Report of Independent Auditors ..... 1 - 2 Management's Discussion and Analysis ..... 3 - 19 Financial Statements: Kentucky State University Statements of Net Position ..... 20 Kentucky State University Foundation, Inc. Statements of Financial Position ..... 21 Kentucky State University Statements of Revenues, Expenses and Changes in Net Position ..... 22 - 23 Kentucky State University Foundation, Inc. Statements of Activities ..... 24 - 25 Kentucky State University Statements of Cash Flows ..... 26 - 27 Kentucky State University Notes to the Financial Statements ..... 28 - 46 Kentucky State University Foundation, Inc. Notes to the Financial Statements ..... 46 - 53 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ..... 54 - 55 Schedule of Findings and Responses ..... 56 - 58