{
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            "id": "p11.1",
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            "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)\nJUNE 30, 2022",
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            "text": "Assets and Deferred Outflows: As of June 30, 2022, total assets and deferred outflows amounted to $195.8 million. Of this amount, investment in capital assets (net of depreciation) of $126.9 million, or 64.8% of total assets and deferred outflows of resources, represented the largest asset class. Investments amounted to $18.8 million or 9.6% of total assets and deferred outflows of resources. During the year, total assets and deferred outflows increased by $57.1 million, primarily due to increases in capital assets and increases in cash, cash equivalents, and restricted cash."
        },
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            "text": "Liabilities and Deferred Inflows: As of June 30, 2022, total liabilities and deferred inflows amounted to $192.3 million. Net Pension and Other Postemployment Benefits (OPEB) liabilities amounted to $64.3 million. The University's proportion of the net pension liability and net OPEB liability of the Kentucky Employees Retirement System and the Kentucky Teachers' Retirement System was actuarily determined based on a projection of the University's long-term share of contributions to the pension and OPEB plans relative to the projected contributions of all participating universities. Long-term debt includes bonds payable for the housing and dining system, energy-related equipment and technology equipment purchased under a Master Lease Agreement, and certificates of participation as described in Note 2 for the construction of a new residence hall. During the year, total liabilities and deferred inflows increased by $56.8 million, primarily due to increases in the deferred inflows related to pension and other postemployment benefits and long-term debt."
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            "text": "Net Position: Net position of the University was 3.5 million at June 30, 2022 and was reported in three net position categories: net investment in capital assets of 74.9 million, restricted nonexpendable of 8.7 million, restricted expendable of 10.4 million, and an unrestricted deficit of 90.4 million."
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            "text": "Statement of Revenues, Expenses and Changes in Net Position"
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            "text": "The Statement of Revenues, Expenses and Changes in Net Position is prepared on the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. All items that increase or decrease net position must appear on the Statement of Revenues, Expenses and Changes in Net Position as revenues, expenses, gains, or losses."
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            "text": "Financial activities are reported as either operating or nonoperating. GASB Statement No. 35 requires state appropriations, gifts, investment income and endowment income to be classified as nonoperating revenues. Accordingly, the University reports an operating loss prior to the addition of nonoperating revenues. The utilization of long-lived capital assets is reflected in the financial statements as depreciation, which amortizes the cost of an asset over its expected useful life. Tuition revenue is reduced by gift scholarships and institutional aid and is reported net of scholarship allowances in the financial statements. A summarized comparison of the University's revenues, expenses and changes in net position for the years ended June 30, 2022 and 2021, is as follows."
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            "text": "8.",
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