KENTUCKY STATE UNIVERSITY

MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) JUNE 30, 2022

20222021
Certificates of participation49,190,000$ -0-
Certificates of participation - premium8,306,728-0-
Finance purchase15,212,53215,926,461
General receipts bonds1,505,0001,775,000
Bond discount(18,409)(22,893)
HB 250 stabilization funding23,000,000-0-
Lease liability434,321-0-
Total$ 97,630,172$ 17,678,568

The University had a revenue anticipation note outstanding at June 30, 2021, totaling $5,000,000. This note was retired in May of 2022.

Kentucky State University Foundation

Kentucky State University Foundation, Inc. (the Foundation) is a Kentucky not-for-profit corporation formed to receive, invest, and expend funds to promote and implement educational and developmental activities at the University. A Board of Trustees manage the Foundation independent from that of the University. The Foundation is supported primarily through contributions from alumni.

Key financial highlights of the Foundation are:

  • The assets of the Foundation exceed its liabilities by $12.3 million and $14.6 million at June 30, 2022 and 2021, respectively.
  • Net assets decreased by $2.4 million and increased by $3.8 million for the fiscal years ended June 30, 2022, and 2021, respectively.
  • The Foundation recognized ($1.0) million in total revenue for the fiscal year ended June 30, 2022, compared to revenue of $5.4 million for the fiscal year ended June 30, 2021.
  • Total support provided by the Foundation to the University was $0.5 million and $0.8 million for the fiscal years ended June 30, 2022, and 2021, respectively.

The four largest Endowments at the Foundation constitute 45.7% of the Endowment balance. These endowments are the Diego Stu Scholarship, College Endowment Fund, Pearl Dale Endowment Fund, and the Permanent Alumni Scholarship Fund. There are over fifty other permanently restricted endowment funds as well that represent less than 54.3% of the total Endowment Balance. The following table demonstrates these balances:

16.