Approval to enter into an Agreement with an External Auditor.

Under state law, and pursuant to KRS 164A.170, the University is required to complete an annual report and audit:

"The corporation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the Governor and the General Assembly. Each such report shall set forth a complete operating and financial statement of the corporation during the year. The corporation shall also cause an annual audit to be made by a resident independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages, leases, assignments, loans and all other matters relating to its financial operations. The persons performing such audit shall furnish copies of the audit report to the secretary of the Finance and Administration Cabinet, where they shall be placed on file and made available for inspection by the general public."

Beginning in September 2017, Crowe LLP (formerly known as Crowe Horwath LLP) served as the University's independent external auditor. Crowe LLP continued to serve in that role through June 30, 2022. The University's contract with Crowe LLP is now subject to renewal. The University has the option of seeking a renewal of the existing contract or negotiating a new contract with another vendor that maintains a General Services Administration price agreement with the United States of America, pursuant to KRS 164A.575(2).

The University now seeks approval to negotiate a new contract, pursuant to KRS 164A.572(2), that will not exceed a price higher than is contained in the contract between the new vendor and the General Services Administration.

The University has included the completion of the annual report and audit in its budget funds.