Notes to the Financial Statements, continued
In June 2011, the GASB issued Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The objective of this statement is to improve financial reporting by standardizing the presentation of deferred outflows of resources and deferred inflows of resources and their effects on net position. It alleviates uncertainty about reporting those financial statement elements by providing guidance where none previously existed. The requirements of this statement were implemented as of June 30, 2013. The implementation of this statement affected the financial statement titles and renamed net assets to net position. The University did not have any amounts that were required to be reclassified and reported as deferred inflows or deferred outflows.
The statement of net position classification "cash and cash equivalents" includes all readily available sources of cash such as petty cash, demand deposits, certificates of deposit and temporary investments in marketable securities with original maturities less than three months.
At June 30, 2013 and 2012 the University had petty cash funds totaling zero, and deposits as reflected by bank balances as follows:
2013 2012
Insured, commercial banks $ 250,000 $ 250,000
Uninsured, commercial banks; collateral held by pledging institution's agent in the University's name 5,018,080 7,864,956
Maintained by Commonwealth of Kentucky, collateral held by the Commonwealth in the Commonwealth's name 15,926,887 17,325,437
$ 21,194,967 $ 25,440,393
The difference in the cash carrying amount per the statement of net position and the above bank balances represented items in transit.
At June 30, 2013 and 2012, the University had no cash and cash equivalents that are restricted for capital expenditures.