KENTUCKY STATE UNIVERSITY
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2022
NOTE 4 - CAPITAL AND RIGHT-TO-USE ASSETS, NET (CONTINUED)
Beginning BalanceAdditionsReductions/ TransfersEnding Balance
Cost
ROU assets$ 611,871$ -0-$ -0-$ 611,871
Accumulated ammortization
ROU assets-0-209,064-0-209,064
ROU assets, net$ 611,871$ (209,064)$ -0-$ 402,807
NOTE 5 - UNEARNED REVENUE
Unearned revenue consists of grants in the amount of $2,400,324 as of June 30, 2022.
NOTE 6 – ACCRUED COMPENSATED ABSENCES
It is the University's policy to permit employees to accumulate earned but unused annual leave, compensatory leave, and sick pay benefits. The policy of the Commonwealth of Kentucky is to only record the cost of annual and compensatory leave.
Annual and Compensatory Leave:
Annual leave is accumulated at amounts ranging from 10.00 to 16.72 hours per month, determined by length of service, with maximum accumulations ranging from 35 to 40 days. The calendar year is the period used for determining accumulated leave. Compensatory leave is granted to authorized employees.
Activity in the liability for accrued compensated absences during the year ended June 30, 2022, is summarized as follows:
BalanceBalance
July 01, 2021IncreasesDecreasesJune 30, 2022
$ 1,381,427$ 1,536,706$ 824,778$ 2,093,355
Accrued compensated absences
As of June 30, 2022, the amount estimated to be due within one-year totals approximately $698,000.
40.