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In light of the release of the assessment of the financial status of Kentucky State University by the Council on Postsecondary Education (CPE) and Gov. Andy Beshear’s office, the Kentucky State University Board of Regents would like to thank CPE President Dr. Aaron Thompson for the comprehensive financial assessment of the University as required by executive order.

Gov. Beshear expressed his commitment to Kentucky State and his desire for the University to be put on a path to stability so it may continue providing a high-quality education for generations to come. The Board of Regents appreciates Gov. Beshear’s support of Kentucky’s only public HBCU and understanding the intrinsic value of the work Kentucky State does to serve the residents of the Commonwealth. 

Kentucky State personnel have begun working on the recommendations of CPE and continue to move the University onward. The Board and the University look forward to working with CPE to establish an operational and financial path of accountability and transparency. 

Kentucky State understands it will no longer be business as usual. The management and improvement plan will guide the institution’s work. Together, we will work diligently with our stakeholders—faculty, staff, students, alumni and supporters—to reposition the institution. The path onward and upward is through action, accountability, accessibility, communication, compliance, and transparency. We understand the responsibility entrusted to all of us to ensure Kentucky State continues to be a viable institution in order to serve its deserving and talented students. We need your continuous involvement and support.  

Failure is not an option. Failure to pay vendors on time is no longer an option. Failure to reimburse state construction accounts is no longer an option. Failure to follow the institution’s policies and procedures related to the collection of students receivables is not an option. 

We will make some difficult decisions ahead. The work will be long and arduous. The Thorobred spirit of Kentucky State will prevail.

Click here to read the current financial status of Kentucky State University report.

Dr. Elaine Farris is the chairperson of the Kentucky State University Board of Regents.