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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020",
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            "text": "NOTE 13 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)",
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            "text": "Endowment Composition (Continued)",
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            "text": "Spending Policy: The Foundation spending policy is to distribute an amount at least equal to 3-5% of a moving sixteen quarter average of the fair value of the endowment funds. Accordingly, over the long term, the Foundation expects its spending policy to allow its endowment assets to grow at an average rate of 3% annually. This is consistent with the Foundation's objective to maintain the purchasing power of endowment assets as well as to provide additional real growth through investment return."
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                    "text": "Without Donor Restrictions",
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                    "text": "Reclassifications",
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            "text": "The Foundation has a defined contribution profit sharing plan which covers all employees who meet certain requirements. Foundation contributions are discretionary. No contributions were made for the year ended June 30, 2020."
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            "text": "Page 499 of 649",
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