Independent Auditors' Report ..... 1 - 2 Management's Discussion and Analysis ..... 3 - 19 Financial Statements: Kentucky State University Statements of Net Assets ..... 20 Kentucky State University Foundation, Inc. Statements of Financial Position ..... 21 Kentucky State University Statements of Revenues, Expenses and Changes in Net Assets ..... 22 - 23 Kentucky State University Foundation, Inc. Statements of Activities ..... 24 Kentucky State University Statements of Cash Flows ..... 25 - 26 Kentucky State University Notes to the Financial Statements ..... 27 - 48 Kentucky State University Foundation, Inc. Notes to the Financial Statements ..... 49 - 50 Schedule of Findings and Responses ..... 51 - 52