KCTCS BoR Meeting Minutes, December 6, 2024
KCTCS System Office, Conference Room 102 A/B
I. CALL TO ORDER
Chair Martin called the regularly scheduled meeting to order on December 6th, 2024, at 9:00 a.m. EST. The roll was called, and a quorum was established.
II. Roll Call
Attendance
Chair Barry Martin (Present)
Vice Chair Keith Hamilton (Present)
Secretary Brianna Whitten (Present)
Mr. Russell Cox (Present)
Mr. Christopher Girdler (Present via Teams)
Mr. Ryan Hall (Present)
Mr. Robert Higdon (Present)
Ms. Candace McGraw (Present via Teams)
Ms. Raeanne Powers (Present)
Ms. Kelly Rabinowitz (Present)
Ms. Audra Shouse (Present)
Mr. James Lee Stevens (Present)
Mr. Marty Sutherland (Present)
III. Increase Organization Success
A. KCTCS Board of Regents Audit Committee Meeting
Audit Committee Chair Cox provided an overview of the recent meeting of the Board of Regents Audit Committee. Regent Cox reviewed the findings from Dean Dorton.
B. Forensic Audit Completion
Chief Financial Officer Todd Kilburn introduced Mr. Daniel Click from KPMG to review the forensic audit. Mr. Click thanked KCTCS for the opportunity to conduct the audit and introduced Mr. Mike Doyle from KPMG. KPMG reviewed the ten scope areas of the audit with accompanying findings and recommendations. Regent Cox spoke to the review of executive compensation and voluntary separation agreements and offered clarification on the findings. Dr. Quarles shared that KCTCS requested the forensic audit to cure the state audit. He noted that the completion of the forensic audit completes the state audit.
Chair Martin asked KPMG whether there should be any areas of concern for legislators or the general public who are watching. KPMG noted KCTCS should not be alarmed and that any organization should engage in a continual review of policies and processes and that there is always an opportunity for improvement. KPMG noted that there was no mismanagement of funds.
Regent Cox made a motion to accept the KPMG forensic audit report issued on October 31, 2024. Regent Hamilton seconded the motion. The motion passed.
C. State Examination
Mr. Kilburn reviewed the resolution of the state examination with the conclusion of the forensic audit. Mr. Kilburn shared that KCTCS is creating two working groups, one to implement the recommendations related to Account 10001 and one that will make recommendations related to the carryforward. Dr. Quarles noted that the Auditor of Public Accounts is also auditing the Fire Commission and that will continue in 2025.
D. External Audit Report for Fiscal Year 2023-2024
Mr. Kilburn introduced Ms. Jennifer Williams and Ms. Joanie Duckworth from Forvis Mazar. Forvis Mazar issued a clean audit statement and there was one past adjustment. There were no identified significant deficiencies.
Regent Sutherland made a motion to accept the audit of Forvis Mazars. Regent Hall seconded the motion. The motion passed.
IV. INCREASE EMPLOYMENT SUCCESS
A. Workforce and Economic Development Update
Acting Assistant Vice President of Philanthropy Dr. Megan Stith presented the Workforce and Economic Development update on behalf of Ms. Jessie Schook. Dr. Stith shared information on a National Science Foundation – Engines grant, an update on the Asset Map and External Engagement Teams, and the Statewide Workforce and Talent Team (SWATT). Dr. Quarles highlighted that KCTCS has partnerships with over 3,100 workforce entities.
B. Philanthropy
Dr. Stith shared the institutional advancement updates. Since July 1st, the system has received nearly $5 million dollars from 1,552 donors. There have been 9 new endowment accounts and 25 new gift accounts. The 2025-2026 scholarship applications are open. Dr. Stith highlighted several recent gifts for multiple colleges. Giving Day 2025 will be April 16th, 2025.
V. NEXT MEETING
March 13-14, 2025 at KCTCS System Office, Versailles, KY
VI. ADJOURNMENT
Regent Stevens made a motion to adjourn, and Regent Powers seconded the motion. There were no objections to the motion, and it passed by consensus. The meeting adjourned at 10:15 a.m. EST.
