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Report of Independent Auditors.....1 - 2 Management's Discussion and Analysis.....3 - 19 Financial Statements: Kentucky State University Statements of Net Position.....20 Kentucky State University Foundation, Inc. Statements of Financial Position.....21 Kentucky State University Statements of Revenues, Expenses and Changes in Net Position.....22 - 23 Kentucky State University Foundation, Inc. Statements of Activities.....24 - 25 Kentucky State University Statements of Cash Flows.....26 - 27 Kentucky State University Notes to the Financial Statements.....28 - 46 Kentucky State University Foundation, Inc. Notes to the Financial Statements.....46 - 53 Schedule of Expenditures of Federal Awards.....54 - 59 Notes to the Schedule of Expenditures of Federal Awards.....60 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards.....61 - 62 Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by OMB Circular A-133.....63 - 65 Schedule of Findings and Questioned Costs.....66 - 74 Summary Schedule of Prior Audit Findings.....75 - 79