The University’s Financial Statements consist of three financial statements: a Statement of Net Position (Balance Sheet); a Statement of Revenues, Expenses and Changes in Net Position (Income Statement); and a Statement of Cash Flows, along with the accompanying Notes to the Financial Statements. These financial statements are prepared in accordance with Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements – and Management’s Discussion and Analysis – for Public Colleges and Universities.
Kentucky State University is a component unit of the Commonwealth of Kentucky.
The Statement of Net Position presents the financial position of the University at the end of the fiscal year and includes all assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Net position, the difference between total assets and deferred outflows and total liabilities and deferred inflows, is an important indicator of the current financial condition, while the change in net position is an indicator of whether the overall financial position has improved or worsened during the year.
Condensed Statement of Net Position
| 2018 | 2017 (as restated) | |
| ASSETS | ||
| Current assets | $ 19,076,951 | $ 22,883,930 |
| Noncurrent assets | 94,887,552 | 94,780,968 |
| Total assets | 113,964,503 | 117,664,898 |
| DEFERRED OUTFLOWS OF RESOURCES | 14,488,964 | 18,972,787 |
| LIABILITIES | ||
| Current liabilities | 7,107,307 | 7,470,378 |
| Non-current liabilities | 89,475,083 | 114,065,254 |
| Total liabilities | 96,582,390 | 121,535,632 |
| DEFERRED INFLOWS OF RESOURCES | 30,793,555 | 16,778,028 |
| NET POSITION | ||
| Invested in capital assets, net of related debt | 72,660,076 | 72,727,684 |
| Restricted | ||
| Nonexpendable | 3,562,238 | 3,562,238 |
| Expendable | 5,388,621 | 3,846,394 |
| Unrestricted | (80,533,413) | (81,812,291) |
| Total net position | $ 1,077,522 | $ (1,675,975) |
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