[ { "page": 1, "items": [ { "page": 1, "type": "TEXT", "location": { "l": 170.4, "t": 561.84, "r": 441.6, "b": 493.2 }, "text": "KENTUCKY STATE UNIVERSITY\n(A Component Unit of the Commonwealth of Kentucky)\nFINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0 } ] }, { "page": 2, "items": [ { "page": 2, "type": "TITLE", "location": { "l": 228, "t": 765.12, "r": 383.52, "b": 716.64 }, "text": "KENTUCKY STATE UNIVERSITY\nFINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 2 }, { "page": 2, "type": "TITLE", "location": { "l": 276.48, "t": 684.72, "r": 335.28, "b": 670.32 }, "text": "CONTENTS", "reading_order": 1, "level": 2 }, { "page": 2, "type": "TEXT", "location": { "l": 69.84, "t": 641.04, "r": 542.4, "b": 114.96 }, "text": "INDEPENDENT AUDITOR'S REPORT ..... 1\nMANAGEMENT'S DISCUSSION AND ANALYSIS ..... 3\nFINANCIAL STATEMENTS\nKENTUCKY STATE UNIVERSITY STATEMENT OF NET POSITION ..... 15\nKENTUCKY STATE UNIVERSITY FOUNDATION, INC. STATEMENT OF FINANCIAL POSITION ..... 16\nKENTUCKY STATE UNIVERSITY STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION ..... 17\nKENTUCKY STATE UNIVERSITY FOUNDATION, INC. STATEMENT OF ACTIVITIES ..... 18\nKENTUCKY STATE UNIVERSITY STATEMENT OF CASH FLOWS ..... 19\nKENTUCKY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS ..... 21\nREQUIRED SUPPLEMENTARY INFORMATION\nSCHEDULE OF THE UNIVERSITY'S (KSU) PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND SCHEDULE OF UNIVERSITY'S CONTRIBUTIONS KENTUCKY EMPLOYEES' RETIREMENT SYSTEM ..... 63\nKENTUCKY TEACHERS' RETIREMENT SYSTEM ..... 65\nSCHEDULE OF THE UNIVERSITY'S (KSU) PROPORTIONATE SHARE OF THE NET OPEB LIABILITY AND SCHEDULE OF UNIVERSITY'S CONTRIBUTIONS KENTUCKY EMPLOYEES' RETIREMENT SYSTEM ..... 67\nKENTUCKY TEACHERS' RETIREMENT SYSTEM ..... 69\nINDEPENDENT AUDITOR'S 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 ..... 70\nSCHEDULE OF FINDINGS AND RESPONSES ..... 72", "reading_order": 2 } ] }, { "page": 3, "items": [ { "page": 3, "type": "TITLE", "location": { "l": 217.68, "t": 654, "r": 394.08, "b": 640.56 }, "text": "INDEPENDENT AUDITOR'S REPORT", "reading_order": 0, "level": 1 }, { "page": 3, "type": "TEXT", "location": { "l": 69.84, "t": 607.68, "r": 209.28, "b": 574.56 }, "text": "Members of the Board of Regents\nKentucky State University\nFrankfort, Kentucky", "reading_order": 1 }, { "page": 3, "type": "TEXT", "location": { "l": 69.84, "t": 566.88, "r": 190.32, "b": 532.56 }, "text": "Secretary of Finance and Administration Cabinet of the Commonwealth of Kentucky", "reading_order": 2 }, { "page": 3, "type": "TITLE", "location": { "l": 69.6, "t": 524.88, "r": 224.88, "b": 512.64 }, "text": "Report on the Financial Statements", "reading_order": 3, "level": 3 }, { "page": 3, "type": "TEXT", "location": { "l": 69.6, "t": 504.24, "r": 541.68, "b": 460.56 }, "text": "We have audited the accompanying financial statements of the business-type activities and discretely presented component unit of Kentucky State University (the University), a component unit of the Commonwealth of Kentucky, as of and for the year ended June 30, 2019, and the related notes to the financial statements which collectively comprise the University's basic financial statements as listed on the table of contents.", "reading_order": 4 }, { "page": 3, "type": "TITLE", "location": { "l": 69.84, "t": 452.4, "r": 324.24, "b": 440.16 }, "text": "Management's Responsibility for the Financial Statements", "reading_order": 5, "level": 3 }, { "page": 3, "type": "TEXT", "location": { "l": 69.36, "t": 431.28, "r": 541.92, "b": 388.32 }, "text": "Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.", "reading_order": 6 }, { "page": 3, "type": "TITLE", "location": { "l": 70.08, "t": 379.92, "r": 178.08, "b": 368.16 }, "text": "Auditor's Responsibility", "reading_order": 7, "level": 3 }, { "page": 3, "type": "TEXT", "location": { "l": 68.88, "t": 359.04, "r": 541.92, "b": 265.68 }, "text": "Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Kentucky State University Foundation, Inc. (Foundation) which represents the entire discretely presented component unit of the University. Those financial statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as it relates to the amounts included for the Foundation is based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audit contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.", "reading_order": 8 }, { "page": 3, "type": "TEXT", "location": { "l": 70.08, "t": 265.68, "r": 522.72, "b": 254.16 }, "text": "The financial statements of the Foundation were not audited in accordance with Government Auditing Standards.", "reading_order": 9 }, { "page": 3, "type": "TEXT", "location": { "l": 69.12, "t": 245.04, "r": 542.16, "b": 160.32 }, "text": "An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.", "reading_order": 10 }, { "page": 3, "type": "TEXT", "location": { "l": 70.08, "t": 152.16, "r": 541.92, "b": 129.84 }, "text": "We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.", "reading_order": 11 }, { "page": 3, "type": "TEXT", "location": { "l": 278.64, "t": 70.56, "r": 333.36, "b": 57.84 }, "text": "(Continued)", "reading_order": 12 }, { "page": 3, "type": "TEXT", "location": { "l": 531.12, "t": 46.8, "r": 539.52, "b": 36.24 }, "text": "1.", "reading_order": 13 } ] }, { "page": 4, "items": [ { "page": 4, "type": "TITLE", "location": { "l": 70.56, "t": 748.8, "r": 113.52, "b": 737.28 }, "text": "Opinions", "reading_order": 0, "level": 3 }, { "page": 4, "type": "TEXT", "location": { "l": 69.6, "t": 728.16, "r": 542.64, "b": 675.12 }, "text": "In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and discretely presented component unit of the University as of June 30, 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.", "reading_order": 1 }, { "page": 4, "type": "TITLE", "location": { "l": 70.8, "t": 666, "r": 127.92, "b": 654.72 }, "text": "Other Matter", "reading_order": 2, "level": 3 }, { "page": 4, "type": "TEXT", "location": { "l": 70.32, "t": 645.36, "r": 221.04, "b": 633.6 }, "text": "Required Supplementary Information", "reading_order": 3 }, { "page": 4, "type": "TEXT", "location": { "l": 69.36, "t": 624.24, "r": 542.16, "b": 509.04 }, "text": "Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis on pages 3 through 14 and required supplementary information on pages 63 through 69 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.", "reading_order": 4 }, { "page": 4, "type": "TITLE", "location": { "l": 70.08, "t": 500.4, "r": 338.88, "b": 488.88 }, "text": "Other Reporting Required by Government Auditing Standards", "reading_order": 5, "level": 3 }, { "page": 4, "type": "TEXT", "location": { "l": 69.36, "t": 479.76, "r": 542.16, "b": 405.12 }, "text": "In accordance with Government Auditing Standards, we have also issued our report dated December 3, 2019 on our consideration of the University's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University's internal control over financial reporting and compliance.", "reading_order": 6 }, { "page": 4, "type": "TEXT", "location": { "l": 317.76, "t": 402.48, "r": 411.84, "b": 377.76 }, "text": "Crowe LLP", "reading_order": 7 }, { "page": 4, "type": "TEXT", "location": { "l": 321.84, "t": 373.68, "r": 375.36, "b": 360.48 }, "text": "Crowe LLP", "reading_order": 8 }, { "page": 4, "type": "TEXT", "location": { "l": 70.08, "t": 349.92, "r": 155.04, "b": 338.88 }, "text": "Lexington, Kentucky", "reading_order": 9 }, { "page": 4, "type": "TEXT", "location": { "l": 70.56, "t": 338.88, "r": 148.56, "b": 327.84 }, "text": "December 3, 2019", "reading_order": 10 }, { "page": 4, "type": "TEXT", "location": { "l": 530.16, "t": 47.04, "r": 540.24, "b": 36 }, "text": "2.", "reading_order": 11 } ] }, { "page": 5, "items": [ { "page": 5, "type": "TITLE", "location": { "l": 193.44, "t": 763.2, "r": 418.08, "b": 728.64 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 5, "type": "TITLE", "location": { "l": 69.84, "t": 692.88, "r": 131.52, "b": 680.4 }, "text": "Introduction", "reading_order": 1, "level": 3 }, { "page": 5, "type": "TEXT", "location": { "l": 68.64, "t": 669.84, "r": 541.68, "b": 598.8 }, "text": "Management’s Discussion and Analysis of Kentucky State University’s (the University) financial statements provide an overview of the financial position and activities of the University for the year ended June 30, 2019, with comparative information for the year ended June 30, 2018. This discussion has been prepared by management and should be read in conjunction with the financial statements and the notes thereto, which follow this section. The financial statements and related notes and this discussion and analysis are the responsibility of management.", "reading_order": 2 }, { "page": 5, "type": "TEXT", "location": { "l": 68.88, "t": 589.2, "r": 542.16, "b": 494.64 }, "text": "Kentucky State University is a Commonwealth of Kentucky coeducational institution for higher education. The University's mission is to build on its legacy of achievement as a historically black, liberal arts, and 1890 land-grant university, afford access to and prepare a diverse student population of traditional and non-traditional students to compete in a multifaceted, ever-changing global society by providing student-centered learning while integrating teaching, research, and service through high-quality undergraduate and select graduate programs. Kentucky State University is committed to keeping relevant its legacy of service by proactively engaging the community in partnerships on civic projects driven by the objective of positively impacting the quality of life of the citizens of the Commonwealth.", "reading_order": 3 }, { "page": 5, "type": "TITLE", "location": { "l": 70.08, "t": 485.76, "r": 175.44, "b": 473.28 }, "text": "Basis of Presentation", "reading_order": 4, "level": 3 }, { "page": 5, "type": "TEXT", "location": { "l": 69.36, "t": 462.24, "r": 541.68, "b": 391.68 }, "text": "The annual financial report and statements include the University and Kentucky State University Foundation, a component unit of the University. Kentucky State University Foundation, Inc. (the Foundation) is a not-for-profit Kentucky corporation which was established to receive, invest and expend funds to promote and implement educational and developmental activities at Kentucky State University (the University). The Foundation is managed by a Board of Trustees independent from that of the University. The Foundation is supported primarily through contributions from alumni.", "reading_order": 5 }, { "page": 5, "type": "TITLE", "location": { "l": 69.6, "t": 382.08, "r": 168.48, "b": 369.36 }, "text": "Financial Highlights", "reading_order": 6, "level": 3 }, { "page": 5, "type": "TEXT", "location": { "l": 68.88, "t": 359.52, "r": 541.2, "b": 334.56 }, "text": "The University's financial position at June 30, 2019, reflected total assets and deferred outflows of $117.6 million and total liabilities and deferred inflows of $121.5 million. Total net position was $(3.9) million.", "reading_order": 7 }, { "page": 5, "type": "TEXT", "location": { "l": 68.88, "t": 324.48, "r": 541.92, "b": 288 }, "text": "Total assets and deferred outflows decreased by $10.8 million or 8.4%, primarily due to a decrease in cash and cash equivalents used in operations. Total liabilities and deferred inflows decreased by $5.9 million or 4.6% primarily due to decreases in the net pension liability related to KTRS.", "reading_order": 8 }, { "page": 5, "type": "TEXT", "location": { "l": 69.12, "t": 278.4, "r": 541.68, "b": 253.92 }, "text": "Unrestricted net position, which the University reserves for spending in programs and other capital-related contingencies, decreased $1.5 million.", "reading_order": 9 }, { "page": 5, "type": "TEXT", "location": { "l": 68.88, "t": 244.32, "r": 542.16, "b": 196.08 }, "text": "The University classifies amounts earned on endowments as spendable or non-spendable in accordance with the endowment's donor stipulations. Nonexpendable restricted net assets represent amounts, which must be maintained in perpetuity. Expendable restricted net assets include private grants and contributions restricted for specific purposes and accumulated earnings on endowment assets.", "reading_order": 10 }, { "page": 5, "type": "TEXT", "location": { "l": 68.64, "t": 186.96, "r": 541.92, "b": 138.72 }, "text": "Operating revenues were $35.0 million and operating expenditures were $70.7 million, resulting in a loss from operations of $35.7 million. Net non-operating revenues were $30.6 million, including $25.7 million in state appropriations, which, when combined with the loss from operations and capital appropriations, resulted in an overall decrease in net position of $5.0 million.", "reading_order": 11 }, { "page": 5, "type": "TEXT", "location": { "l": 530.4, "t": 47.04, "r": 539.28, "b": 35.76 }, "text": "3.", "reading_order": 12 } ] }, { "page": 6, "items": [ { "page": 6, "type": "TITLE", "location": { "l": 193.44, "t": 763.44, "r": 418.56, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 6, "type": "TITLE", "location": { "l": 69.36, "t": 693.36, "r": 222, "b": 679.44 }, "text": "Using the Financial Statements", "reading_order": 1, "level": 2 }, { "page": 6, "type": "TEXT", "location": { "l": 68.88, "t": 670.08, "r": 542.64, "b": 598.32 }, "text": "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.", "reading_order": 2 }, { "page": 6, "type": "TEXT", "location": { "l": 68.88, "t": 589.2, "r": 435.12, "b": 576 }, "text": "Kentucky State University is a component unit of the Commonwealth of Kentucky.", "reading_order": 3 }, { "page": 6, "type": "TITLE", "location": { "l": 69.6, "t": 566.64, "r": 195.84, "b": 553.68 }, "text": "Statement of Net Position", "reading_order": 4, "level": 2 }, { "page": 6, "type": "TEXT", "location": { "l": 68.64, "t": 543.6, "r": 543.12, "b": 483.6 }, "text": "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.", "reading_order": 5 }, { "page": 6, "type": "TEXT", "location": { "l": 214.56, "t": 474.72, "r": 397.44, "b": 461.52 }, "text": "Condensed Statement of Net Position", "reading_order": 6 }, { "page": 6, "type": "TABLE", "location": { "l": 84.72, "t": 455.28, "r": 526.8, "b": 172.56 }, "text": "
20192018
ASSETS
Current assets$ 8,633,556$ 19,076,951
Noncurrent assets93,824,06394,887,552
Total assets102,457,619113,964,503
DEFERRED OUTFLOWS OF RESOURCES15,179,79714,488,964
LIABILITIES
Current liabilities12,346,4767,107,307
Non-current liabilities68,680,75289,475,083
Total liabilities81,027,22896,582,390
DEFERRED INFLOWS OF RESOURCES40,521,83330,793,555
NET POSITION
Net investment in capital assets69,736,44172,660,076
Restricted
Nonexpendable - endowment3,562,2383,562,238
Expendable4,800,3305,388,621
Unrestricted(82,010,654)(80,533,413)
Total net position(3,911,645) < /td > < td > 1,077,522
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"page": 7, "type": "TITLE", "location": { "l": 193.2, "t": 763.2, "r": 418.32, "b": 728.64 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 7, "type": "TEXT", "location": { "l": 68.88, "t": 693.12, "r": 541.92, "b": 633.36 }, "text": "Assets and Deferred Outflows: As of June 30, 2019, total assets and deferred outflows amounted to $117.6 million. Of this amount, investment in capital assets (net of depreciation) of $75.2 million, or 63.9% of total assets, represented the largest asset class. Investments amounted to $18.5 million or 15.7% of total assets. During the year, total assets and deferred outflows decreased by $10.8 million, primarily due to decreases in cash and cash equivalents used for operations.", "reading_order": 1 }, { "page": 7, "type": "TEXT", "location": { "l": 68.64, "t": 623.76, "r": 542.16, "b": 518.4 }, "text": "Liabilities and Deferred Inflows: As of June 30, 2019, total liabilities and deferred inflows amounted to $121.5 million. Net pension and OPEB liabilities amounted to $65.5 million. The University's proportion of the net pension liability and net OPEB liability of the Kentucky Employees Retirement System and the Kentucky Teachers' Retirement System was based on a projection of the University's long-term share of contributions to the pension and OPEB plans relative to the projected contributions of all participating universities, actuarially determined. Long-term debt includes bonds payable for the housing and dining system and energy-related equipment and technology equipment purchased under a Master Lease Agreement. During the year, total liabilities and deferred inflows decreased by $5.9 million, primarily due to the decrease in the net pension liability related to KTRS.", "reading_order": 2 }, { "page": 7, "type": "TEXT", "location": { "l": 68.64, "t": 508.8, "r": 541.68, "b": 472.56 }, "text": "Net Position: Net position of the University was $(3.9) million at June 30, 2019 and was reported in three net position categories: net investment in capital assets $69.7 million, restricted nonexpendable $3.6 million, restricted expendable $4.8 million, and unrestricted $(82.0) million.", "reading_order": 3 }, { "page": 7, "type": "TITLE", "location": { "l": 69.6, "t": 451.2, "r": 375.12, "b": 438.48 }, "text": "Statement of Revenues, Expenses and Changes in Net Position", "reading_order": 4, "level": 3 }, { "page": 7, "type": "TEXT", "location": { "l": 68.64, "t": 428.4, "r": 542.16, "b": 368.88 }, "text": "The Statement of Revenues, Expenses and Changes in Net Position is prepared on the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. All items that increase or decrease net position must appear on the Statement of Revenues, Expenses and Changes in Net Position as revenues, expenses, gains or losses.", "reading_order": 5 }, { "page": 7, "type": "TEXT", "location": { "l": 68.4, "t": 359.04, "r": 541.92, "b": 265.2 }, "text": "Financial activities are reported as either operating or non-operating. GASB Statement No. 35 requires state appropriations, gifts, investment income and endowment income to be classified as non-operating revenues. Accordingly, the University reports an operating loss prior to the addition of non-operating revenues. The utilization of long-lived capital assets is reflected in the financial statements as depreciation, which amortizes the cost of an asset over its expected useful life. Tuition revenue is reduced by gift scholarships and institutional aid, and is reported net of scholarship allowances in the financial statements. A summarized comparison of the University's revenues, expenses and changes in net position for the years ended June 30, 2019 and 2018 is as follows.", "reading_order": 6 }, { "page": 7, "type": "TEXT", "location": { "l": 530.16, "t": 47.52, "r": 540, "b": 35.52 }, "text": "5.", "reading_order": 7 } ] }, { "page": 8, "items": [ { "page": 8, "type": "TITLE", "location": { "l": 193.68, "t": 763.44, "r": 418.8, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 8, "type": "TEXT", "location": { "l": 124.08, "t": 693.36, "r": 486.72, "b": 679.44 }, "text": "Condensed Statement of Revenues, Expenses and Changes in Net Position", "reading_order": 1 }, { "page": 8, "type": "TABLE", "location": { "l": 85.2, "t": 671.52, "r": 528.96, "b": 284.88 }, "text": "
20192018
REVENUES
Student tuition and fees, net$ 9,710,046$ 11,525,935
Grants and contracts19,615,05218,672,021
Auxiliary enterprises4,426,6754,239,569
Other operating revenue1,221,466-
Total operating revenues34,973,23934,437,525
EXPENSES
Educational and general65,992,83562,301,199
Auxiliary enterprises4,726,8105,694,800
Total operating expenses70,719,64567,995,999
Operating loss(35,746,406)(33,558,474)
NONOPERATING REVENUES (EXPENSES)
State appropriations25,749,00026,462,300
Federal grants and contracts4,261,8864,391,839
Investment income871,8741,174,232
Interest on capital asset – related debt(276,798)(236,690)
Other-971,372
Total non-operating revenues30,605,96232,763,053
Loss before capital appropriations(5,140,444)(795,421)
Capital appropriations151,2773,548,918
Change in net position(4,989,167)2,753,497
NET POSITION
Net position, beginning of year1,077,522(1,675,975)
Net position, end of year(3,911,645) < /td > < td > 1,077,522
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The primary components of operating revenue were federal, state and local grants and contracts of $19.6 million (56.1%), student tuition and fees, net, of $9.7 million (27.8%) and auxiliary services and other revenues of $5.6 million (16.1%). FY19 net student tuition and fees revenue decreased by $1.8 million compared to FY18. FY19 grants and contracts of $0.9 million compared to FY18 due to increased awards and spending. FY19 auxiliary services and other revenue increased $1.4 million compared to FY18. Refer to Figure 1 for the two-year trend of the operating revenues as a percent to total operating revenues and revenue by category.", "reading_order": 1 }, { "page": 10, "type": "TITLE", "location": { "l": 69.36, "t": 566.4, "r": 170.88, "b": 553.2 }, "text": "Operating Expenses", "reading_order": 2, "level": 2 }, { "page": 10, "type": "TEXT", "location": { "l": 68.4, "t": 543.6, "r": 541.68, "b": 483.6 }, "text": "Operating expenses totaled $70.7 million, an increase of $2.7 million from last year. Of this amount, $41.6 million (59.0%) was expended directly for the primary mission of the University – instruction (14.6%), research (10.5%), student services (10.4%), student aid (9%), and public service (14.3%). Instruction is the main component of Primary Mission expenses amounting to $10.3 million in fiscal year 2019 or 14.6%. Refer to Figure 2 for the operating expenses categorized into the Primary Mission of the University.", "reading_order": 3 }, { "page": 10, "type": "TEXT", "location": { "l": 69.6, "t": 474.48, "r": 462.96, "b": 460.8 }, "text": "(Percentages below do not include depreciation or operations/maintenance allocations.)", "reading_order": 4 }, { "page": 10, "type": "TEXT", "location": { "l": 69.84, "t": 451.68, "r": 112.8, "b": 437.76 }, "text": "Figure 2", "reading_order": 5 }, { "page": 10, "type": "FIGURE", "location": { "l": 112.56, "t": 416.4, "r": 498.24, "b": 152.88 }, "text": "", "reading_order": 6 }, { "page": 10, "type": "TEXT", "location": { "l": 530.16, "t": 47.28, "r": 540, "b": 35.52 }, "text": "8.", "reading_order": 7 } ] }, { "page": 11, "items": [ { "page": 11, "type": "TEXT", "location": { "l": 145.2, "t": 686.88, "r": 464.64, "b": 655.68 }, "text": "Fiscal Year 2019\nPrimary Mission Expenses as a % of Total Operating Expenses", "reading_order": 0 }, { "page": 11, "type": "FIGURE", "location": { "l": 92.4, "t": 636.72, "r": 521.76, "b": 453.12 }, "text": "", "reading_order": 1 }, { "page": 11, "type": "TEXT", "location": { "l": 68.64, "t": 417.36, "r": 542.64, "b": 368.4 }, "text": "In addition to the Primary Mission expenses of the University, there are expenses from depreciation and operations & maintenance that are allocated to the various functional classifications (See Note 13 – Schedule of Expenses by Program). See below for the operating expenses categorized into the Functional Expenses of the University.", "reading_order": 2 }, { "page": 11, "type": "TEXT", "location": { "l": 69.84, "t": 359.76, "r": 439.92, "b": 345.36 }, "text": "(Percentages below include depreciation and operations/maintenance allocations.)", "reading_order": 3 }, { "page": 11, "type": "TEXT", "location": { "l": 162.24, "t": 329.28, "r": 449.76, "b": 299.76 }, "text": "Fiscal Year 2019\nFunctional Expenses as a % of Total Operating Expenses", "reading_order": 4 }, { "page": 11, "type": "FIGURE", "location": { "l": 128.16, "t": 274.32, "r": 517.44, "b": 116.16 }, "text": "", "reading_order": 5 }, { "page": 11, "type": "TEXT", "location": { "l": 529.92, "t": 47.52, "r": 540, "b": 35.28 }, "text": "9.", "reading_order": 6 } ] }, { "page": 12, "items": [ { "page": 12, "type": "TITLE", "location": { "l": 193.44, "t": 763.2, "r": 418.32, "b": 728.64 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 12, "type": "TEXT", "location": { "l": 69.12, "t": 693.12, "r": 541.68, "b": 656.4 }, "text": "The University continued to invest in student aid and support services to provide students with opportunities to be successful in fiscal year 2019. For the year ended June 30, 2019, student aid expenses totaled $6.4 million and scholarship allowances totaled $6.4 million.", "reading_order": 1 }, { "page": 12, "type": "TEXT", "location": { "l": 68.64, "t": 646.8, "r": 541.92, "b": 587.28 }, "text": "The University had an overall increase in institutional support of $2.9 million, which was consistent with the overall expenditure increase University wide. The large expenditures in the primary areas of instruction, research and student services, in conjunction with minimal increases to fixed cost areas, confirms the University resource allocations are clearly aligned with the University's strategic priorities to support academic and student excellence.", "reading_order": 2 }, { "page": 12, "type": "TEXT", "location": { "l": 68.88, "t": 577.44, "r": 542.4, "b": 530.16 }, "text": "The net loss from operations for the year amounted to $35.6 million. Non-operating revenues, net of expenses, amounted to $30.6 million, resulting in a decrease of net position of $5.0 million for the year. Non-operating revenues include state appropriations of $25.7 million and non-operating federal grants and contracts of $4.3 million.", "reading_order": 3 }, { "page": 12, "type": "TITLE", "location": { "l": 69.6, "t": 520.08, "r": 193.2, "b": 508.08 }, "text": "Statement of Cash Flows", "reading_order": 4, "level": 3 }, { "page": 12, "type": "TEXT", "location": { "l": 68.4, "t": 496.8, "r": 542.16, "b": 426.48 }, "text": "The Statement of Cash Flows presents information related to the University's cash inflows and outflows summarized by operating activities, noncapital financing activities, capital financing activities and investing activities. The primary purpose of the Statement of Cash Flows is to provide information about the cash receipts and cash payments made by the University during the year, to allow financial statement readers to assess the University's ability to generate future net cash flows, its ability to meet obligations as they become due and its possible need for external financing.", "reading_order": 5 }, { "page": 12, "type": "TEXT", "location": { "l": 215.52, "t": 416.88, "r": 395.76, "b": 404.64 }, "text": "Condensed Statement of Cash Flows", "reading_order": 6 }, { "page": 12, "type": "TABLE", "location": { "l": 83.76, "t": 395.76, "r": 527.52, "b": 264.96 }, "text": "
20192018
Cash (used) provided by:
Operating activities(40,996,680) < /td > < td >(34,470,187)
Non-capital financing activities30,010,88631,825,511
Capital and related financing activities(1,085,825)(2,026,596)
Investing activities85,385-
Change in cash balances(11,986,234)(4,671,272)
Cash and cash equivalents, beginning year13,989,18618,660,458
Cash and cash equivalents, end of year$2,002,952$13,989,186
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"(4,671,272)", "html_text": "(4,671,272)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 83.76, 279.4933, 527.52, 294.0267 ], "cells": [ { "location": [ 83.76, 279.4933, 231.68, 294.0267 ], "text": "Cash and cash equivalents, beginning year", "html_text": "Cash and cash equivalents, beginning year", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 231.68, 279.4933, 379.6, 294.0267 ], "text": "13,989,186", "html_text": "13,989,186", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.6, 279.4933, 527.52, 294.0267 ], "text": "18,660,458", "html_text": "18,660,458", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 83.76, 264.96, 527.52, 279.4933 ], "cells": [ { "location": [ 83.76, 264.96, 231.68, 279.4933 ], "text": "Cash and cash equivalents, end of year", "html_text": "Cash and cash equivalents, end of year", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 231.68, 264.96, 379.6, 279.4933 ], "text": "$2,002,952", "html_text": "$2,002,952", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.6, 264.96, 527.52, 279.4933 ], "text": "$13,989,186", "html_text": "$13,989,186", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 3, "ref": "#/tables/0", "reading_order": 7 }, { "page": 12, "type": "TITLE", "location": { "l": 70.32, "t": 255.6, "r": 179.52, "b": 243.36 }, "text": "Cash and Investments", "reading_order": 8, "level": 3 }, { "page": 12, "type": "TEXT", "location": { "l": 69.12, "t": 232.8, "r": 541.92, "b": 195.84 }, "text": "Major sources of cash received from operating activities are student tuition and fees of $9.6 million and grants and contracts of $18.2 million. Major uses of cash for operating activities were payments to employees for salaries and benefits of $43.0 million and to vendors and contractors of $25.5 million.", "reading_order": 9 }, { "page": 12, "type": "TEXT", "location": { "l": 69.12, "t": 186.96, "r": 541.68, "b": 162.72 }, "text": "Noncapital financing activities included state appropriations from the Commonwealth of Kentucky of $25.7 million.", "reading_order": 10 }, { "page": 12, "type": "TEXT", "location": { "l": 69.12, "t": 152.88, "r": 542.88, "b": 116.16 }, "text": "Capital and related financing activities include purchases and payments of $3.3 million expended for construction and acquisition of capital assets and for principal and interest payments on the retirement of the University's bonds and other capital related debt.", "reading_order": 11 }, { "page": 12, "type": "TEXT", "location": { "l": 525.6, "t": 47.04, "r": 538.8, "b": 35.76 }, "text": "10.", "reading_order": 12 } ] }, { "page": 13, "items": [ { "page": 13, "type": "TITLE", "location": { "l": 193.44, "t": 763.44, "r": 418.08, "b": 728.64 }, "text": "KENTUCKY STATE UNIVERSITY\nMANAGEMENT'S DISCUSSION AND ANALYSIS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 13, "type": "TITLE", "location": { "l": 70.08, "t": 692.88, "r": 172.56, "b": 679.68 }, "text": "State Appropriations", "reading_order": 1, "level": 2 }, { "page": 13, "type": "TEXT", "location": { "l": 69.36, "t": 669.84, "r": 541.92, "b": 621.12 }, "text": "State appropriations represent approximately 40.0% of all operating and non-operating revenues. The level of state support is a key factor influencing the University's overall financial condition. State appropriation is unrestricted to revenue and is included as non-operating revenue. State appropriations are used to support payroll and benefits for University employees.", "reading_order": 2 }, { "page": 13, "type": "TEXT", "location": { "l": 69.84, "t": 612.24, "r": 541.44, "b": 587.52 }, "text": "The following details the net Commonwealth appropriations received by the University for fiscal years ending June 30, 2019 and 2018.", "reading_order": 3 }, { "page": 13, "type": "TEXT", "location": { "l": 86.64, "t": 559.8, "r": 521.76, "b": 541.2 }, "text": "Commonwealth appropriations $ 25,749,000 $ 26,462,300", "reading_order": 4 }, { "page": 13, "type": "TEXT", "location": { "l": 86.64, "t": 578.4, "r": 521.76, "b": 559.8 }, "text": "2019 2018", "reading_order": 5 }, { "page": 13, "type": "TITLE", "location": { "l": 69.6, "t": 531.84, "r": 292.32, "b": 518.88 }, "text": "Capital Appropriations for the Commonwealth", "reading_order": 6, "level": 2 }, { "page": 13, "type": "TEXT", "location": { "l": 68.4, "t": 508.8, "r": 541.92, "b": 437.76 }, "text": "The University faces financial challenges to maintain and upgrade its capital assets including its infrastructure, buildings and grounds. A combination of revenue sources funds the University's investment in capital improvements, including appropriations provided by the Commonwealth of Kentucky. In fiscal year 2019, the Commonwealth provided capital appropriations of $151,277 to the University. State capital appropriations plus federal sources play an important role in the University's efforts to address deferred maintenance projects.", "reading_order": 7 }, { "page": 13, "type": "TITLE", "location": { "l": 69.6, "t": 428.4, "r": 209.04, "b": 415.68 }, "text": "Grant and Contract Revenue", "reading_order": 8, "level": 3 }, { "page": 13, "type": "TEXT", "location": { "l": 68.88, "t": 405.36, "r": 541.44, "b": 381.36 }, "text": "The following table details the University's grant and contract revenue for fiscal years ended June 30, 2019 and 2018.", "reading_order": 9 }, { "page": 13, "type": "TABLE", "location": { "l": 86.4, "t": 372.96, "r": 524.4, "b": 288 }, "text": "
20192018
Federal grants and contracts, operating$ 18,007,131$ 15,982,090
Federal grants and contracts, non-operating4,261,8864,391,839
State grants and contracts1,607,9212,689,931
Total grants and contracts$ 23,876,938$ 23,063,860
