The Investment Committee Chair reports to the Board of Trustees after each meeting of
the committee on the performance results of endowment investments. Policies of the
committee are implemented by the Office of the Treasurer in carrying out the day-to-day
operations of the University’s endowment funds.
(g) Finance Committee and Audit Subcommittee
This committee ensures the financial stability and long-term economic health of the
University by monitoring the financial operations of the University and its affiliated
corporations and making appropriate recommendations to the Board of Trustees to ensure
achievement of the University’s mission. Consistent with KRS l64A.550 through
l64A.630, the committee maintains oversight responsibility for the financial management
of the University in the areas of accounting, auditing, payroll, purchasing, capital
construction, real property, and affiliated corporations. The Committee shall oversee the
budgets of the University by reviewing and recommending to the Board of Trustees on
the annual operating budgets. The Committee shall ensure that accurate and complete
financial records are maintained by reviewing and recommending to the Board of
Trustees on annual financial reports and related recommendations from the Audit
I Subcommittee, interim financial reports, long-term debt obligations, gifts to the
University of $400 000 or more, capital projects of $600,000 or more, leases over
$200,000 per year, disposition of property, sale of assets, and financial transactions not
provided for in the annual operating budget.
The Audit Subcommittee recommends to the Finance Committee on the appointment of
the external auditors, receives and reviews the annual reports from the external auditors,
and makes recommendations to the Finance Committee concerning these reports.
(h) Nominating Committee
This committee nominates officers of the Board of Trustees and members of the
Executive Committee. The Committee reviews and recommends the appointment of
trustees to the boards and committees of the University and its affiliated entities.
(i) University Health Care Committee
This Committee shall serve as a governing body to operate the University Hospitals in
accordance with the standards established by The Joint Commission, formerly ‘]oint
Commission on Accreditation of Health Care Organizations,’ and to oversee the
University’s clinical enterprise. This responsibility includes management oversight for
the development of policies, rules, and regulations for the governance of the University
Hospitals and clinical enterprise. Policies of the Committee are implemented by the
Executive Vice President for Health Affairs in carrying out the day-to-day operations of
the University Hospitals and clinical enterprise.