Approval of competitive bid process to secure the services of an accounting consulting firm.
Kentucky State University needs professional assistance in hiring new staff members and training new and existing staff on various activities relating to accounting, budgets, payroll, data processing, and other procedural and internal controls. The organization also lacks the competencies to prepare monthly bank reconciliations and forecasts on cash flows, budget execution, and key performance indices.
The institution will issue a request for proposal seeking the services of a qualified consulting firm.
The cost of consulting services will be paid out of Title III and HEERF funds; therefore, there will be no budgetary costs to the E&G funds. The estimated range of costs is $260,000–$300,000.
Interim President Ronald A. Johnson recommends that the Kentucky State University Board of Regents approves the request to seek the services of a professional accounting consulting firm.
Approve the competitive bid process to procure a professional accounting consulting firm.