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            "text": "KENTUCKY STATE UNIVERSITY",
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            "text": "NOTES TO FINANCIAL STATEMENTS\nJUNE 30, 2022",
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            "text": "NOTE 2 - CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED)",
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            "text": "The University has investments in Exchange-Traded Funds (ETF) totaling $12,884,432 as of June 30, 2022. Of this amount, ETF's totaling $2,174,539 has holdings primarily invested in fixed asset securities. The University has an investment management agreement with ARGI Investment Services, LLC (ARGI)."
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            "text": "The University has the following recurring fair value measurements as of June 30, 2022:",
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                    "text": "Total",
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                    "text": "Level 1",
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                    "text": "Level 2",
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                    "text": "Level 3",
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                    "text": "Exchange traded funds\nCorporate bonds\nGovernment bonds",
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                    "text": "$ 12,884,432\n4,270,927\n1,666,688\n$ 18,822,047",
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                    "text": "$ 12,884,432\n-0-\n-0-\n$ 12,884,432",
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                    "text": "$ -0-\n4,270,927\n1,666,688\n$ 5,937,615",
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                    "text": "$ -0-\n-0-\n-0-\n$ -0-",
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            "text": "All securities classified in level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities."
        },
        {
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            "text": "Credit Risk: Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The University does not have a formal policy to monitor counterparty credit risks."
        },
        {
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            "type": "text",
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            "text": "Interest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The University does not have a formal policy to specifically limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates."
        },
        {
            "id": "p40.10",
            "order": 20,
            "type": "text",
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            "text": "Concentration of Credit Risk: Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. The University does not have a formal policy for concentration of credit risk."
        },
        {
            "id": "p40.11",
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            "text": "Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the University will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The University does not have a formal policy for custodial credit risk."
        },
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            "text": "37.",
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