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A combination of revenue sources fund the University's investment in capital improvements. Those include appropriations provided by the Commonwealth of Kentucky. In fiscal year 2016-17, the Commonwealth funded one capital project, appropriating state bond funds toward Repair Boilers and Aging Distribution Lines. As of June 30, 2019, $8.9 million has been expended on this project. State capital appropriations for deferred maintenance were not appropriated. Federal funds are the primary source for the University's College of Agriculture and Land Grant departments.", "reading_order": 12 }, { "page": 13, "type": "TEXT", "location": { "l": 525.6, "t": 47.28, "r": 538.8, "b": 35.76 }, "text": "11.", "reading_order": 13 } ] }, { "page": 14, "items": [ { "page": 14, "type": "TITLE", "location": { "l": 69.6, "t": 693.36, "r": 274.56, "b": 679.2 }, "text": "Designated and Non-designated Spending", "reading_order": 0, "level": 2 }, { "page": 14, "type": "TEXT", "location": { "l": 68.4, "t": 669.84, "r": 542.16, "b": 598.32 }, "text": "In the tables below, expenses have been categorized into designated or non-designated spending categories. The designated spending category includes funds expended by function from contracts and grants, land grant, auxiliary and depreciation. These funds must be expended for the purposes for which the funds were received or budgeted. This category also includes funds for student aid. All other spending is categorized as non-designated spending. Total spending for all functions in 2019 in the non-designated category is consistent with 2018.", "reading_order": 1 }, { "page": 14, "type": "TABLE", "location": { "l": 85.68, "t": 587.76, "r": 525.6, "b": 205.2 }, "text": "
2019
Designated SpendingNon-designated SpendingCombined Spending
Instruction$ 1,130,410$ 9,200,223$ 10,330,633
Research8,418,721(969,604)7,449,117
Public service11,171,830(1,084,496)10,087,334
Academic support54,114571,470625,584
Student services620,4506,703,1567,323,606
Institutional support2,988,82911,850,13914,838,968
Operation and maintenance of plant-5,399,9495,399,949
Student aid5,898,427465,5366,363,963
Auxiliary4,423,814-4,423,814
Depreciation3,876,677-3,876,677
Total$ 38,583,272$ 32,136,373$ 70,719,645
2018
Designated SpendingNon-designated SpendingCombined Spending
Instruction$ 679,679$ 8,941,956$ 9,621,635
Research8,343,569(282,310)8,061,259
Public service9,595,485(233,718)9,361,767
Academic support277,9991,143,7561,421,755
Student services677,0855,654,5206,331,605
Institutional support1,369,64510,525,72411,895,369
Operation and maintenance of plant-4,743,4694,743,469
Student aid5,518,176303,4505,821,626
Auxiliary5,292,967-5,292,967
Depreciation5,444,547-5,444,547
Total$ 37,199,152$ 30,796,847$ 67,995,999
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"placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.62, 499.4769, 525.6, 514.1908 ], "text": "625,584", "html_text": "625,584", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 85.68, 484.7631, 525.6, 499.4769 ], "cells": [ { "location": [ 85.68, 484.7631, 195.66, 499.4769 ], "text": "Student services", "html_text": "Student services", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 195.66, 484.7631, 305.64, 499.4769 ], "text": "620,450", "html_text": "620,450", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 484.7631, 415.62, 499.4769 ], "text": "6,703,156", "html_text": "6,703,156", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.62, 484.7631, 525.6, 499.4769 ], "text": "7,323,606", "html_text": "7,323,606", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.68, 470.0492, 525.6, 484.7631 ], "cells": [ { "location": [ 85.68, 470.0492, 195.66, 484.7631 ], "text": "Institutional support", "html_text": "Institutional support", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 195.66, 470.0492, 305.64, 484.7631 ], "text": "2,988,829", "html_text": "2,988,829", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": 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"page": 15, "type": "TEXT", "location": { "l": 68.88, "t": 693.6, "r": 542.16, "b": 656.4 }, "text": "The graph in Figure 3 shows a two-year trend of designated, non-designated, and combined spending. Designated spending increased $1.4 million in 2019. Non-designated spending increased $1.3 million in 2019. Combined spending increased $2.7 million in 2019.", "reading_order": 1 }, { "page": 15, "type": "TEXT", "location": { "l": 70.08, "t": 646.8, "r": 112.56, "b": 634.08 }, "text": "Figure 3", "reading_order": 2 }, { "page": 15, "type": "FIGURE", "location": { "l": 114.72, "t": 620.88, "r": 497.04, "b": 333.12 }, "text": "", "reading_order": 3 }, { "page": 15, "type": "TITLE", "location": { "l": 69.84, "t": 318.24, "r": 255.6, "b": 305.28 }, "text": "Capital Asset and Debt Administration", "reading_order": 4, "level": 2 }, { "page": 15, "type": "TITLE", "location": { "l": 70.08, "t": 294.96, "r": 137.76, "b": 282.48 }, "text": "Capital Assets", "reading_order": 5, "level": 3 }, { "page": 15, "type": "TEXT", "location": { "l": 68.88, "t": 272.64, "r": 541.92, "b": 236.64 }, "text": "Capital assets, net of accumulated depreciation, totaled $75.2 million at June 30, 2019, a decrease of $1.7 million. Capital assets as of June 30, 2019 and significant changes in capital assets during the year are as follows (in millions):", "reading_order": 6 }, { "page": 15, "type": "TABLE", "location": { "l": 86.4, "t": 227.04, "r": 527.04, "b": 90.24 }, "text": "
June 30, 2019Net Additions (Reductions) FY 18-19June 30, 2018
Land and land improvements$ 6.3$ -$ 6.3
Buildings, fixed equipment and infrastructure155.80.6155.2
Equipment, vehicles and capitalized software31.80.531.3
Library materials and art10.6-10.6
Construction in progress10.71.19.6
Accumulated depreciation(140.0)(3.9)(136.1)
Total$ 75.2(1.7) < /td > < td > 76.9
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20192018
Lease obligations$ 1,170,167$ 1,719,037
Note payable to City of Frankfort-50,000
General receipts bonds2,285,0002,525,000
Bond discount(31,861)(36,345)
Total$ 3,423,306$ 4,257,692
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"2,285,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.8, 589.68, 534, 604.56 ], "text": "2,525,000", "html_text": "2,525,000", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 86.4, 574.8, 534, 589.68 ], "cells": [ { "location": [ 86.4, 574.8, 235.6, 589.68 ], "text": "Bond discount", "html_text": "Bond discount", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 235.6, 574.8, 384.8, 589.68 ], "text": "(31,861)", "html_text": "(31,861)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": 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"colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 6, "n_cols": 3, "ref": "#/tables/0", "reading_order": 3 }, { "page": 16, "type": "TITLE", "location": { "l": 70.08, "t": 550.08, "r": 283.92, "b": 537.36 }, "text": "Economic Factors Impacting Future Periods", "reading_order": 4, "level": 3 }, { "page": 16, "type": "TEXT", "location": { "l": 69.36, "t": 526.8, "r": 541.92, "b": 456.48 }, "text": "University management continues its strategic mission to uniquely position Kentucky State University as Kentucky's small public liberal arts institution of excellence for the citizens of the Commonwealth and for advancing higher education in Kentucky by inspiring innovation, growing leaders and advancing Kentucky. Executive management continues to work with the Council on Postsecondary Education to address the needs of the Commonwealth and believe it is positioning the University to become a strong, financially viable and efficient institution of higher learning.", "reading_order": 5 }, { "page": 16, "type": "TEXT", "location": { "l": 69.84, "t": 446.4, "r": 494.88, "b": 433.68 }, "text": "Future economic factors impacting Kentucky State University include the following known facts:", "reading_order": 6 }, { "page": 16, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 422.4, "r": 542.16, "b": 364.56 }, "text": "I ution and costs of attendance – Kentucky State University continues to weigh its costs of attendance with the funding provided by the General Assembly to successfully deliver its programs and remain one of the most affordable public institutions in the Commonwealth. Funding levels and methodologies used for institutions of higher education in the Commonwealth are developed and approved by the Council on Postsecondary Education.", "marker": "•", "list_id": "L1", "level": 0, "reading_order": 7 }, { "page": 16, "type": "LIST_ITEM", "location": { "l": 86.88, "t": 363.84, "r": 542.16, "b": 318.24 }, "text": "Enrollment growth and student retention – Kentucky State University recruits a diverse student body of traditional, nontraditional and transfer students seeking baccalaureate and advanced degrees. Enrollment stabilization is a priority of University management and specifically, an increased strategy for recruiting in-state students.", "marker": "•", "list_id": "L1", "level": 0, "reading_order": 8 }, { "page": 16, "type": "LIST_ITEM", "location": { "l": 86.16, "t": 317.52, "r": 541.92, "b": 248.64 }, "text": "Program expansion – the University is well positioned to meet the needs of Kentuckians through its programs and educational activities. The University offers the following programs: Bachelors in Mass Communications and Journalism, a Masters in Special Education, and a Master in Business Administration, a Master in Public Administration, a Master in Computer Science, a Master in Environmental Studies, a Master in Science in Interdisciplinary Behavioral Studies and a Doctorate in Nursing Practice.", "marker": "•", "list_id": "L1", "level": 0, "reading_order": 9 }, { "page": 16, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 247.92, "r": 541.68, "b": 202.32 }, "text": "Regional Stewardship – Kentucky State University continues to meet the economic and community needs of its area of geographic responsibility through collaborative initiatives with businesses, community-based organizations, schools and other educational agencies, citizens and local and state officials.", "marker": "•", "list_id": "L1", "level": 0, "reading_order": 10 }, { "page": 16, "type": "LIST_ITEM", "location": { "l": 86.4, "t": 201.36, "r": 542.16, "b": 165.6 }, "text": "Land Grant – Kentucky State University continues to fulfill its mission as a land grant institution providing innovative research opportunities on its research vessel, the Kentucky River Thorobred and community based extension through the Rosenwald Center for Families and Children", "marker": "•", "list_id": "L1", "level": 0, "reading_order": 11 }, { "page": 16, "type": "TEXT", "location": { "l": 68.64, "t": 155.52, "r": 541.92, "b": 85.2 }, "text": "The overall financial position of the University was stable during fiscal year 2019. Revenue streams were stressed. As the University adapts to present economic environments, new opportunities for funding will be explored to complement state support. Executive management's goal is to deliver exceptional programs and services to students and constituents while maintaining financial stability. Management believes Kentucky State University is able to sustain its financial position and solidify its standing as a regional university of excellence.", "reading_order": 12 }, { "page": 16, "type": "TEXT", "location": { "l": 525.6, "t": 47.04, "r": 538.8, "b": 36.24 }, "text": "14.", "reading_order": 13 } ] }, { "page": 17, "items": [ { "page": 17, "type": "TITLE", "location": { "l": 228.24, "t": 764.16, "r": 383.28, "b": 727.68 }, "text": "KENTUCKY STATE UNIVERSITY\nSTATEMENT OF NET POSITION\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 17, "type": "TABLE", "location": { "l": 67.68, "t": 696.24, "r": 535.2, "b": 99.12 }, "text": "
ASSETS
Current assets
Cash and cash equivalents$ 2,002,952
Accounts, grants and loans receivable, net6,630,604
Total current assets8,633,556
Noncurrent assets
Accounts, grants and loans receivable, net81,633
Investments18,521,033
Capital assets, net75,221,397
Total noncurrent assets93,824,063
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows – pension13,661,275
Deferred outflows – other postemployment benefits1,518,522
Total deferred outflows15,179,797
Total assets and deferred outflows of resources117,637,416
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities7,407,298
Accrued compensated absences1,726,772
Unearned revenue184,492
Line of credit2,061,650
Deposits and other current liabilities148,079
Long-term debt, current portion818,185
Total current liabilities12,346,476
Non-current liabilities
Net pension liability54,555,554
Net OPEB liability10,962,235
Long-term debt, non-current portion2,605,121
Federal grants refundable557,842
Total noncurrent liabilities68,680,752
DEFERRED INFLOWS OF RESOURCES
Deferred inflows – pension39,161,111
Deferred inflows – other postemployment benefits1,360,722
Total deferred inflows40,521,833
Total liabilities and deferred inflows of resources121,549,061
NET POSITION
Net investment in capital assets69,736,441
Restricted
Nonexpendable - endowment3,562,238
Expendable4,800,330
Unrestricted(82,010,654)
Total net position$ (3,911,645)
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1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 582.5029, 535.2, 596.72 ], "text": "18,521,033", "html_text": "18,521,033", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 67.68, 568.2857, 535.2, 582.5029 ], "cells": [ { "location": [ 67.68, 568.2857, 301.44, 582.5029 ], "text": "Capital assets, net", "html_text": "Capital assets, net", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 568.2857, 535.2, 582.5029 ], "text": "75,221,397", "html_text": "75,221,397", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": 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"placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 11, "location": [ 67.68, 525.6343, 535.2, 539.8514 ], "cells": [ { "location": [ 67.68, 525.6343, 301.44, 539.8514 ], "text": "Deferred outflows – pension", "html_text": "Deferred outflows – pension", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 525.6343, 535.2, 539.8514 ], "text": "13,661,275", "html_text": "13,661,275", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 12, "location": [ 67.68, 511.4171, 535.2, 525.6343 ], "cells": [ { "location": [ 67.68, 511.4171, 301.44, 525.6343 ], "text": "Deferred outflows – other postemployment benefits", "html_text": "Deferred outflows – other postemployment benefits", "links": [], 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false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 14, "location": [ 67.68, 482.9829, 535.2, 497.2 ], "cells": [ { "location": [ 67.68, 482.9829, 301.44, 497.2 ], "text": "Total assets and deferred outflows of resources", "html_text": "Total assets and deferred outflows of resources", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 482.9829, 535.2, 497.2 ], "text": "117,637,416", "html_text": "117,637,416", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 15, "location": [ 67.68, 468.7657, 535.2, 482.9829 ], "cells": [ { "location": [ 67.68, 468.7657, 535.2, 482.9829 ], "text": "LIABILITIES", "html_text": "LIABILITIES", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 2, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 16, "location": [ 67.68, 454.5486, 535.2, 468.7657 ], "cells": [ { "location": [ 67.68, 454.5486, 535.2, 468.7657 ], "text": "Current liabilities", "html_text": "Current liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 2, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 17, "location": [ 67.68, 440.3314, 535.2, 454.5486 ], "cells": [ { "location": [ 67.68, 440.3314, 301.44, 454.5486 ], "text": "Accounts payable and accrued liabilities", "html_text": "Accounts payable and accrued liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 440.3314, 535.2, 454.5486 ], "text": "7,407,298", "html_text": "7,407,298", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 18, "location": [ 67.68, 426.1143, 535.2, 440.3314 ], "cells": [ { "location": [ 67.68, 426.1143, 301.44, 440.3314 ], "text": "Accrued compensated absences", "html_text": "Accrued compensated absences", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 426.1143, 535.2, 440.3314 ], "text": "1,726,772", "html_text": "1,726,772", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 19, "location": [ 67.68, 411.8971, 535.2, 426.1143 ], "cells": [ { "location": [ 67.68, 411.8971, 301.44, 426.1143 ], "text": "Unearned revenue", "html_text": "Unearned revenue", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 411.8971, 535.2, 426.1143 ], "text": "184,492", "html_text": "184,492", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 20, "location": [ 67.68, 397.68, 535.2, 411.8971 ], "cells": [ { "location": [ 67.68, 397.68, 301.44, 411.8971 ], "text": "Line of credit", "html_text": "Line of credit", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 397.68, 535.2, 411.8971 ], "text": "2,061,650", "html_text": "2,061,650", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 21, "location": [ 67.68, 383.4629, 535.2, 397.68 ], "cells": [ { "location": [ 67.68, 383.4629, 301.44, 397.68 ], "text": "Deposits and other current liabilities", "html_text": "Deposits and other current liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 383.4629, 535.2, 397.68 ], "text": "148,079", "html_text": "148,079", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 22, "location": [ 67.68, 369.2457, 535.2, 383.4629 ], "cells": [ { "location": [ 67.68, 369.2457, 301.44, 383.4629 ], "text": "Long-term debt, current portion", "html_text": "Long-term debt, current portion", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 369.2457, 535.2, 383.4629 ], "text": "818,185", "html_text": "818,185", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 23, "location": [ 67.68, 355.0286, 535.2, 369.2457 ], "cells": [ { "location": [ 67.68, 355.0286, 301.44, 369.2457 ], "text": "Total current liabilities", "html_text": "Total current liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 355.0286, 535.2, 369.2457 ], "text": "12,346,476", "html_text": "12,346,476", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 24, "location": [ 67.68, 340.8114, 535.2, 355.0286 ], "cells": [ { "location": [ 67.68, 340.8114, 535.2, 355.0286 ], "text": "Non-current liabilities", "html_text": "Non-current liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 2, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 25, "location": [ 67.68, 326.5943, 535.2, 340.8114 ], "cells": [ { "location": [ 67.68, 326.5943, 301.44, 340.8114 ], "text": "Net pension liability", "html_text": "Net pension liability", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 326.5943, 535.2, 340.8114 ], "text": "54,555,554", "html_text": "54,555,554", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 26, "location": [ 67.68, 312.3771, 535.2, 326.5943 ], "cells": [ { "location": [ 67.68, 312.3771, 301.44, 326.5943 ], "text": "Net OPEB liability", "html_text": "Net OPEB liability", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 312.3771, 535.2, 326.5943 ], "text": "10,962,235", "html_text": "10,962,235", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 27, "location": [ 67.68, 298.16, 535.2, 312.3771 ], "cells": [ { "location": [ 67.68, 298.16, 301.44, 312.3771 ], "text": "Long-term debt, non-current portion", "html_text": "Long-term debt, non-current portion", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 298.16, 535.2, 312.3771 ], "text": "2,605,121", "html_text": "2,605,121", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 28, "location": [ 67.68, 283.9429, 535.2, 298.16 ], "cells": [ { "location": [ 67.68, 283.9429, 301.44, 298.16 ], "text": "Federal grants refundable", "html_text": "Federal grants refundable", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 301.44, 283.9429, 535.2, 298.16 ], "text": "557,842", "html_text": "557,842", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" 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"location": { "l": 195.6, "t": 70.8, "r": 415.92, "b": 57.6 }, "text": "See accompanying notes to financial statements.", "reading_order": 2 }, { "page": 17, "type": "TEXT", "location": { "l": 525.6, "t": 47.28, "r": 539.28, "b": 35.76 }, "text": "15.", "reading_order": 3 } ] }, { "page": 18, "items": [ { "page": 18, "type": "TITLE", "location": { "l": 180.72, "t": 764.16, "r": 430.32, "b": 727.92 }, "text": "KENTUCKY STATE UNIVERSITY FOUNDATION, INC.\nSTATEMENT OF FINANCIAL POSITION\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 18, "type": "TABLE", "location": { "l": 67.44, "t": 705.36, "r": 537.12, "b": 226.32 }, "text": "
ASSETS
Current assets
Cash and cash equivalents$ 1,705,717
Total current assets1,705,717
Investments, at fair value9,722,111
Property and equipment
Equipment140,400
Buildings and improvements65,526
205,926
Accumulated depreciation(186,759)
Property and equipment, net19,167
Other assets37,833
Total assets$ 11,484,828
LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable$ 3,463
Accrued liabilities3,618
Total liabilities7,081
Net assets
Without donor restrictions:
Undesignated192,739
Board Designated for endowment2,240,078
Total without donor restrictions2,432,817
With donor restrictions:
Purpose restriction5,052,179
Time-restricted for future periods82,000
Perpetual in nature3,910,751
Total with donor restrictions9,044,930
Total net assets11,477,747
Total liabilities and net assets$ 11,484,828
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REVENUES
Operating revenues
Student tuition and fees (net of scholarship allowances of $6,392,830)$ 9,710,046
Federal grants and contracts18,007,131
State and local grants and contracts1,607,921
Other operating revenues1,221,466
Auxiliary enterprises:
Residence halls2,244,306
Dining2,055,561
Bookstore113,190
Other auxiliaries13,618
Total operating revenues34,973,239
EXPENSES
Operating expenses
Educational and general
Instruction10,330,633
Research7,449,117
Public service10,087,334
Academic support625,584
Student services7,323,606
Institutional support14,838,968
Operation and maintenance of plant5,399,949
Student aid6,363,963
Depreciation3,573,681
Auxiliary enterprises
Residence halls406,049
Dining2,147,410
Other auxiliaries800,293
Bookstore1,070,062
Depreciation302,996
Total operating expenses70,719,645
Operating loss(35,746,406)
NONOPERATING REVENUES (EXPENSES)
State appropriations25,749,000
Federal grants and contracts4,261,886
Investment income (net of investment expense)871,874
Interest on capital asset-related debt(276,798)
Net non-operating revenues30,605,962
Loss before capital appropriations(5,140,444)
Capital appropriations151,277
Change in net position(4,989,167)
NET POSITION
Net position, beginning of year1,077,522
Net position, end of year$ (3,911,645)
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Without Donor RestrictionsWith Donor RestrictionsTotal
Revenues, gains and other support Contributions$ 5,550$ 669,220$ 674,770
Investment income:
Interest and dividends105,119136,259241,378
Realized and unrealized gains263,278382,187645,465
Other, net of investment and management expense(60,191)-(60,191)
Total investment income, net308,206518,446826,652
Releases from restrictions533,570(533,570)-
Total revenues, gain and other support847,326654,0961,501,422
Expenses:
Program services expenses:
Student support152,110-152,110
University support579,329-579,329
Total program services expenses731,439-731,439
Management and general239,782-239,782
Total expenses971,221-971,221
Change in net assets(123,895)654,096530,201
Net assets, beginning of year2,556,7128,390,83410,947,546
Net assets, end of year$ 2,432,817$ 9,044,930$ 11,477,747
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"b": 727.92 }, "text": "KENTUCKY STATE UNIVERSITY\nSTATEMENT OF CASH FLOWS\nYear ended June 30, 2019", "reading_order": 0, "level": 3 }, { "page": 21, "type": "TABLE", "location": { "l": 68.88, "t": 707.52, "r": 536.4, "b": 252.24 }, "text": "
Cash flows from operating activities
Tuition and fees$ 9,620,776
Grants and contracts18,210,886
Payments to suppliers(25,529,497)
Payments to employees(43,025,130)
Payments to students(6,037,006)
Collection of loans issued to students106,884
Auxiliary enterprises:
Residence halls and dining4,334,243
Bookstore113,190
Other auxiliaries13,618
Other payments1,195,356
Net cash from operating activities(40,996,680)
Cash flows from non-capital financing activities
State appropriations25,749,000
Federal grants and contracts4,261,886
Net cash from non-capital financing activities30,010,886
Cash flows from capital financing activities
Purchases of capital assets(2,180,306)
Draws on line of credit2,061,650
Principal paid on capital debt(834,386)
Interest paid on capital debt(284,060)
Capital appropriations151,277
Net cash from capital financing activities(1,085,825)
Cash flows from investing activities
Investment income871,874
Proceeds from sale of investments21,917,476
Purchases of investments(22,703,965)
Net cash from investing activities85,385
Net change in cash and cash equivalents(11,986,234)
Cash and cash equivalents at beginning of year13,989,186
Cash and cash equivalents at end of year$ 2,002,952
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"page": 22, "type": "TITLE", "location": { "l": 228.72, "t": 763.68, "r": 382.8, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nSTATEMENT OF CASH FLOWS\nYear ended June 30, 2019", "reading_order": 0, "level": 1 }, { "page": 22, "type": "TABLE", "location": { "l": 69.36, "t": 696.72, "r": 536.4, "b": 485.04 }, "text": "
Reconciliation of net operating loss to net cash from operating activities
Operating loss$ (35,746,406)
Adjustments to reconcile operating loss to net cash from operating activities:
Depreciation expense3,876,677
Changes in assets and liabilities:
Receivables, net(1,542,839)
Collection of loans issued to students114,550
Accounts payable and accrued liabilities3,143,314
Unearned revenue23,293
Deposits34,376
Deferred outflows – pension and OPEB(690,833)
Deferred inflows – pension and OPEB9,728,278
Net pension liability(18,838,058)
Net OPEB liability(1,099,032)
Net cash from operating activities$ (40,996,680)
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"page": 23, "items": [ { "page": 23, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 480.24, "b": 680.4 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES", "reading_order": 0, "level": 2 }, { "page": 23, "type": "TEXT", "location": { "l": 68.64, "t": 669.84, "r": 541.92, "b": 541.2 }, "text": "Reporting Entity: Kentucky State University (the University) is a component unit of the Commonwealth of Kentucky (the Commonwealth) and is included in the general-purpose financial statements of the Commonwealth. The Kentucky State University Foundation, Inc. (the Foundation) is a legally separate, tax-exempt organization supporting the University. The Foundation acts primarily as a fund-raising organization to supplement the resources that are available to the University in support of its programs. The Foundation's Board of Directors is self-perpetuating and consists of graduates and friends of the University. Although the University does not control the timing or amount of receipts from the Foundation, the majority of resources or income thereon that the Foundation holds and invests is restricted by the donors to the activities of the University. Because these restricted resources held by the Foundation can only be used by, or for the benefit of, the University, the Foundation is considered a component unit of the University and is discretely presented in the University's financial statements.", "reading_order": 1 }, { "page": 23, "type": "TEXT", "location": { "l": 68.88, "t": 531.6, "r": 541.92, "b": 437.04 }, "text": "Basis of Presentation: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America as prescribed by the Governmental Accounting Standards Board (GASB), including Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments, and Statement No. 35, Basic Financial Statements and Management's Discussion and Analysis of Public College and Universities, issued in June and November, 1999, respectively. The University reports as a Business Type Activity (BTA), as defined by GASB Statement No. 35. BTA's are those activities that are financed in whole or in part by fees charged to external parties for goods and services.", "reading_order": 2 }, { "page": 23, "type": "TEXT", "location": { "l": 68.88, "t": 428.4, "r": 541.68, "b": 392.4 }, "text": "Basis of Accounting: The financial statements have been prepared on the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when an obligation has been incurred.", "reading_order": 3 }, { "page": 23, "type": "TEXT", "location": { "l": 69.6, "t": 382.08, "r": 541.68, "b": 346.08 }, "text": "GASB Statement No. 35 establishes standards for external financial reporting for public colleges and universities and requires that resources be classified for accounting and reporting purposes into the following net asset categories:", "reading_order": 4 }, { "page": 23, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 335.52, "r": 541.92, "b": 300.24 }, "text": "Net investment in capital assets: Capital assets, net of accumulated depreciation and outstanding principal balances of debt attributable to the acquisition, construction or improvement of those assets.", "marker": "•", "list_id": "L2", "level": 0, "reading_order": 5 }, { "page": 23, "type": "LIST_ITEM", "location": { "l": 87.6, "t": 288.72, "r": 161.28, "b": 276.96 }, "text": "Restricted:", "marker": "•", "list_id": "L2", "level": 0, "reading_order": 6 }, { "page": 23, "type": "TEXT", "location": { "l": 122.64, "t": 276.72, "r": 540.96, "b": 242.88 }, "text": "Nonexpendable – Net position subject to externally imposed stipulations that they be maintained permanently by the University. Such positions include the University's permanent endowment funds.", "reading_order": 7 }, { "page": 23, "type": "TEXT", "location": { "l": 122.88, "t": 242.4, "r": 541.92, "b": 207.12 }, "text": "Expendable – Net position whose use by the University is subject to externally imposed stipulations that can be fulfilled by actions of the University pursuant to those stipulations or that expire by the passage of time.", "reading_order": 8 }, { "page": 23, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 195.84, "r": 541.92, "b": 149.28 }, "text": "Unrestricted: Net position whose use by the University is not subject to externally imposed stipulations. Unrestricted net position may be designated for specific purposes by action of management or the Board of Regents or may otherwise be limited by contractual agreements with outside parties.", "marker": "•", "list_id": "L3", "level": 0, "reading_order": 9 }, { "page": 23, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.32, "b": 36 }, "text": "21.", "reading_order": 10 } ] }, { "page": 24, "items": [ { "page": 24, "type": "TITLE", "location": { "l": 70.08, "t": 693.36, "r": 534.96, "b": 680.16 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)", "reading_order": 0, "level": 2 }, { "page": 24, "type": "TEXT", "location": { "l": 68.88, "t": 669.6, "r": 541.44, "b": 633.6 }, "text": "The financial statement presentation required by GASB Statement No. 35 is intended to provide a comprehensive, entity-wide perspective of the University's assets, liabilities, net position, revenues, expenses, changes in net position and cash flows.", "reading_order": 1 }, { "page": 24, "type": "TEXT", "location": { "l": 69.12, "t": 623.52, "r": 541.68, "b": 599.28 }, "text": "Cash Equivalents: For the Statement of Cash Flows, the University considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.", "reading_order": 2 }, { "page": 24, "type": "TEXT", "location": { "l": 69.12, "t": 588.96, "r": 542.16, "b": 541.92 }, "text": "Accounts, Grants, and Loans Receivable, Net: Accounts receivables consist of tuition and fee charges, loans to students and amounts due from federal and state governments, non-governmental sources, in connection with reimbursements of allowable expenses made pursuant to grants and contracts. Accounts receivables are recorded net of allowance for doubtful accounts.", "reading_order": 3 }, { "page": 24, "type": "TEXT", "location": { "l": 68.88, "t": 531.6, "r": 542.16, "b": 494.64 }, "text": "Allowance for Doubtful Accounts: The allowance for doubtful accounts is established through a provision for doubtful accounts charged to expense. The allowance represents an amount, which, in management's judgment, will be adequate to absorb probable losses on existing accounts that may become uncollectible.", "reading_order": 4 }, { "page": 24, "type": "TEXT", "location": { "l": 68.88, "t": 485.52, "r": 541.92, "b": 460.8 }, "text": "Inventories: Inventories are stated at the lower of cost (first-in, first-out method) or market and consist of physical plant items. Inventories consist of physical plant, postage and printing supplies.", "reading_order": 5 }, { "page": 24, "type": "TEXT", "location": { "l": 68.64, "t": 451.2, "r": 542.16, "b": 321.84 }, "text": "Endowment Funds: Kentucky State University recognizes its fiduciary duty not only to invest the University's endowment holdings in formal compliance with the Uniform Prudent Management of Institutional Funds Act (UPMIFA) but also to manage those funds in continued recognition of the basic long-term nature of the University. The University interprets this to mean, in addition to the adopted spending guidelines and restrictions described below, that the assets of the University shall be actively managed, that is, investment decisions regarding the particular securities to be purchased or sold shall be the result of the conscious exercise of discretion. The University recognizes that, commensurate with its overall objective of maximizing long-range return while maintaining a high standard of portfolio quality and consistency of return, it is necessary that proper diversification of assets be maintained both among and within the classes of securities held. Within this context of active management and the necessity of adherence to proper diversification, the University relies upon appropriate professional advice.", "reading_order": 6 }, { "page": 24, "type": "TEXT", "location": { "l": 68.64, "t": 312.96, "r": 542.16, "b": 265.44 }, "text": "The University recognizes that long-term objectives are most important, but it is also necessary that shorter-term benchmarks be used to assess the periodic performance of the investment program. The University anticipates annual spending of five percent (5%) of the average market value for the past three years, the amount of which shall be determined in January of each year.", "reading_order": 7 }, { "page": 24, "type": "TEXT", "location": { "l": 68.88, "t": 255.6, "r": 541.92, "b": 219.36 }, "text": "The University believes that it is prudent to diversify endowment investments so as to minimize the risks of large losses and has established asset allocation ranges based upon the University's participation demographics, anticipated cash flow requirements and the expected returns of the capital markets.", "reading_order": 8 }, { "page": 24, "type": "TEXT", "location": { "l": 69.6, "t": 209.52, "r": 436.32, "b": 196.32 }, "text": "Investments: Investments are valued at fair value based on quoted market prices.", "reading_order": 9 }, { "page": 24, "type": "TEXT", "location": { "l": 69.6, "t": 186.72, "r": 542.4, "b": 127.68 }, "text": "Capital Assets: Capital assets are stated at cost at date of acquisition or, in the case of gifts, at acquisition value at date of gift. Equipment with a unit cost of $5,000 or more and having an estimated useful life of greater than one year is capitalized. Renovations to buildings and infrastructure and land improvements that significantly increase the value or extend the useful life of the structure are capitalized. 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ClassificationEstimated Life
Improvements20 years
Buildings40 years
Transportation equipment5-15 years
Equipment5-20 years
Enterprise Resource Software7 years
Library holdings10 years
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1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 141.36, 565.4057, 434.16, 577.1314 ], "cells": [ { "location": [ 141.36, 565.4057, 287.76, 577.1314 ], "text": "Enterprise Resource Software", "html_text": "Enterprise Resource Software", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 287.76, 565.4057, 434.16, 577.1314 ], "text": "7 years", "html_text": "7 years", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 141.36, 553.68, 434.16, 565.4057 ], "cells": [ { "location": [ 141.36, 553.68, 287.76, 565.4057 ], "text": "Library holdings", "html_text": "Library holdings", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 287.76, 553.68, 434.16, 565.4057 ], "text": "10 years", "html_text": "10 years", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 7, "n_cols": 2, "ref": "#/tables/0", "reading_order": 2 }, { "page": 25, "type": "TEXT", "location": { "l": 69.6, "t": 543.36, "r": 541.92, "b": 506.64 }, "text": "Compensated Absences: The liability and expense incurred for employee vacation and sick pay are recorded as accrued compensated absences in the statement of net position and as a component of compensation and benefit expense in the statement of revenues, expenses and changes in net position.", "reading_order": 3 }, { "page": 25, "type": "TEXT", "location": { "l": 68.88, "t": 497.04, "r": 542.16, "b": 450 }, "text": "Unearned Revenue: Unearned revenue includes amounts received for tuition and fees prior to the end of the fiscal year but related to the subsequent reporting period. Unearned revenues also include amounts received from grant and contract sponsors and state deferred maintenance funds that have not yet been earned.", "reading_order": 4 }, { "page": 25, "type": "TEXT", "location": { "l": 68.4, "t": 439.68, "r": 541.92, "b": 356.88 }, "text": "Pensions and Other Postemployment Benefits (OPEB): For purposes of measuring the net pension liability, net OPEB liability, deferred outflows of resources and deferred inflows of resources, and related expense, information about the fiduciary net position of the Kentucky Employees Retirement System (KERS) and Kentucky Teachers' Retirement System (KTRS) and additions to/deductions from KERS's and KTRS's fiduciary net position have been determined on the same basis as they are reported by KERS and KTRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.", "reading_order": 5 }, { "page": 25, "type": "TEXT", "location": { "l": 68.64, "t": 347.28, "r": 542.16, "b": 277.2 }, "text": "Income Taxes: The University is an agency and instrumentality of the Commonwealth of Kentucky, pursuant to Kentucky Revised Statutes sections 164.290 through 164.475. Accordingly, the University is generally exempt from federal income taxes as an organization described in Section 115 of the Internal Revenue Code of 1986, as amended. The Foundation has received a determination from the Internal Revenue Service granting exemption from federal income taxation pursuant to the provisions of the Internal Revenue Code section 501(c)(3).", "reading_order": 6 }, { "page": 25, "type": "TEXT", "location": { "l": 68.88, "t": 267.36, "r": 542.16, "b": 219.6 }, "text": "Restricted Asset Spending Policy: The University's policy is that restrictions on assets cannot be fulfilled by the expenditure of unrestricted funds for similar purposes. The determination on whether restricted or unrestricted funds are expended for a particular purpose is made on a case-by-case basis. Restricted funds remain restricted until spent for the intended purpose.", "reading_order": 7 }, { "page": 25, "type": "TEXT", "location": { "l": 69.36, "t": 209.52, "r": 541.92, "b": 138.96 }, "text": "Operating Activities: The University defines operating activities, as reported on the statement of revenues, expenses and changes in net position, as those that generally result from exchange transactions, such as payments received for providing goods and services and payments made for services and goods received. Nearly all of the University's expenses are from exchange transactions. Certain significant revenues relied upon for operations, such as state and certain federal appropriations, gifts and investment income, are recorded as non-operating revenues, in accordance with GASB Statement No. 35.", "reading_order": 8 }, { "page": 25, "type": "TEXT", "location": { "l": 524.64, "t": 46.8, "r": 538.8, "b": 36 }, "text": "23.", "reading_order": 9 } ] }, { "page": 26, "items": [ { "page": 26, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 534.96, "b": 680.16 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)", "reading_order": 0, "level": 2 }, { "page": 26, "type": "TEXT", "location": { "l": 68.64, "t": 669.6, "r": 541.92, "b": 552.48 }, "text": "Scholarship Discounts and Allowances: Financial aid to students is reported in the financial statements under the alternative method as prescribed by the National Association of College and University Business Officers (NACUBO). Certain aid, such as loans and funds provided to students awarded by third parties, is accounted for as third party payments (credited to the student's account as if the student made the payment). All other aid is reflected in the financial statements as operating expenses, or scholarship allowances, which reduce revenues. The amount reported as operating expenses represents the portion of aid that was provided to the student in the form of cash. Scholarship allowances represent the portion of aid provided to the student in the form of reduced tuition. Under the alternative method, these amounts are computed by allocating the cash payments to students, excluding payments for services, on the ratio of total aid to the aid not considered to be third party aid.", "reading_order": 1 }, { "page": 26, "type": "TEXT", "location": { "l": 68.88, "t": 543.6, "r": 541.92, "b": 473.04 }, "text": "Federal Grants and Contracts: Per GASB Statement No. 24, pass-through grants should be reported as revenues and expenses in the financial statements if that entity has any administrative or direct financial involvement in the program. An entity has administrative involvement if it determines eligible secondary recipients or projects, even if using grantor-established criteria. Therefore, Pell Grants are considered non-exchange transactions and are recorded as non-operating revenues in the accompanying financial statements.", "reading_order": 2 }, { "page": 26, "type": "TEXT", "location": { "l": 68.64, "t": 462.48, "r": 542.16, "b": 402.96 }, "text": "Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.", "reading_order": 3 }, { "page": 26, "type": "TEXT", "location": { "l": 68.88, "t": 394.08, "r": 542.16, "b": 345.84 }, "text": "Component Unit Disclosure: The accompanying financial statements of the Foundation have been prepared in accordance with accounting principles generally accepted in the United States of America as prescribed by the FASB. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features.", "reading_order": 4 }, { "page": 26, "type": "TEXT", "location": { "l": 68.64, "t": 336.24, "r": 542.16, "b": 288.96 }, "text": "During the year ended June 30, 2019, the Foundation made distributions of approximately $579,329 on behalf of the University for both net assets and unrestricted purposes. Complete financial statements for the Foundation can be obtained from the Kentucky State University Foundation, Inc. at P.O. Box 4210, Frankfort, KY 40604.", "reading_order": 5 }, { "page": 26, "type": "TEXT", "location": { "l": 68.88, "t": 279.12, "r": 541.68, "b": 255.36 }, "text": "Recent Accounting Pronouncements Adopted/Implemented: As of June 30, 2019, the GASB has issued the following statements:", "reading_order": 6 }, { "page": 26, "type": "LIST_ITEM", "location": { "l": 92.4, "t": 244.32, "r": 536.64, "b": 197.04 }, "text": "GASB Statement 84, Fiduciary Activities. This statement establishes requirements for identifying and reporting fiduciary activities of state and local governments. It is effective for periods beginning after December 15, 2018. The University will implement this statement during its fiscal year ending June 30, 2020.", "marker": "•", "list_id": "L4", "level": 0, "reading_order": 7 }, { "page": 26, "type": "LIST_ITEM", "location": { "l": 92.4, "t": 186.48, "r": 535.92, "b": 138.48 }, "text": "GASB Statement 87, Leases. This statement requires recognition of certain lease assets and liabilities for leases that were previously classified as operating leases. It is effective for periods beginning after December 15, 2019. The University will implement this statement during its fiscal year ending June 30, 2021.", "marker": "•", "list_id": "L4", "level": 0, "reading_order": 8 }, { "page": 26, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 539.04, "b": 36.24 }, "text": "24.", "reading_order": 9 } ] }, { "page": 27, "items": [ { "page": 27, "type": "TITLE", "location": { "l": 68.64, "t": 693.36, "r": 534.96, "b": 679.92 }, "text": "NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)", "reading_order": 0, "level": 2 }, { "page": 27, "type": "LIST_ITEM", "location": { "l": 92.4, "t": 669.12, "r": 536.64, "b": 598.08 }, "text": "GASB Statement 89, Accounting for Interest Cost Incurred Before the End of a Construction Period. This statement requires that interest cost incurred before the end of a construction period be recognized as an expense in the period in which the cost is incurred. As a result, interest cost incurred will not be included in the historical cost of a capital asset. It is effective for periods beginning after December 15, 2019. The University will implement this statement during its fiscal year ending June 30, 2021.", "marker": "•", "list_id": "L5", "level": 0, "reading_order": 1 }, { "page": 27, "type": "LIST_ITEM", "location": { "l": 92.4, "t": 587.76, "r": 529.44, "b": 563.52 }, "text": "GASB Statement 90, Majority Equity Interest. This statement requires that majority equity interests be reported as an investment. It is effective for the fiscal year ending June 30, 2020.", "marker": "•", "list_id": "L5", "level": 0, "reading_order": 2 }, { "page": 27, "type": "LIST_ITEM", "location": { "l": 91.92, "t": 552.48, "r": 527.76, "b": 517.92 }, "text": "GASB Statement 91, Conduit Debt Obligations. This statement requires a single method of reporting conduit debt obligations by issuers. It is effective for the fiscal year ending June 30, 2022.", "marker": "•", "list_id": "L5", "level": 0, "reading_order": 3 }, { "page": 27, "type": "TEXT", "location": { "l": 74.16, "t": 506.64, "r": 535.92, "b": 482.4 }, "text": "The University's management has not yet determined the effect these statements will have on the University's financial statements.", "reading_order": 4 }, { "page": 27, "type": "TITLE", "location": { "l": 68.88, "t": 461.04, "r": 356.4, "b": 448.56 }, "text": "NOTE 2 - CASH, CASH EQUIVALENTS, AND INVESTMENTS", "reading_order": 5, "level": 3 }, { "page": 27, "type": "TEXT", "location": { "l": 68.4, "t": 437.52, "r": 541.2, "b": 412.8 }, "text": "The statement of net position classification \"cash and cash equivalents\" includes all readily available sources of cash such as petty cash and demand deposits.", "reading_order": 6 }, { "page": 27, "type": "TEXT", "location": { "l": 68.64, "t": 403.2, "r": 541.68, "b": 379.2 }, "text": "At June 30, 2019, the University had petty cash funds totaling zero, and deposits as reflected by bank balances as follows:", "reading_order": 7 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 367.92, "r": 528.24, "b": 342.72 }, "text": "2019", "reading_order": 8 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 342.72, "r": 528.24, "b": 317.52 }, "text": "Insured, commercial banks $ 250,000", "reading_order": 9 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 317.52, "r": 528.24, "b": 292.32 }, "text": "Insured, commercial banks; collateral held by pledging institution's agent in the University's name 138,783", "reading_order": 10 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 292.32, "r": 528.24, "b": 267.12 }, "text": "Uninsured and uncollateralized, commercial banks 941,670", "reading_order": 11 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 267.12, "r": 528.24, "b": 241.92 }, "text": "Maintained by Commonwealth of Kentucky, collateral held by the Commonwealth in the Commonwealth's name 1,540,871", "reading_order": 12 }, { "page": 27, "type": "TEXT", "location": { "l": 86.16, "t": 241.92, "r": 528.24, "b": 216.72 }, "text": "$ 2,871,324", "reading_order": 13 }, { "page": 27, "type": "TEXT", "location": { "l": 69.84, "t": 207.84, "r": 541.44, "b": 172.08 }, "text": "The difference in the cash carrying amount per the statement of net position and the above balances represented items in transit. At June 30, 2019, the University had no cash and cash equivalents that are restricted for capital expenditures.", "reading_order": 14 }, { "page": 27, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.8, "b": 36 }, "text": "25.", "reading_order": 15 } ] }, { "page": 28, "items": [ { "page": 28, "type": "TITLE", "location": { "l": 70.32, "t": 693.6, "r": 410.16, "b": 679.92 }, "text": "NOTE 2 - CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)", "reading_order": 0, "level": 2 }, { "page": 28, "type": "TEXT", "location": { "l": 70.08, "t": 669.84, "r": 430.56, "b": 656.64 }, "text": "As of June 30, 2019, the University had the following investments and maturities:", "reading_order": 1 }, { "page": 28, "type": "TEXT", "location": { "l": 88.56, "t": 646.8, "r": 217.2, "b": 635.52 }, "text": "Investment Maturities (in years)", "reading_order": 2 }, { "page": 28, "type": "TABLE", "location": { "l": 87.6, "t": 630.48, "r": 523.92, "b": 510.24 }, "text": "
Investment TypeFair Value< 11-56-1011-20
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Real assets funds349,125349,125---
Corporate bonds1,017,146155,716357,770503,660-
Government bonds1,050,684424,054286,750339,880-
Other bond funds4,350,7704,350,770---
$ 18,521,033$17,032,973$ 644,520$ 843,540$ -
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Fifth Third serves individual and institutional clients.", "reading_order": 4 }, { "page": 28, "type": "TEXT", "location": { "l": 70.08, "t": 466.8, "r": 463.44, "b": 453.36 }, "text": "The University has the following recurring fair value measurements as of June 30, 2019:", "reading_order": 5 }, { "page": 28, "type": "TABLE", "location": { "l": 86.64, "t": 445.68, "r": 527.52, "b": 315.12 }, "text": "
TotalLevel 1Level 2Level 3
Money market funds$ 906,553$ 906,553- < /td > < td > -
Equities and equity funds9,173,6779,173,677--
Alternative strategies funds1,673,0781,673,078--
Real assets funds349,125349,125--
Corporate bonds1,017,1461,017,146--
Government bonds1,050,6841,050,684--
Other bond funds4,350,7704,350,770--
$ 18,521,033$ 18,521,033- < /td > < td > -
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"row_index": 8, "location": [ 86.64, 315.12, 527.52, 329.6267 ], "cells": [ { "location": [ 86.64, 315.12, 174.816, 329.6267 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 174.816, 315.12, 262.992, 329.6267 ], "text": "$ 18,521,033", "html_text": "$ 18,521,033", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 262.992, 315.12, 351.168, 329.6267 ], "text": "$ 18,521,033", "html_text": "$ 18,521,033", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 351.168, 315.12, 439.344, 329.6267 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 439.344, 315.12, 527.52, 329.6267 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 9, "n_cols": 5, "ref": "#/tables/1", "reading_order": 6 }, { "page": 28, "type": "TEXT", "location": { "l": 70.08, "t": 305.04, "r": 541.44, "b": 280.8 }, "text": "All securities classified in level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities.", "reading_order": 7 }, { "page": 28, "type": "TEXT", "location": { "l": 69.6, "t": 270.72, "r": 457.92, "b": 257.52 }, "text": "Credit Risk: The University's average credit quality rating according to Moody's is Aa3.", "reading_order": 8 }, { "page": 28, "type": "TEXT", "location": { "l": 69.12, "t": 247.68, "r": 541.92, "b": 211.2 }, "text": "Interest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The University does not have a formal policy to specifically limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.", "reading_order": 9 }, { "page": 28, "type": "TEXT", "location": { "l": 69.36, "t": 202.08, "r": 541.92, "b": 166.08 }, "text": "Concentration of Credit Risk: Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. The University does not have a formal policy for concentration of credit risk.", "reading_order": 10 }, { "page": 28, "type": "TEXT", "location": { "l": 69.12, "t": 156, "r": 542.16, "b": 108.72 }, "text": "Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the University will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The University does not have a formal policy for custodial credit risk.", "reading_order": 11 }, { "page": 28, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.56, "b": 35.76 }, "text": "26.", "reading_order": 12 } ] }, { "page": 29, "items": [ { "page": 29, "type": "TITLE", "location": { "l": 215.52, "t": 763.92, "r": 395.76, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 29, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 345.84, "b": 680.4 }, "text": "NOTE 3 - ACCOUNTS, GRANTS AND LOAN RECEIVABLE", "reading_order": 1, "level": 2 }, { "page": 29, "type": "TEXT", "location": { "l": 70.08, "t": 670.08, "r": 438.96, "b": 656.88 }, "text": "Accounts, grants and loans receivable consist of the following as of June 30, 2019:", "reading_order": 2 }, { "page": 29, "type": "TABLE", "location": { "l": 86.16, "t": 648.48, "r": 525.84, "b": 528.24 }, "text": "
Student tuition and fees$ 2,354,146
Student loans1,108,851
Grants and contracts5,033,791
Other43,460
8,540,248
Less: allowance for doubtful accounts(1,828,011)
6,712,237
Less: non-current portion(81,633)
Current portion$ 6,630,604
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621.76, 525.84, 635.12 ], "text": "1,108,851", "html_text": "1,108,851", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 86.16, 608.4, 525.84, 621.76 ], "cells": [ { "location": [ 86.16, 608.4, 306, 621.76 ], "text": "Grants and contracts", "html_text": "Grants and contracts", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 608.4, 525.84, 621.76 ], "text": "5,033,791", "html_text": "5,033,791", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 86.16, 595.04, 525.84, 608.4 ], "cells": [ { "location": [ 86.16, 595.04, 306, 608.4 ], "text": "Other", "html_text": "Other", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 595.04, 525.84, 608.4 ], "text": "43,460", "html_text": "43,460", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 86.16, 581.68, 525.84, 595.04 ], "cells": [ { "location": [ 86.16, 581.68, 306, 595.04 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 581.68, 525.84, 595.04 ], "text": "8,540,248", "html_text": "8,540,248", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 86.16, 568.32, 525.84, 581.68 ], "cells": [ { "location": [ 86.16, 568.32, 306, 581.68 ], "text": "Less: allowance for doubtful accounts", "html_text": "Less: allowance for doubtful accounts", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 568.32, 525.84, 581.68 ], "text": "(1,828,011)", "html_text": "(1,828,011)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 86.16, 554.96, 525.84, 568.32 ], "cells": [ { "location": [ 86.16, 554.96, 306, 568.32 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 554.96, 525.84, 568.32 ], "text": "6,712,237", "html_text": "6,712,237", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 86.16, 541.6, 525.84, 554.96 ], "cells": [ { "location": [ 86.16, 541.6, 306, 554.96 ], "text": "Less: non-current portion", "html_text": "Less: non-current portion", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 541.6, 525.84, 554.96 ], "text": "(81,633)", "html_text": "(81,633)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 86.16, 528.24, 525.84, 541.6 ], "cells": [ { "location": [ 86.16, 528.24, 306, 541.6 ], "text": "Current portion", "html_text": "Current portion", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 306, 528.24, 525.84, 541.6 ], "text": "$ 6,630,604", "html_text": "$ 6,630,604", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 2, "ref": "#/tables/0", "reading_order": 3 }, { "page": 29, "type": "TITLE", "location": { "l": 69.6, "t": 509.52, "r": 230.4, "b": 496.32 }, "text": "NOTE 4 - CAPITAL ASSETS, NET", "reading_order": 4, "level": 2 }, { "page": 29, "type": "TEXT", "location": { "l": 70.08, "t": 486.24, "r": 353.76, "b": 472.8 }, "text": "Capital assets as of June 30, 2019, are summarized as follows:", "reading_order": 5 }, { "page": 29, "type": "TABLE", "location": { "l": 76.32, "t": 465.12, "r": 533.52, "b": 218.4 }, "text": "
Beginning BalanceAdditionsReductions/ TransfersEnding Balance
Cost
Land and improvements$ 6,275,031$ -- < /td > < td > 6,275,031
Buildings155,188,061658,808-155,846,869
Equipment25,340,852373,686-25,714,538
Computer software1,620,37037,701-1,658,071
Library holdings10,648,071--10,648,071
Transportation equipment4,364,06115,000-4,379,061
Construction in progress9,602,1141,738,680(658,808)10,681,986
213,038,5602,823,875(658,808)215,203,627
Accumulated depreciation
Buildings101,831,8212,233,181-104,065,002
Equipment20,022,0641,373,766-21,395,830
Library holdings10,345,47571,975-10,417,450
Transportation equipment3,921,432182,516-4,103,948
136,120,7923,861,438-139,982,230
Capital assets, net$ 76,917,768$ (1,037,563)(658,808) < /td > < td > 75,221,397
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The project is projected to be completed in fiscal year 2020.", "reading_order": 7 }, { "page": 29, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 539.04, "b": 35.76 }, "text": "27.", "reading_order": 8 } ] }, { "page": 30, "items": [ { "page": 30, "type": "TITLE", "location": { "l": 215.76, "t": 763.92, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 30, "type": "TITLE", "location": { "l": 69.84, "t": 693.84, "r": 226.32, "b": 680.4 }, "text": "NOTE 5 - UNEARNED REVENUE", "reading_order": 1, "level": 2 }, { "page": 30, "type": "TEXT", "location": { "l": 69.6, "t": 670.08, "r": 358.32, "b": 657.12 }, "text": "Unearned revenue consists of the following as of June 30, 2019:", "reading_order": 2 }, { "page": 30, "type": "TEXT", "location": { "l": 86.64, "t": 649.2, "r": 525.12, "b": 632.88 }, "text": "Unearned summer school tuition and fees $ 178,122", "reading_order": 3 }, { "page": 30, "type": "TEXT", "location": { "l": 86.64, "t": 632.88, "r": 525.12, "b": 616.56 }, "text": "Unearned grants and contracts 6,370", "reading_order": 4 }, { "page": 30, "type": "TEXT", "location": { "l": 86.64, "t": 616.56, "r": 525.12, "b": 600.24 }, "text": "$ 184,492", "reading_order": 5 }, { "page": 30, "type": "TITLE", "location": { "l": 69.6, "t": 589.68, "r": 200.4, "b": 576.96 }, "text": "NOTE 6 – LINE OF CREDIT", "reading_order": 6, "level": 3 }, { "page": 30, "type": "TEXT", "location": { "l": 68.88, "t": 566.4, "r": 542.16, "b": 506.64 }, "text": "During fiscal year 2019, the University entered into a line of credit agreement with Fifth Third Bank for a maximum borrowing amount of $2,062,500, maturing on June 30, 2019. At June 30, 2019, borrowings on the line of credit totaled $2,061,650. The line bears interest at the Adjusted LIBOR rate and the interest rate at June 30, 2019 was 4.05%. The agreement was renewed as of July 1, 2019, increasing the maximum borrowing amount to $5,000,000, maturing on June 30, 2020.", "reading_order": 7 }, { "page": 30, "type": "TITLE", "location": { "l": 69.6, "t": 486.24, "r": 240.96, "b": 473.52 }, "text": "NOTE 7 – LONG-TERM LIABILITIES", "reading_order": 8, "level": 3 }, { "page": 30, "type": "TEXT", "location": { "l": 70.08, "t": 462.72, "r": 377.76, "b": 450 }, "text": "Long-term liabilities as of June 30, 2019, are summarized as follows:", "reading_order": 9 }, { "page": 30, "type": "TABLE", "location": { "l": 70.08, "t": 444.24, "r": 542.64, "b": 245.04 }, "text": "
Beginning BalanceAdditionsReductionsEnding BalanceCurrent PortionNon-current Portion
Debt
General receipts bonds$ 2,525,000$ -$ 240,000$ 2,285,000$ 250,000$ 2,035,000
Bond discount(36,345)-(4,484)(31,861)(4,484)(27,377)
Total bonds2,488,655-235,5162,253,139245,5162,007,623
Direct borrowing debt
Note payable – City of
Frankfort50,000-50,000---
Total bond payable and note obligations2,538,655-285,5162,253,139245,5162,007,623
Other long-term liabilities
Capital lease obligations - energy savings1,719,037-548,8701,170,167572,669597,498
Federal grants refundable596,898-39,056557,842-557,842
Total long-term liabilities$ 4,854,590$ -$ 873,442$ 3,981,148$ 818,185$ 3,162,963
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"text": "Federal grants refundable", "html_text": "Federal grants refundable", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 137.5886, 260.3631, 205.0971, 275.6862 ], "text": "596,898", "html_text": "596,898", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 205.0971, 260.3631, 272.6057, 275.6862 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 272.6057, 260.3631, 340.1143, 275.6862 ], "text": "39,056", "html_text": "39,056", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 340.1143, 260.3631, 407.6229, 275.6862 ], "text": "557,842", "html_text": "557,842", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 407.6229, 260.3631, 475.1314, 275.6862 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 5, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 475.1314, 260.3631, 542.64, 275.6862 ], "text": "557,842", "html_text": "557,842", "links": [], "cell_header_index": 6, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 12, "location": [ 70.08, 245.04, 542.64, 260.3631 ], "cells": [ { "location": [ 70.08, 245.04, 137.5886, 260.3631 ], "text": "Total long-term liabilities", "html_text": "Total long-term liabilities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 137.5886, 245.04, 205.0971, 260.3631 ], "text": "$ 4,854,590", "html_text": "$ 4,854,590", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 205.0971, 245.04, 272.6057, 260.3631 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 272.6057, 245.04, 340.1143, 260.3631 ], "text": "$ 873,442", "html_text": "$ 873,442", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 340.1143, 245.04, 407.6229, 260.3631 ], "text": "$ 3,981,148", "html_text": "$ 3,981,148", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 407.6229, 245.04, 475.1314, 260.3631 ], "text": "$ 818,185", "html_text": "$ 818,185", "links": [], "cell_header_index": 5, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 475.1314, 245.04, 542.64, 260.3631 ], "text": "$ 3,162,963", "html_text": "$ 3,162,963", "links": [], "cell_header_index": 6, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 13, "n_cols": 7, "ref": "#/tables/1", "reading_order": 10 }, { "page": 30, "type": "TEXT", "location": { "l": 69.6, "t": 235.44, "r": 541.92, "b": 199.2 }, "text": "The outstanding General Receipts Bonds Series A Bonds have interest rates from 3.625% - 3.875%. The bonds mature through 2027. The reserve requirements for these issues have been fully funded as of June 30, 2019.", "reading_order": 11 }, { "page": 30, "type": "TEXT", "location": { "l": 69.36, "t": 189.6, "r": 525.12, "b": 176.4 }, "text": "All bonds are collateralized by University property and the pledge of certain revenues, tuition and fees.", "reading_order": 12 }, { "page": 30, "type": "TEXT", "location": { "l": 69.12, "t": 166.56, "r": 542.16, "b": 141.84 }, "text": "The net book value of assets acquired through the capital leases included in the above schedule was $2,269,790 as of June 30, 2019.", "reading_order": 13 }, { "page": 30, "type": "TEXT", "location": { "l": 68.64, "t": 132, "r": 541.92, "b": 106.32 }, "text": "In 2009, the University signed a 10-year promissory note with the City of Frankfort, for the purchase of real property. The note payable was paid in full at June 30, 2019.", "reading_order": 14 }, { "page": 30, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.8, "b": 36 }, "text": "28.", "reading_order": 15 } ] }, { "page": 31, "items": [ { "page": 31, "type": "TITLE", "location": { "l": 215.76, "t": 763.92, "r": 395.76, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 31, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 295.44, "b": 679.92 }, "text": "NOTE 7 – LONG-TERM LIABILITIES (Continued)", "reading_order": 1, "level": 2 }, { "page": 31, "type": "TEXT", "location": { "l": 69.12, "t": 670.08, "r": 540.24, "b": 645.36 }, "text": "The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2019, are as follows:", "reading_order": 2 }, { "page": 31, "type": "TABLE", "location": { "l": 148.8, "t": 639.36, "r": 524.16, "b": 525.12 }, "text": "
Year ending June 30PrincipalInterestTotal
2020$ 250,000$ 88,291$ 338,291
2021260,00078,791338,791
2022270,00068,781338,781
2023280,00058,319338,319
2024290,00047,469337,469
2025-2028935,00073,4311,008,431
Total$ 2,285,000$ 415,082$ 2,700,082
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"colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 148.8, 610.8, 524.16, 625.08 ], "cells": [ { "location": [ 148.8, 610.8, 242.64, 625.08 ], "text": "2020", "html_text": "2020", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 610.8, 336.48, 625.08 ], "text": "$ 250,000", "html_text": "$ 250,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 610.8, 430.32, 625.08 ], "text": "$ 88,291", "html_text": "$ 88,291", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 610.8, 524.16, 625.08 ], "text": "$ 338,291", "html_text": "$ 338,291", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 148.8, 596.52, 524.16, 610.8 ], "cells": [ { "location": [ 148.8, 596.52, 242.64, 610.8 ], "text": "2021", "html_text": "2021", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 596.52, 336.48, 610.8 ], "text": "260,000", "html_text": "260,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 596.52, 430.32, 610.8 ], "text": "78,791", "html_text": "78,791", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 596.52, 524.16, 610.8 ], "text": "338,791", "html_text": "338,791", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 148.8, 582.24, 524.16, 596.52 ], "cells": [ { "location": [ 148.8, 582.24, 242.64, 596.52 ], "text": "2022", "html_text": "2022", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 582.24, 336.48, 596.52 ], "text": "270,000", "html_text": "270,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 582.24, 430.32, 596.52 ], "text": "68,781", "html_text": "68,781", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 582.24, 524.16, 596.52 ], "text": "338,781", "html_text": "338,781", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 148.8, 567.96, 524.16, 582.24 ], "cells": [ { "location": [ 148.8, 567.96, 242.64, 582.24 ], "text": "2023", "html_text": "2023", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 567.96, 336.48, 582.24 ], "text": "280,000", "html_text": "280,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 567.96, 430.32, 582.24 ], "text": "58,319", "html_text": "58,319", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 567.96, 524.16, 582.24 ], "text": "338,319", "html_text": "338,319", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 148.8, 553.68, 524.16, 567.96 ], "cells": [ { "location": [ 148.8, 553.68, 242.64, 567.96 ], "text": "2024", "html_text": "2024", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 553.68, 336.48, 567.96 ], "text": "290,000", "html_text": "290,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 553.68, 430.32, 567.96 ], "text": "47,469", "html_text": "47,469", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 553.68, 524.16, 567.96 ], "text": "337,469", "html_text": "337,469", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 148.8, 539.4, 524.16, 553.68 ], "cells": [ { "location": [ 148.8, 539.4, 242.64, 553.68 ], "text": "2025-2028", "html_text": "2025-2028", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 539.4, 336.48, 553.68 ], "text": "935,000", "html_text": "935,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 539.4, 430.32, 553.68 ], "text": "73,431", "html_text": "73,431", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 539.4, 524.16, 553.68 ], "text": "1,008,431", "html_text": "1,008,431", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 148.8, 525.12, 524.16, 539.4 ], "cells": [ { "location": [ 148.8, 525.12, 242.64, 539.4 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 242.64, 525.12, 336.48, 539.4 ], "text": "$ 2,285,000", "html_text": "$ 2,285,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 336.48, 525.12, 430.32, 539.4 ], "text": "$ 415,082", "html_text": "$ 415,082", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 430.32, 525.12, 524.16, 539.4 ], "text": "$ 2,700,082", "html_text": "$ 2,700,082", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 8, "n_cols": 4, "ref": "#/tables/0", "reading_order": 3 }, { "page": 31, "type": "TEXT", "location": { "l": 68.88, "t": 516.24, "r": 541.44, "b": 479.04 }, "text": "During 2005, the University entered into a capital lease for an energy management project. The lease obligation has an interest rate of 4.29% and requires annual payments of principal and interest through 2021. The lease obligation will be paid with guaranteed energy savings.", "reading_order": 4 }, { "page": 31, "type": "TEXT", "location": { "l": 69.84, "t": 469.44, "r": 541.44, "b": 445.44 }, "text": "The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2019:", "reading_order": 5 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 436.56, "r": 467.76, "b": 422.48 }, "text": "Year ending June 30,", "reading_order": 6 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 422.48, "r": 467.76, "b": 408.4 }, "text": "2020 $ 616,792", "reading_order": 7 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 408.4, "r": 467.76, "b": 394.32 }, "text": "2021 616,791", "reading_order": 8 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 394.32, "r": 467.76, "b": 380.24 }, "text": "Total minimum lease payments 1,233,583", "reading_order": 9 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 380.24, "r": 467.76, "b": 366.16 }, "text": "Less: amounts representing interest (63,416)", "reading_order": 10 }, { "page": 31, "type": "TEXT", "location": { "l": 140.88, "t": 366.16, "r": 467.76, "b": 352.08 }, "text": "Present value of minimum lease payment $ 1,170,167", "reading_order": 11 }, { "page": 31, "type": "TITLE", "location": { "l": 69.84, "t": 332.4, "r": 221.04, "b": 319.68 }, "text": "NOTE 8 - OPERATING LEASES", "reading_order": 12, "level": 3 }, { "page": 31, "type": "TEXT", "location": { "l": 68.64, "t": 308.88, "r": 542.16, "b": 260.64 }, "text": "The University leases certain assets under operating lease agreements. The operating leases expire in various years through 2025. These leases do not transfer assets at the end of the lease term. Periods on these leases range from one to five years and requires the University to pay all executor costs (maintenance, insurance, taxes).", "reading_order": 13 }, { "page": 31, "type": "TEXT", "location": { "l": 69.12, "t": 251.76, "r": 365.76, "b": 237.84 }, "text": "Future minimum lease payments at June 30, 2019, are as follows:", "reading_order": 14 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 225.84, "r": 447.84, "b": 212.34 }, "text": "Year ending June 30,", "reading_order": 15 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 212.34, "r": 447.84, "b": 198.84 }, "text": "2020 $ 139,042", "reading_order": 16 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 198.84, "r": 447.84, "b": 185.34 }, "text": "2021 121,697", "reading_order": 17 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 185.34, "r": 447.84, "b": 171.84 }, "text": "2022 114,397", "reading_order": 18 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 171.84, "r": 447.84, "b": 158.34 }, "text": "2023 40,178", "reading_order": 19 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 158.34, "r": 447.84, "b": 144.84 }, "text": "2024 11,394", "reading_order": 20 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 144.84, "r": 447.84, "b": 131.34 }, "text": "2025 3,798", "reading_order": 21 }, { "page": 31, "type": "TEXT", "location": { "l": 140.64, "t": 131.34, "r": 447.84, "b": 117.84 }, "text": "$ 430,506", "reading_order": 22 }, { "page": 31, "type": "TEXT", "location": { "l": 69.84, "t": 109.2, "r": 358.8, "b": 95.28 }, "text": "Lease expense was $246,829 for the year ended June 30, 2019.", "reading_order": 23 }, { "page": 31, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.8, "b": 35.76 }, "text": "29.", "reading_order": 24 } ] }, { "page": 32, "items": [ { "page": 32, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 32, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 294.48, "b": 680.4 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS", "reading_order": 1, "level": 2 }, { "page": 32, "type": "TEXT", "location": { "l": 69.84, "t": 670.08, "r": 357.36, "b": 656.88 }, "text": "Kentucky Employees' Retirement System - Defined Benefit Plan", "reading_order": 2 }, { "page": 32, "type": "TEXT", "location": { "l": 69.6, "t": 646.56, "r": 541.92, "b": 552.48 }, "text": "Plan Description – The University contributes to the Kentucky Employees' Retirement System (KERS), a cost sharing - multiple employer public employee retirement system. KERS is a defined benefit plan providing for retirement, disability, death benefits and health insurance. Participants have a fully vested interest after the completion of 60 months of service, 12 of which are current service. KERS issues a publicly available financial report that includes financial statements, required supplementary information, and detailed information about the pension plan's fiduciary net position. That report may be obtained by writing to Kentucky Retirement Systems, Perimeter Park West, 1260 Louisville Road, Frankfort, Kentucky, 40601-6124 or by calling (502) 696-8800.", "reading_order": 3 }, { "page": 32, "type": "TEXT", "location": { "l": 70.56, "t": 543.84, "r": 153.12, "b": 530.88 }, "text": "Benefits Provided", "reading_order": 4 }, { "page": 32, "type": "TABLE", "location": { "l": 71.52, "t": 511.68, "r": 536.64, "b": 105.12 }, "text": "
Tier 1 Participation Prior to September 1, 2008Participation September 1, 2008 through December 31, 2013Tier 3 Participation January 1, 2014
Non-Hazardous
Benefit FormulaFinal Compensation x Benefit Factor x Years of ServiceCash Balance Plan
Final CompensationAverage of the highest 5 fiscal years (must contain at least 48 months).\nIncludes lump-sum compensation payments (before and at retirement).5 complete fiscal years immediately preceding retirement; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.No Final Compensation
Benefit Factor1.97% or 2.0% for those retiring with service for all months between 1/1998 and 1/1999.10 years or less = 1.10%. Greater than 10 years, but no more than 20 years = 1.30%. Greater than 20 years, but no more than 26 years = 1.50%. Greater than 26 years, but no more than 30 years = 1.75%. Additional years above 30 – 2.00% (2.00% benefit factor only applies to service earned in excess of 30 years).No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.
Cost of Living Adjustment (COLA)No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.
Unreduced Retirement BenefitAny age with 27 years of service. Age 65 with 48 months of service. Money purchase for age 65 with less than 48 months based on contributionsRule of 87: Member must be at least age 57 and age plus earned service must equal 87 years at retirement to retire under this provision. Age 65 with 5 years of earned service. No month purchased calculations.
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Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.", "html_text": "5 complete fiscal years immediately preceding retirement; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 279.36, 536.64, 337.44 ], "text": "No Final Compensation", "html_text": "No Final Compensation", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 71.52, 221.28, 536.64, 279.36 ], "cells": [ { "location": [ 71.52, 221.28, 187.8, 279.36 ], "text": "Benefit Factor", "html_text": "Benefit Factor", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 187.8, 221.28, 304.08, 279.36 ], "text": "1.97% or 2.0% for those retiring with service for all months between 1/1998 and 1/1999.", "html_text": "1.97% or 2.0% for those retiring with service for all months between 1/1998 and 1/1999.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.08, 221.28, 420.36, 279.36 ], "text": "10 years or less = 1.10%. Greater than 10 years, but no more than 20 years = 1.30%. Greater than 20 years, but no more than 26 years = 1.50%. Greater than 26 years, but no more than 30 years = 1.75%. Additional years above 30 – 2.00% (2.00% benefit factor only applies to service earned in excess of 30 years).", "html_text": "10 years or less = 1.10%. Greater than 10 years, but no more than 20 years = 1.30%. Greater than 20 years, but no more than 26 years = 1.50%. Greater than 26 years, but no more than 30 years = 1.75%. Additional years above 30 – 2.00% (2.00% benefit factor only applies to service earned in excess of 30 years).", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 221.28, 536.64, 279.36 ], "text": "No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.", "html_text": "No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 71.52, 163.2, 536.64, 221.28 ], "cells": [ { "location": [ 71.52, 163.2, 187.8, 221.28 ], "text": "Cost of Living Adjustment (COLA)", "html_text": "Cost of Living Adjustment (COLA)", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 187.8, 163.2, 536.64, 221.28 ], "text": "No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.", "html_text": "No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 3, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 71.52, 105.12, 536.64, 163.2 ], "cells": [ { "location": [ 71.52, 105.12, 187.8, 163.2 ], "text": "Unreduced Retirement Benefit", "html_text": "Unreduced Retirement Benefit", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 187.8, 105.12, 304.08, 163.2 ], "text": "Any age with 27 years of service. Age 65 with 48 months of service. Money purchase for age 65 with less than 48 months based on contributions", "html_text": "Any age with 27 years of service. Age 65 with 48 months of service. Money purchase for age 65 with less than 48 months based on contributions", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.08, 105.12, 536.64, 163.2 ], "text": "Rule of 87: Member must be at least age 57 and age plus earned service must equal 87 years at retirement to retire under this provision. Age 65 with 5 years of earned service. No month purchased calculations.", "html_text": "Rule of 87: Member must be at least age 57 and age plus earned service must equal 87 years at retirement to retire under this provision. Age 65 with 5 years of earned service. No month purchased calculations.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 2, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 7, "n_cols": 4, "ref": "#/tables/0", "reading_order": 5 }, { "page": 32, "type": "TEXT", "location": { "l": 278.88, "t": 70.8, "r": 333.36, "b": 57.6 }, "text": "(Continued)", "reading_order": 6 }, { "page": 32, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.56, "b": 35.76 }, "text": "30.", "reading_order": 7 } ] }, { "page": 33, "items": [ { "page": 33, "type": "TEXT", "location": { "l": 69.36, "t": 694.32, "r": 349.2, "b": 679.68 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 0 }, { "page": 33, "type": "TABLE", "location": { "l": 72.96, "t": 672.48, "r": 536.16, "b": 231.84 }, "text": "
Tier 1 Participation Prior to September 1, 2008Tier 2 Participation September 1, 2008 through December 31, 2013Tier 3 Participation January 1, 2014
Reduced Retirement BenefitAny age with 25 years of service. Age 55 with 5 years of service.Age 60 with 10 years of service. Excludes purchased service (exception: refunds, omitted, free military).No reduced retirement benefit.
Hazardous
Benefit FormulaFinal Compensation X BenefitFactor X Years of ServiceCash Balance Plan
Final CompensationHighest 3 fiscal years (must contain at least 24 months). Includes lump-sum compensation payments (before and at retirement).3 highest salaries; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.No Final Compensation
Benefit Factor2.49%10 years or less = 1.30%. Greater than 10 years, but no more than 20 years = 1.50%. Greater than 20 years, but no more than 26 years = 2.25%. Greater than 25 years = 2.50%.No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.
Cost of Living Adjustment (COLA)No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.
Unreduced BenefitAny age with 20 years of service. Age 55 with 60 months of service.Any age with 25 years of service. Age 60 with 60 months of service.Any age with 25 years of service. Age 60 with 60 months of service.
Reduced BenefitAge 50 with 15 years of service.Age 50 with 15 years of service.No reduced retirement benefit.
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Age 55 with 5 years of service.", "html_text": "Any age with 25 years of service. Age 55 with 5 years of service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 574.56, 420.36, 623.52 ], "text": "Age 60 with 10 years of service. Excludes purchased service (exception: refunds, omitted, free military).", "html_text": "Age 60 with 10 years of service. Excludes purchased service (exception: refunds, omitted, free military).", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 574.56, 536.16, 623.52 ], "text": "No reduced retirement benefit.", "html_text": "No reduced retirement benefit.", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 72.96, 525.6, 536.16, 574.56 ], "cells": [ { "location": [ 72.96, 525.6, 536.16, 574.56 ], "text": "Hazardous", "html_text": "Hazardous", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 4, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 72.96, 476.64, 536.16, 525.6 ], "cells": [ { "location": [ 72.96, 476.64, 188.76, 525.6 ], "text": "Benefit Formula", "html_text": "Benefit Formula", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 476.64, 304.56, 525.6 ], "text": "Final Compensation X Benefit", "html_text": "Final Compensation X Benefit", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 476.64, 420.36, 525.6 ], "text": "Factor X Years of Service", "html_text": "Factor X Years of Service", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 476.64, 536.16, 525.6 ], "text": "Cash Balance Plan", "html_text": "Cash Balance Plan", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 72.96, 427.68, 536.16, 476.64 ], "cells": [ { "location": [ 72.96, 427.68, 188.76, 476.64 ], "text": "Final Compensation", "html_text": "Final Compensation", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 427.68, 304.56, 476.64 ], "text": "Highest 3 fiscal years (must contain at least 24 months). Includes lump-sum compensation payments (before and at retirement).", "html_text": "Highest 3 fiscal years (must contain at least 24 months). Includes lump-sum compensation payments (before and at retirement).", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 427.68, 420.36, 476.64 ], "text": "3 highest salaries; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.", "html_text": "3 highest salaries; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 427.68, 536.16, 476.64 ], "text": "No Final Compensation", "html_text": "No Final Compensation", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 72.96, 378.72, 536.16, 427.68 ], "cells": [ { "location": [ 72.96, 378.72, 188.76, 427.68 ], "text": "Benefit Factor", "html_text": "Benefit Factor", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 378.72, 304.56, 427.68 ], "text": "2.49%", "html_text": "2.49%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 378.72, 420.36, 427.68 ], "text": "10 years or less = 1.30%. Greater than 10 years, but no more than 20 years = 1.50%. Greater than 20 years, but no more than 26 years = 2.25%. Greater than 25 years = 2.50%.", "html_text": "10 years or less = 1.30%. Greater than 10 years, but no more than 20 years = 1.50%. Greater than 20 years, but no more than 26 years = 2.25%. Greater than 25 years = 2.50%.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 378.72, 536.16, 427.68 ], "text": "No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.", "html_text": "No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 72.96, 329.76, 536.16, 378.72 ], "cells": [ { "location": [ 72.96, 329.76, 188.76, 378.72 ], "text": "Cost of Living Adjustment (COLA)", "html_text": "Cost of Living Adjustment (COLA)", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 329.76, 536.16, 378.72 ], "text": "No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.", "html_text": "No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 3, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 72.96, 280.8, 536.16, 329.76 ], "cells": [ { "location": [ 72.96, 280.8, 188.76, 329.76 ], "text": "Unreduced Benefit", "html_text": "Unreduced Benefit", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 280.8, 304.56, 329.76 ], "text": "Any age with 20 years of service. Age 55 with 60 months of service.", "html_text": "Any age with 20 years of service. Age 55 with 60 months of service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 280.8, 420.36, 329.76 ], "text": "Any age with 25 years of service. Age 60 with 60 months of service.", "html_text": "Any age with 25 years of service. Age 60 with 60 months of service.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 280.8, 536.16, 329.76 ], "text": "Any age with 25 years of service. Age 60 with 60 months of service.", "html_text": "Any age with 25 years of service. Age 60 with 60 months of service.", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 72.96, 231.84, 536.16, 280.8 ], "cells": [ { "location": [ 72.96, 231.84, 188.76, 280.8 ], "text": "Reduced Benefit", "html_text": "Reduced Benefit", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 188.76, 231.84, 304.56, 280.8 ], "text": "Age 50 with 15 years of service.", "html_text": "Age 50 with 15 years of service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 304.56, 231.84, 420.36, 280.8 ], "text": "Age 50 with 15 years of service.", "html_text": "Age 50 with 15 years of service.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.36, 231.84, 536.16, 280.8 ], "text": "No reduced retirement benefit.", "html_text": "No reduced retirement benefit.", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 4, "ref": "#/tables/0", "reading_order": 1 }, { "page": 33, "type": "TEXT", "location": { "l": 68.16, "t": 213.12, "r": 542.64, "b": 117.36 }, "text": "Contributions - Benefit and contribution rates are established by state statute. Per Kentucky Revised Statute 61.565(3) contribution requirements of the active employees and the participating organizations are established and may be amended by the KRS Board. For the fiscal year ended June 30, 2019, University non-hazardous and hazardous employees were required to contribute 5 percent of their annual covered salary for retirement benefits for the year ended June 30, 2019. Non-hazardous and hazardous employees with a participation date after September 1, 2008 were required to contribute an additional 1 percent of their covered salary for retiree healthcare benefits. The University was contractually required to contribute 49.47 percent of annual covered payroll for non-hazardous pay and 36.85 percent for hazardous pay to the", "reading_order": 2 }, { "page": 33, "type": "TEXT", "location": { "l": 524.16, "t": 47.52, "r": 538.56, "b": 35.52 }, "text": "31.", "reading_order": 3 } ] }, { "page": 34, "items": [ { "page": 34, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 34, "type": "TITLE", "location": { "l": 69.6, "t": 693.36, "r": 349.2, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 34, "type": "TEXT", "location": { "l": 68.88, "t": 669.6, "r": 542.4, "b": 609.6 }, "text": "pension plan for the year ended June 30, 2019. These amounts were actuarially determined as an amount that, when combined with employee contributions, is expected to finance the cost of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The University's total contributions to KERS for the year ended June 30, 2019 was $1,864,909, equal to the required contributions for the year.", "reading_order": 2 }, { "page": 34, "type": "TEXT", "location": { "l": 68.4, "t": 600.72, "r": 542.16, "b": 506.64 }, "text": "Pension liabilities, pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions - At June 30, 2019, the University reported a liability of $30,999,195 for its proportionate share of the non-hazardous net pension liability and $938,941 for hazardous. The net pension liability was measured as of June 30, 2018 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2017, rolled-forward for June 30, 2018. The University's proportion of the net pension liability was based on actual contributions to the pension plan during the measurement period. At June 30, 2019, the University's proportion was 0.23 percent for non-hazardous and 0.19 percent for hazardous, respectively.", "reading_order": 3 }, { "page": 34, "type": "TEXT", "location": { "l": 68.64, "t": 497.28, "r": 541.92, "b": 460.8 }, "text": "For the year ended June 30, 2019, the University's actuarially calculated pension expense was $1,776,654 for non-hazardous and $393,771 for hazardous. At June 30, 2019, the University reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:", "reading_order": 4 }, { "page": 34, "type": "TABLE", "location": { "l": 84.48, "t": 451.92, "r": 527.52, "b": 155.04 }, "text": "
Deferred Outflows of ResourcesDeferred Inflows of Resources
2019
Non-hazardous:
Difference between expected and actual experience$ 220,805$ 86,705
Net difference between projected and actual earnings on investments29,594-
Changes of assumptions1,384,359-
Changes in proportion and differences between employer contributions and proportionate share of contributions-1,990,408
University contributions subsequent to measurement date1,830,101-
$ 3,464,859$ 2,077,113
Hazardous:
Difference between expected and actual experience$ 48,300$ -
Net difference between projected and actual earnings on investments-11,804
Changes of assumptions85,330-
Changes in proportion and differences between employer contributions and proportionate share of contributions414,149
University contributions subsequent to measurement date34,808-
$ 582,587$ 11,804
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"location": [ 232.16, 377.7, 379.84, 396.255 ], "text": "$ 220,805", "html_text": "$ 220,805", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 377.7, 527.52, 396.255 ], "text": "$ 86,705", "html_text": "$ 86,705", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 84.48, 359.145, 527.52, 377.7 ], "cells": [ { "location": [ 84.48, 359.145, 232.16, 377.7 ], "text": "Net difference between projected and actual earnings on investments", "html_text": "Net difference between projected and actual earnings on investments", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 359.145, 379.84, 377.7 ], "text": "29,594", "html_text": "29,594", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 359.145, 527.52, 377.7 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 84.48, 340.59, 527.52, 359.145 ], "cells": [ { "location": [ 84.48, 340.59, 232.16, 359.145 ], "text": "Changes of assumptions", "html_text": "Changes of assumptions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 340.59, 379.84, 359.145 ], "text": "1,384,359", "html_text": "1,384,359", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 340.59, 527.52, 359.145 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 84.48, 322.035, 527.52, 340.59 ], "cells": [ { "location": [ 84.48, 322.035, 232.16, 340.59 ], "text": "Changes in proportion and differences between employer contributions and proportionate share of contributions", "html_text": "Changes in proportion and differences between employer contributions and proportionate share of contributions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 322.035, 379.84, 340.59 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 322.035, 527.52, 340.59 ], "text": "1,990,408", "html_text": "1,990,408", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 84.48, 303.48, 527.52, 322.035 ], "cells": [ { "location": [ 84.48, 303.48, 232.16, 322.035 ], "text": "University contributions subsequent to measurement date", "html_text": "University contributions subsequent to measurement date", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 303.48, 379.84, 322.035 ], "text": "1,830,101", "html_text": "1,830,101", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 303.48, 527.52, 322.035 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 84.48, 284.925, 527.52, 303.48 ], "cells": [ { "location": [ 84.48, 284.925, 232.16, 303.48 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 284.925, 379.84, 303.48 ], "text": "$ 3,464,859", "html_text": "$ 3,464,859", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 284.925, 527.52, 303.48 ], "text": "$ 2,077,113", "html_text": "$ 2,077,113", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 9, "location": [ 84.48, 266.37, 527.52, 284.925 ], "cells": [ { "location": [ 84.48, 266.37, 232.16, 284.925 ], "text": "Hazardous:", "html_text": "Hazardous:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 266.37, 379.84, 284.925 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 266.37, 527.52, 284.925 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], 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of contributions", "html_text": "Changes in proportion and differences between employer contributions and proportionate share of contributions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 192.15, 379.84, 210.705 ], "text": "414,149", "html_text": "414,149", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 192.15, 527.52, 210.705 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 14, "location": [ 84.48, 173.595, 527.52, 192.15 ], "cells": [ { "location": [ 84.48, 173.595, 232.16, 192.15 ], "text": "University contributions subsequent to measurement date", "html_text": "University contributions subsequent to measurement date", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 173.595, 379.84, 192.15 ], "text": "34,808", "html_text": "34,808", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 173.595, 527.52, 192.15 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 15, "location": [ 84.48, 155.04, 527.52, 173.595 ], "cells": [ { "location": [ 84.48, 155.04, 232.16, 173.595 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 232.16, 155.04, 379.84, 173.595 ], "text": "$ 582,587", "html_text": "$ 582,587", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 379.84, 155.04, 527.52, 173.595 ], "text": "$ 11,804", "html_text": "$ 11,804", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 16, "n_cols": 3, "ref": "#/tables/0", "reading_order": 5 }, { "page": 34, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 538.56, "b": 35.76 }, "text": "32.", "reading_order": 6 } ] }, { "page": 35, "items": [ { "page": 35, "type": "TITLE", "location": { "l": 215.52, "t": 763.68, "r": 395.76, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 35, "type": "TITLE", "location": { "l": 69.6, "t": 693.6, "r": 348.96, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 35, "type": "TEXT", "location": { "l": 68.88, "t": 670.08, "r": 541.92, "b": 621.6 }, "text": "At June 30, 2019, the University reported $1,864,909 as deferred outflows of resources related to pensions resulting from University contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the following fiscal year. Deferred outflows and deferred inflows of resources at June 30, 2019, related to pensions will be recognized in pension expense as follows:", "reading_order": 2 }, { "page": 35, "type": "TABLE", "location": { "l": 135.6, "t": 602.88, "r": 538.8, "b": 522 }, "text": "
Non-HazardousHazardous
2020$ 4,250$ 341,507
2021(366,242)203,464
2022(61,189)(3,753)
2023(19,174)(5,243)
(442,355) < /td > < td > 535,975
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"cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 135.6, 522, 538.8, 535.48 ], "cells": [ { "location": [ 135.6, 522, 270, 535.48 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 270, 522, 404.4, 535.48 ], "text": "$ (442,355)", "html_text": "$ (442,355)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 404.4, 522, 538.8, 535.48 ], "text": "$ 535,975", "html_text": "$ 535,975", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 6, "n_cols": 3, "ref": "#/tables/0", "reading_order": 3 }, { "page": 35, "type": "TEXT", "location": { "l": 69.84, "t": 511.44, "r": 541.44, "b": 475.2 }, "text": "Actuarial assumptions - The total pension liability for KERS was determined by applying procedures to the actuarial valuation as of June 30, 2018, using the following actuarial assumptions, applied to all periods included in the measurement.", "reading_order": 4 }, { "page": 35, "type": "TABLE", "location": { "l": 104.16, "t": 465.84, "r": 521.28, "b": 394.56 }, "text": "
2018
Inflation2.30%
Salary increases, average including inflation3.05
Investment rate of return, non-hazardous5.25
Investment rate of return, hazardous6.25
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For healthy retired members and beneficiaries, the mortality table used is the RP-2000 Combined Mortality Table projected with Scale BB to 2013, set back one year for females. For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013, set back 4 years for males, is used for the period after disability retirement.", "reading_order": 6 }, { "page": 35, "type": "TEXT", "location": { "l": 68.64, "t": 315.84, "r": 541.68, "b": 278.64 }, "text": "The long-term expected rate of return was determined using a building-block method in which best-estimate ranges of expected future real rates of returns are developed for each asset class. The ranges are combined by weighting the expected future real estate of return by the target asset allocation percentage.", "reading_order": 7 }, { "page": 35, "type": "TEXT", "location": { "l": 68.4, "t": 269.52, "r": 542.16, "b": 233.52 }, "text": "The net pension liability as of June 30, 2018 is based on the June 30, 2017 actuarial valuation rolled-forward. Deferred outflows and inflows related to differences between projected and actual earnings on plan investments are netted and amortized over a closed five-year period.", "reading_order": 8 }, { "page": 35, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.8, "b": 35.52 }, "text": "33.", "reading_order": 9 } ] }, { "page": 36, "items": [ { "page": 36, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.76, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 36, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 348.96, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 36, "type": "TEXT", "location": { "l": 69.12, "t": 669.84, "r": 541.68, "b": 644.88 }, "text": "The target asset allocation and best estimates of arithmetic nominal rates of return for each major asset class are summarized in the following table:", "reading_order": 2 }, { "page": 36, "type": "TABLE", "location": { "l": 85.44, "t": 635.28, "r": 531.6, "b": 255.12 }, "text": "
