Section 3. Financial Audit

An independent auditor shall conduct an annual audit of the Foundation's finances, with results presented to the Board.

ARTICLE VIII: AMENDMENTS

These by-laws may be amended by a two-thirds/majority vote of the Board, provided that written notice of the proposed amendments is given at least 7 days prior to the meeting.

ARTICLE IX: DISSOLUTION

In the event of dissolution, the Foundation’s remaining assets shall be distributed to Kentucky State University or another tax-exempt organization aligned with the Foundation’s mission, as determined by the Board of Regents and in compliance with state and federal laws.

ARTICLE X: MEMORANDUM OF UNDERSTANDING WITH KENTUCKY STATE UNIVERSITY

The Kentucky State University Thorobreds Foundation, Inc. will remain in alignment with the Memorandum of Understanding with Kentucky State University at all times. Should the Board of Regents dissolve the relationship with the Foundation or the Foundation separate from Kentucky State University, all accounts and spending shall freeze immediately. All assets will be transferred within 90 days to Kentucky State University or the tax-exempt organization aligned with the Foundation's mission, as determined by the Board of Regents and in compliance with state and federal laws also within 90 days.

CERTIFICATION

The officers of the Foundation, certify that these by-laws were duly adopted by the Board of Trustees on June 25, 2025.

REFERENCES AND RELATED MATERIALS:

• KSU and KSUTF MOU

CONTACTS: