The following table details the University's grant and contract revenue for fiscal years ended June 30, 2023, and 2022.
| 2023 | 2022 | |
| Federal Grants and Contracts, Operating | $ 20,390,179 | $ 24,969,290 |
| Federal Grants and Contracts, Nonoperating | 7,636,939 | 5,452,298 |
| State Grants and Contracts | 7,262,057 | 1,342,450 |
| Capital Grants | 2,619,162 | 155,200 |
| Total Grants and Contracts | $ 37,908,337 | $ 31,919,238 |
The University continues to face financial challenges in maintaining and upgrading its capital assets, including infrastructure, buildings, and grounds. The University's capital plan is funded by appropriations from the Commonwealth of Kentucky, debt financing, and student fees that are restricted for asset preservation.
As of June 30, 2023, construction in progress primarily relates to a long-term campus roof repair project, funded by a $5.0 million state appropriation from revenue bonds issued by the State Property and Buildings Commission (SPBC) under the Roof Repair and Replacement Pool. As of June 30, 2023, the estimated cost to complete the project is $1.9 million, with completion expected in fiscal year 2026; debt service on the revenue bonds will be funded through appropriations provided by the General Assembly.
Capital assets, net of accumulated depreciation, totaled $145.6 million at June 30, 2023, an increase of $16.2 million. Capital assets as of June 30, 2023, and significant changes in capital assets during the year are as follows:
| 2022 | Net Additions (Reductions) | 2023 | |
| (Restated) | FY22-23 | ||
| Land and Land Improvement | $ 6,533,787 | $ 1,220,182 | $ 7,753,969 |
| Buildings, Fixed Equipment, and Infrastructure | 172,788,042 | 51,338,341 | 224,126,383 |
| Equipment, Vehicles, and Capitalized Software | 55,334,313 | (8,707,358) | 46,626,955 |
| Library Materials and Art | 10,689,760 | (10,408,174) | 281,586 |
| Construction In Progress | 34,535,678 | (30,651,409) | 3,884,269 |
| Right-to-use Lease Assets | 611,871 | 463,669 | 1,075,540 |
| Right-to-use Subscription Assets | 2,142,704 | 1,539,647 | 3,682,351 |
| Accumulated Depreciation | (153,239,976) | 11,451,677 | (141,788,299) |
| Total | $ 129,396,179 | $ 16,246,575 | $ 145,642,754 |
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