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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\n(Continued)\nJune 30, 2021",
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            "text": "NOTE 15 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (CONTINUED)",
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            "text": "applicable donor gift instrument at the time the accumulation is added. Donor-restricted amounts not retained in perpetuity are subject to appropriation for expenditure by the Foundation in a manner consistent with the standard of prudence prescribed by UPMIFA. The Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds:"
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            "text": "The duration and preservation of the fund"
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            "text": "The purposes of the organization and the donor-restricted endowment fund"
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            "text": "• General economic conditions"
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            "text": "The possible effect of inflation and deflation"
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            "text": "The expected total return from income and the appreciation of investments"
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            "text": "Other resources of the organization"
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            "text": "The investment policies of the organization"
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            "text": "Endowment net asset composition by type of fund as of June 30, 2021 is as follows:"
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                    "text": "Without Donor Restrictions",
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            "text": "From time to time, certain donor-restricted endowment funds may have fair value less than the amount required to be maintained by donors or by law (underwater endowments). The Foundation has interpreted UPMIFA to permit spending from underwater endowments in accordance with prudent measures required under law. There were no such deficiencies as of June 30, 2021."
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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": "Changes in endowment net assets as of June 30, 2021 are as follows:"
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