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Image 172 of Minutes of the University of Kentucky Board of Trustees, 2011-06-14

Part of Minutes of the University of Kentucky Board of Trustees

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Governing Regulations 06/ l7/08 Page H-8 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.