{ "document_id": 16538, "page": 28, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16649, "item_count": 17, "counts_by_type": { "footer": 1, "header": 1, "heading": 1, "text": 14 }, "build_ms": 2, "items": [ { "id": "p28.1", "order": 1, "type": "header", "bbox": { "l": 216.48, "t": 763.44, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020", "attrs": { "block_label": "header" }, "level": 2 }, { "id": "p28.2", "order": 2, "type": "heading", "bbox": { "l": 70.08, "t": 693.12, "r": 534.96, "b": 679.92 }, "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": 69.6, "t": 669.84, "r": 541.2, "b": 644.88 }, "text": "Recent Accounting Pronouncements Not Yet Implemented: As of June 30, 2020, the GASB has issued the following statements not yet implemented by the University." }, { "id": "p28.4", "order": 4, "type": "text", "bbox": { "l": 87.12, "t": 634.8, "r": 540.96, "b": 610.8 }, "text": "GASB Statement No. 84, Fiduciary Activities, effective for periods beginning after December 15, 2019." }, { "id": "p28.5", "order": 5, "type": "text", "bbox": { "l": 87.36, "t": 605.28, "r": 482.88, "b": 592.56 }, "text": "GASB Statement No. 87, Leases, effective for periods beginning after June 15, 2021" }, { "id": "p28.6", "order": 6, "type": "text", "bbox": { "l": 86.88, "t": 585.12, "r": 541.92, "b": 560.64 }, "text": "GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period, effective for periods beginning after December 15, 2020." }, { "id": "p28.7", "order": 7, "type": "text", "bbox": { "l": 86.88, "t": 553.44, "r": 542.16, "b": 528.72 }, "text": "GASB Statement No. 90, Majority Equity Interests, an amendment of GASB Statements No. 14 and No. 61, effective for periods beginning after December 15, 2019." }, { "id": "p28.8", "order": 8, "type": "text", "bbox": { "l": 86.88, "t": 521.52, "r": 541.92, "b": 497.52 }, "text": "GASB Statement No. 91, Conduit Debt Obligations, effective for periods beginning after December 15. 2021." }, { "id": "p28.9", "order": 9, "type": "text", "bbox": { "l": 86.64, "t": 490.08, "r": 518.64, "b": 476.88 }, "text": "GASB Statement No. 92, Omnibus 2020, effective for periods beginning after June 15, 2021." }, { "id": "p28.10", "order": 10, "type": "text", "bbox": { "l": 87.12, "t": 468.96, "r": 541.44, "b": 445.2 }, "text": "GASB Statement No. 93, Replacement of Interbank Offered Rates, effective for periods beginning after June 15, 2021." }, { "id": "p28.11", "order": 11, "type": "text", "bbox": { "l": 87.36, "t": 437.52, "r": 542.4, "b": 413.52 }, "text": "GASB Statement No. 94, Public-Private and Public-Private Partnerships and Availability Payment Arrangements, effective for periods beginning after June 15, 2022." }, { "id": "p28.12", "order": 12, "type": "text", "bbox": { "l": 87.36, "t": 405.6, "r": 542.16, "b": 381.36 }, "text": "GASB Statement No. 96, Subscription-Based Information Technology Arrangements, effective for periods beginning after June 15, 2022." }, { "id": "p28.13", "order": 13, "type": "text", "bbox": { "l": 86.88, "t": 374.16, "r": 542.4, "b": 327.12 }, "text": "GASB Statement No. 97, Certain Component Units Criteria, and Accounting and Financial Reporting for Internal Revenue Code (IRC) Section 457 Deferred Compensation Plans – an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32, effective for periods beginning after June 15, 2021." }, { "id": "p28.14", "order": 14, "type": "text", "bbox": { "l": 76.08, "t": 320.16, "r": 536.64, "b": 295.92 }, "text": "The University's management has not yet determined the effect these statements will have on the University's financial statements." }, { "id": "p28.15", "order": 15, "type": "text", "bbox": { "l": 68.64, "t": 286.08, "r": 541.92, "b": 134.16 }, "text": "Business Disruption: In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak to be a global pandemic. COVID-19 has impacted economic activity and financial markets globally and has resulted in a decrease in various auxiliary revenues that the University is dependent upon due to closing the campus in March 2020. The continued spread of the disease represents a risk that operations could be disrupted in the near future. The extent to which COVID-19 impacts the University will depend on future developments, which are still highly uncertain and cannot be predicted. As a result of the COVID-19 pandemic, the University received an allocation of Higher Education Emergency Relief Funding through the CARES Act totaling $3,730,489, of which $1,827,277 was expended during the year ended June 30, 2020. The remaining $1,903,212 is expected to be expended and recognized as revenue when allowable expenses are incurred during fiscal year 2021. As of June 30, 2020, the University also deferred employer Social Security taxes in the amount of $485,879 as allowed under the CARES Act to provide more liquidity to the University during the pandemic. The University is expected to make payment of half of the deferred taxes by December 31, 2021 and deposit the remaining liability by December 31, 2022." }, { "id": "p28.16", "order": 16, "type": "text", "bbox": { "l": 279.12, "t": 70.32, "r": 332.88, "b": 58.08 }, "text": "(Continued)" }, { "id": "p28.17", "order": 17, "type": "footer", "bbox": { "l": 524.64, "t": 46.8, "r": 538.8, "b": 36 }, "text": "26.", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }