KENTUCKY STATE UNIVERSITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Continued)
June 30, 2021
Capital Assets
Capital assets, net of accumulated depreciation, totaled $95.1 million at June 30, 2021, an increase of $1.7 million. Capital assets as of June 30, 2021 and significant changes in capital assets during the year are as follows:
| June 30, 2021 | (Reductions) FY20-21 | June 30, 2020 |
|---|
| Land and land improvement | $ 6,533,787 | $ 258,755 | $ 6,275,032 |
|---|
| Buildings, fixed equipment and infrastructure | 172,788,042 | 16,941,173 | 155,846,869 |
|---|
| Equipment, vehicles and capitalized software | 52,617,435 | 20,065,189 | 32,552,246 |
|---|
| Library materials and art | 10,679,911 | 16,293 | 10,663,618 |
|---|
| Construction in progress | 369,806 | (31,442,574) | 31,812,380 |
|---|
| Accumulated depreciation | (147,859,427) | (4,168,764) | (143,690,663) |
|---|
| Total | $ 95,129,554 | $ 1,670,072 | $ 93,459,482 |
|---|
At June 30, 2021, bonds and lease payable amounted to $17.7 million, as summarized below:
| 2021 | 2020 |
|---|
| Lease obligations | $ 15,926,461 | $ 14,133,959 |
|---|
| General receipts bonds | 1,775,000 | 2,035,000 |
|---|
| Bond discount | (22,893) | (27,377) |
|---|
| Total | $ 17,678,568 | $ 16,141,582 |
|---|
The University also has a revenue anticipation note outstanding at June 30, 2021 totaling $5,000,000 and repayment of this note is due on June 30, 2022. This note was retired prior to the due date in May of 2022.
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. The Foundation is managed by a Board of Trustees 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 $14.6 million and $10.9 million at June 30, 2021 and 2020, respectively.
Net assets increased by $3.8 million and decreased by $0.59 million for the fiscal years ended June 30, 2021, and 2020, respectively.
The Foundation raised $5.4 million in total revenue for the fiscal year ended June 30, 2021, compared to $0.83 million for the fiscal year ended June 30, 2020.
Total support provided by the Foundation to the University was $0.55 million and $0.43 million for the fiscal years ended June 30, 2021, and 2020, respectively.
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