Asset ClassNon-hazardous
Target AllocationLong-Term Nominal Rate of Return
2019
U.S. Equity17.50%4.73%
International Equity17.506.71
Global Bonds10.003.00
Credit Fixed17.004.59
Real Estate5.007.00
Absolute Return10.005.00
Real Return10.005.00
Private Equity10.006.50
Cash Equivalents3.001.50
Total100.00%
Hazardous
Asset ClassTarget AllocationLong-Term Nominal Rate of Return
2019
U.S. Equity17.50%4.73%
International Equity17.506.71
Global Bonds4.003.00
Credit Fixed24.006.70
Real Estate5.009.00
Absolute Return10.005.00
Real Return10.007.00
Private Equity10.006.50
Cash Equivalents2.001.50
Total100.00%
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1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 25, "location": [ 85.44, 255.12, 531.6, 269.7415 ], "cells": [ { "location": [ 85.44, 255.12, 234.16, 269.7415 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.16, 255.12, 382.88, 269.7415 ], "text": "100.00%", "html_text": "100.00%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 382.88, 255.12, 531.6, 269.7415 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 26, "n_cols": 3, "ref": "#/tables/0", "reading_order": 3 }, { "page": 36, "type": "TEXT", "location": { "l": 69.12, "t": 247.68, "r": 541.68, "b": 222.72 }, "text": "Changes in Assumptions and Benefit Terms Since Prior Measurement Date – There were no changes in assumptions as of June 30, 2018 from June 30, 2017 measurement date.", "reading_order": 4 }, { "page": 36, "type": "TEXT", "location": { "l": 68.4, "t": 213.12, "r": 541.92, "b": 129.84 }, "text": "However, during the 2018 legislative session, House Bill 185 was enacted, which updated the benefit provisions for active members who die in the line of duty. Benefits paid to the spouses of deceased members have been increased from 25% of the member's final rate of pay to 75% of the member's average pay. If the member does not have a surviving spouse, benefits paid to surviving dependent children have been increased from 10% of the member's final pay rate to 50% of average pay for one child, 65% of average pay for two children, or 75% of average pay for three children. The TPL as of June 30, 2018 is determined using these updated benefit provisions.", "reading_order": 5 }, { "page": 36, "type": "TEXT", "location": { "l": 524.64, "t": 47.52, "r": 538.8, "b": 35.52 }, "text": "34.", "reading_order": 6 } ] }, { "page": 37, "items": [ { "page": 37, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 37, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 348.96, "b": 680.16 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 37, "type": "TEXT", "location": { "l": 69.12, "t": 669.84, "r": 541.44, "b": 644.88 }, "text": "Changes Since Measurement Date - There were no changes between the measurement date of the collective net pension liability and the employer's reporting date.", "reading_order": 2 }, { "page": 37, "type": "TEXT", "location": { "l": 68.64, "t": 635.28, "r": 542.16, "b": 529.44 }, "text": "Discount rate - The discount rate used to measure the total pension liability was 5.25% (Non-hazardous) and 6.25% (Hazardous). The projection of cash flows used to determine the discount rate assumed that contributions from plan members and employers will be made at the actuarially determined contribution rate. Based on those assumptions, the pension plan's fiduciary net position and future contributions were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. The projection of cash flows used to determine the single discount rate assumes that the Commonwealth of Kentucky contributes the actuarially determined contribution in all future years.", "reading_order": 3 }, { "page": 37, "type": "TEXT", "location": { "l": 68.88, "t": 520.32, "r": 541.68, "b": 460.32 }, "text": "Sensitivity of the University's proportionate share of the net pension liability to changes in the discount rate - The University's proportionate share of the net pension liability has been calculated using a discount rate of 5.25% (Non-hazardous) and a discount rate of 6.25% (Hazardous) for the June 30, 2018 actuarial valuation. The following presents the University's proportionate share of the net pension liability calculated using a discount rate 1% higher and 1% lower than the current rate as of June 30, 2019:", "reading_order": 4 }, { "page": 37, "type": "TABLE", "location": { "l": 84.48, "t": 451.68, "r": 526.32, "b": 302.4 }, "text": "
1% Decrease (4.25%)Current Discount Rate (5.25%)1% Increase (6.25%)
Non-Hazardous Proportionate share of the Collective Net Pension Liability$ 35,315,177$ 30,999,195$ 27,404,523
1% Decrease (5.25%)Current Discount Rate (6.25%)1% Increase (7.25%)
Hazardous Proportionate share of the Collective Net Pension Liability$ 1,201,411$ 938,941$ 720,995
", "rows": [ { "row_index": 0, "location": [ 84.48, 414.36, 526.32, 451.68 ], "cells": [ { "location": [ 84.48, 414.36, 194.94, 451.68 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 194.94, 414.36, 305.4, 451.68 ], "text": "1% Decrease (4.25%)", "html_text": "1% Decrease (4.25%)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.4, 414.36, 415.86, 451.68 ], "text": "Current Discount Rate (5.25%)", "html_text": "Current Discount Rate (5.25%)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.86, 414.36, 526.32, 451.68 ], "text": "1% Increase (6.25%)", "html_text": "1% Increase (6.25%)", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 84.48, 377.04, 526.32, 414.36 ], "cells": [ { "location": [ 84.48, 377.04, 194.94, 414.36 ], "text": "Non-Hazardous Proportionate share of the Collective Net Pension Liability", "html_text": "Non-Hazardous Proportionate share of the Collective Net Pension Liability", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 194.94, 377.04, 305.4, 414.36 ], "text": "$ 35,315,177", "html_text": "$ 35,315,177", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.4, 377.04, 415.86, 414.36 ], "text": "$ 30,999,195", "html_text": "$ 30,999,195", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.86, 377.04, 526.32, 414.36 ], "text": "$ 27,404,523", "html_text": "$ 27,404,523", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 84.48, 339.72, 526.32, 377.04 ], "cells": [ { "location": [ 84.48, 339.72, 194.94, 377.04 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 194.94, 339.72, 305.4, 377.04 ], "text": "1% Decrease (5.25%)", "html_text": "1% Decrease (5.25%)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.4, 339.72, 415.86, 377.04 ], "text": "Current Discount Rate (6.25%)", "html_text": "Current Discount Rate (6.25%)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.86, 339.72, 526.32, 377.04 ], "text": "1% Increase (7.25%)", "html_text": "1% Increase (7.25%)", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 84.48, 302.4, 526.32, 339.72 ], "cells": [ { "location": [ 84.48, 302.4, 194.94, 339.72 ], "text": "Hazardous Proportionate share of the Collective Net Pension Liability", "html_text": "Hazardous Proportionate share of the Collective Net Pension Liability", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 194.94, 302.4, 305.4, 339.72 ], "text": "$ 1,201,411", "html_text": "$ 1,201,411", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.4, 302.4, 415.86, 339.72 ], "text": "$ 938,941", "html_text": "$ 938,941", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 415.86, 302.4, 526.32, 339.72 ], "text": "$ 720,995", "html_text": "$ 720,995", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 4, "n_cols": 4, "ref": "#/tables/0", "reading_order": 5 }, { "page": 37, "type": "TEXT", "location": { "l": 69.84, "t": 282.48, "r": 349.44, "b": 269.76 }, "text": "Kentucky Teachers' Retirement System - Defined Benefit Plan", "reading_order": 6 }, { "page": 37, "type": "TEXT", "location": { "l": 68.88, "t": 259.44, "r": 541.92, "b": 176.88 }, "text": "Plan Description – The Kentucky Teachers’ Retirement System (KTRS), a cost sharing - multiple employer public employee retirement system. KTRS is a defined benefit plan providing for retirement, disability, death benefits and health insurance. Participants have a fully vested interest after the completion of 60 months of service, 12 of which are current service. KTRS issues a publicly available financial report that includes financial statements, required supplementary information, and detailed information about the pension plan's fiduciary net position. That report may be obtained by writing to Kentucky Teachers’ Retirement System, 479 Versailles Road, Frankfort, Kentucky, 40601 or by calling (502) 573-3266.", "reading_order": 7 }, { "page": 37, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 35.76 }, "text": "35.", "reading_order": 8 } ] }, { "page": 38, "items": [ { "page": 38, "type": "TITLE", "location": { "l": 69.36, "t": 694.32, "r": 349.2, "b": 679.68 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 0, "level": 2 }, { "page": 38, "type": "TEXT", "location": { "l": 70.08, "t": 670.8, "r": 153.36, "b": 657.6 }, "text": "Benefits Provided", "reading_order": 1 }, { "page": 38, "type": "TABLE", "location": { "l": 75.36, "t": 650.4, "r": 550.08, "b": 199.92 }, "text": "
Tier 1\\nParticipation Prior to\\nJuly 1, 2008Tier 2\\nParticipation on or After\\nJuly 1, 2008
Covered Employees:University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)
Benefit Formula:Final Compensation X Benefit Factor X Years of Service
Final Compensation:Average of the highest 5 annual salaries reduced 5% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.Average of the highest 5 annual salaries reduced 6% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.
Benefit Factor:Non-University members: 2.00% for service prior to 7/1/1983; 2.50% for service after 7/1/1983; 2.00% if participation after 7/1/2002 and less than 10 years; 2.50% if participation after 7/1/2002 and more than 10 years; 3.00% if retire after 7/1/2004 with more than 30 years. University members: 2.0% for each year of service.Non-University members: 1.70% if less than 10 years; 2.00% if greater than 10 years, but no more than 20 years; 2.30% if greater than 20 years, but no more than 26 years; 2.50% if greater than 26 years, but no more than 30 years; 3.00% for service greater than 30 years. University members: 1.50% if less than 10 years; 1.70% if greater than 10 years, but less than 20 years; 1.85% if greater than 20 years, but less than 27 years; 2.00% if greater than 27 years.
", "rows": [ { "row_index": 0, "location": [ 75.36, 560.304, 550.08, 650.4 ], "cells": [ { "location": [ 75.36, 560.304, 233.6, 650.4 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.6, 560.304, 391.84, 650.4 ], "text": "Tier 1\nParticipation Prior to\nJuly 1, 2008", "html_text": "Tier 1\nParticipation Prior to\nJuly 1, 2008", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 391.84, 560.304, 550.08, 650.4 ], "text": "Tier 2\nParticipation on or After\nJuly 1, 2008", "html_text": "Tier 2\nParticipation on or After\nJuly 1, 2008", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 75.36, 470.208, 550.08, 560.304 ], "cells": [ { "location": [ 75.36, 470.208, 233.6, 560.304 ], "text": "Covered Employees:", "html_text": "Covered Employees:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.6, 470.208, 391.84, 560.304 ], "text": "University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)", "html_text": "University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 391.84, 470.208, 550.08, 560.304 ], "text": "University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)", "html_text": "University faculty and professional staff that do not choose the Optional Retirement Plan (Deferred Contribution)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 75.36, 380.112, 550.08, 470.208 ], "cells": [ { "location": [ 75.36, 380.112, 233.6, 470.208 ], "text": "Benefit Formula:", "html_text": "Benefit Formula:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.6, 380.112, 550.08, 470.208 ], "text": "Final Compensation X Benefit Factor X Years of Service", "html_text": "Final Compensation X Benefit Factor X Years of Service", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 2, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 75.36, 290.016, 550.08, 380.112 ], "cells": [ { "location": [ 75.36, 290.016, 233.6, 380.112 ], "text": "Final Compensation:", "html_text": "Final Compensation:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.6, 290.016, 391.84, 380.112 ], "text": "Average of the highest 5 annual salaries reduced 5% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.", "html_text": "Average of the highest 5 annual salaries reduced 5% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 391.84, 290.016, 550.08, 380.112 ], "text": "Average of the highest 5 annual salaries reduced 6% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.", "html_text": "Average of the highest 5 annual salaries reduced 6% per year from the earlier of age 60 or the date 27 years of service would have been completed. Average of the highest 3 annual salaries if age 55 with 27 or more years of service. The minimum annual service allowance for all members is $440 multiplied by credited service.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 75.36, 199.92, 550.08, 290.016 ], "cells": [ { "location": [ 75.36, 199.92, 233.6, 290.016 ], "text": "Benefit Factor:", "html_text": "Benefit Factor:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.6, 199.92, 391.84, 290.016 ], "text": "Non-University members: 2.00% for service prior to 7/1/1983; 2.50% for service after 7/1/1983; 2.00% if participation after 7/1/2002 and less than 10 years; 2.50% if participation after 7/1/2002 and more than 10 years; 3.00% if retire after 7/1/2004 with more than 30 years. University members: 2.0% for each year of service.", "html_text": "Non-University members: 2.00% for service prior to 7/1/1983; 2.50% for service after 7/1/1983; 2.00% if participation after 7/1/2002 and less than 10 years; 2.50% if participation after 7/1/2002 and more than 10 years; 3.00% if retire after 7/1/2004 with more than 30 years. University members: 2.0% for each year of service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 391.84, 199.92, 550.08, 290.016 ], "text": "Non-University members: 1.70% if less than 10 years; 2.00% if greater than 10 years, but no more than 20 years; 2.30% if greater than 20 years, but no more than 26 years; 2.50% if greater than 26 years, but no more than 30 years; 3.00% for service greater than 30 years. University members: 1.50% if less than 10 years; 1.70% if greater than 10 years, but less than 20 years; 1.85% if greater than 20 years, but less than 27 years; 2.00% if greater than 27 years.", "html_text": "Non-University members: 1.70% if less than 10 years; 2.00% if greater than 10 years, but no more than 20 years; 2.30% if greater than 20 years, but no more than 26 years; 2.50% if greater than 26 years, but no more than 30 years; 3.00% for service greater than 30 years. University members: 1.50% if less than 10 years; 1.70% if greater than 10 years, but less than 20 years; 1.85% if greater than 20 years, but less than 27 years; 2.00% if greater than 27 years.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 5, "n_cols": 3, "ref": "#/tables/0", "reading_order": 2 }, { "page": 38, "type": "TEXT", "location": { "l": 79.92, "t": 191.52, "r": 517.92, "b": 167.28 }, "text": "Cost of Living Adjustment (COLA): 1.5% annually additional ad hoc increases must be authorized by the General Assembly.", "reading_order": 3 }, { "page": 38, "type": "TEXT", "location": { "l": 524.64, "t": 47.52, "r": 539.04, "b": 36 }, "text": "36.", "reading_order": 4 } ] }, { "page": 39, "items": [ { "page": 39, "type": "TITLE", "location": { "l": 215.76, "t": 763.92, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 39, "type": "TEXT", "location": { "l": 70.08, "t": 693.84, "r": 351.84, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1 }, { "page": 39, "type": "TABLE", "location": { "l": 76.08, "t": 672, "r": 542.4, "b": 515.28 }, "text": "
Tier 1\nParticipation Prior to\nJuly 1, 2008Tier 2\nParticipation on or After\nJuly 1, 2008
Unreduced Retirement Benefit:Any age with 27 years of Kentucky service. Age 55 with 5 years of Kentucky service.Any age with 27 years of Kentucky service. Age 60 with 5 years of Kentucky service. Age 55 with 10 years of Kentucky service.
Reduced Benefit:RetirementMust be retired for service or disability to be eligible. Retired members are given a supplement based upon a contribution supplement table approved by the KTRS Board of Trustees. The retired member pays premiums in excess of the monthly supplement.
", "rows": [ { "row_index": 0, "location": [ 76.08, 619.76, 542.4, 672 ], "cells": [ { "location": [ 76.08, 619.76, 231.52, 672 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 231.52, 619.76, 386.96, 672 ], "text": "Tier 1\nParticipation Prior to\nJuly 1, 2008", "html_text": "Tier 1\nParticipation Prior to\nJuly 1, 2008", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 386.96, 619.76, 542.4, 672 ], "text": "Tier 2\nParticipation on or After\nJuly 1, 2008", "html_text": "Tier 2\nParticipation on or After\nJuly 1, 2008", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 76.08, 567.52, 542.4, 619.76 ], "cells": [ { "location": [ 76.08, 567.52, 231.52, 619.76 ], "text": "Unreduced Retirement Benefit:", "html_text": "Unreduced Retirement Benefit:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 231.52, 567.52, 386.96, 619.76 ], "text": "Any age with 27 years of Kentucky service. Age 55 with 5 years of Kentucky service.", "html_text": "Any age with 27 years of Kentucky service. Age 55 with 5 years of Kentucky service.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 386.96, 567.52, 542.4, 619.76 ], "text": "Any age with 27 years of Kentucky service. Age 60 with 5 years of Kentucky service. Age 55 with 10 years of Kentucky service.", "html_text": "Any age with 27 years of Kentucky service. Age 60 with 5 years of Kentucky service. Age 55 with 10 years of Kentucky service.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 76.08, 515.28, 542.4, 567.52 ], "cells": [ { "location": [ 76.08, 515.28, 231.52, 567.52 ], "text": "Reduced Benefit:", "html_text": "Reduced Benefit:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 231.52, 515.28, 386.96, 567.52 ], "text": "Retirement", "html_text": "Retirement", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 386.96, 515.28, 542.4, 567.52 ], "text": "Must be retired for service or disability to be eligible. Retired members are given a supplement based upon a contribution supplement table approved by the KTRS Board of Trustees. The retired member pays premiums in excess of the monthly supplement.", "html_text": "Must be retired for service or disability to be eligible. Retired members are given a supplement based upon a contribution supplement table approved by the KTRS Board of Trustees. The retired member pays premiums in excess of the monthly supplement.", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 3, "n_cols": 3, "ref": "#/tables/0", "reading_order": 2 }, { "page": 39, "type": "TEXT", "location": { "l": 68.64, "t": 505.2, "r": 543.12, "b": 365.04 }, "text": "Contributions - Benefit and contribution rates are established by state statute. Per Kentucky Revised Statutes 161.340, 161.550 and 161.565, contribution requirements of the active employees and the participating organizations are established and may be amended by the KTRS Board. For the fiscal year ended June 30, 2019, University employees were required to contribute 7.625 percent of their annual covered salary for retirement benefits. The University was contractually required to contribute 15.865 percent of covered payroll for the year ended June 30, 2019. The actuarially determined amount, when combined with employee contributions, is expected to finance the cost of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The University's total contributions to KTRS for the year ending June 30, 2019 was $1,814,984 and were equal to the required contributions for the year. In addition, the Commonwealth of Kentucky contributes ad hoc annual cost of living adjustments provided by the General Assembly for KTRS retirees. This contribution totaled $1,528,690 for the year ending June 30, 2019.", "reading_order": 3 }, { "page": 39, "type": "TEXT", "location": { "l": 68.4, "t": 355.68, "r": 542.4, "b": 284.64 }, "text": "Pension liabilities, pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions - At June 30, 2019, the University reported a liability for its proportionate share of the net pension liability that reflected a reduction for pension support provided to the University by the Commonwealth of Kentucky. The amount recognized by the University as its proportionate share of the net pension liability, the related State support, and the total portion of the net pension liability that was associated with the University were as follows:", "reading_order": 4 }, { "page": 39, "type": "TEXT", "location": { "l": 86.4, "t": 275.52, "r": 534.24, "b": 255.06 }, "text": "2019", "reading_order": 5 }, { "page": 39, "type": "TEXT", "location": { "l": 86.4, "t": 255.06, "r": 534.24, "b": 234.6 }, "text": "University's proportionate share of the net pension liability $ 22,617,418", "reading_order": 6 }, { "page": 39, "type": "TEXT", "location": { "l": 86.4, "t": 234.6, "r": 534.24, "b": 214.14 }, "text": "Commonwealth of Kentucky's proportionate share of the net pension liability associated with the University 16,827,179", "reading_order": 7 }, { "page": 39, "type": "TEXT", "location": { "l": 86.4, "t": 214.14, "r": 534.24, "b": 193.68 }, "text": "$ 39,444,597", "reading_order": 8 }, { "page": 39, "type": "TEXT", "location": { "l": 69.6, "t": 183.6, "r": 541.92, "b": 123.6 }, "text": "The net pension liability was measured as of June 30, 2018 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2017. The University's proportion of the net pension liability was based on actual contributions to the pension plan during the measurement period of July 1, 2017 through June 30, 2018. At June 30, 2019, the University's proportion was 0.16 percent and the Commonwealth's proportion was 0.12 percent.", "reading_order": 9 }, { "page": 39, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.56, "b": 35.52 }, "text": "37.", "reading_order": 10 } ] }, { "page": 40, "items": [ { "page": 40, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.52, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 40, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 348.96, "b": 680.16 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 40, "type": "TEXT", "location": { "l": 68.88, "t": 670.08, "r": 541.44, "b": 621.6 }, "text": "For the year ended June 30, 2019, the University was allocated pension expense of $(11,109,346). The University also recognized revenue of $1,957,491 for support provided by the Commonwealth. At June 30, 2019, the University reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:", "reading_order": 2 }, { "page": 40, "type": "TABLE", "location": { "l": 85.68, "t": 613.2, "r": 533.28, "b": 461.52 }, "text": "
Deferred Outflows of ResourcesDeferred Inflows of Resources
2019
Net difference between projected and actual earnings on investments- < /td > < td > 559,036
Change in assumptions3,810,08718,047,409
Differences between expected an actual experience183,3342,279,224
Changes in proportion and differences between employer contributions and proportionate share of contributions3,805,42416,186,525
Contributions subsequent to the measurement date1,814,984-
$ 9,613,829$ 37,072,194
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"location": [ 234.88, 518.4, 384.08, 537.36 ], "text": "183,334", "html_text": "183,334", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.08, 518.4, 533.28, 537.36 ], "text": "2,279,224", "html_text": "2,279,224", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 85.68, 499.44, 533.28, 518.4 ], "cells": [ { "location": [ 85.68, 499.44, 234.88, 518.4 ], "text": "Changes in proportion and differences between employer contributions and proportionate share of contributions", "html_text": "Changes in proportion and differences between employer contributions and proportionate share of contributions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.88, 499.44, 384.08, 518.4 ], "text": "3,805,424", "html_text": "3,805,424", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.08, 499.44, 533.28, 518.4 ], "text": "16,186,525", "html_text": "16,186,525", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 85.68, 480.48, 533.28, 499.44 ], "cells": [ { "location": [ 85.68, 480.48, 234.88, 499.44 ], "text": "Contributions subsequent to the measurement date", "html_text": "Contributions subsequent to the measurement date", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.88, 480.48, 384.08, 499.44 ], "text": "1,814,984", "html_text": "1,814,984", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.08, 480.48, 533.28, 499.44 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.68, 461.52, 533.28, 480.48 ], "cells": [ { "location": [ 85.68, 461.52, 234.88, 480.48 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.88, 461.52, 384.08, 480.48 ], "text": "$ 9,613,829", "html_text": "$ 9,613,829", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.08, 461.52, 533.28, 480.48 ], "text": "$ 37,072,194", "html_text": "$ 37,072,194", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 8, "n_cols": 3, "ref": "#/tables/0", "reading_order": 3 }, { "page": 40, "type": "TEXT", "location": { "l": 69.12, "t": 451.44, "r": 541.68, "b": 403.2 }, "text": "At June 30, 2019, the University reported $1,814,984 as deferred outflows of resources related to pensions resulting from University contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the following fiscal year. Net deferred outflow (inflows) of resources at June 30, 2019, related to pensions will be recognized in pension expense as follows:", "reading_order": 4 }, { "page": 40, "type": "TEXT", "location": { "l": 176.16, "t": 396.48, "r": 445.2, "b": 382.08 }, "text": "2020 $ (10,910,300)", "reading_order": 5 }, { "page": 40, "type": "TEXT", "location": { "l": 176.16, "t": 382.08, "r": 445.2, "b": 367.68 }, "text": "2021 (10,170,307)", "reading_order": 6 }, { "page": 40, "type": "TEXT", "location": { "l": 176.16, "t": 367.68, "r": 445.2, "b": 353.28 }, "text": "2022 (6,455,298)", "reading_order": 7 }, { "page": 40, "type": "TEXT", "location": { "l": 176.16, "t": 353.28, "r": 445.2, "b": 338.88 }, "text": "2023 (1,737,444)", "reading_order": 8 }, { "page": 40, "type": "TEXT", "location": { "l": 176.16, "t": 338.88, "r": 445.2, "b": 324.48 }, "text": "$ (29,273,349)", "reading_order": 9 }, { "page": 40, "type": "TEXT", "location": { "l": 69.84, "t": 313.44, "r": 540.96, "b": 288.24 }, "text": "Actuarial assumptions - The total pension liability was determined by actuarial valuation as of June 30, 2017, using the following actuarial assumptions, applied to all periods included in the measurement:", "reading_order": 10 }, { "page": 40, "type": "TABLE", "location": { "l": 105.12, "t": 280.08, "r": 541.2, "b": 208.32 }, "text": "
Valuation dateJune 30, 2017
Inflation3.00%
Salary Increases3.50 – 7.30%, average, including inflation
Investment Rate of Return7.50%, net of pension plan investment expense, including inflation
Municipal bond index rate3.89%
Single equivalent interest rate7.50%
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June 30, 2015 adopted by the Board on November 19, 2016.", "reading_order": 13 }, { "page": 40, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.56, "b": 35.76 }, "text": "38.", "reading_order": 14 } ] }, { "page": 41, "items": [ { "page": 41, "type": "TITLE", "location": { "l": 69.6, "t": 693.36, "r": 349.2, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 0, "level": 2 }, { "page": 41, "type": "TEXT", "location": { "l": 68.4, "t": 669.6, "r": 541.92, "b": 586.8 }, "text": "The long-term expected return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class for the June 30, 2018 actuarial valuation, are summarized in the following table:", "reading_order": 1 }, { "page": 41, "type": "TABLE", "location": { "l": 85.92, "t": 580.32, "r": 531.84, "b": 430.8 }, "text": "
Asset ClassTarget AllocationLong-Term Nominal Rate of Return
U.S. Equity40.0%4.2%
International Equity22.05.2
Fixed Income15.01.2
Additional Categories (Incl. Hedge Funds, High Yield, Non-U.S. Developed Bonds, and Private Credit Strategies)8.03.3
Real Estate6.03.8
Private Equity7.06.3
Cash2.00.9
Total100%
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Hedge Funds, High Yield, Non-U.S. Developed Bonds, and Private Credit Strategies)", "html_text": "Additional Categories (Incl. 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The impact of this change in the discount rate is a change in assumption that is added to expected TPL to determine the final TPL at June 30, 2018.", "reading_order": 3 }, { "page": 41, "type": "TEXT", "location": { "l": 68.64, "t": 352.56, "r": 542.16, "b": 315.36 }, "text": "Changes Since Measurement Date - There were no changes between the measurement date of the collective net pension liability and the University reporting date that are expected to have a significant effect on the University's proportionate share of the collective net pension liability.", "reading_order": 4 }, { "page": 41, "type": "TEXT", "location": { "l": 68.4, "t": 306.48, "r": 541.92, "b": 211.44 }, "text": "Discount rate - The discount rate used to measure the total pension liability at June 30, 2018 was 7.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rates and the Employer contributions will be made at actuarially determined contribution rates, adjusted by 95% for all fiscal years in the future. Based on those assumptions, at the June 30, 2018 measurement date, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.", "reading_order": 5 }, { "page": 41, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.56, "b": 35.52 }, "text": "39.", "reading_order": 6 } ] }, { "page": 42, "items": [ { "page": 42, "type": "TITLE", "location": { "l": 216, "t": 763.68, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 42, "type": "TITLE", "location": { "l": 70.08, "t": 693.36, "r": 348.96, "b": 679.92 }, "text": "NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)", "reading_order": 1, "level": 2 }, { "page": 42, "type": "TEXT", "location": { "l": 69.6, "t": 669.6, "r": 542.16, "b": 610.56 }, "text": "Sensitivity of the University's proportionate share of the net pension liability to changes in the discount rate - The following table presents the net pension liability of the University as of June 30, 2019, calculated using the discount rate of 7.50%, as well as what the University's net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate:", "reading_order": 2 }, { "page": 42, "type": "TABLE", "location": { "l": 72.72, "t": 600.96, "r": 534.48, "b": 425.52 }, "text": "
1% Decrease (6.50%)Current Discount Rate (7.50%)1% Increase (8.50%)
Proportionate share of the Collective Net Pension Liability$ 28,993,190$ 22,617,418$ 17,255,524
Summary Pension Plan Information:
KERS Hazardous/Non-hazardousKTRSTotal
June 30, 2019
Net pension liability$31,938,136$22,617,418$ 54,555,554
Deferred outflows of resources4,047,4469,613,82913,661,275
Deferred inflows of resources2,088,91737,072,19439,161,111
Pension expense (income)2,170,425(11,109,346)(8,938,921)
