{
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    "page": 46,
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    "item_count": 13,
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        "footer": 1,
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    "items": [
        {
            "id": "p46.1",
            "order": 1,
            "type": "title",
            "bbox": {
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            "text": "KENTUCKY STATE UNIVERSITY\nNotes to the Financial Statements, continued",
            "attrs": {
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            "level": 2
        },
        {
            "id": "p46.2",
            "order": 2,
            "type": "heading",
            "bbox": {
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            "text": "9. Employee Benefits, continued",
            "attrs": {
                "block_label": "paragraph_title"
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            "level": 3
        },
        {
            "id": "p46.3",
            "order": 3,
            "type": "text",
            "bbox": {
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            },
            "text": "Optional Retirement Plan, continued"
        },
        {
            "id": "p46.4",
            "order": 4,
            "type": "text",
            "bbox": {
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            "text": "Information about VALIC's variable annuities, including financial statements, fees, charges, expenses and contract limitations, can be obtained by visiting the website www.aigvalic.com or by calling 1-800-428-2542."
        },
        {
            "id": "p46.5",
            "order": 5,
            "type": "text",
            "bbox": {
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            "text": "Funding for the plan is provided from eligible employees who contribute 6.16% of their salary through payroll deductions and the Commonwealth of Kentucky, which also indirectly contributes 8.74% of current eligible employees' salaries to the ORP through appropriations to the University. The University's contributions to ORP for the years ended June 30, 2013, 2012 and 2011 were $485,224, $434,586 and $412,711, respectively, and equaled the required contribution for the year."
        },
        {
            "id": "p46.6",
            "order": 6,
            "type": "text",
            "bbox": {
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            "text": "Health care and life insurance benefits are provided for eligible retired employees through the above pension plans. Expenditures for all employee benefits are included as expenditures within the appropriate functional areas."
        },
        {
            "id": "p46.7",
            "order": 7,
            "type": "text",
            "bbox": {
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            "text": "Effective July 1, 2010, KRS 61.546 states that the value of any accumulated sick leave that is added to the member's service credit in the Kentucky Employees Retirement System (KERS) and Kentucky Teachers Retirement System (KTRS) on or after July 1, 2010 shall be paid to the retirement system by the last participating employer, based upon a formula adopted by the KERS and KTRS Boards. The KERS/KTRS sick leave liability as of June 30, 2013 and 2012 was $500,000."
        },
        {
            "id": "p46.8",
            "order": 8,
            "type": "heading",
            "bbox": {
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            "text": "10. Commitments and Contingencies",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p46.9",
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            "bbox": {
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            "text": "The University is a party to various law suits and other claims in the ordinary course of business. University officials are of the opinion, based upon the advice of legal counsel, that the ultimate resolution of these matters will not have a material effect on the financial statements of the University."
        },
        {
            "id": "p46.10",
            "order": 10,
            "type": "text",
            "bbox": {
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            "text": "The University receives financial assistance from federal and state agencies in the form of grants and awards. The expenditure of funds received from these programs generally requires compliance with terms and conditions specified in the grant agreements and are subject to audit by the grantor agencies. Any disallowed claims resulting from such audit could become a liability of the applicable fund. In the opinion of management, such potential disallowed claims, if any, would not have a material adverse effect on the overall financial position of the University at June 30, 2013."
        },
        {
            "id": "p46.11",
            "order": 11,
            "type": "heading",
            "bbox": {
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            "text": "11. Risk Management",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p46.12",
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            "type": "text",
            "bbox": {
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            "text": "The University is exposed to various risks of loss from torts; theft of, damage to, destruction of assets; business interruption; employee injuries and illnesses; natural disasters; and employee health and accident benefits. Commercial insurance coverage is purchased for claims arising from these risks. Settled claims have not exceeded this commercial coverage in any of the three preceding years. As a sovereign entity of the Commonwealth of Kentucky, the Kentucky Board of Claims handles tort claims on behalf of the University."
        },
        {
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            "order": 13,
            "type": "footer",
            "bbox": {
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            },
            "text": "44",
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                "block_label": "number"
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