This Memorandum of Understanding (“MOU”) is entered into as of this 27th day of June, 2025, by and between Kentucky State University (hereinafter referred to as “KSU” or “the University”) and the Kentucky State University Thorobreds Foundation, Inc. (hereinafter referred to as “the Foundation”).
KSU and the Foundation shall work collaboratively to enhance the mission and priorities of the University. The Foundation, a Kentucky nonprofit corporation, operates independently from KSU, serving to advance the University's interests through fundraising efforts and asset stewardship. It is recognized as a tax-exempt charity under Section 501(c)(3) of the Internal Revenue Code. The Foundation's primary objective is to provide sustainable financial support to KSU, supplementing state assistance to enable the University and its students to achieve excellence.
The Foundation is governed by a Board of Trustees consisting of up to twenty-five (25) members, who shall be appointed by the KSU Board of Regents to serve three-year terms. The Board of Regents may elect to modify the number of Trustees at any time through formal action. Trustees shall serve without compensation, dedicating their time and expertise to secure a prosperous future for KSU.
The President of Kentucky State University and the President of the Kentucky State University National Alumni Association (KSUNAA) shall both serve as Ex-Officio Members of the Foundation's Board of Trustees. Ex-Officio Members may attend all Board Meetings but may not vote outside of any Committee they are appointed to.
The Foundation holds its own Articles of Incorporation approved by its Board of Trustees and may establish its own bylaws, policies, and procedures so long as they are not in conflict with this MOU or KSU's policies and procedures. In the event of the Foundation's dissolution, all assets shall, at the sole discretion of the Board of Regents, transfer to KSU or to the University's successor foundation.
The University’s President serves as the primary fundraiser for KSU, with the Foundation supplementing these efforts as directed by the University.
The University’s Vice President of Institutional Advancement and External Relations serves as the Chief Executive Officer of the Foundation, overseeing its operations and strategic initiatives.