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536.16, "b": 334.32 }, "text": "In addition to the pension plans disclosed in Note 9, the University's employees participate in either the Kentucky Teachers Retirement System (KTRS) OPEB Plan or the Kentucky Employees Retirement System (KERS) OPEB Plan depending on the retirement plan in which they participate. Each OPEB plan is described in detail below.", "reading_order": 5 }, { "page": 42, "type": "TITLE", "location": { "l": 70.08, "t": 324.96, "r": 359.76, "b": 312 }, "text": "Kentucky Employees Retirement System (KERS) OPEB Plan", "reading_order": 6, "level": 2 }, { "page": 42, "type": "TEXT", "location": { "l": 68.88, "t": 302.4, "r": 536.16, "b": 253.92 }, "text": "Plan Description: The KERS OPEB Plan is a cost-sharing multiple-employer defined benefit OPEB plan, which was available to University employees hired prior to January 1, 2014. This plan provides medical insurance for eligible retirees and is administered by Kentucky Retirement System (KRS) who publishes a financial report located at https://kyret.ky.gov.", "links": [ { "uri": "https://kyret.ky.gov/", "dest": null, "action_type": "/URI", "bbox": [ 192.602, 255.743, 280.466, 267.242 ] } ], "reading_order": 7 }, { "page": 42, "type": "TEXT", "location": { "l": 69.6, "t": 244.8, "r": 541.92, "b": 207.84 }, "text": "OPEB Benefits Provided: The information below summarizes the major other postemployment retirement benefit provisions of KERS Non-Hazardous and Hazardous plans. It is not intended to be, nor should it be interpreted as, a complete statement of all benefit provisions:", "reading_order": 8 }, { "page": 42, "type": "TEXT", "location": { "l": 70.08, "t": 198.24, "r": 325.44, "b": 185.76 }, "text": "Insurance Tier 1: Participation began before 7/1/2003", "reading_order": 9 }, { "page": 42, "type": "TEXT", "location": { "l": 70.08, "t": 175.68, "r": 316.8, "b": 162.48 }, "text": "Benefit Eligibility: Recipient of a retirement allowance", "reading_order": 10 }, { "page": 42, "type": "TEXT", "location": { "l": 69.84, "t": 152.64, "r": 541.68, "b": 116.4 }, "text": "Benefit: The percentage of member premiums paid by the retirement system are dependent on the number of years of service. Benefits also include duty disability retirements, duty death in service, non-duty death in service and surviving spouse of a retiree.", "reading_order": 11 }, { "page": 42, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.56, "b": 36.24 }, "text": "40.", "reading_order": 12 } ] }, { "page": 43, "items": [ { "page": 43, "type": "TITLE", "location": { "l": 70.32, "t": 693.6, "r": 440.64, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 43, "type": "TEXT", "location": { "l": 70.08, "t": 669.84, "r": 440.16, "b": 656.88 }, "text": "Insurance Tier 2: Participation began on or after 7/1/2003, but before 9/1/2008", "reading_order": 1 }, { "page": 43, "type": "TEXT", "location": { "l": 69.84, "t": 646.56, "r": 532.08, "b": 634.08 }, "text": "Benefit Eligibility: Recipient of a retirement allowance with at least 120 months of service at retirement", "reading_order": 2 }, { "page": 43, "type": "TITLE", "location": { "l": 70.8, "t": 623.52, "r": 107.04, "b": 612 }, "text": "Benefit:", "reading_order": 3, "level": 3 }, { "page": 43, "type": "TEXT", "location": { "l": 122.16, "t": 623.52, "r": 541.92, "b": 576.72 }, "text": "The system provides a monthly contribution subsidy of $10 (Non-hazardous) and $15 (Hazardous) for each year of earned service. The monthly contribution is increased by 1.5% each July 1. Benefits also include duty disability retirements, duty death in service and non-duty death in service.", "reading_order": 4 }, { "page": 43, "type": "TEXT", "location": { "l": 69.84, "t": 566.4, "r": 344.16, "b": 553.68 }, "text": "Insurance Tier 3: Participation began on or after 9/1/2008", "reading_order": 5 }, { "page": 43, "type": "TEXT", "location": { "l": 69.6, "t": 543.6, "r": 533.04, "b": 530.16 }, "text": "Benefit Eligibility: Recipient of a retirement allowance with at least 180 months of service at retirement", "reading_order": 6 }, { "page": 43, "type": "TEXT", "location": { "l": 69.84, "t": 520.32, "r": 541.44, "b": 496.32 }, "text": "Benefit: Tier 3 insurance benefits are identical to Tier 2, except Tier 3 members are required to have at least 180 months of service in order to be eligible.", "reading_order": 7 }, { "page": 43, "type": "TEXT", "location": { "l": 68.64, "t": 485.76, "r": 541.92, "b": 403.44 }, "text": "Contributions: The University was required to contribute at an actuarially determined rate determined by Statute. Per Kentucky Revised Statute Section 78.545(33) normal contribution and past service contribution rates shall be determined by the KRS Board on the basis of an annual valuation last preceding July 1 of a new biennium. The KRS Board may amend contribution rates as of the first day of July of the second year of a biennium, if it is determined on the basis of a subsequent actuarial valuation that amended contribution rates are necessary to satisfy requirements determined in accordance with actuarial bases adopted by the KRS Board.", "reading_order": 8 }, { "page": 43, "type": "TEXT", "location": { "l": 68.64, "t": 398.4, "r": 542.16, "b": 315.84 }, "text": "For the fiscal year ended June 30, 2019, participating employers in the non-hazardous plan contributed 49.47% (41.06% allocated to pension and 8.41% allocated to OPEB) as set by KRS of each non-hazardous employee's creditable compensation. For the fiscal year ended June 30, 2019, participating employers in the Hazardous plan contributed 36.85% (34.39% allocated to pension and 2.46% allocated to OPEB) as set by KRS of each Hazardous employee's creditable compensation. These percentages are inclusive of both pension and insurance payments for employers. Administrative costs of KRS are financed through employer contributions and investment earnings.", "reading_order": 9 }, { "page": 43, "type": "TEXT", "location": { "l": 68.64, "t": 310.8, "r": 541.2, "b": 263.52 }, "text": "The University has met 100% of the contribution funding requirement for the fiscal years ended June 30, 2019. Total current year contributions recognized by the Plan were $2,246,884 ($1,864,909 related to pension and $381,975 related to OPEB) for the year ended June 30, 2019. The OPEB contributions amount does not include the implicit subsidy reported in the amount of $49,592.", "reading_order": 10 }, { "page": 43, "type": "TEXT", "location": { "l": 70.32, "t": 256.8, "r": 325.92, "b": 244.56 }, "text": "Members whose participation began before 9/1/2008:", "reading_order": 11 }, { "page": 43, "type": "TEXT", "location": { "l": 69.36, "t": 237.12, "r": 536.16, "b": 201.6 }, "text": "Nonhazardous contributions equal 5% and Hazardous contributions equal 8% of all creditable compensation. Interest paid on the members' accounts is currently 2.5%; and per statute shall not be less than 2.0%. Member entitled to a full refund of contributions with interest.", "reading_order": 12 }, { "page": 43, "type": "TEXT", "location": { "l": 70.56, "t": 191.28, "r": 344.16, "b": 178.8 }, "text": "Members whose participation began on or after 9/1/2008:", "reading_order": 13 }, { "page": 43, "type": "TEXT", "location": { "l": 69.36, "t": 171.6, "r": 536.16, "b": 112.56 }, "text": "Nonhazardous contributions equal to 6% and Hazardous contributions equal 9% of all creditable compensation, with 5% (Non-hazardous) and 8% (Hazardous) being credited to the member's account and 1% deposited to the KRS 401(h) Account. Interest paid on the members' accounts will be set at 2.5%. Member is entitled to a full refund of contributions and interest in their individual account, however, the 1% contributed to the insurance fund is non-refundable.", "reading_order": 14 }, { "page": 43, "type": "TEXT", "location": { "l": 278.64, "t": 70.56, "r": 333.12, "b": 58.08 }, "text": "(Continued)", "reading_order": 15 }, { "page": 43, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.32, "b": 36.48 }, "text": "41.", "reading_order": 16 } ] }, { "page": 44, "items": [ { "page": 44, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 440.64, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 44, "type": "TEXT", "location": { "l": 70.08, "t": 669.84, "r": 308.4, "b": 656.88 }, "text": "Members whose participation on or after 1/1/2014:", "reading_order": 1 }, { "page": 44, "type": "TEXT", "location": { "l": 69.6, "t": 646.8, "r": 541.44, "b": 587.28 }, "text": "Nonhazardous contributions equal to 6% and Hazardous contributions equal 9% of all creditable compensation, with 5% (Non-hazardous) and 8% (Hazardous) being credited to the member's account and 1% deposited to the KRS 401(h) Account. Interest paid on the members' accounts will be set at 2.5%. Member is entitled to a full refund of contributions and interest in their individual account, however, the 1% contributed to the insurance fund is non-refundable.", "reading_order": 2 }, { "page": 44, "type": "TEXT", "location": { "l": 69.12, "t": 577.68, "r": 541.68, "b": 541.68 }, "text": "Total OPEB Liability: The total other postemployment benefits (\"OPEB\") liability was determined by an actuarial valuation as of June 30, 2018. The financial reporting actuarial valuation as of June 30, 2018, used the following actuarial methods and assumptions, applied to all periods included in the measurement:", "reading_order": 3 }, { "page": 44, "type": "TEXT", "location": { "l": 70.08, "t": 531.84, "r": 109.2, "b": 520.56 }, "text": "Inflation", "reading_order": 4 }, { "page": 44, "type": "TEXT", "location": { "l": 70.32, "t": 521.52, "r": 183.12, "b": 471.12 }, "text": "Payroll growth rate\nSalary increases\nInvestment rate of return\nHealthcare trend rates\n0.00 percent for KERS non-hazardous and hazardous", "reading_order": 5 }, { "page": 44, "type": "TEXT", "location": { "l": 70.32, "t": 474, "r": 103.92, "b": 462.24 }, "text": "Pre-65", "reading_order": 6 }, { "page": 44, "type": "TEXT", "location": { "l": 69.84, "t": 439.92, "r": 108.24, "b": 428.16 }, "text": "Post-65", "reading_order": 7 }, { "page": 44, "type": "TEXT", "location": { "l": 250.08, "t": 531.6, "r": 310.08, "b": 520.56 }, "text": "2.30 percent", "reading_order": 8 }, { "page": 44, "type": "TEXT", "location": { "l": 249.84, "t": 520.32, "r": 491.76, "b": 507.84 }, "text": "0.00 percent for KERS non-hazardous and hazardous", "reading_order": 9 }, { "page": 44, "type": "TEXT", "location": { "l": 250.32, "t": 508.08, "r": 351.36, "b": 496.56 }, "text": "3.05 percent, average", "reading_order": 10 }, { "page": 44, "type": "TEXT", "location": { "l": 250.56, "t": 496.8, "r": 309.84, "b": 484.8 }, "text": "6.25 percent", "reading_order": 11 }, { "page": 44, "type": "TEXT", "location": { "l": 249.6, "t": 474.96, "r": 542.4, "b": 403.92 }, "text": "Initial trend starting at 7.00 percent at January 1, 2020 and gradually decreasing to an ultimate trend rate of 4.05 percent over a period of 12 years.\nInitial trend starting at 5.00 percent at January 1, 2020 and gradually decreasing to an ultimate trend rate of 4.05 percent over a period of 10 years.", "reading_order": 12 }, { "page": 44, "type": "TEXT", "location": { "l": 68.64, "t": 394.08, "r": 541.92, "b": 288.24 }, "text": "The mortality table used for active members is RP-2000 Combined Mortality Table projected with Scale BB to 2013 (multiplied by 50% for males and 30% for females). For healthy retired members and beneficiaries, the mortality table used is the RP-2000 Combined Mortality Table projected with Scale BB to 2013 (set back 1 year for females). For disabled members, the RP-2000 Combined Disabled Mortality Table projected with Scale BB to 2013 (set back 4 years for males) is used for the period after disability retirement. There is some margin in the current mortality tables for possible future improvement in mortality rates and that margin will be reviewed again when the next experience investigation is conducted. The actuarial assumptions used in the June 30, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2008 – June 30, 2013.", "reading_order": 13 }, { "page": 44, "type": "TEXT", "location": { "l": 69.84, "t": 279.12, "r": 194.64, "b": 265.92 }, "text": "Discount rate assumptions:", "reading_order": 14 }, { "page": 44, "type": "TEXT", "location": { "l": 70.32, "t": 255.84, "r": 538.56, "b": 208.56 }, "text": "(a) Discount Rate: The discount rate used to measure the total Non-hazardous OPEB liability was 5.86%, which was reduced from the 6.90% discount rate used in the prior year. The discount rate used to measure the total Hazardous OPEB liability was 5.88%, which was increased from the 5.87% discount rate used in the prior year.", "reading_order": 15 }, { "page": 44, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 36.48 }, "text": "42.", "reading_order": 16 } ] }, { "page": 45, "items": [ { "page": 45, "type": "TITLE", "location": { "l": 69.12, "t": 693.6, "r": 441.36, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 45, "type": "LIST_ITEM", "location": { "l": 69.6, "t": 670.08, "r": 541.92, "b": 622.08 }, "text": "Projected Cash Flows: The projection of cash flows used to determine the discount rate assumed the local employers and plan members would contribute the actuarially determined contribution rate of projected compensation over the remaining 26-year amortization period of the unfunded actuarial accrued liability.", "marker": "(b)", "list_id": "L6", "level": 0, "reading_order": 1 }, { "page": 45, "type": "LIST_ITEM", "location": { "l": 69.36, "t": 612, "r": 542.64, "b": 506.88 }, "text": "Long-Term Rate of Return: The long-term expected return on plan assets is reviewed as part of the regular experience studies prepared every five years for the System. The most recent analysis, performed for the period covering fiscal years 2008 through 2013 is outlined in a report dated April 30, 2014. However, the Board of KRS has the authority to review the assumptions on a more frequent basis and adopt new assumptions prior to the next scheduled experience study. The long-term expected rate of return was determined by using a building-block method in which best-estimate ranges of expected future real rate of returns are developed for each asset class. The ranges are combined by weighting the expected future real rate of return by the target asset allocation percentage.", "marker": "(c)", "list_id": "L6", "level": 0, "reading_order": 2 }, { "page": 45, "type": "LIST_ITEM", "location": { "l": 69.36, "t": 497.28, "r": 540.96, "b": 472.8 }, "text": "Municipal Bond Rate: The discount rate determination used a municipal bond rate of 3.62% as reported in Fidelity Index's “20 – Year Municipal GO AA Index” as of June 30, 2018.", "marker": "(d)", "list_id": "L6", "level": 0, "reading_order": 3 }, { "page": 45, "type": "LIST_ITEM", "location": { "l": 68.64, "t": 462.72, "r": 542.16, "b": 379.92 }, "text": "Period of Projected Benefit Payments: Current assets, future contributions, and investment earnings are projected to be sufficient to pay the projected benefit payments from the retirement system. However, the cost associated with the implicit employer subsidy is not currently being included in the calculation of the system's actuarial determined contributions, and it is the actuary's understanding that any cost associated with the implicit subsidy will not be paid out of the system's trust. Therefore, the municipal bond rate was applied to future expected benefit payments associated with the implicit subsidy.", "marker": "(e)", "list_id": "L6", "level": 0, "reading_order": 4 }, { "page": 45, "type": "LIST_ITEM", "location": { "l": 69.36, "t": 370.8, "r": 530.88, "b": 346.32 }, "text": "Assumed Asset Allocations: The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:", "marker": "(f)", "list_id": "L6", "level": 0, "reading_order": 5 }, { "page": 45, "type": "TABLE", "location": { "l": 123.36, "t": 332.16, "r": 485.28, "b": 92.88 }, "text": "
June 30, 2019
TargetLong-Term
AllocationExpected Real
Asset ClassRate of Return4.50%
US Large Cap5.00%4.50%
US Mid Cap6.04.50
US Small Cap6.55.50
International Developed12.56.50
Emerging Markets5.07.25
Global Bonds4.03.00
Global Credit2.03.75
High Yield7.05.50
Emerging Market Debt5.06.00
Illiquid Private10.08.50
Real Estate5.09.00
Absolute Return10.05.00
Real Return10.07.00
Private Equity10.06.50
Cash2.01.50
Total100.0%
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104.844 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 244, 92.88, 364.64, 104.844 ], "text": "100.0%", "html_text": "100.0%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 364.64, 92.88, 485.28, 104.844 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 20, "n_cols": 3, "ref": "#/tables/0", "reading_order": 6 }, { "page": 45, "type": "TEXT", "location": { "l": 362.64, "t": 335.76, "r": 430.08, "b": 324.96 }, "text": "June 30, 2019", "reading_order": 7 }, { "page": 45, "type": "TEXT", "location": { "l": 278.64, "t": 70.56, "r": 333.36, "b": 57.84 }, "text": "(Continued)", "reading_order": 8 }, { "page": 45, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 539.04, "b": 36.24 }, "text": "43.", "reading_order": 9 } ] }, { "page": 46, "items": [ { "page": 46, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 441.12, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 46, "type": "TEXT", "location": { "l": 104.4, "t": 670.08, "r": 541.2, "b": 644.88 }, "text": "The long-term expected rate of return on pension plan assets was established by the KRS Board of Trustees at 6.25% based on a blending of the factors described above.", "reading_order": 1 }, { "page": 46, "type": "TEXT", "location": { "l": 68.4, "t": 635.52, "r": 541.68, "b": 610.32 }, "text": "Sensitivity Analysis: This paragraph requires disclosure of the sensitivity of the net OPEB liability to changes in the discount rate and changes in the healthcare cost trend rate.", "reading_order": 2 }, { "page": 46, "type": "TITLE", "location": { "l": 70.32, "t": 600.72, "r": 146.88, "b": 588.24 }, "text": "Non-hazardous", "reading_order": 3, "level": 3 }, { "page": 46, "type": "TEXT", "location": { "l": 69.12, "t": 577.44, "r": 542.16, "b": 519.36 }, "text": "The following presents the University's allocated portion of the Non-hazardous net OPEB liability of the System, calculated using the discount rate of 5.86% percent, as well as what the University's allocated portion of the System's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (4.86 percent) or 1-percentage-point higher (6.86 percent) than the current rate for Non-hazardous:", "reading_order": 4 }, { "page": 46, "type": "TABLE", "location": { "l": 208.26, "t": 515.28, "r": 532.8, "b": 450 }, "text": "
Current
1% DecreaseDiscount Rate1% Increase
(4.86%)(5.86%)(6.86%)
The University's Net OPEB liability – Non-hazardous$ 6,333,300$ 5,397,902$ 4,619,413
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Current Healthcare
1% DecreaseCost Trend Rate1% Increase
The University's Net OPEB liability – Non-hazardous$ 4,589,344$ 5,397,902$ 6,370,312
", "rows": [ { "row_index": 0, "location": [ 104.64, 349.68, 533.28, 369.36 ], "cells": [ { "location": [ 211.8, 349.68, 533.28, 369.36 ], "text": "Current Healthcare", "html_text": "Current Healthcare", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 3, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 1, "location": [ 104.64, 330, 533.28, 349.68 ], "cells": [ { "location": [ 211.8, 330, 318.96, 349.68 ], "text": "1% Decrease", "html_text": "1% Decrease", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 318.96, 330, 426.12, 349.68 ], "text": "Cost Trend Rate", "html_text": "Cost Trend Rate", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 426.12, 330, 533.28, 349.68 ], "text": "1% Increase", "html_text": "1% Increase", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 2, "location": [ 104.64, 310.32, 533.28, 330 ], "cells": [ { "location": [ 211.8, 310.32, 318.96, 330 ], "text": "$ 4,589,344", "html_text": "$ 4,589,344", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 318.96, 310.32, 426.12, 330 ], "text": "$ 5,397,902", "html_text": "$ 5,397,902", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 426.12, 310.32, 533.28, 330 ], "text": "$ 6,370,312", "html_text": "$ 6,370,312", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 3, "n_cols": 3, "ref": "#/tables/1", "reading_order": 8 }, { "page": 46, "type": "TEXT", "location": { "l": 104.64, "t": 330, "r": 211.8, "b": 310.32 }, "text": "The University's Net OPEB liability – Non-hazardous", "reading_order": 9 }, { "page": 46, "type": "TITLE", "location": { "l": 70.32, "t": 301.92, "r": 125.04, "b": 289.44 }, "text": "Hazardous", "reading_order": 10, "level": 3 }, { "page": 46, "type": "TEXT", "location": { "l": 68.64, "t": 279.12, "r": 541.92, "b": 230.16 }, "text": "The following presents The University's allocated portion of the Hazardous net OPEB liability of the System, calculated using the discount rate of 5.88% percent, as well as what the University's allocated portion of the System's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (4.88 percent) or 1-percentage-point higher (6.88 percent) than the current rate for Hazardous:", "reading_order": 11 }, { "page": 46, "type": "TABLE", "location": { "l": 108.24, "t": 218.4, "r": 541.2, "b": 149.28 }, "text": "
Current Discount Rate (4.88%)1% Increase (6.88%)
The University's Net OPEB liability – Hazardous$ 62,059$ (61,667)
", "rows": [ { "row_index": 0, "location": [ 108.24, 183.84, 541.2, 218.4 ], "cells": [ { "location": [ 108.24, 183.84, 252.56, 218.4 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/2" }, { "location": [ 252.56, 183.84, 396.88, 218.4 ], "text": "Current Discount Rate (4.88%)", "html_text": "Current Discount Rate (4.88%)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/2" }, { "location": [ 396.88, 183.84, 541.2, 218.4 ], "text": "1% Increase (6.88%)", "html_text": "1% Increase (6.88%)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/2" } ], "ref": "#/tables/2" }, { "row_index": 1, "location": [ 108.24, 149.28, 541.2, 183.84 ], "cells": [ { "location": [ 108.24, 149.28, 252.56, 183.84 ], "text": "The University's Net OPEB liability – Hazardous", "html_text": "The University's Net OPEB liability – Hazardous", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/2" }, { "location": [ 252.56, 149.28, 396.88, 183.84 ], "text": "$ 62,059", "html_text": "$ 62,059", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/2" }, { "location": [ 396.88, 149.28, 541.2, 183.84 ], "text": "$ (61,667)", "html_text": "$ (61,667)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/2" } ], "ref": "#/tables/2" } ], "n_rows": 2, "n_cols": 3, "ref": "#/tables/2", "reading_order": 12 }, { "page": 46, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.8, "b": 36.48 }, "text": "44.", "reading_order": 13 } ] }, { "page": 47, "items": [ { "page": 47, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 47, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 441.36, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 1, "level": 2 }, { "page": 47, "type": "TEXT", "location": { "l": 68.88, "t": 669.84, "r": 541.68, "b": 621.36 }, "text": "The following presents the University's allocated portion of the Hazardous net OPEB liability of the System, calculated using the healthcare cost trend rate of percent, as well as what the University's allocated portion of the System's net OPEB liability would be if it were calculated using a healthcare cost trend rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate for Hazardous:", "reading_order": 2 }, { "page": 47, "type": "TABLE", "location": { "l": 209.82, "t": 613.92, "r": 526.08, "b": 555.84 }, "text": "
Current Healthcare
1% DecreaseCost Trend Rate1% Increase
The University's Net OPEB liability – Hazardous(158,355) < /td > < td > (61,667)$ 57,956
", "rows": [ { "row_index": 0, "location": [ 104.4, 594.56, 526.08, 613.92 ], "cells": [ { "location": [ 209.82, 594.56, 526.08, 613.92 ], "text": "Current Healthcare", "html_text": "Current Healthcare", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 3, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 104.4, 575.2, 526.08, 594.56 ], "cells": [ { "location": [ 209.82, 575.2, 315.24, 594.56 ], "text": "1% Decrease", "html_text": "1% Decrease", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 315.24, 575.2, 420.66, 594.56 ], "text": "Cost Trend Rate", "html_text": "Cost Trend Rate", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.66, 575.2, 526.08, 594.56 ], "text": "1% Increase", "html_text": "1% Increase", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 104.4, 555.84, 526.08, 575.2 ], "cells": [ { "location": [ 209.82, 555.84, 315.24, 575.2 ], "text": "$ (158,355)", "html_text": "$ (158,355)", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 315.24, 555.84, 420.66, 575.2 ], "text": "$ (61,667)", "html_text": "$ (61,667)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 420.66, 555.84, 526.08, 575.2 ], "text": "$ 57,956", "html_text": "$ 57,956", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 3, "n_cols": 3, "ref": "#/tables/0", "reading_order": 3 }, { "page": 47, "type": "TEXT", "location": { "l": 104.4, "t": 575.2, "r": 209.82, "b": 555.84 }, "text": "The University's Net OPEB liability – Hazardous", "reading_order": 4 }, { "page": 47, "type": "TEXT", "location": { "l": 69.12, "t": 540.96, "r": 541.68, "b": 481.2 }, "text": "Employer's Portion of the Collective OPEB Liability: The University's proportionate share of the Non-hazardous net OPEB liability, as indicated in the prior table, is $5,397,902, or approximately 0.227%. The University's proportionate share of the Hazardous net OPEB liability (asset), as indicated in the prior table, is $(61,667), or approximately 0.185%. The net pension liabilities were distributed based on 2018 actual employer contributions to the plan.", "reading_order": 5 }, { "page": 47, "type": "TEXT", "location": { "l": 68.88, "t": 472.32, "r": 541.68, "b": 447.36 }, "text": "Measurement Date: June 30, 2018 is the actuarial valuation date and measurement date upon which the total pension liability is based.", "reading_order": 6 }, { "page": 47, "type": "TEXT", "location": { "l": 68.88, "t": 437.52, "r": 541.92, "b": 366.24 }, "text": "Changes in Assumptions and Benefit Terms: Since the prior measurement date, there have been no changes in actuarial assumptions. However, during the 2018 legislative session, House Bill 185 was enacted, which updated the benefit provisions for active members who die in the line of duty. The system shall now pay 100% of the insurance premium for spouses and children of all active members who die in the line of duty. The total OPEB liability as of June 30, 2018, is determined using these updated benefit provisions.", "reading_order": 7 }, { "page": 47, "type": "TEXT", "location": { "l": 68.64, "t": 357.12, "r": 541.44, "b": 332.64 }, "text": "Changes Since Measurement Date: There were no changes between the measurement date of the collective net OPEB liability and the employer's reporting date.", "reading_order": 8 }, { "page": 47, "type": "TEXT", "location": { "l": 69.6, "t": 324, "r": 541.44, "b": 299.28 }, "text": "OPEB Expense: The University was allocated pension expense of $443,801 related to the KERS Non-Hazardous and $10,956 related to the KERS Hazardous for the year ending June 30, 2019.", "reading_order": 9 }, { "page": 47, "type": "TEXT", "location": { "l": 68.88, "t": 289.2, "r": 541.92, "b": 194.64 }, "text": "Deferred Outflows and Deferred Inflows: Since certain expense items are amortized over closed periods each year, the deferred portions of these items must be tracked annually. If the amounts serve to reduce OPEB expense they are labeled as deferred inflows. If they will increase OPEB expense they are labeled deferred outflows. The amortization of these amounts is accomplished on a level dollar basis, with no interest included in the deferred amounts. Experience gains/losses and the impact of changes in actuarial assumptions, if any, are amortized over the average remaining service life of the active and inactive System members at the beginning of the fiscal year. Investment gains and losses are amortized over a fixed five-year period. Deferred inflows and outflows as of the Measurement Date include:", "reading_order": 10 }, { "page": 47, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 36 }, "text": "45.", "reading_order": 11 } ] }, { "page": 48, "items": [ { "page": 48, "type": "TITLE", "location": { "l": 216, "t": 763.68, "r": 396, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 48, "type": "TITLE", "location": { "l": 70.32, "t": 693.6, "r": 441.12, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 1, "level": 2 }, { "page": 48, "type": "TABLE", "location": { "l": 84.72, "t": 667.44, "r": 534.48, "b": 487.68 }, "text": "
Non-hazardous
Deferred Outflows of ResourcesDeferred Inflows of Resources
Difference between expected and actual experience- < /td > < td >352,459
Change of assumptions567,43320,400
Changes in proportion and differences between employer contributions and proportionate shares of contributions-333,416
Differences between expected and actual investment earning on plan investments-79,062
567,433785,337
Contributions subsequent to the measurement date423,759-
Total$991,192$785,337
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"location": [ 384.56, 627.4933, 534.48, 647.4667 ], "text": "Deferred Inflows of Resources", "html_text": "Deferred Inflows of Resources", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 84.72, 607.52, 534.48, 627.4933 ], "cells": [ { "location": [ 84.72, 607.52, 234.64, 627.4933 ], "text": "Difference between expected and actual experience", "html_text": "Difference between expected and actual experience", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 607.52, 384.56, 627.4933 ], "text": "$-", "html_text": "$-", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 607.52, 534.48, 627.4933 ], "text": "$352,459", "html_text": "$352,459", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 84.72, 587.5467, 534.48, 607.52 ], "cells": [ { "location": [ 84.72, 587.5467, 234.64, 607.52 ], "text": "Change of assumptions", "html_text": "Change of assumptions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 587.5467, 384.56, 607.52 ], "text": "567,433", "html_text": "567,433", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 587.5467, 534.48, 607.52 ], "text": "20,400", "html_text": "20,400", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 84.72, 567.5733, 534.48, 587.5467 ], "cells": [ { "location": [ 84.72, 567.5733, 234.64, 587.5467 ], "text": "Changes in proportion and differences between employer contributions and proportionate shares of contributions", "html_text": "Changes in proportion and differences between employer contributions and proportionate shares of contributions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 567.5733, 384.56, 587.5467 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 567.5733, 534.48, 587.5467 ], "text": "333,416", "html_text": "333,416", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 84.72, 547.6, 534.48, 567.5733 ], "cells": [ { "location": [ 84.72, 547.6, 234.64, 567.5733 ], "text": "Differences between expected and actual investment earning on plan investments", "html_text": "Differences between expected and actual investment earning on plan investments", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 547.6, 384.56, 567.5733 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 547.6, 534.48, 567.5733 ], "text": "79,062", "html_text": "79,062", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 84.72, 527.6267, 534.48, 547.6 ], "cells": [ { "location": [ 84.72, 527.6267, 234.64, 547.6 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 527.6267, 384.56, 547.6 ], "text": "567,433", "html_text": "567,433", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 527.6267, 534.48, 547.6 ], "text": "785,337", "html_text": "785,337", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 84.72, 507.6533, 534.48, 527.6267 ], "cells": [ { "location": [ 84.72, 507.6533, 234.64, 527.6267 ], "text": "Contributions subsequent to the measurement date", "html_text": "Contributions subsequent to the measurement date", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 507.6533, 384.56, 527.6267 ], "text": "423,759", "html_text": "423,759", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 507.6533, 534.48, 527.6267 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 84.72, 487.68, 534.48, 507.6533 ], "cells": [ { "location": [ 84.72, 487.68, 234.64, 507.6533 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 234.64, 487.68, 384.56, 507.6533 ], "text": "$991,192", "html_text": "$991,192", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 384.56, 487.68, 534.48, 507.6533 ], "text": "$785,337", "html_text": "$785,337", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 3, "ref": "#/tables/0", "reading_order": 2 }, { "page": 48, "type": "TEXT", "location": { "l": 69.36, "t": 479.04, "r": 541.92, "b": 430.56 }, "text": "Deferred outflows of resources resulting from employer contributions subsequent to the measurement date of $374,845, which include the implicit subsidy reported of $48,914, will be recognized as a reduction of net OPEB liability in the year ending June 30, 2020. The remainder of the deferred outflows and deferred inflows of resources are amortized over three to five years with remaining amortization as follows:", "reading_order": 3 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 424.8, "r": 534.72, "b": 406.592 }, "text": "Year ending June 30:", "reading_order": 4 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 406.592, "r": 534.72, "b": 388.384 }, "text": "2020 $ (18,267)", "reading_order": 5 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 388.384, "r": 534.72, "b": 370.176 }, "text": "2021 (18,267)", "reading_order": 6 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 370.176, "r": 534.72, "b": 351.968 }, "text": "2022 (18,267)", "reading_order": 7 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 351.968, "r": 534.72, "b": 333.76 }, "text": "2023 (163,103)", "reading_order": 8 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 333.76, "r": 534.72, "b": 315.552 }, "text": "$ (217,904)", "reading_order": 9 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 279.136, "r": 534.72, "b": 260.928 }, "text": "Difference between expected and actual experience - 50,226", "reading_order": 10 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 260.928, "r": 534.72, "b": 242.72 }, "text": "Change of assumptions 113,364 910", "reading_order": 11 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 242.72, "r": 534.72, "b": 224.512 }, "text": "Changes in proportion and differences between employer contributions and proportionate share of plan contributions - 57,104", "reading_order": 12 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 224.512, "r": 534.72, "b": 206.304 }, "text": "Differences between expected and actual investment earnings on plan investments - 49,145", "reading_order": 13 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 315.552, "r": 534.72, "b": 297.344 }, "text": "Hazardous", "reading_order": 14 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 297.344, "r": 534.72, "b": 279.136 }, "text": "Deferred Outflows of Resources Deferred Inflows of Resources", "reading_order": 15 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 188.096, "r": 534.72, "b": 169.888 }, "text": "Contributions subsequent to the measurement date 7,807 -", "reading_order": 16 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 169.888, "r": 534.72, "b": 151.68 }, "text": "Total $ 121,171 $ 157,385", "reading_order": 17 }, { "page": 48, "type": "TEXT", "location": { "l": 79.44, "t": 206.304, "r": 534.72, "b": 188.096 }, "text": "113,364 157,385", "reading_order": 18 }, { "page": 48, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 36.24 }, "text": "46.", "reading_order": 19 } ] }, { "page": 49, "items": [ { "page": 49, "type": "TITLE", "location": { "l": 69.6, "t": 693.36, "r": 441.36, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 49, "type": "TEXT", "location": { "l": 68.88, "t": 669.6, "r": 542.16, "b": 621.6 }, "text": "Deferred outflows of resources resulting from employer contributions subsequent to the measurement date of $7,129, which include the implicit subsidy reported of $678, will be recognized as a reduction of net OPEB liability in the year ending June 30, 2020. The remainder of the deferred outflows and deferred inflows of resources are amortized over three to five years with remaining amortization as follows:", "reading_order": 1 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 612.48, "r": 459.6, "b": 599.4 }, "text": "Year ending June 30:", "reading_order": 2 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 599.4, "r": 459.6, "b": 586.32 }, "text": "2020 $ (8,717)", "reading_order": 3 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 586.32, "r": 459.6, "b": 573.24 }, "text": "2021 (8,717)", "reading_order": 4 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 573.24, "r": 459.6, "b": 560.16 }, "text": "2022 (8,717)", "reading_order": 5 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 560.16, "r": 459.6, "b": 547.08 }, "text": "2023 1,322", "reading_order": 6 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 547.08, "r": 459.6, "b": 534 }, "text": "2024 (12,408)", "reading_order": 7 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 534, "r": 459.6, "b": 520.92 }, "text": "Thereafter (6,787)", "reading_order": 8 }, { "page": 49, "type": "TEXT", "location": { "l": 141.36, "t": 520.92, "r": 459.6, "b": 507.84 }, "text": "$ (44,024)", "reading_order": 9 }, { "page": 49, "type": "TEXT", "location": { "l": 70.08, "t": 497.52, "r": 541.2, "b": 472.56 }, "text": "OPEB Plan Fiduciary Net Position: Detailed information about the KERS OPEB plans' fiduciary net position is available in the separately issued OPEB plan financial reports.", "reading_order": 10 }, { "page": 49, "type": "TITLE", "location": { "l": 69.84, "t": 463.2, "r": 261.36, "b": 450 }, "text": "Kentucky Teachers' Retirement System", "reading_order": 11, "level": 2 }, { "page": 49, "type": "TITLE", "location": { "l": 69.84, "t": 440.4, "r": 184.56, "b": 427.44 }, "text": "Medical Insurance Plan", "reading_order": 12, "level": 2 }, { "page": 49, "type": "TEXT", "location": { "l": 68.88, "t": 416.88, "r": 541.92, "b": 357.12 }, "text": "Plan Description - In addition to the pension benefits previously described, Kentucky Revised Statute 161.675 requires KTRS to provide post-employment healthcare benefits to eligible members and dependents. The KTRS Medical Insurance benefit is a cost-sharing multiple employer defined benefit plan. Changes made to the medical plan may be made by the KTRS Board of Trustees, the Kentucky Department of Employee Insurance and the General Assembly.", "reading_order": 13 }, { "page": 49, "type": "TEXT", "location": { "l": 68.4, "t": 348, "r": 542.16, "b": 254.16 }, "text": "Benefits Provided - To be eligible for medical benefits, the member must have retired either for service or disability. The KTRS Medical Insurance Fund offers coverage to members under the age of 65 through the Kentucky Employees Health Plan administered by the Kentucky Department of Employee Insurance. KTRS retired members are given a supplement to be used for payment of their health insurance premium. The amount of the member's supplement is based on a contribution supplement table approved by the KTRS Board of Trustees. The retired member pays premiums in excess of the monthly supplement. Once retired members and eligible spouses attain age 65 and are Medicare eligible, coverage is obtained through the KTRS Medicare Eligible Health Plan.", "reading_order": 14 }, { "page": 49, "type": "TEXT", "location": { "l": 68.4, "t": 244.56, "r": 541.92, "b": 150.96 }, "text": "Contributions - In order to fund the post-retirement healthcare benefit, seven and one-half percent (7.50%) of the gross annual payroll of members is contributed. Three percent (3.75%) is paid by member contributions and three quarters percent (0.75%) from state appropriation and three percent (3.00%) from the employer. The state contributes the net cost of health insurance premiums for members who retired on or after July 1, 2010 who are in the non-Medicare eligible group. Also, the premiums collected from retirees as described in the plan description and investment interest help meet the medical expenses of the plan. For the year ended June 30, 2019, the University contributed $293,145 to the KTRS medical insurance plan.", "reading_order": 15 }, { "page": 49, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 36.24 }, "text": "47.", "reading_order": 16 } ] }, { "page": 50, "items": [ { "page": 50, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 50, "type": "TITLE", "location": { "l": 69.6, "t": 693.6, "r": 441.12, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 1, "level": 2 }, { "page": 50, "type": "TEXT", "location": { "l": 68.4, "t": 670.32, "r": 543.12, "b": 586.56 }, "text": "OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs - At June 30, 2019, the University reported a liability of $5,516,000 for its proportionate share of the collective net OPEB liability that reflected a reduction for state OPEB support provided to the University. The collective net OPEB liability was measured as of June 30, 2018, and the total OPEB liability used to calculate the collective net OPEB liability was based on a projection of the University's long-term share of contributions to the OPEB plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2019, the University's proportion was 0.16%.", "reading_order": 2 }, { "page": 50, "type": "TEXT", "location": { "l": 69.12, "t": 577.92, "r": 541.92, "b": 542.16 }, "text": "The amount recognized by the University as its proportionate share of the OPEB liability, the related State support, and the total portion of the net OPEB liability that was associated with the University were as follows:", "reading_order": 3 }, { "page": 50, "type": "TEXT", "location": { "l": 87.36, "t": 533.04, "r": 451.92, "b": 512.88 }, "text": "University's proportionate share of the net OPEB liability $ 5,516,000", "reading_order": 4 }, { "page": 50, "type": "TEXT", "location": { "l": 87.36, "t": 512.88, "r": 451.92, "b": 492.72 }, "text": "State's proportionate share of the net OPEB liability associated with the University 2,700,000", "reading_order": 5 }, { "page": 50, "type": "TEXT", "location": { "l": 87.36, "t": 492.72, "r": 451.92, "b": 472.56 }, "text": "Total $ 8,216,000", "reading_order": 6 }, { "page": 50, "type": "TEXT", "location": { "l": 69.12, "t": 462.96, "r": 542.16, "b": 426.72 }, "text": "For the year ended June 30, 2019, the University recognized OPEB expense of $280,000 and revenue of $188,000 for support provided by the State. At June 30, 2019, the University reported deferred outflows of resources and deferred inflows of resources related to OPEBs from the following sources:", "reading_order": 7 }, { "page": 50, "type": "TABLE", "location": { "l": 86.4, "t": 417.36, "r": 539.76, "b": 276.24 }, "text": "
Deferred Outflows of ResourcesDeferred Inflows of Resources
Net difference between projected and actual earnings on OPEB plan investments- - 76,000 < /td > < td > 22,000 - 283,000
Changes of assumptions- --
Differences between expected and actual experience
Changes in proportion and differences between employer Contributions and proportionate share of contributions- -111,000
University's contributions subsequent to the measurement date293,145-
Total$ 369,145$ 416,000
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"location": [ 86.4, 377.04, 237.52, 397.2 ], "text": "Net difference between projected and actual earnings on OPEB plan investments", "html_text": "Net difference between projected and actual earnings on OPEB plan investments", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 377.04, 388.64, 397.2 ], "text": "$- - 76,000", "html_text": "$- - 76,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 377.04, 539.76, 397.2 ], "text": "$ 22,000 - 283,000", "html_text": "$ 22,000 - 283,000", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 2, "location": [ 86.4, 356.88, 539.76, 377.04 ], "cells": [ { "location": [ 86.4, 356.88, 237.52, 377.04 ], "text": "Changes of assumptions", "html_text": "Changes of assumptions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 356.88, 388.64, 377.04 ], "text": "- -", "html_text": "- -", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 356.88, 539.76, 377.04 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 3, "location": [ 86.4, 336.72, 539.76, 356.88 ], "cells": [ { "location": [ 86.4, 336.72, 237.52, 356.88 ], "text": "Differences between expected and actual experience", "html_text": "Differences between expected and actual experience", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 336.72, 388.64, 356.88 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 336.72, 539.76, 356.88 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 4, "location": [ 86.4, 316.56, 539.76, 336.72 ], "cells": [ { "location": [ 86.4, 316.56, 237.52, 336.72 ], "text": "Changes in proportion and differences between employer Contributions and proportionate share of contributions", "html_text": "Changes in proportion and differences between employer Contributions and proportionate share of contributions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 316.56, 388.64, 336.72 ], "text": "- -", "html_text": "- -", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 316.56, 539.76, 336.72 ], "text": "111,000", "html_text": "111,000", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 5, "location": [ 86.4, 296.4, 539.76, 316.56 ], "cells": [ { "location": [ 86.4, 296.4, 237.52, 316.56 ], "text": "University's contributions subsequent to the measurement date", "html_text": "University's contributions subsequent to the measurement date", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 296.4, 388.64, 316.56 ], "text": "293,145", "html_text": "293,145", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 296.4, 539.76, 316.56 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 6, "location": [ 86.4, 276.24, 539.76, 296.4 ], "cells": [ { "location": [ 86.4, 276.24, 237.52, 296.4 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 237.52, 276.24, 388.64, 296.4 ], "text": "$ 369,145", "html_text": "$ 369,145", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 388.64, 276.24, 539.76, 296.4 ], "text": "$ 416,000", "html_text": "$ 416,000", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 7, "n_cols": 3, "ref": "#/tables/1", "reading_order": 8 }, { "page": 50, "type": "TEXT", "location": { "l": 68.88, "t": 267.6, "r": 542.4, "b": 207.36 }, "text": "Of the total amount reported as deferred outflows of resources related to OPEB, $293,145 resulting from University contributions subsequent to the measurement date and before the end of the fiscal year will be included as a reduction of the collective net OPEB liability in the year ended June 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in the University's OPEB expense as follows:", "reading_order": 9 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 199.44, "r": 454.8, "b": 185.8629 }, "text": "Year ended June 30:", "reading_order": 10 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 185.8629, "r": 454.8, "b": 172.2857 }, "text": "2020 $ (66,000)", "reading_order": 11 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 172.2857, "r": 454.8, "b": 158.7086 }, "text": "2021 (66,000)", "reading_order": 12 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 158.7086, "r": 454.8, "b": 145.1314 }, "text": "2022 (66,000)", "reading_order": 13 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 145.1314, "r": 454.8, "b": 131.5543 }, "text": "2023 (56,000)", "reading_order": 14 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 131.5543, "r": 454.8, "b": 117.9771 }, "text": "2024 (58,000)", "reading_order": 15 }, { "page": 50, "type": "TEXT", "location": { "l": 141.12, "t": 117.9771, "r": 454.8, "b": 104.4 }, "text": "Thereafter (28,000) (340,000)", "reading_order": 16 }, { "page": 50, "type": "TEXT", "location": { "l": 278.64, "t": 70.56, "r": 333.36, "b": 57.84 }, "text": "(Continued)", "reading_order": 17 }, { "page": 50, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.8, "b": 36.24 }, "text": "48.", "reading_order": 18 } ] }, { "page": 51, "items": [ { "page": 51, "type": "TITLE", "location": { "l": 70.08, "t": 693.6, "r": 440.88, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 51, "type": "TEXT", "location": { "l": 70.08, "t": 670.32, "r": 541.2, "b": 644.64 }, "text": "Actuarial Assumptions - The total OPEB liability in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:", "reading_order": 1 }, { "page": 51, "type": "TABLE", "location": { "l": 104.64, "t": 637.92, "r": 537.36, "b": 440.88 }, "text": "
Investment rate of return8.00%, net of OPEB plan investment expense, including inflation.
Projected salary increases3.50 – 7.20%, including inflation
Inflation rate3.00%
Real Wage Growth0.50%
Wage Inflation3.50%
Healthcare cost trend rates
Under 657.75% for FY2018 decreasing to an ultimate rate of 5.00% by FY 2024
Ages 65 and Older5.75% for FY 2018 decreasing to an ultimate rate of 5.00% by FY 2021
Medicare Part B Premiums0.00% for FY 2018 with an ultimate rate of 5.00% by 2030
Municipal Bond Index Rate3.89%
Discount Rate8.00%
Single Equivalent Interest Rate8.00%, net of OPEB plan investment expense, including price inflation.
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"#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 104.64, 572.24, 537.36, 588.66 ], "cells": [ { "location": [ 104.64, 572.24, 321, 588.66 ], "text": "Real Wage Growth", "html_text": "Real Wage Growth", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 572.24, 537.36, 588.66 ], "text": "0.50%", "html_text": "0.50%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 104.64, 555.82, 537.36, 572.24 ], "cells": [ { "location": [ 104.64, 555.82, 321, 572.24 ], "text": "Wage Inflation", "html_text": "Wage Inflation", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 555.82, 537.36, 572.24 ], "text": "3.50%", "html_text": "3.50%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 104.64, 539.4, 537.36, 555.82 ], "cells": [ { "location": [ 104.64, 539.4, 321, 555.82 ], "text": "Healthcare cost trend rates", "html_text": "Healthcare cost trend rates", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 539.4, 537.36, 555.82 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 104.64, 522.98, 537.36, 539.4 ], "cells": [ { "location": [ 104.64, 522.98, 321, 539.4 ], "text": "Under 65", "html_text": "Under 65", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 522.98, 537.36, 539.4 ], "text": "7.75% for FY2018 decreasing to an ultimate rate of 5.00% by FY 2024", "html_text": "7.75% for FY2018 decreasing to an ultimate rate of 5.00% by FY 2024", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 104.64, 506.56, 537.36, 522.98 ], "cells": [ { "location": [ 104.64, 506.56, 321, 522.98 ], "text": "Ages 65 and Older", "html_text": "Ages 65 and Older", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 506.56, 537.36, 522.98 ], "text": "5.75% for FY 2018 decreasing to an ultimate rate of 5.00% by FY 2021", "html_text": "5.75% for FY 2018 decreasing to an ultimate rate of 5.00% by FY 2021", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 104.64, 490.14, 537.36, 506.56 ], "cells": [ { "location": [ 104.64, 490.14, 321, 506.56 ], "text": "Medicare Part B Premiums", "html_text": "Medicare Part B Premiums", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 490.14, 537.36, 506.56 ], "text": "0.00% for FY 2018 with an ultimate rate of 5.00% by 2030", "html_text": "0.00% for FY 2018 with an ultimate rate of 5.00% by 2030", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 9, "location": [ 104.64, 473.72, 537.36, 490.14 ], "cells": [ { "location": [ 104.64, 473.72, 321, 490.14 ], "text": "Municipal Bond Index Rate", "html_text": "Municipal Bond Index Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 473.72, 537.36, 490.14 ], "text": "3.89%", "html_text": "3.89%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 10, "location": [ 104.64, 457.3, 537.36, 473.72 ], "cells": [ { "location": [ 104.64, 457.3, 321, 473.72 ], "text": "Discount Rate", "html_text": "Discount Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 457.3, 537.36, 473.72 ], "text": "8.00%", "html_text": "8.00%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 11, "location": [ 104.64, 440.88, 537.36, 457.3 ], "cells": [ { "location": [ 104.64, 440.88, 321, 457.3 ], "text": "Single Equivalent Interest Rate", "html_text": "Single Equivalent Interest Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 321, 440.88, 537.36, 457.3 ], "text": "8.00%, net of OPEB plan investment expense, including price inflation.", "html_text": "8.00%, net of OPEB plan investment expense, including price inflation.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 12, "n_cols": 2, "ref": "#/tables/0", "reading_order": 2 }, { "page": 51, "type": "TEXT", "location": { "l": 68.88, "t": 427.92, "r": 541.92, "b": 379.68 }, "text": "Mortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB and set forward two years for males and one year for females for the period after service retirement and for dependent beneficiaries. The RP-2000 Disabled Mortality Table set forward two years for males and seven years for females is used for the period after disability retirement.", "reading_order": 3 }, { "page": 51, "type": "TEXT", "location": { "l": 68.64, "t": 370.32, "r": 541.92, "b": 275.76 }, "text": "The demographic actuarial assumptions for retirement, disability incidence, withdrawal, rates of plan participation, and rates of plan election used in the June 30, 2017 valuation were based on the results of the most recent actuarial experience studies for the System, which covered the five-year period ending June 30, 2015. The remaining actuarial assumptions used in the June 30, 2017 valuation of the MIF were based on a review of recent plan experience done concurrently with the June 30, 2017 valuation. The health care cost trend rate assumption was updated for the June 30, 2017 valuation and was shown as an assumption change in the TOL roll forward while the change in initial per capita claims costs were included with experience in the TOL roll forward.", "reading_order": 4 }, { "page": 51, "type": "TEXT", "location": { "l": 68.88, "t": 267.12, "r": 542.16, "b": 206.88 }, "text": "The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.", "reading_order": 5 }, { "page": 51, "type": "TEXT", "location": { "l": 525.12, "t": 47.28, "r": 538.56, "b": 36 }, "text": "49.", "reading_order": 6 } ] }, { "page": 52, "items": [ { "page": 52, "type": "TITLE", "location": { "l": 68.88, "t": 693.6, "r": 441.6, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 52, "type": "TEXT", "location": { "l": 68.64, "t": 669.84, "r": 541.44, "b": 644.4 }, "text": "The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by TRS's investment consultant, are summarized in the following table:", "reading_order": 1 }, { "page": 52, "type": "TABLE", "location": { "l": 85.68, "t": 634.8, "r": 529.68, "b": 494.64 }, "text": "
Asset ClassTarget Allocation30 Year Expected Geometric Rate of Return
Global Equity58.0%4.6%
Fixed Income9.01.2
Real Estate5.53.8
Private Equity6.56.3
Other Additional Categories*20.03.3
Cash (LIBOR)1.00.9
Total100%
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617.28 ], "cells": [ { "location": [ 85.68, 599.76, 233.68, 617.28 ], "text": "Global Equity", "html_text": "Global Equity", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 599.76, 381.68, 617.28 ], "text": "58.0%", "html_text": "58.0%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 599.76, 529.68, 617.28 ], "text": "4.6%", "html_text": "4.6%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 85.68, 582.24, 529.68, 599.76 ], "cells": [ { "location": [ 85.68, 582.24, 233.68, 599.76 ], "text": "Fixed Income", "html_text": "Fixed Income", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 582.24, 381.68, 599.76 ], "text": "9.0", "html_text": "9.0", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 582.24, 529.68, 599.76 ], "text": "1.2", "html_text": "1.2", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 85.68, 564.72, 529.68, 582.24 ], "cells": [ { "location": [ 85.68, 564.72, 233.68, 582.24 ], "text": "Real Estate", "html_text": "Real Estate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 564.72, 381.68, 582.24 ], "text": "5.5", "html_text": "5.5", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 564.72, 529.68, 582.24 ], "text": "3.8", "html_text": "3.8", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 85.68, 547.2, 529.68, 564.72 ], "cells": [ { "location": [ 85.68, 547.2, 233.68, 564.72 ], "text": "Private Equity", "html_text": "Private Equity", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 547.2, 381.68, 564.72 ], "text": "6.5", "html_text": "6.5", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 547.2, 529.68, 564.72 ], "text": "6.3", "html_text": "6.3", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 85.68, 529.68, 529.68, 547.2 ], "cells": [ { "location": [ 85.68, 529.68, 233.68, 547.2 ], "text": "Other Additional Categories*", "html_text": "Other Additional Categories*", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 529.68, 381.68, 547.2 ], "text": "20.0", "html_text": "20.0", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 529.68, 529.68, 547.2 ], "text": "3.3", "html_text": "3.3", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 85.68, 512.16, 529.68, 529.68 ], "cells": [ { "location": [ 85.68, 512.16, 233.68, 529.68 ], "text": "Cash (LIBOR)", "html_text": "Cash (LIBOR)", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 512.16, 381.68, 529.68 ], "text": "1.0", "html_text": "1.0", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 512.16, 529.68, 529.68 ], "text": "0.9", "html_text": "0.9", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.68, 494.64, 529.68, 512.16 ], "cells": [ { "location": [ 85.68, 494.64, 233.68, 512.16 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.68, 494.64, 381.68, 512.16 ], "text": "100%", "html_text": "100%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 381.68, 494.64, 529.68, 512.16 ], "text": "", "html_text": "", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 8, "n_cols": 3, "ref": "#/tables/0", "reading_order": 2 }, { "page": 52, "type": "TEXT", "location": { "l": 89.28, "t": 486, "r": 318.72, "b": 473.28 }, "text": "*Modeled as 50% High Yield and 50% Bank Loans.", "reading_order": 3 }, { "page": 52, "type": "TEXT", "location": { "l": 68.4, "t": 462.72, "r": 542.16, "b": 379.92 }, "text": "Discount Rate - The discount rate used to measure the total OPEB liability was 8.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rates and the employer contributions will be made at statutorily required rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.", "reading_order": 4 }, { "page": 52, "type": "TEXT", "location": { "l": 68.4, "t": 370.8, "r": 543.12, "b": 310.8 }, "text": "Sensitivity of the University's proportionate share of the net OPEB liability to changes in the discount rate The following table presents the University's proportionate share of the collective net OPEB liability of the System, calculated using the discount rate of 8.00%, as well as what the University's proportionate share of the collective net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (7.00%) or 1-percentage-point higher (9.00%) than the current rate:", "reading_order": 5 }, { "page": 52, "type": "TABLE", "location": { "l": 84, "t": 302.16, "r": 534, "b": 242.64 }, "text": "
1% Decrease (7.00%)Current Discount Rate (8.00%)1% Increase (9.00%)
University’s net OPEB liability (MI)$ 6,468,000$ 5,516,000$ 4,723,000
", "rows": [ { "row_index": 0, "location": [ 84, 272.4, 534, 302.16 ], "cells": [ { "location": [ 84, 272.4, 196.5, 302.16 ], "text": "", "html_text": "", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 196.5, 272.4, 309, 302.16 ], "text": "1% Decrease (7.00%)", "html_text": "1% Decrease (7.00%)", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 309, 272.4, 421.5, 302.16 ], "text": "Current Discount Rate (8.00%)", "html_text": "Current Discount Rate (8.00%)", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 421.5, 272.4, 534, 302.16 ], "text": "1% Increase (9.00%)", "html_text": "1% Increase (9.00%)", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 1, "location": [ 84, 242.64, 534, 272.4 ], "cells": [ { "location": [ 84, 242.64, 196.5, 272.4 ], "text": "University’s net OPEB liability (MI)", "html_text": "University’s net OPEB liability (MI)", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 196.5, 242.64, 309, 272.4 ], "text": "$ 6,468,000", "html_text": "$ 6,468,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 309, 242.64, 421.5, 272.4 ], "text": "$ 5,516,000", "html_text": "$ 5,516,000", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 421.5, 242.64, 534, 272.4 ], "text": "$ 4,723,000", "html_text": "$ 4,723,000", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 2, "n_cols": 4, "ref": "#/tables/1", "reading_order": 6 }, { "page": 52, "type": "TEXT", "location": { "l": 68.88, "t": 233.28, "r": 542.64, "b": 172.56 }, "text": "Sensitivity of the University's proportionate share of the collective net OPEB liability to changes in the healthcare cost trend rates – The following presents the University's proportionate share of the collective net OPEB liability, as well as what the University's proportionate share of the collective net OPEB liability would be if it were calculated using healthcare cost trend rates that were 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:", "reading_order": 7 }, { "page": 52, "type": "TABLE", "location": { "l": 86.16, "t": 163.92, "r": 533.28, "b": 114.72 }, "text": "
1% DecreaseCurrent Trend Rate1% Increase
University's net OPEB liability (MI)$ 4,574,000$ 5,516,000$ 6,678,000
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The KTRS Life Insurance benefit is a cost-sharing multiple employer defined benefit plan. Changes made to the life insurance plan may be made by the KTRS Board of Trustees and the General Assembly.", "reading_order": 4 }, { "page": 53, "type": "TEXT", "location": { "l": 68.64, "t": 531.84, "r": 542.16, "b": 484.08 }, "text": "Benefits Provided – KTRS provides a life insurance benefit of five thousand dollars payable for members who retire based on service or disability. KTRS provides a life insurance benefit of two thousand dollars payable for its active contributing members. The life insurance benefit is payable upon the death of the member to the member's estate or to a party designated by the member.", "reading_order": 5 }, { "page": 53, "type": "TEXT", "location": { "l": 68.64, "t": 474.24, "r": 542.16, "b": 437.76 }, "text": "Contributions – In order to fund the post-retirement life insurance benefit, three hundredths of one percent (0.03%) of the gross annual payroll of members is contributed by the state. For the year ended June 30, 2019, the University contributed $4,013 to the KTRS life insurance plan.", "reading_order": 6 }, { "page": 53, "type": "TEXT", "location": { "l": 68.16, "t": 428.88, "r": 543.36, "b": 344.88 }, "text": "OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs: At June 30, 2019, the University reported a liability of $110,000 for its proportionate share of the collective net OPEB liability that reflected a reduction for state OPEB support provided to the University. The collective net OPEB liability was measured as of June 30, 2018, and the total OPEB liability used to calculate the collective net OPEB liability was based on a projection of the University's long-term share of contributions to the OPEB plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2018, the University's proportion was 0.39%.", "reading_order": 7 }, { "page": 53, "type": "TEXT", "location": { "l": 68.88, "t": 336.48, "r": 542.64, "b": 300.24 }, "text": "For the year ended June 30, 2019, the University recognized actuarially determined OPEB expense of $19,000. At June 30, 2019, the University reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:", "reading_order": 8 }, { "page": 53, "type": "TABLE", "location": { "l": 86.4, "t": 290.88, "r": 535.44, "b": 149.28 }, "text": "
Deferred Outflows of ResourcesDeferred Inflows of Resources
Net difference between projected and actual earnings on OPEB plan investments$ 30,000$ -
Net changes in proportion and differences between employer Contributions and proportionate share of contributions3,000-
Difference between expected and actual experience-2,000
University's contributions subsequent to the measurement date4,013-
Total$ 37,013$ 2,000
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"page": 54, "items": [ { "page": 54, "type": "TITLE", "location": { "l": 69.6, "t": 693.6, "r": 441.36, "b": 679.92 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 54, "type": "TEXT", "location": { "l": 68.88, "t": 670.08, "r": 541.92, "b": 609.84 }, "text": "Of the total amount reported as deferred outflows of resources related to OPEB, $4,013 resulting from University contributions subsequent to the measurement date and before the end of the fiscal year will be included as a reduction of the collective net OPEB liability in the year ended June 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in the University's OPEB expense as follows:", "reading_order": 1 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 601.68, "r": 453.12, "b": 588.33 }, "text": "Year ended June 30:", "reading_order": 2 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 588.33, "r": 453.12, "b": 574.98 }, "text": "2020 $ 9,000", "reading_order": 3 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 574.98, "r": 453.12, "b": 561.63 }, "text": "2021 9,000", "reading_order": 4 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 561.63, "r": 453.12, "b": 548.28 }, "text": "2022 9,000", "reading_order": 5 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 548.28, "r": 453.12, "b": 534.93 }, "text": "2023 5,000", "reading_order": 6 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 534.93, "r": 453.12, "b": 521.58 }, "text": "2024 1,000", "reading_order": 7 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 521.58, "r": 453.12, "b": 508.23 }, "text": "Thereafter (2,000)", "reading_order": 8 }, { "page": 54, "type": "TEXT", "location": { "l": 142.08, "t": 508.23, "r": 453.12, "b": 494.88 }, "text": "$ 31,000", "reading_order": 9 }, { "page": 54, "type": "TEXT", "location": { "l": 70.32, "t": 486.48, "r": 541.2, "b": 460.56 }, "text": "Actuarial Assumptions – The total OPEB liability in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:", "reading_order": 10 }, { "page": 54, "type": "TABLE", "location": { "l": 104.4, "t": 450.96, "r": 537.6, "b": 323.04 }, "text": "
Investment rate of return7.50%, net of OPEB plan investment expense, including inflation.
