KENTUCKY STATE UNIVERSITY MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) June 30, 2021

Condensed Statement of Revenues, Expenses and Changes in Net Position

20212020
REVENUES
Student tuition and fees, net$ 15,535,191$ 10,290,970
Grants and contracts24,664,74223,396,504
Auxiliary enterprises7,390,8895,263,411
Other operating revenue1,061,566971,948
Total operating revenues48,652,38839,922,833
EXPENSES
Educational and general73,625,97463,057,725
Auxiliary enterprises6,189,4225,466,801
Total operating expenses79,815,39668,524,526
OPERATING LOSS(31,163,008)(28,601,693)
NONOPERATING REVENUES (EXPENSES)
State appropriations25,895,06925,766,500
Federal grants and contracts5,440,6044,703,308
Investment income, net4,754,598590,615
Other non-operating revenue86,869-
Interest on capital assets - related debt(207,006)(118,215)
Total non-operating revenues35,970,13430,942,208
Change in net position4,807,1262,340,515
NET POSITION
Net position, beginning of year(1,571,130)(3,911,645)
Net position, end of year$ 3,235,996$ (1,571,130)

7.