{ "document_id": 16532, "page": 28, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16643, "item_count": 10, "counts_by_type": { "footer": 1, "header": 1, "heading": 1, "text": 7 }, "build_ms": 1, "items": [ { "id": "p28.1", "order": 1, "type": "header", "bbox": { "l": 215.52, "t": 763.68, "r": 396, "b": 717.36 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\n(Continued)\nJune 30, 2021", "attrs": { "block_label": "header" }, "level": 2 }, { "id": "p28.2", "order": 2, "type": "heading", "bbox": { "l": 69.84, "t": 693.36, "r": 541.2, "b": 667.68 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p28.3", "order": 3, "type": "text", "bbox": { "l": 68.64, "t": 657.84, "r": 541.92, "b": 541.2 }, "text": "Scholarship Discounts and Allowances: Financial aid to students is reported in the financial statements under the alternative method as prescribed by the National Association of College and University Business Officers (NACUBO). Certain aid, such as loans and funds provided to students awarded by third parties, is accounted for as third party payments (credited to the student's account as if the student made the payment). All other aid is reflected in the financial statements as operating expenses, or scholarship allowances, which reduce revenues. The amount reported as operating expenses represents the portion of aid that was provided to the student in the form of cash. Scholarship allowances represent the portion of aid provided to the student in the form of reduced tuition. Under the alternative method, these amounts are computed by allocating the cash payments to students, excluding payments for services, on the ratio of total aid to the aid not considered to be third party aid." }, { "id": "p28.4", "order": 4, "type": "text", "bbox": { "l": 68.64, "t": 531.84, "r": 541.68, "b": 461.28 }, "text": "Federal Grants and Contracts: Per GASB Statement No. 24, pass-through grants should be reported as revenues and expenses in the financial statements if that entity has any administrative or direct financial involvement in the program. An entity has administrative involvement if it determines eligible secondary recipients or projects, even if using grantor-established criteria. Therefore, Pell Grants are considered non-exchange transactions and are recorded as nonoperating revenues in the accompanying financial statements." }, { "id": "p28.5", "order": 5, "type": "text", "bbox": { "l": 68.64, "t": 450.96, "r": 541.68, "b": 391.68 }, "text": "Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates." }, { "id": "p28.6", "order": 6, "type": "text", "bbox": { "l": 68.64, "t": 382.08, "r": 541.68, "b": 334.56 }, "text": "Component Unit Disclosure: The accompanying financial statements of the Foundation have been prepared in accordance with accounting principles generally accepted in the United States of America as prescribed by the FASB. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features." }, { "id": "p28.7", "order": 7, "type": "text", "bbox": { "l": 68.64, "t": 324.72, "r": 541.44, "b": 277.44 }, "text": "During the year ended June 30, 2021, the Foundation made distributions of approximately $547,615 on behalf of the University for both net assets and unrestricted purposes. Complete financial statements for the Foundation can be obtained from the Kentucky State University Foundation, Inc. at P.O. Box 4210, Frankfort, KY 40604." }, { "id": "p28.8", "order": 8, "type": "text", "bbox": { "l": 68.88, "t": 267.36, "r": 541.2, "b": 242.4 }, "text": "Recent Accounting Pronouncements Implemented: During fiscal year 2021, the University adopted the following accounting pronouncements:" }, { "id": "p28.9", "order": 9, "type": "text", "bbox": { "l": 85.44, "t": 232.32, "r": 542.16, "b": 138.48 }, "text": "GASB Statement No. 84, Fiduciary Activities, This statement establishes criteria for identifying and reporting fiduciary activities of all state and local governments including public universities. In general, if the University controls the assets of the fiduciary activity and the beneficiaries with whom a fiduciary relationship exists, then the activity should be presented in a statement of fiduciary net position and a statement of changes in fiduciary net position. An exception to this requirement is provided for a business-type activity that expects to hold assets in a custodial fund for three months or less. The implementation had no material impact on the University's financial statements." }, { "id": "p28.10", "order": 10, "type": "footer", "bbox": { "l": 524.64, "t": 47.28, "r": 539.28, "b": 36.24 }, "text": "25.", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }