Is that reading battery voltage or switched ignition voltage?
What's the difference?
You want to read battery voltage to avoid slight voltage drop that typically occurs when reading voltage across switches, relays, or other components.
Is the alternator and the voltage regulator one unit or are they two separate units?
Separate.
There are three major components to your electrical system: 1) the alternator (stator), 2) the "R/R" (regulator/rectifier), and 3) your battery. When one has charging woes, it's almost *always* one (or more) of these three components. No absolutely always.... but almost always.
Since the battery is relatively new, let's rule that out for the moment.
While R/R's do go bad, they really don't go bad all that often on FJRs, and if they do, it's usually heat-related on Gen I's; it's rare to have them problematic on Gen IIs.
Which leaves your stator. And/or possibly, wiring-harnesses and their connectors.
Howard... is your stator original? How many miles on it?
If you have a fair number of rally miles on this stator, I would turn my suspicions (and investigations) towards it... so here you go:
Bike Charging System Troubleshooting Flowchart