Press Release from Ed Hatchett,
Kentucky Auditor of Public Accounts

Subject: State Auditor recommends more accountability in $230 million Bucks for Brains program
Release Date: October 31, 2000
Audit online at: http://www.auditor.ky.gov/Public/Audit_Reports/Archive/10-31-2000Bucks4Brainsaudit.pdf

Commonwealth of Kentucky
Auditor of Public Accounts
144 Capitol Annex
Frankfort, KY 40601

Contact:
Harold McKinney
Legal Counsel
Phone 502-573-0050
FAX 502-573-0067
APA.PressReleases@auditor.ky.gov
(Frankfort - October 31, 2000) State Auditor Ed Hatchett has challenged the Council on Postsecondary Education to require more accountability of Bucks for Brains matches. Bucks for Brains is the increased funding cornerstone of Kentucky’s higher education reforms, representing a $230 million taxpayer investment.

Hatchett: "Changes will bring greater success."

Hatchett’s recommendations include

  • Assuring that state funds are matched to university-defined, mission-critical areas of concentration
  • Setting minimum endowment levels for chairs and professorships
  • Leveraging more private donations by excluding state-generated dollars and institution-generated dollars from eligibility for state matches
  • Requiring more detailed university reports on the uses of the state matches

"We all have high expectations of Bucks for Brains. Success is more likely to be achieved if CPE focuses the program and formalizes detailed reporting on how the endowments are used," Hatchett said.

The recommendations are contained in a Briefing Paper produced by the State Auditor’s Division of Performance Audit.

 

Edward B. Hatchett Jr.
Auditor of Public Accounts
144 Capitol Annex
Frankfort, KY 40601
WEB: www.auditor.ky.gov/