{ "document_id": 16540, "page": 26, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16651, "item_count": 13, "counts_by_type": { "footer": 2, "header": 1, "heading": 1, "list": 1, "list_item": 2, "text": 6 }, "build_ms": 2, "items": [ { "id": "p26.1", "order": 1, "type": "header", "bbox": { "l": 215.52, "t": 763.44, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "attrs": { "block_label": "header" }, "level": 2 }, { "id": "p26.2", "order": 2, "type": "heading", "bbox": { "l": 69.84, "t": 693.36, "r": 534.96, "b": 680.16 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p26.3", "order": 3, "type": "text", "bbox": { "l": 68.64, "t": 669.6, "r": 541.92, "b": 552.48 }, "text": "Scholarship Discounts and Allowances: 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": "p26.4", "order": 4, "type": "text", "bbox": { "l": 68.88, "t": 543.6, "r": 541.92, "b": 473.04 }, "text": "Federal Grants and Contracts: Per GASB Statement No. 24, pass-through grants should be reported as revenues and expenses in the financial statements if that entity has any administrative or direct financial involvement in the program. An entity has administrative involvement if it determines eligible secondary recipients or projects, even if using grantor-established criteria. Therefore, Pell Grants are considered non-exchange transactions and are recorded as non-operating revenues in the accompanying financial statements." }, { "id": "p26.5", "order": 5, "type": "text", "bbox": { "l": 68.64, "t": 462.48, "r": 542.16, "b": 402.96 }, "text": "Use of Estimates: 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": "p26.6", "order": 6, "type": "text", "bbox": { "l": 68.88, "t": 394.08, "r": 542.16, "b": 345.84 }, "text": "Component Unit Disclosure: 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 FASB. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features." }, { "id": "p26.7", "order": 7, "type": "text", "bbox": { "l": 68.64, "t": 336.24, "r": 542.16, "b": 288.96 }, "text": "During the year ended June 30, 2019, the Foundation made distributions of approximately $579,329 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 P.O. Box 4210, Frankfort, KY 40604." }, { "id": "p26.8", "order": 8, "type": "text", "bbox": { "l": 68.88, "t": 279.12, "r": 541.68, "b": 255.36 }, "text": "Recent Accounting Pronouncements Adopted/Implemented: As of June 30, 2019, the GASB has issued the following statements:" }, { "id": "p26.9", "order": 9, "type": "list", "bbox": { "l": 92.4, "t": 245.32896000000005, "r": 536.64, "b": 138.48 }, "text": "", "attrs": { "item_count": 2 }, "children": [ { "id": "p26.9.1", "order": 10, "type": "list_item", "bbox": { "l": 92.4, "t": 245.32896000000005, "r": 536.64, "b": 197.04 }, "text": "GASB Statement 84, Fiduciary Activities. This statement establishes requirements for identifying and reporting fiduciary activities of state and local governments. It is effective for periods beginning after December 15, 2018. The University will implement this statement during its fiscal year ending June 30, 2020." }, { "id": "p26.9.2", "order": 11, "type": "list_item", "bbox": { "l": 92.4, "t": 187.11275999999998, "r": 535.92, "b": 138.48 }, "text": "GASB Statement 87, Leases. This statement requires recognition of certain lease assets and liabilities for leases that were previously classified as operating leases. It is effective for periods beginning after December 15, 2019. The University will implement this statement during its fiscal year ending June 30, 2021." } ] }, { "id": "p26.10", "order": 12, "type": "footer", "bbox": { "l": 278.88, "t": 70.32, "r": 332.88, "b": 58.32 }, "text": "(Continued)", "attrs": { "block_label": "footer" } }, { "id": "p26.11", "order": 13, "type": "footer", "bbox": { "l": 524.64, "t": 47.04, "r": 539.04, "b": 36.24 }, "text": "24.", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }