KSU’s financial situation due to poor management by leadership, report says
FRANKFORT, Ky. (WKYT) - Gov. Andy Beshear released a report Friday by the Council on Postsecondary Education assessing the current financial status of Kentucky State University.
(Read the report below)
In July, after members of the KSU Board of Regents and CPE voiced concerns about the university’s financial status, Gov. Beshear requested and authorized the assessment from CPE.
“When I heard about KSU’s financial situation, I asked for a full, independent and transparent accounting of the university’s finances, and today we are releasing the findings of that assessment,” said Gov. Beshear. “We are committed to KSU and, as one of two Historically Black Colleges and Universities in Kentucky, KSU must be put on a path to stability so it is able to continue providing a high-quality education for generations to come.”
The report by CPE highlights poor financial management by university leadership in recent years that resulted in significant operating deficits. The assessment also notes that KSU’s productivity has declined compared with peer institutions.
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CPE offers 14 recommendations to remedy the issues outlined in the report. Key among them is that KSU must cultivate a culture of accountability, transparency and compliance.
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