taken on these reports; they were for information and discussion.

C. Title III / HBCU Appropriations Update

This agenda item was presented by Dr. Brown, who oversees Title III and related HBCU programs.

Dr. Brown reported that:

• ●Kentucky State University had previously received notice of an FY 2026 HBCU Title III Part B award, but that award has since been rescinded for all impacted HBCUs.
• ●The U.S. Department of Education determined that institutions had submitted Phase I data incorrectly and is recalculating awards using the original data formats historically requested.
• ●As of the date of this meeting, Kentucky State University has not received updated FY 2026 awards for:
• ○HBCU Title III Part B,
• ○HBCU Title III Part F, or

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