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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2017",
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            "text": "NOTE 13 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)",
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            "text": "Summary of Significant Accounting Policies (Continued)",
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            "text": "Recent Accounting Pronouncements: In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, that changes how a not-for-profit organization classifies its net assets, as well as the information it presents in the financial statements and notes about its liquidity, financial performance, and cash flows. The ASU includes a reduction in the number of net asset categories from three to two, conforming requirements on releases of capital restrictions, several new requirements related to expense presentation and disclosure (including investment expenses), and new required disclosures communicating information useful in assessing liquidity. This ASU will be effective for the Foundation for fiscal years beginning after December 15, 2017. Early adoption is permitted. The Foundation is currently evaluating the effects adoption of this guidance will have on the financial statements."
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            "text": "Subsequent Events: The Foundation's management has evaluated subsequent events for accounting and disclosure requirements through February 8, 2018, the date the financial statements were available to be issued. There were no events occurring during the evaluation period that require recognition or disclosure in the financial statements."
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            "text": "Investments",
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            "text": "Investments as of June 30, 2017 are summarized as follows:"
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                    "text": "Equity securities\nDebt securities\nReal estate investment trust\nU.S. government securities",
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                    "text": "$ 6,158,190\n2,577,681\n8,129\n338,083",
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                    "text": "Total investments",
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                    "text": "$ 9,082,083",
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            "text": "Fair Value Measurements",
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            "text": "The Foundation classifies its investments based on a hierarchy consisting of: Level 1 (valued using quoted prices from active markets for identical assets), Level 2 (not traded on an active market but for which observable market inputs are readily available), and Level 3 (valued based on significant unobservable inputs). The investment's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs."
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            "text": "The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of June 30, 2017."
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            "text": "Common stocks, municipal bonds, corporate bonds, U.S. government securities, and equity exchange traded funds: Valued at the closing price reported on the active market on which the individual securities are traded. Some level 2 inputs are used for pricing of municipal and corporate bonds; therefore, they are all classified as level 2."
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            "text": "42.",
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