Approval of the Financial Exigency Policy.
House Bill 250, an act relating to Kentucky State University, was signed into law on April 8, 2022. One of the corrective measures in HB 250 states as follows:
[N]otwithstanding any existing Kentucky State University policies relating to financial exigency, the Kentucky State University board of regents shall execute a new financial exigency policy by May 15, 2022 that will expedite the restructuring of university operations. The board of regents shall provide a copy of the new exigency policy to the Council on Postsecondary Education and the director of the Legislative Research Commission by June 1, 2022.
The attached Financial Exigency Policy is an emergency response to address KSU's financial situation and the first of several processes and procedures to remediate KSU's financial shortfall.
This policy replaces the existing Financial Exigency Policy (2015) in its entirety.
To Be Determined.
Acting President Stamps recommends that the Board of Regents Approve the Financial Exigency Policy.
Approve the Financial Exigency Policy.
Office of the General Counsel