Chief Finance Officer's Summary Reports for Board of Regents Meeting June 27th, 2022.
The mission of the Finance and Administration Division within Kentucky State University is to provide timely, accurate, relevant, and meaningful financial information. And advice to the University community to support management decision-making and demonstrate fiscal responsibility, accountability, and regulatory compliance to the State and Commonwealth of Kentucky, Board of Regents, President, and University's constituents. The Finance and Administration Division will promote the efficient use and stewardship of the University resources. And compliance with laws, regulations, and reporting requirements through technical, financial, and analytical skills and expertise in accounting and financial knowledge.
KYSU has gone through significant personnel reductions throughout the campus. The losses, in particular, have severely impacted the Finance and Administration Division. The accounting staff has experienced notable resignations comprising the Controller, Accounting Supervisor, Grants Supervisor, and 2 Grants Accountants. Purchasing - Purchasing Manager, Buyer Associate, Travel Agent, and Payroll Manager (recently filled) add to the bombardment of Finance and Administration personnel losses. These staff reductions challenged the remaining staff's ability to support the University in service, accountability, and accuracy while trying to fill these open positions. The rehire for these positions has been limited, and many instances, lacks the qualifications specified for the jobs.
The chart of accounts in the Banner system is limited in its operational support within the University's use throughout the campus. Many Fund-Operation-Accounts-Programs (FOAPs) are not functional for the current year's active use for reporting. They are no longer aligned to support accurate reporting without a time-consuming detailed review of these FOAPs and correct assessment out of the Banner system.
The following is a series of financial reports produced for current year, and status, and next year's forecast: