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7 > Image 7 of Minutes of the University of Kentucky Board of Trustees, 2010-10-12

Part of Minutes of the University of Kentucky Board of Trustees

-7- Dr. Ray explained that the reaffirmation process is very different from the 2002 process for which a large self-study committee conducted all the work and prepared great quantities of paper documentation. The new process involves preparation of an electronic compliance certification document accompanied by electronic evidence, all of which will be reviewed remotely by an off-site SACS team in fall 2012. The QEP will be completed by January 2013 and will be reviewed and accepted (or rejected) by a SACS onsite review team in March or April. Following acceptance ofthe QEP, the University will implement the QEP and report back to SACS on its effectiveness after five years. Two years later, the whole reaffinnation process will commence again. Dr. Ray encouraged Board members to contact her or Dr. Jen Skaggs, director ofthe SACS Reaffirmation Project, if they have questions about the process. President Todd commented on the differences between the two accreditation processes that he had been a part of during his time as president. He felt that the current one should be more beneficial to the University, with more lasting results. As to the QEP requirement, he stated that probably UKs War on Attrition project or the revamping ofthe Undergraduate Studies Program would both have qualified for a QEP project, except for the fact that they are already in the works. I. Finance Committee Report Mr. Stuckert, chair ofthe Finance Committee, reported that the Committee met that moming. There was one consent item, a pledge from Mr. Warren Rosenthal of Lexington, Kentucky for $500,000. Of the pledge, $200,000 is for the Schmidt Vocal Arts Center Renovation fund and the remaining $300,000 is for support ofthe Opera program in the College of Fine Arts School of Music. Mr. Stuckert commended Mr. Rosenthal for his loyalty and generous support ofthe University for many years and many projects. On behalf of the University, he thanked the donor. J. Acceptance of Audit Report and the Report on Intemal Control for the University of Kentucky for 2009-10 (FCR 2) Mr. Stuckert stated that FCR 2 requests the Board to accept the universitys Audited Financial Statements for the fiscal year ended June 30, 2010, and the Independent Auditors Report on the universitys intemal controls. BKD, UKs extemal auditor, has completed its audit and issued its Independent Auditors Report. The report expresses an unqualified or clean opinion on the universitys financial statements. BKD has also issued its Report on Intemal Controls, which, as part of their audit, noted no material weaknesses in the universitys system of intemal controls. The University ended the year in a strong financial condition. As of June 30, 2010, the University had assets of $3.54 billion, liabilities of $1.15 billion, and net assets (fund balances) of $2.39 billion. Net assets increased $176.9 million. On behalf of the Finance Committee, Mr. Stuckert recommended acceptance of FCR 2. Mr. Shoop seconded his motion, and it carried without dissent. (See FCR 2 at the end ofthe Minutes.)