KENTUCKY STATE UNIVERSITY
BOARD OF REGENTS
AGENDA ITEM BACKGROUND
B4
To: Board of Regents Finance and Business Committee Date: May 11, 2011
From: Alice B. Johnson Vice President for Finance and Business Affairs
Subject: Interim Financial Statements-March 2011
Reason for Consideration: Informational Item Enclosures: Yes
Interim Financial Statements are included as of March 2011. At March, nine months of operations have occurred. A brief summary explanation of certain current assets and plant items follows:
Cash and cash equivalents total $28.6 million. This amount includes $15.1 million that is restricted for Land Grant and Action Agenda programs and $3.7 million that is restricted for plant purposes. The remainder is current operating cash that will be disbursed for current operations during the year.
Accounts receivable totaling $9.9 million includes the receivables from students, grants and loans. This amount includes $4.9 million in student accounts receivables, and $5.0 million that is grants and other accounts receivables.
Current liabilities consist of $3.0 million in accounts payable and accrued payroll liabilities. Accrued compensated absences total $1.3 million and Deferred Revenue totals $1.4 million.
As of March 2011, net assets reflect a $9.0 million increase primarily due to revenues for tuition and fees and federal grants and contracts.
The Statement of Cash Flows reflects a net increase of $5.6 million at March 2011. Operations consumed $22.4 million of cash through March 2011.
| Initiator: | Katherine Napier
Associate Vice President for Business Operations |
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| Board Action Date: | May 11, 2011 |
| Effective Date: | May 11, 2011 |