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Kentucky State University regents concerned with school's finances

Posted at 6:18 AM, Jul 19, 2021

FRANKFORT, Ky. (AP) — Kentucky State University’s board of regents has called a special meeting to address financial concerns as the historically Black college prepares for a $50 million campus project.

The regents called a special meeting for Tuesday to hire an outside auditor to “review the current financial status of Kentucky State University,” according to the board’s agenda.

Some regents have reached out to Gov. Andy Beshear’s administration about the concerns, The Herald-Leader reported.

Administration officials have been in contact with regents and the Kentucky Council on Postsecondary Education to gather more information about the issues they have raised,” Beshear’s office said in a statement.

The university is about to move ahead with a debt-financed, 400-bed dormitory and dining hall approved by the Kentucky legislature.

University President M. Christopher Brown recently asked the board to approve a new line of credit authorization. KSU’s annual standing line of credit last year was raised to $5 million as a “precaution,” according to school financial officials.

The university has also been fighting a half-dozen lawsuits this year alleging various acts of misconduct by its leaders, including Brown.