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KENTUCKY STATE UNIVERSITY BOARD OF REGENTS AGENDA ITEM BACKGROUND

To: Board of Regents Finance and Business Committee Date: October 26, 2012

From: Alice B. Johnson Vice President for Finance and Business Affairs

Subject: Budget vs. Actual July, August and September 2012

Reason for Consideration: Informational Item Enclosures: Yes

Background: For September 2012, revenues and expenses are presented for the Educational and General Fund (E&G), Auxiliary Fund, Land Grant and Action Agenda Funds. Budget vs. Actual does not include restricted grants and contracts.

The summary of operations presented below is to assist in understanding the results reflected in the budget vs. actual report as of September 2012.

The state appropriates funds for Land Grant as required by the U.S. Department of Agriculture. Land Grant, Action Agenda and Auxiliary Funds are not available to the University for discretionary spending.

Revenue

• State appropriations are received in installments of 30% (July), 25% (October), 25% (January) and 20% (April) of each year. At September 2012, $7.1 million of state appropriations and $550,000 of Agriculture Grant have been received.
• Student Tuition and Fees will be posted for Fall 2012 and Spring 2013 enrollment. Auxiliary revenues represent housing and board for resident students enrolled for Fall 2012 and Spring 2013.
• Other revenue includes athletic income, indirect cost recovery, facility rentals, interest income, state funding for Regional Stewardship and fund balance revenue offset. As of September 2012, $61,300 has been received for Regional Stewardship.