Rebuilt HTML — PaddleOCR-VL (Baidu)

Call to Order Regent Dr. Gerald Patton Board Chair

Roll Call Ms. Elise Borne Board Secretary

Action Items

Approval of Agenda Chair Patton

Approval of Church Mutual Commercial Auto Insurance Renewal Dr. Gerald Shields Vice President of Finance and Administration/CFO

Approval of KEMI Worker's Compensation Insurance Renewal Dr. Gerald Shields

Approval of United Educators General Liability and Umbrella/Excess Liability Insurance Renewal Dr. Gerald Shields

Approval of RSUI Directors and Officers, Employment Practice, and Educators Legal Liability Insurance Dr. Gerald Shields

Approval of FY 2022-2023 Operating E&G (unrestricted) Budget Dr. Gerald Shields

Approval of FY 2022-2023 Tuition & Fees and Rescind Thorobred Promise Tuition Program Dr. Gerald Shields

Closed Session Chair Patton

Individual personnel matters pursuant to KRS 61.810(1)(f)—finalist interviews for the position of Interim President

Public Actions Chair Patton

Closing Remarks Chair Patton

Approval of Interim President Appointment

Adjournment Chair Patton

Amerisure-declined-your class of business is outside of their target markets

Liberty Mutual-Public Entity-declined-said they could not compete with Church Mutual

Amerisure-declined-your class of business is outside of their target markets

Liberty Mutual-Public Entity-declined

A Reciprocal Risk Retention Group insurer created and regulated under the Federal Risk Retention Group Act and is therefore not covered by the Kentucky State Guaranty Fund.

KSU is a founding Member or UE—since 1987

No charge for Terrorism coverage

Per the underwriter, quotes are subject to:

No charge for Terrorism coverage

Defense Costs remain inside Limit of Liability

premium was $57,687 with $100,000 deductible and $1,000,000 limits in 2003

$153,970 in paid loss during the 2004/2005 period.

Berkshire Hathaway—does not have an Educators Legal Liability endorsement which would thus be a reduction in coverage. Also, they are in the process of acquiring Alleghany Insurance Group—the owner of your incumbent insurer, RSUI

Cincinnati-Educational Institutions Program-declined-not a market for public universities

Corvus-MGU for Accredited Specialty Ins Co (non-admitted, rated A-X; Randall & Quilter Investment Holdings, Ltd-Bermuda)-declined-currently only a market for financial institutions

Falcon Risk Services-MGA for HDI Global (owned by Talanx Group-3rd largest insurer in Germany)-declined-not a market for educational institutions.

*Removed Restricted State Appropriation Revenue funds of 8,210,400 for FY22

Activity - $170.00 - student contribution to campus events.

Asset Preservation - $150.00 – student contribution to physical plant maintenance.

Homecoming - $50.00 - charged during the fall term for those events.

Technology Fee - $155.00

Single (15%) $2553.00,

Double (10%) $1837.00,

Capitol Plaza ($2818.00 per contract),

New Residence Hall - $4,000.00 (January 2023)

Triple (10%) $1782.00,

Suite (30%) $2756.00,

Identified and updating supporting documentation for management finding audit adjusting entries related to FY 2020 year-end audit

Compared Banner detail trial balance to audited financial statements FY 2020 to identify beginning balance variances to be investigated

Finalizing account mapping and roll-up between detailed trial balance and financial statements

Completed initial review of the 158 external auditor's FY 2021 request items: 60% ready for Crowe's review, 13% in revision, 27% requires revision

Limited knowledge on prior year activities due to turnover in grant accounting and general accounting teams, resulting in staffing gaps and leading to increased efforts in identifying supporting documentation

The KSU accounting teams are simultaneously working on other competing priorities (i.e., APA request)

Lack of consistent historical bookkeeping and support maintenance, increasing efforts in preparing/updating supporting documentation for audit requests

Lack of documentation on account mapping between the Banner system and Argos reporting tool, increasing efforts in preparing trial balances and financial statements

Finalize support for FY 2020 audit adjustments for interim Controller review

Refresh the FY 2021 trial balance and review for any additional variances and investigate remaining differences

Test account mapping between detailed trial balance to financial statements with refreshed FY 2021 trial balances to identify any mapping adjustments required

Continue to update/develop supporting documentation for FY 2021 audit request items, target completion date of 7/15/2022 KENTUCKY STATE UNIVERSITY

Enhance Student Enrollment, Improve Student Life and Engagement, and Improve Student Advising and Career Development.

Increase the University's Financial Strength and Operational Efficiency

NOW, THEREFORE, in consideration of the mutual promises of the parties hereto, the University hereby retains Registry upon the terms and conditions contained herein, and Registry hereby accepts said retention and agrees to perform the Services hereinafter mentioned, upon said terms and conditions.

Services by Registry: As indicated above, Registry will perform the Services through the Assigned Member provided by Registry Member Name, Sole Proprietor, or a mutually agreed upon alternate person. Specific duties and standards of performance shall be prescribed in an EXPECTATIONS DOCUMENT, which shall be appended, and integral, to this Agreement, and as otherwise agreed between the University and the Registry. The parties agree that the Consultant sets the Assigned Member's schedule, but that the Assigned Member will generally work the same or a similar schedule set by the University. The Registry shall be responsible for assessing performance under this Agreement, predicated upon evaluation reports from University. A senior officer of the Registry shall be available on call throughout the duration of the engagement to deal with all matters related to the Consultant's performance of the Services on Registry's

Obligations of Kentucky State University: (a) The University will provide adequate working conditions and clerical assistance and supplies as the University deems necessary for Registry to perform its obligations under this Agreement.

