KENTUCKY STATE UNIVERSITY
NOTES TO FINANCIAL STATEMENTS
June 30, 2020
Capital assets as of June 30, 2020, are summarized as follows:
| Beginning Balance | Additions | Reductions/ Transfers | Ending Balance |
|---|
| Cost | | | | |
|---|
| Land and improvements | $ 6,275,031 | $ - | $ - | $ 6,275,031 |
|---|
| Buildings | 155,846,869 | 11,831 | - | 155,858,700 |
|---|
| Equipment | 25,714,538 | 600,092 | - | 26,314,630 |
|---|
| Computer software | 1,658,071 | 182,050 | - | 1,840,120 |
|---|
| Library holdings | 10,648,071 | 15,547 | - | 10,663,618 |
|---|
| Transportation equipment | 4,379,061 | 18,435 | - | 4,397,496 |
|---|
| Construction in progress | 10,681,986 | 21,253,223 | 134,661 | 31,800,549 |
|---|
| 215,203,627 | 22,081,178 | 134,661 | 237,150,145 |
|---|
| Accumulated depreciation | | | | |
|---|
| Buildings | 104,065,002 | 2,188,521 | - | 106,253,524 |
|---|
| Equipment | 21,395,830 | 1,317,303 | - | 22,713,133 |
|---|
| Library holdings | 10,417,450 | 55,493 | - | 10,472,943 |
|---|
| Transportation equipment | 4,103,948 | 147,115 | - | 4,251,063 |
|---|
| 139,982,230 | 3,708,432 | - | 4,251,063 |
|---|
| Capital assets, net | $ 75,221,397 | $ 18,372,746 | $ 134,661 | $ 93,459,482 |
|---|
Unearned revenue consists of the following as of June 30, 2020:
Unearned summer school tuition and fees $ 94,697
Unearned grants and contracts 305,851
$ 400,548
During fiscal year 2020, the University entered into a line of credit agreement with Fifth Third Bank for a maximum borrowing amount of $5,000,000, maturing on June 30, 2020. At June 30, 2020, borrowings on the line of credit totaled $2,900,000. The line bears interest at the Adjusted LIBOR rate and the interest rate at June 30, 2020 was 1.8%. The agreement was renewed as of July 1, 2020 for $5,000,000, maturing on June 30, 2021.
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