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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019",
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            },
            "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)",
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            "type": "heading",
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            },
            "text": "Endowment Composition",
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            "text": "The Foundation’s endowment consists of approximately 52 individual funds established by donors to provide annual funding for specific activities and general operations. The endowment also includes certain net assets without donor restrictions that have been designated for endowment by the Board of Trustees."
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        {
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            "text": "The Foundation’s Board of Trustees has interpreted the Commonwealth of Kentucky Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the date of the donor-restricted endowment funds, unless there are explicit donor stipulations to the contrary. As of June 30, 2019, there were no such donor stipulations. As a result of this interpretation, the Foundation retains in perpetuity (a) the original value of initial and subsequent gift amounts including promises to give net of discount and allowance for doubtful accounts donated to the endowment and (b) any accumulations to the endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added. Donor-restricted amounts not retained in perpetuity are subject to appropriation for expenditure by the Foundation in a manner consistent with the standard of prudence prescribed by UPMIFA. The Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds:"
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        {
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            "children": [
                {
                    "id": "p63.6.1",
                    "order": 7,
                    "type": "list_item",
                    "bbox": {
                        "l": 86.88,
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                    },
                    "text": "The duration and preservation of the fund",
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                {
                    "id": "p63.6.2",
                    "order": 8,
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                    "bbox": {
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                    "text": "The purposes of the organization and the donor-restricted endowment fund"
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                {
                    "id": "p63.6.3",
                    "order": 9,
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                    "bbox": {
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                    "text": "General economic conditions",
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                },
                {
                    "id": "p63.6.4",
                    "order": 10,
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                    "bbox": {
                        "l": 86.64,
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                    "text": "The possible effect of inflation and deflation"
                },
                {
                    "id": "p63.6.5",
                    "order": 11,
                    "type": "list_item",
                    "bbox": {
                        "l": 87.12,
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                    "text": "The expected total return from income and the appreciation of investments"
                },
                {
                    "id": "p63.6.6",
                    "order": 12,
                    "type": "list_item",
                    "bbox": {
                        "l": 87.12,
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                    },
                    "text": "Other resources of the organization"
                },
                {
                    "id": "p63.6.7",
                    "order": 13,
                    "type": "list_item",
                    "bbox": {
                        "l": 87.12,
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                    "text": "The investment policies of the organization"
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            "text": "Endowment net asset composition by type of fund as of June 30, 2019 is as follows:"
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                    "text": "",
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                },
                {
                    "id": "p63.8.2",
                    "order": 17,
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                    "bbox": {
                        "l": 342.95184,
                        "t": 340.78716,
                        "r": 395.094432,
                        "b": 308.61828
                    },
                    "text": "Without Donor Restrictions",
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                        "rowspan": 1,
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                        "bbox_refit": true,
                        "column_header": true,
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                },
                {
                    "id": "p63.8.3",
                    "order": 18,
                    "type": "table_cell",
                    "bbox": {
                        "l": 414.95268,
                        "t": 340.78716,
                        "r": 467.095272,
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                    "text": "With Donor Restrictions",
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                    "text": "Total Net Endowment Assets",
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                {
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                    "bbox": {
                        "l": 89.99772,
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                    "text": "Board-designated endowment fund",
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                    "text": "$ 2,240,078",
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                {
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                    "order": 22,
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                        "l": 312.84,
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                    "text": "$ -",
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                        "colspan": 1
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                },
                {
                    "id": "p63.8.8",
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                    "text": "$ 2,240,078",
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                    "text": "Original donor-restricted gift amount and amounts required by to be maintained in perpetuity by donor",
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                {
                    "id": "p63.8.11",
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                    "text": "3,910,751",
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                        "l": 495.45936,
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                    "text": "3,910,751",
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                        "l": 89.99772,
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                    "text": "Accumulated investment gains",
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                {
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                        "colspan": 1
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                },
                {
                    "id": "p63.8.15",
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                        "l": 423.46848,
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                    "text": "1,648,855",
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                        "l": 89.99772,
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                    "text": "Donor-restricted endowment funds",
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                },
                {
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                    "text": "$ 5,559,606",
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                    "text": "$ 7,799,684",
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            "text": "From time to time, certain donor-restricted endowment funds may have fair value less than the amount required to be maintained by donors or by law (underwater endowments). The Foundation has interpreted UPMIFA to permit spending from underwater endowments in accordance with prudent measures required under law. There were no such deficiencies as of June 30, 2019."
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            "order": 37,
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            "text": "Spending Policy: The Foundation spending policy is to distribute an amount at least equal to 3-5% of a moving sixteen quarter average of the fair value of the endowment funds. Accordingly, over the long term, the Foundation expects its spending policy to allow its endowment assets to grow at an average rate of 3% annually. This is consistent with the Foundation's objective to maintain the purchasing power of endowment assets as well as to provide additional real growth through investment return."
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            "text": "(Continued)",
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        {
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            "order": 39,
            "type": "footer",
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            "text": "61",
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