As required by the bill, the University now submits this request to CPE for the disbursement of $17.5 million. As the basis for this $17.5, the University states:

Repay Fifth Third for the Revenue Anticipation Note $ 2.5 million

April Cash Deficiency $ 1 million

Repay State Budget Office for capital construction projects $ 5 million

Replenish asset preservation fund $ 1.6 million

Banner Training and Personnel Support $ 100,000

Continue Audit Support for FY 2021 and preparation for FY 2022 $ 500,000

Projected payroll and operating expenses between April 15, 2022 and June 15, 2022 $ 6.8 million

TOTAL $17.5 million

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 financial activities during the tenure of Dr. Brown. The University will also work with the Auditor of Public Accounts or a firm of the APA’s choosing to conduct a more in-depth review of the University’s finances. If criminal activity is discovered the University will report it to the appropriate law enforcement agency and CPE.

As always, KSU appreciates CPE's diligent oversight and continued support of Kentucky State University. Please do not hesitate to contact me if you have any further concerns or questions.