Finance & Administration Academic Services #202 | 400 East Main Street Frankfort, KY 40601 | (502) 597-6343 KYSU.EDU

Friday, May 27, 2022

Dr. Aaron Thompson President Kentucky Council on Postsecondary Education 100 Airport Road Frankfort, KY 40601

Re: Request for Disbursement

The quick brown fox jumps over the lazy dog.

Dear Dr. Thompson:

Pursuant to the terms set forth in House Bill 250, Section 3, Kentucky State University is required to submit a written request to CPE with supporting documentation in order for CPE to disburse the $23 million appropriated to Kentucky State University. On April 12, 2022, Kentucky State University requested that CPE disburse $17.5 million of the allotted funds to Kentucky State University.

When KSU made its initial disbursement request, the Governor had not yet appointed a new board. Now that the Governor has appointed a new board, as of March 31, 2022, KSU should give the Board the opportunity to weigh in on KSU's request and what the $5.5 million will be spent on. The University now requests that CPE disburse the remaining funds to get through June 30, 2022.

As required by the bill, the University now submits this request to CPE for the disbursement of $5.5 million. As the basis for this $5.5 million, the University states:

As a final note, the University states that, in its review of the University's financial records, the University has uncovered excessive spending, but has not uncovered any criminal activity. As part of on-going litigation, outside counsel is engaging a team of forensic accountants to investigate

Onward Upward. Forward.