{
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            "type": "title",
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            "text": "KENTUCKY STATE UNIVERSITY",
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            "text": "9. Pension Plans, continued",
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            "text": "contributions to ORP for the years ended June 30, 2015 and 2014 were $618,796 and $554,207, respectively, and equaled the required contribution for the year."
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            "text": "Effective July 1, 2010, KRS 61.546 states that the value of any accumulated sick leave that is added to the member's service credit in the KERS and KTRS on or after July 1, 2010 shall be paid to the retirement system by the last participating employer, based upon a formula adopted by the KERS and KTRS Boards. The KERS/KTRS sick leave liability as of June 30, 2015 and 2014 was $292,360 and $346,431, respectively."
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            "text": "10. Commitments and Contingencies",
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            "text": "The University is a party to various law suits and other claims in the ordinary course of business. University officials are of the opinion, based upon the advice of legal counsel, that the ultimate resolution of these matters will not have a material effect on the financial statements of the University."
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            "text": "The University receives financial assistance from federal and state agencies in the form of grants and awards. The expenditure of funds received from these programs generally requires compliance with terms and conditions specified in the grant agreements and are subject to audit by the grantor agencies. Any disallowed claims resulting from such audit could become a liability of the applicable fund. In the opinion of management, such potential disallowed claims, if any, would not have a material adverse effect on the overall financial position of the University at June 30, 2015."
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            "text": "11. Risk Management",
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            "text": "The University is exposed to various risks of loss from torts; theft of, damage to, destruction of assets; business interruption; employee injuries and illnesses; natural disasters; and employee health and accident benefits. Commercial insurance coverage is purchased for claims arising from these risks. Settled claims have not exceeded this commercial coverage in any of the three preceding years. As a sovereign entity of the Commonwealth of Kentucky, the Kentucky Board of Claims handles tort claims on behalf of the University."
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            "text": "12. Schedule of Expenses by Program",
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            "text": "In the Statements of Revenues, Expenses and Changes in Net Position, operating expenses are presented by functional expense purpose. Functional expenses are classified by natural classification as follows:"
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