{ "document_id": 16534, "page": 34, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16644, "item_count": 13, "counts_by_type": { "footer": 1, "heading": 5, "text": 6, "title": 1 }, "build_ms": 2, "items": [ { "id": "p34.1", "order": 1, "type": "title", "bbox": { "l": 206.4, "t": 756.24, "r": 405.6, "b": 717.36 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJUNE 30, 2023", "attrs": { "block_label": "doc_title" }, "level": 2 }, { "id": "p34.2", "order": 2, "type": "heading", "bbox": { "l": 50.4, "t": 674.88, "r": 504.48, "b": 648.72 }, "text": "NOTE 1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p34.3", "order": 3, "type": "heading", "bbox": { "l": 105.36, "t": 636.48, "r": 315.6, "b": 623.76 }, "text": "Scholarship Discounts and Allowances", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p34.4", "order": 4, "type": "text", "bbox": { "l": 104.64, "t": 621.12, "r": 560.4, "b": 480.72 }, "text": "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": "p34.5", "order": 5, "type": "heading", "bbox": { "l": 105.6, "t": 469.44, "r": 198.48, "b": 456.48 }, "text": "Use of Estimates", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p34.6", "order": 6, "type": "text", "bbox": { "l": 104.64, "t": 453.6, "r": 560.64, "b": 376.32 }, "text": "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": "p34.7", "order": 7, "type": "heading", "bbox": { "l": 105.6, "t": 365.52, "r": 254.4, "b": 352.32 }, "text": "Component Unit Disclosure", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p34.8", "order": 8, "type": "text", "bbox": { "l": 104.64, "t": 349.44, "r": 560.16, "b": 284.4 }, "text": "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 Financial Accounting Standards Board (FASB). As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features." }, { "id": "p34.9", "order": 9, "type": "text", "bbox": { "l": 104.88, "t": 273.84, "r": 560.16, "b": 221.28 }, "text": "During the year ended June 30, 2023, the Foundation made distributions of approximately $528,931 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 PO Box 4210, Frankfort, KY 40604." }, { "id": "p34.10", "order": 10, "type": "heading", "bbox": { "l": 105.36, "t": 210, "r": 253.2, "b": 197.04 }, "text": "New Accounting Standards", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p34.11", "order": 11, "type": "text", "bbox": { "l": 104.88, "t": 195.12, "r": 559.44, "b": 168.24 }, "text": "GASB has issued an accounting standard that was required to be adopted by the University in the current fiscal year, as discussed below." }, { "id": "p34.12", "order": 12, "type": "text", "bbox": { "l": 104.64, "t": 156.72, "r": 561.36, "b": 66.48 }, "text": "In May 2020, GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements, effective for fiscal years beginning after June 15, 2022. Statement No. 96 establishes accounting and financial reporting for subscription-based information technology arrangements (SBITAs). Under this statement, a government is required to recognize a subscription liability and a right of use subscription asset for SBITAs with a subscription term greater than twelve months. The adoption of this statement had no impact on previously reported beginning net position at June 30, 2022." }, { "id": "p34.13", "order": 13, "type": "footer", "bbox": { "l": 296.64, "t": 46.08, "r": 315.12, "b": 34.56 }, "text": "(31)", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }