{
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            "text": "We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions."
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            "text": "Opinions",
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            "text": "In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and discretely presented component unit of the University as of June 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America."
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            "text": "Other Matter",
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            "text": "Required Supplementary Information",
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            "text": "Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis on pages 3 through 14 and required supplementary information on pages 66 through 72 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance."
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            "text": "Prior Year Comparative Information",
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            "text": "We have previously audited the University's fiscal year 2019 financial statements, and we expressed an unmodified audit opinion on the financial statements of the business-type activities of the University in our report dated December 3, 2019. In our opinion, the summarized comparative information presented herein for the business-type activities as of and for the year ended June 30, 2019, is consistent, in all material respects, with the audited financial statements from which it has been derived."
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            "text": "Other auditors have previously audited the discretely presented component unit's fiscal year 2019 financial statements and they expressed an unmodified audit opinion on the financial statements in their report dated October 17, 2019. The summarized comparative information for the discretely presented component unit as of June 30, 2019 has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it."
        },
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            "text": "Other Reporting Required by Government Auditing Standards",
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            "text": "In accordance with Government Auditing Standards, we have also issued our report dated March 29, 2021 on our consideration of the University's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the University's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University's internal control over financial reporting and compliance."
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            "text": "Lexington, Kentucky"
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            "text": "March 29, 2021"
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            "text": "Crowe LLP"
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            "text": "2.",
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