Regents inquired about net revenue from online versus on-campus programs. Dr. Dailey and Dr. Bigard indicated that detailed net revenue comparisons will be developed as part of the enhanced financial reporting framework and shared with the Board at a future meeting.

In-State vs. Out-of-State Recruitment and International Students

Dr. Mayberry presented data showing:

• ●A significant shift toward in-state enrollment for first-time freshmen: approximately 52% in-state and 48% out-of-state, compared to a previous mix of roughly 35% in-state and 65% out-of-state.
• ●Kentucky's border states and Michigan remain important out-of-state markets, supported by targeted recruitment travel and relationships with school districts.

Regarding international students, Dr. Mayberry noted:

• ●The university currently enrolls 199 international students.
• ●Additional students—particularly from China—have received admissions offers and I-20s but have deferred or been delayed due to visa processes and federal factors, including the potential impact of a federal government shutdown.
• ●Historically strong source countries include Nepal, Nigeria, Ghana, and The Bahamas, with new efforts underway to deepen partnerships with The Bahamas and Puerto Rico.

Regent Childs emphasized the importance of expanding recruitment from The Bahamas, noting that Kentucky State’s HBCU culture is attractive to Bahamian students and that other institutions (e.g., Central State) have successfully recruited large cohorts. Dr. Dailey and President Akakpo indicated that:

• ●The university has existing relationships with Bahamian education officials, and recruitment efforts are ongoing.
• ●Further collaboration among Enrollment Management, International Affairs, and Student Affairs will continue to build this pipeline and ensure strong support for Bahamian and other international students on campus.

STUDENT ACCOUNTS AND FINANCIAL AID – FALL 2025 BALANCES

Dr. Mayberry provided a detailed update on student account balances for the Fall 2025 term:

• ●As of the most recent report, the university had collected approximately $10,961,256.26 in student payments.
• ●Outstanding student balances totaled approximately $5,650,488.79, prior to the application of certain aid and pending transactions.