KENTUCKY STATE UNIVERSITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Continued)
June 30, 2021
The University’s Financial Statements consist of three financial statements: a Statement of Net Position (Balance Sheet); a Statement of Revenues, Expenses and Changes in Net Position (Income Statement); and a Statement of Cash Flows, along with the accompanying Notes to the Financial Statements. These financial statements are prepared in accordance with Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements – and Management’s Discussion and Analysis – for Public Colleges and Universities.
The Statement of Net Position presents the financial position of the University at the end of the fiscal year and includes all assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Net position, the difference between total assets and deferred outflows and total liabilities and deferred inflows, is an important indicator of the current financial condition, while the change in net position is an indicator of whether the overall financial position has improved or worsened during the year.
Condensed Statement of Net Position
| 2021 | 2020 |
|---|
| ASSETS | | |
|---|
| Current | $ 5,305,589 | $ 6,148,240 |
|---|
| Noncurrent | 117,282,543 | 111,324,681 |
|---|
| Total assets | 122,588,132 | 117,472,921 |
|---|
| DEFERRED OUTFLOWS OF RESOURCES | 16,141,444 | 18,594,112 |
|---|
| Total assets and deferrals | $ 138,729,576 | $ 136,067,033 |
|---|
| LIABILITIES | | |
|---|
| Current | 19,560,907 | 18,278,047 |
|---|
| Noncurrent | 101,659,808 | 92,294,267 |
|---|
| Total liabilities | 121,220,715 | 110,572,314 |
|---|
| DEFERRED INFLOWS OF RESOURCES | 14,272,865 | 27,065,849 |
|---|
| NET POSITION (DEFECIT) | | |
|---|
| Net investment in capital assets | $ 77,450,985 | $ 77,317,900 |
|---|
| Restricted | 21,945,544 | 17,172,803 |
|---|
| Unrestricted deficit | (96,160,533) | (96,061,833) |
|---|
| Total net position (deficit) | $ 3,235,996 | $ (1,571,130) |
|---|
5.