Payment in consideration of this Agreement shall be in the amount of an annualized consultant's fee of $250,000.00 + a 30% Registry fee (reduced from 33%) of $75,000.00 to be paid monthly, by Kentucky State University to the Registry in the amount of $27,083.33: $20,833.33 for Registry Member Name and $6,250.00 for Registry fee. In addition, Registry Member Name will also be provided mutually agreeable furnished housing as well as reimbursement for pre-approved travel related expenses to arrive at the beginning of the assignment and to depart at the conclusion of the assignment. Such payments are subject to change only upon the written concurrence of both parties to this Agreement. University agrees to remit to Registry without monthly invoice the amount due by the 15th day of each month. It is anticipated by the parties that the annual consultant's fee and the administrative fee will be increased by agreement of the parties in the case of multiple-year engagements and/or extended periods of engagement and the parties agree to negotiate one such increase every twelve months in good faith. In the event University requests and authorizes additional services of Registry as provided under Section 1 of this Agreement, Registry shall submit an invoice to the University on or about the first of each month that succeeds the performance of said Services, detailing expenses and consulting fees incurred during the preceding month. University agrees to pay and/or reimburse Registry within thirty (30) days after receipt of each invoice for such expenses or consulting fees. In addition, payment for interim services rendered will be made by Registry after Registry receives funds from the college/university client expressly allocated for services rendered by the Consultant.

University acknowledges that the exclusive placement of Consultant through the Registry to University is of benefit to University, (i) it is of benefit to the University that Assigned Member's fitness for and match with the University's needs have been determined by the Registry and (ii) it is of benefit to the University that the Registry be positioned to perform the Services through the Consultant (and Assigned Member) without the distractions and additional challenges provided by eligibility for the Assigned Member's permanent placement at University. Accordingly, University agrees that it will not, for a minimum period of the longer of two years from (i) the last day of Registry's service at University under this or any subsequent agreement or (ii) the effective date of Consultant's resignation from the Registry (as acknowledged by the Registry), consider the Consultant or its Assigned Member for any position or professional relationship (whether as an employee, a consultant or otherwise) other than under Registry auspices.

Term: The effective dates of this Agreement shall be June 1, 2022 through June 30, 2023 or, until terminated by either party giving thirty (30) days' notice in writing to the other party (with Assigned Member being copied). Upon such termination, the University shall pay Registry all amounts due for Services performed and expenses incurred to the effective date of termination. If termination is for cause, payment will cease on the date of notice of termination given.

Status and Relationship of the Parties. The Assigned Member shall be considered an employee only of the Consultant.

It is expressly agreed and understood that for all purposes, the Consultant shall, at all times, act strictly and exclusively as an independent contractor and shall not be considered, under the provisions of this Agreement or otherwise, an employee, agent, servant, partner or joint venturer of Registry or the University and the Registry shall at all times act strictly and exclusively as an independent contractor and shall not be considered, under the provisions of this Agreement or otherwise, an employee, agent, servant, partner or joint venturer of the University. The Assigned Member shall be considered an employee of the Consultant. It is further agreed that the Consultant shall have full and direct responsibility for compliance with respect to the Assigned Member and the Services with all federal, state and local requirements pertaining to taxes and other obligations of employers, including without limitation Social Security taxes, unemployment insurance, workers' compensation, and comparable matters. Consultant has acknowledged to Registry that all such obligations are the Consultant's sole responsibility and that it complies with, and will continue to comply with, all laws and regulations regarding the withholding and payment of so-called payroll taxes and charges, including, without limitation, FICA, FUTA and state unemployment withholding taxes. Consultant has represented that it is exempt from an obligation in the state in which the Services are performed to carry workers' compensation insurance (or provide self-insurance) for the Assigned Member or, if not so exempt, covenants that it will provide Registry with a certificate of insurance evidencing workers' compensation coverage.

Registry acknowledges that it is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of University or to bind University in any manner.

Registry acknowledges that it is not entitled to any benefits, coverages or privileges applicable to employees, including, without limitation, medical, dental or life insurance coverage, workers' compensation coverage or participation in any University retirement plan. Registry agrees not to make any claim of entitlement to any such plan or program. All such benefits, if any, are the Consultant's sole responsibility.

The Services being provided are part of a business in which Registry is customarily engaged as an independently established business (either as a sole proprietorship, limited liability entity, partnership or other entity), separate from and unrelated to the University's business. The Consultant has agreed to provide the University with the Consultant's business card and website address, if available, prior to the commencement of the Services. The Registry's website is www.registryinterim.com.

Registry performs, and will perform, the Services according to a schedule it maintains, free from the University's control and direction with respect to the manner in which the Services are performed. The parties agree that any Services provided by Registry in connection with the placement of Consultant with the University, are not and will not comprise supervision by the Registry of the Services.

In the event that the definition of “employee” or “contractor” under the Internal Revenue Code of 1986, as amended and as interpreted by the Internal Revenue Service, or under applicable state law, is amended such that Registry becomes an employee of the University under applicable law, the parties agree that they will take such action as is necessary to ensure Registry’s continued status as an independent contractor or will terminate this Agreement.