Report of Independent Auditors.....1 - 2 Management's Discussion and Analysis.....3 - 18 Financial Statements: Kentucky State University Statements of Net Position.....19 Kentucky State University Foundation, Inc. Statements of Financial Position.....20 Kentucky State University Statements of Revenues, Expenses and Changes in Net Position.....21 - 22 Kentucky State University Foundation, Inc. Statements of Activities.....23 - 24 Kentucky State University Statements of Cash Flows.....25 - 26 Kentucky State University Notes to the Financial Statements.....27 - 52 Kentucky State University Foundation, Inc. Notes to the Financial Statements.....53 - 60 Required Supplementary Information.....61 - 62 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.....63 - 64 Schedule of Findings and Responses.....65 - 66