The Statements of Net Assets classification "cash and cash equivalents" includes all readily available sources of cash such as petty cash, demand deposits, certificates of deposit and temporary investments in marketable securities with original maturities less than three months.
At June 30, 2011 and 2010 the University had petty cash funds totaling zero, and deposits as reflected by bank balances as follows:
2011 2010
Insured, commercial banks $ 250,000 $ 100,000
Uninsured, commercial banks; collateral held by pledging institution's agent in the University's name 4,207,544 7,255,846
Maintained by Commonwealth of Kentucky 25,954,476 16,699,628
$ 30,412,020 $ 24,055,474
The difference in the cash carrying amount per the Statements of Net Assets and the above bank balances represented items in transit.
At June 30, 2011 and 2010, the University had no cash and cash equivalents that are restricted for capital expenditures.