Board of Regents Kentucky State University Frankfort, Kentucky

We have compiled the accompanying forecasted statements of net position and statements of revenues, expenses and changes in net position of Kentucky State University (the University) as of June 30, 2017, 2018, 2019, 2020 and 2021 for each of the five years then ending, in accordance with attestation standards established by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of a forecast information that is the representation of management and does not include evaluation of the support for the assumptions underlying the forecast. We have not examined the forecast and, accordingly, do not express an opinion or an other form of assurance on the accompanying statements or assumptions. Furthermore, there will usually be differences between the forecasted and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report.

Management has elected to omit the summary of significant accounting policies required by the guidelines for presentation of a forecast established by the American Institute of Certified Public Accountants. If the omitted disclosures were included in the forecast, they might influence the user's conclusions about the Company's financial position and results of operations for the forecast period. Accordingly, this forecast is not designed for those who are not informed about such matters.

Dean Dorton Allen Ford, PLC

November 15, 2016

Lexington, Kentucky

106 W. Vine Street, Suite 600 • Lexington, KY 40507 • 859-255-2341 phone • 859-255-0125 fax 500 W.S Meeting Notice 12/12/16 • Louisville, KY 40202 • 502-589-6050 phone • 502-581-9016 fax

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