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Figure 3: Total FY 2020 Expenses per Audited Financial Information
Expense CategoriesFY 2020
Operating Expenses
Educational and General
Instruction$ 9,022,473
Research6,929,355
Public Service8,875,115
Academic Support278,360
Student Services8,646,414
Institutional Support14,500,923
Operation and Maintenance of Plant4,997,765
Student Aid6,420,729
Depreciation3,386,591
Auxiliary Enterprises
Residence Halls1,212,849
Dining1,944,308
Other Auxiliaries1,003,413
Book Store1,007,162
Depreciation299,069
Total Operating Expenses:$ 68,524,526
Source: APA, based on KSU's FY 2020 audited financial statement.
Explanation of Audit Status
KSU’s last completed financial statement audit was for FY 2020. In FY 2022, KSU engaged the services of a third-party accounting consulting firm to temporarily staff its accounting office and help management compile its FY 2021 and FY 2022 financial statements for audit. On October 12, 2022, a CPA firm was selected by the Board to perform the FY 2021 audit.
Kentucky State University Foundation
Established in 1968, the Kentucky State University Foundation, Inc. (Foundation) is an independent 501(c)(3) not-for-profit organization. The Foundation, as described in its Memorandum of Understanding (MOU) with KSU, is a fundraising corporation “created to raise, manage, distribute, and steward private resources to support the various missions of KSU.” According to its 2016-2017 Annual Report, the Foundation’s mission is stated as follows:
The purpose of the Kentucky State University Foundation shall be to receive contributions, gifts, grants, devises, or bequests, or real or personal property or both from individuals, foundations, partnerships, associations, governmental bodies, and public or private corporations, and to maintain, use, and apply such property and inform therefrom for the benefit of Kentucky State University or for any student,