Projected salary increases3.50 – 7.20%, including inflation
Inflation rate3.00%
Real Wage Growth0.50%
Wage Inflation3.50%
Salary increases3.50% - 7.20%, including inflation
Municipal Bond Index Rate3.89%
Discount Rate7.50%
Single Equivalent Interest Rate7.50%, net of OPEB plan investment expense, including inflation.
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7.20%, including inflation", "html_text": "3.50% - 7.20%, including inflation", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 6, "location": [ 104.4, 351.4667, 537.6, 365.68 ], "cells": [ { "location": [ 104.4, 351.4667, 321, 365.68 ], "text": "Municipal Bond Index Rate", "html_text": "Municipal Bond Index Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 321, 351.4667, 537.6, 365.68 ], "text": "3.89%", "html_text": "3.89%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 7, "location": [ 104.4, 337.2533, 537.6, 351.4667 ], "cells": [ { "location": [ 104.4, 337.2533, 321, 351.4667 ], "text": "Discount Rate", "html_text": "Discount Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 321, 337.2533, 537.6, 351.4667 ], "text": "7.50%", "html_text": "7.50%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 8, "location": [ 104.4, 323.04, 537.6, 337.2533 ], "cells": [ { "location": [ 104.4, 323.04, 321, 337.2533 ], "text": "Single Equivalent Interest Rate", "html_text": "Single Equivalent Interest Rate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 321, 323.04, 537.6, 337.2533 ], "text": "7.50%, net of OPEB plan investment expense, including inflation.", "html_text": "7.50%, net of OPEB plan investment expense, including inflation.", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 9, "n_cols": 2, "ref": "#/tables/1", "reading_order": 11 }, { "page": 54, "type": "TEXT", "location": { "l": 68.4, "t": 311.28, "r": 541.68, "b": 228.24 }, "text": "Mortality rates were based on the RP-2000 Combined Mortality Table projected to 2025 with projection scale BB, and set forward two years for males and one year for females is used for the period after service retirement and for dependent beneficiaries. The RP-2000 Disabled Mortality Table set forward two years for males and seven years for females is used for the period after disability retirement. The demographic actuarial assumptions for retirement, disability incidence, withdrawal, rates of plan participation, and rates of plan election used in the June 30, 2017 valuation were based on the results of the most recent actuarial experience studies for the System, which covered the five-year period ending June 30, 2015.", "reading_order": 12 }, { "page": 54, "type": "TEXT", "location": { "l": 68.64, "t": 219.6, "r": 542.16, "b": 159.84 }, "text": "The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.", "reading_order": 13 }, { "page": 54, "type": "TEXT", "location": { "l": 525.12, "t": 47.28, "r": 538.32, "b": 36 }, "text": "52", "reading_order": 14 } ] }, { "page": 55, "items": [ { "page": 55, "type": "TITLE", "location": { "l": 68.88, "t": 693.6, "r": 441.6, "b": 679.68 }, "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)", "reading_order": 0, "level": 2 }, { "page": 55, "type": "TEXT", "location": { "l": 68.88, "t": 669.84, "r": 541.44, "b": 642.96 }, "text": "The target allocation and best estimates of arithmetic real rates of return for each major asset class, as provided by TRS's investment consultant, are summarized in the following table:", "reading_order": 1 }, { "page": 55, "type": "TABLE", "location": { "l": 85.92, "t": 630.72, "r": 528.48, "b": 503.76 }, "text": "
June 30, 2018
Asset Class*Target AllocationLong-Term Nominal Rate of Return
U.S. Equity40%4.2%
International Equity23%5.2%
Fixed Income18%1.2%
Real Estate6%3.8%
Private Equity5%6.3%
Additional Categories**6%3.3%
Cash2%0.9%
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616.6133 ], "text": "Target Allocation", "html_text": "Target Allocation", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 602.5067, 528.48, 616.6133 ], "text": "Long-Term Nominal Rate of Return", "html_text": "Long-Term Nominal Rate of Return", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 85.92, 588.4, 528.48, 602.5067 ], "cells": [ { "location": [ 85.92, 588.4, 233.44, 602.5067 ], "text": "U.S. Equity", "html_text": "U.S. Equity", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 588.4, 380.96, 602.5067 ], "text": "40%", "html_text": "40%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 588.4, 528.48, 602.5067 ], "text": "4.2%", "html_text": "4.2%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 85.92, 574.2933, 528.48, 588.4 ], "cells": [ { "location": [ 85.92, 574.2933, 233.44, 588.4 ], "text": "International Equity", "html_text": "International Equity", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 574.2933, 380.96, 588.4 ], "text": "23%", "html_text": "23%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 574.2933, 528.48, 588.4 ], "text": "5.2%", "html_text": "5.2%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 85.92, 560.1867, 528.48, 574.2933 ], "cells": [ { "location": [ 85.92, 560.1867, 233.44, 574.2933 ], "text": "Fixed Income", "html_text": "Fixed Income", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 560.1867, 380.96, 574.2933 ], "text": "18%", "html_text": "18%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 560.1867, 528.48, 574.2933 ], "text": "1.2%", "html_text": "1.2%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 85.92, 546.08, 528.48, 560.1867 ], "cells": [ { "location": [ 85.92, 546.08, 233.44, 560.1867 ], "text": "Real Estate", "html_text": "Real Estate", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 546.08, 380.96, 560.1867 ], "text": "6%", "html_text": "6%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 546.08, 528.48, 560.1867 ], "text": "3.8%", "html_text": "3.8%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 85.92, 531.9733, 528.48, 546.08 ], "cells": [ { "location": [ 85.92, 531.9733, 233.44, 546.08 ], "text": "Private Equity", "html_text": "Private Equity", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 531.9733, 380.96, 546.08 ], "text": "5%", "html_text": "5%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 531.9733, 528.48, 546.08 ], "text": "6.3%", "html_text": "6.3%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.92, 517.8667, 528.48, 531.9733 ], "cells": [ { "location": [ 85.92, 517.8667, 233.44, 531.9733 ], "text": "Additional Categories**", "html_text": "Additional Categories**", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 517.8667, 380.96, 531.9733 ], "text": "6%", "html_text": "6%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 517.8667, 528.48, 531.9733 ], "text": "3.3%", "html_text": "3.3%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 85.92, 503.76, 528.48, 517.8667 ], "cells": [ { "location": [ 85.92, 503.76, 233.44, 517.8667 ], "text": "Cash", "html_text": "Cash", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 233.44, 503.76, 380.96, 517.8667 ], "text": "2%", "html_text": "2%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 380.96, 503.76, 528.48, 517.8667 ], "text": "0.9%", "html_text": "0.9%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 3, "ref": "#/tables/0", "reading_order": 2 }, { "page": 55, "type": "TEXT", "location": { "l": 104.64, "t": 494.88, "r": 363.84, "b": 484.8 }, "text": "Total", "reading_order": 3 }, { "page": 55, "type": "TEXT", "location": { "l": 337.68, "t": 495.36, "r": 365.76, "b": 484.32 }, "text": "100%", "reading_order": 4 }, { "page": 55, "type": "TEXT", "location": { "l": 70.8, "t": 484.08, "r": 543.12, "b": 459.84 }, "text": "As the LIF investment policy is to change, the above reflects the pension allocation and returns that achieve the target 7.5% long-term rate of return.", "reading_order": 5 }, { "page": 55, "type": "TEXT", "location": { "l": 71.76, "t": 458.16, "r": 311.04, "b": 445.2 }, "text": "** Modeled as 50% High Yield and 50% Bank Loans.", "reading_order": 6 }, { "page": 55, "type": "TEXT", "location": { "l": 68.64, "t": 435.12, "r": 542.16, "b": 362.64 }, "text": "Discount rate - The discount rate used to measure the total OPEB liability for life insurance was 7.50%. The projection of cash flows used to determine the discount rate assumed that the employer contributions will be made at statutorily required rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.", "reading_order": 7 }, { "page": 55, "type": "TEXT", "location": { "l": 68.64, "t": 354.72, "r": 542.88, "b": 294.48 }, "text": "Sensitivity of the University's proportionate share of the net OPEB liability to changes in the discount rate - The following table presents the University's proportionate share of the collective net OPEB liability of the System, calculated using the discount rate of 7.50%, as well as what the University's proportionate share of the collective net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.50%) or 1-percentage-point higher (8.50%) than the current rate:", "reading_order": 8 }, { "page": 55, "type": "TABLE", "location": { "l": 84.24, "t": 285.84, "r": 534.72, "b": 225.36 }, "text": "
1% Decrease (6.50%)Current Discount Rate (7.50%)1% Increase (8.50%)
University’s net OPEB (LI) liability$ 167,000$ 110,000$ 63,000
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Summary OPEB Information:
KERSKTRSTotal
June 30, 2019
Net OPEB liability$ 5,336,235$ 5,626,000$ 10,962,235
Deferred outflows of resources1,112,363406,1581,518,521
Deferred inflows of resources942,722418,0001,360,722
Actuarially determined pension expense454,757299,000753,757
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440.832, 655.3029 ], "text": "KTRS", "html_text": "KTRS", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 440.832, 643.8857, 531.84, 655.3029 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 76.8, 632.4686, 531.84, 643.8857 ], "cells": [ { "location": [ 76.8, 632.4686, 167.808, 643.8857 ], "text": "June 30, 2019", "html_text": "June 30, 2019", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 167.808, 632.4686, 258.816, 643.8857 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, 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"html_text": "753,757", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 440.832, 586.8, 531.84, 598.2171 ], "text": "", "html_text": "", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 7, "n_cols": 5, "ref": "#/tables/0", "reading_order": 2 }, { "page": 56, "type": "TITLE", "location": { "l": 69.84, "t": 566.88, "r": 310.56, "b": 554.16 }, "text": "NOTE 11 - COMMITMENTS AND CONTINGENCIES", "reading_order": 3, "level": 3 }, { "page": 56, "type": "TEXT", "location": { "l": 69.36, "t": 543.36, "r": 541.68, "b": 506.88 }, "text": "The University is a party to various lawsuits and other claims in the ordinary course of business. University officials are of the opinion, based upon the advice of legal counsel, that the ultimate resolution of these matters will not have a material effect on the financial statements of the University.", "reading_order": 4 }, { "page": 56, "type": "TEXT", "location": { "l": 69.6, "t": 497.04, "r": 541.92, "b": 449.28 }, "text": "The University receives financial assistance from federal and state agencies in the form of grants and awards. The expenditure of funds received from these programs generally requires compliance with terms and conditions specified in the grant agreements and are subject to audit by the grantor agencies. Any disallowed claims resulting from such audit could become a liability of the applicable fund.", "reading_order": 5 }, { "page": 56, "type": "TITLE", "location": { "l": 69.84, "t": 428.64, "r": 223.44, "b": 416.16 }, "text": "NOTE 12 - RISK MANAGEMENT", "reading_order": 6, "level": 3 }, { "page": 56, "type": "TEXT", "location": { "l": 69.36, "t": 404.88, "r": 541.92, "b": 334.32 }, "text": "The University is exposed to various risks of loss from torts; theft of, damage to, destruction of assets; business interruption; employee injuries and illnesses; natural disasters; and employee health and accident benefits. Commercial insurance coverage is purchased for claims arising from these risks. Settled claims have not exceeded this commercial coverage in any of the three preceding years. As a sovereign entity of the Commonwealth of Kentucky, the Kentucky Board of Claims handles tort claims on behalf of the University.", "reading_order": 7 }, { "page": 56, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.56, "b": 36 }, "text": "54.", "reading_order": 8 } ] }, { "page": 57, "items": [ { "page": 57, "type": "TITLE", "location": { "l": 215.76, "t": 763.44, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 57, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 324.48, "b": 680.4 }, "text": "NOTE 13 - SCHEDULE OF EXPENSES BY PROGRAM", "reading_order": 1, "level": 2 }, { "page": 57, "type": "TEXT", "location": { "l": 69.12, "t": 669.84, "r": 541.92, "b": 622.32 }, "text": "In the Statement of Revenues, Expenses and Changes in Net Position, operating expenses are presented by functional expense purpose. Depreciation is allocated below based on functional classification as required by IPEDS for Fiscal Year 2019. Functional expense purpose is classified by natural classification as follows:", "reading_order": 2 }, { "page": 57, "type": "TABLE", "location": { "l": 70.56, "t": 614.16, "r": 540.96, "b": 422.16 }, "text": "
Compensation and BenefitsSupplies and ServicesScholarships and FellowshipsDepreciationOperations and MaintenanceTotal
Instruction$ 8,072,589$ 2,258,044- < /td > < td > 646,988$ 1,019,027$ 11,996,648
Research4,658,5902,790,527-849,996770,3889,069,501
Public service5,928,5634,158,771-398,930973,41611,459,680
Academic support351,518274,066-133,11270,428829,124
Student services4,179,6913,143,915-441,943720,8588,486,407
Institutional support7,294,2357,544,733-446,8651,418,94916,704,782
Operation & maintenance of plant960,0564,439,893-607,167(6,007,116)-
Auxiliary enterprises353,4284,070,386-302,996438,7795,165,589
Student financial aid326,937206,037,00648,680595,2717,007,914
Total operating expense$ 32,125,607$ 28,680,355$ 6,037,006$ 3,876,677- < /td > < td > 70,719,645
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(the Foundation) is a Kentucky not-for-profit corporation formed to receive, invest and expend funds to promote and implement educational and developmental activities at Kentucky State University (the University). The Foundation is managed by a Board of Trustees independent from that of the University. The Foundation is supported primarily through contributions from alumni.", "reading_order": 2 }, { "page": 58, "type": "TITLE", "location": { "l": 69.84, "t": 589.2, "r": 284.16, "b": 576.24 }, "text": "Summary of Significant Accounting Policies", "reading_order": 3, "level": 2 }, { "page": 58, "type": "TEXT", "location": { "l": 68.88, "t": 566.16, "r": 541.92, "b": 506.4 }, "text": "Use of Estimates: The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) which require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Foundation in the preparation of its financial statements.", "reading_order": 4 }, { "page": 58, "type": "TEXT", "location": { "l": 69.36, "t": 497.04, "r": 541.92, "b": 461.04 }, "text": "Basis of Presentation: Net assets and revenues, expenses, gains, and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, net assets of the Foundation are classified and reported as follows:", "reading_order": 5 }, { "page": 58, "type": "TEXT", "location": { "l": 104.4, "t": 450.96, "r": 506.4, "b": 403.92 }, "text": "Net assets without donor restrictions – net assets available for use in general operations and not subject to donor restrictions. The governing body has designated, from net assets without donor restrictions, net assets for an operating reserve and board-designated endowment.", "reading_order": 6 }, { "page": 58, "type": "TEXT", "location": { "l": 104.4, "t": 393.84, "r": 506.64, "b": 299.76 }, "text": "Net assets with donor restrictions – net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the stipulated time has elapsed, when the stipulated purpose for which the restriction has been fulfilled, or both. The investment return on net assets with donor restrictions may be restricted or unrestricted according to the donor's wishes.", "reading_order": 7 }, { "page": 58, "type": "TEXT", "location": { "l": 69.12, "t": 290.16, "r": 506.64, "b": 242.16 }, "text": "When a donor restriction expires, net assets with donor restrictions are classified to net assets without donor restrictions and reported on the statements of activities as net assets released from restrictions. The Foundation treats donor-restricted contributions whose restrictions are met in the same reporting period as unrestricted support.", "reading_order": 8 }, { "page": 58, "type": "TEXT", "location": { "l": 68.88, "t": 232.8, "r": 541.92, "b": 172.8 }, "text": "Cash and Cash Equivalents: The Foundation considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Foundation has a concentration of credit risk in that it periodically maintains bank accounts which, at times, may exceed the coverage provided by the Federal Deposit Insurance Corporation (FDIC). The Foundation has not experienced any losses on such amounts. The Foundation believes it is not exposed to any significant credit risk on cash.", "reading_order": 9 }, { "page": 58, "type": "TEXT", "location": { "l": 69.84, "t": 163.68, "r": 541.68, "b": 139.68 }, "text": "Investments: Investments are stated at fair value based on closing market quotations for such securities or similar securities.", "reading_order": 10 }, { "page": 58, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.56, "b": 35.76 }, "text": "56.", "reading_order": 11 } ] }, { "page": 59, "items": [ { "page": 59, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 429.12, "b": 679.92 }, "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)", "reading_order": 0, "level": 2 }, { "page": 59, "type": "TITLE", "location": { "l": 69.84, "t": 669.84, "r": 338.4, "b": 657.36 }, "text": "Summary of Significant Accounting Policies (Continued)", "reading_order": 1, "level": 3 }, { "page": 59, "type": "TEXT", "location": { "l": 68.88, "t": 646.56, "r": 541.92, "b": 587.28 }, "text": "Property and Equipment: Property and equipment is recorded at cost if purchased or fair market value at date of contribution if contributed. If the donors stipulate how long the assets must be used, the contributions of property and equipment are recorded as restricted support. In the absence of such stipulations, these contributions are recorded as unrestricted support. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets.", "reading_order": 2 }, { "page": 59, "type": "TEXT", "location": { "l": 68.88, "t": 577.2, "r": 541.68, "b": 518.64 }, "text": "Revenue Recognition: Contributions are generally recognized when received. However, pledges are recognized when the donor makes a promise to give to the Foundation that is, in substance, unconditional. Amounts received that are designated for future periods or restricted by donor for specific purposes are reported as additions to net assets with donor restrictions. When a donor restriction expires, net assets without donor restrictions are reclassified to net assets without donor restrictions.", "reading_order": 3 }, { "page": 59, "type": "TEXT", "location": { "l": 68.64, "t": 508.8, "r": 542.16, "b": 460.56 }, "text": "Income Taxes: The Foundation, a not-for-profit organization operating under Section 501(c)(3) of the Internal Revenue Code, is generally exempt from federal, state and local income taxes. The Foundation's management does not believe the Foundation has any unrelated business income. Accordingly, no provision for income taxes is recorded in the financial statements.", "reading_order": 4 }, { "page": 59, "type": "TEXT", "location": { "l": 69.12, "t": 451.2, "r": 541.92, "b": 414.96 }, "text": "Functional Allocation of Expenses: The costs of providing the program and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated between the program and supporting services benefited.", "reading_order": 5 }, { "page": 59, "type": "TEXT", "location": { "l": 68.64, "t": 405.12, "r": 541.92, "b": 322.08 }, "text": "Recent Accounting Pronouncements: For the year ended June 30, 2019, Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, became effective and was adopted by the Foundation. This standard changed the presentation and disclosure requirements for not-for-profit entities to provide more relevant information about their resources (and the changes in those resources) including qualitative and quantitative requirements in the following areas: 1) net asset classes; 2) investment return; 3) expenses; 4) liquidity and availability of resources; and 5) presentation of operating cash flows.", "reading_order": 6 }, { "page": 59, "type": "TEXT", "location": { "l": 68.64, "t": 312.48, "r": 542.4, "b": 217.68 }, "text": "In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective or modified retrospective transition method. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date by one year. The updated standard becomes effective for the Foundation in 2020. The Foundation has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the financial statements.", "reading_order": 7 }, { "page": 59, "type": "TEXT", "location": { "l": 68.64, "t": 208.56, "r": 542.16, "b": 126 }, "text": "In June 2018, the FASB issued ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (Topic 958). This standard should assist entities in 1) evaluating whether transactions should be accounted for as contributions (non-reciprocal transactions) within the scope of Topic 958, or as exchange (reciprocal) transactions subject to other guidance, and 2) determining whether a contribution is conditional. This standard will be effective for the year ending June 30, 2020. The Foundation is currently evaluating the effect that the updated standard will have on the financial statements.", "reading_order": 8 }, { "page": 59, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.56, "b": 35.76 }, "text": "57.", "reading_order": 9 } ] }, { "page": 60, "items": [ { "page": 60, "type": "TITLE", "location": { "l": 215.76, "t": 763.68, "r": 395.76, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 60, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 429.6, "b": 679.92 }, "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. 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Cash and cash equivalents$ 27,147
Operating investments152,904
Endowment appropriations233,000
Total investments$ 413,051
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Equity securities$ 6,522,981
Debt securities2,776,771
U.S. government securities422,359
Total investments$ 9,722,111
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(Continued)", "reading_order": 1, "level": 2 }, { "page": 61, "type": "TITLE", "location": { "l": 69.6, "t": 669.6, "r": 194.4, "b": 657.12 }, "text": "Fair Value Measurements", "reading_order": 2, "level": 3 }, { "page": 61, "type": "TEXT", "location": { "l": 68.64, "t": 646.56, "r": 541.92, "b": 575.76 }, "text": "The Foundation classifies its investments based on a hierarchy consisting of: Level 1 (valued using quoted prices from active markets for identical assets), Level 2 (not traded on an active market but for which observable market inputs are readily available), and Level 3 (valued based on significant unobservable inputs). The investment's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.", "reading_order": 3 }, { "page": 61, "type": "TEXT", "location": { "l": 68.64, "t": 566.4, "r": 541.68, "b": 541.68 }, "text": "The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of June 30, 2019.", "reading_order": 4 }, { "page": 61, "type": "TEXT", "location": { "l": 69.12, "t": 531.6, "r": 543.36, "b": 484.56 }, "text": "Common stocks, municipal bonds, corporate bonds, U.S. government securities, and equity exchange traded funds: Valued at the closing price reported on the active market on which the individual securities are traded. Some level 2 inputs are used for pricing of municipal and corporate bonds; therefore, they are all classified as level 2.", "reading_order": 5 }, { "page": 61, "type": "TEXT", "location": { "l": 68.88, "t": 474, "r": 542.16, "b": 426.72 }, "text": "Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Foundation are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Foundation are deemed to be actively traded.", "reading_order": 6 }, { "page": 61, "type": "TEXT", "location": { "l": 68.64, "t": 416.88, "r": 543.12, "b": 357.36 }, "text": "The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Foundation believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.", "reading_order": 7 }, { "page": 61, "type": "TEXT", "location": { "l": 69.36, "t": 347.52, "r": 344.16, "b": 335.28 }, "text": "Fair value measurements as of June 30, 2019 are as follows:", "reading_order": 8 }, { "page": 61, "type": "TABLE", "location": { "l": 84.96, "t": 326.16, "r": 541.44, "b": 207.84 }, "text": "
Level 1Level 2Level 3Total
Common stocks$ 3,720,998$ -- < /td > < td > 3,720,998
Mutual funds2,519,375--2,519,375
Equity exchange traded funds282,608--282,608
Municipal bonds-307,695-307,695
Corporate bonds-2,469,076-2,469,076
U.S government securities422,359--422,359
Total$ 6,945,340$ 2,776,771- < /td > < td > 9,722,111
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false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 84.96, 222.63, 541.44, 237.42 ], "cells": [ { "location": [ 84.96, 222.63, 176.256, 237.42 ], "text": "U.S government securities", "html_text": "U.S government securities", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 176.256, 222.63, 267.552, 237.42 ], "text": "422,359", "html_text": "422,359", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 267.552, 222.63, 358.848, 237.42 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 358.848, 222.63, 450.144, 237.42 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 450.144, 222.63, 541.44, 237.42 ], "text": "422,359", "html_text": "422,359", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 84.96, 207.84, 541.44, 222.63 ], "cells": [ { "location": [ 84.96, 207.84, 176.256, 222.63 ], "text": "Total", "html_text": "Total", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 176.256, 207.84, 267.552, 222.63 ], "text": "$ 6,945,340", "html_text": "$ 6,945,340", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 267.552, 207.84, 358.848, 222.63 ], "text": "$ 2,776,771", "html_text": "$ 2,776,771", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 358.848, 207.84, 450.144, 222.63 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 450.144, 207.84, 541.44, 222.63 ], "text": "$ 9,722,111", "html_text": "$ 9,722,111", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 8, "n_cols": 5, "ref": "#/tables/0", "reading_order": 9 }, { "page": 61, "type": "TEXT", "location": { "l": 524.88, "t": 47.28, "r": 538.8, "b": 35.76 }, "text": "59.", "reading_order": 10 } ] }, { "page": 62, "items": [ { "page": 62, "type": "TITLE", "location": { "l": 215.76, "t": 763.92, "r": 395.52, "b": 728.4 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 62, "type": "TITLE", "location": { "l": 69.84, "t": 693.6, "r": 429.12, "b": 679.92 }, "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)", "reading_order": 1, "level": 2 }, { "page": 62, "type": "TITLE", "location": { "l": 69.84, "t": 670.32, "r": 242.88, "b": 657.12 }, "text": "Net Assets With Donor Restrictions", "reading_order": 2, "level": 2 }, { "page": 62, "type": "TEXT", "location": { "l": 70.08, "t": 646.8, "r": 486.72, "b": 633.84 }, "text": "Net assets with donor restrictions as of June 30, 2019 are restricted for the following purpose:", "reading_order": 3 }, { "page": 62, "type": "TABLE", "location": { "l": 85.44, "t": 616.08, "r": 525.84, "b": 412.8 }, "text": "
Subject to expenditure for specified purpose:
Instruction and institutional support$ 1,802,119
Scholarships1,601,205
Total subject to expenditure for specified purpose3,403,324
Subject to the passage of time82,000
Subject to endowment spending policy and appropriation:
Investments in perpetuity (including amounts above the original gift amount of $3,910,751), which once appropriated, are expendable to support the following programs:
Instruction and institutional support1,321,745
Scholarships4,237,861
Total subject to endowment spending policy and appropriation5,559,606
Total net assets with donor restrictions$ 9,044,930
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true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 579.12, 525.84, 597.6 ], "text": "$ 1,802,119", "html_text": "$ 1,802,119", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 2, "location": [ 85.44, 560.64, 525.84, 579.12 ], "cells": [ { "location": [ 85.44, 560.64, 305.64, 579.12 ], "text": "Scholarships", "html_text": "Scholarships", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 560.64, 525.84, 579.12 ], "text": "1,601,205", "html_text": "1,601,205", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 3, "location": [ 85.44, 542.16, 525.84, 560.64 ], "cells": [ { "location": [ 85.44, 542.16, 305.64, 560.64 ], "text": "Total subject to expenditure for specified purpose", "html_text": "Total subject to expenditure for specified purpose", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 542.16, 525.84, 560.64 ], "text": "3,403,324", "html_text": "3,403,324", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 4, "location": [ 85.44, 523.68, 525.84, 542.16 ], "cells": [ { "location": [ 85.44, 523.68, 305.64, 542.16 ], "text": "Subject to the passage of time", "html_text": "Subject to the passage of time", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 523.68, 525.84, 542.16 ], "text": "82,000", "html_text": "82,000", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 85.44, 505.2, 525.84, 523.68 ], "cells": [ { "location": [ 85.44, 505.2, 305.64, 523.68 ], "text": "Subject to endowment spending policy and appropriation:", "html_text": "Subject to endowment spending policy and appropriation:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 505.2, 525.84, 523.68 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 85.44, 486.72, 525.84, 505.2 ], "cells": [ { "location": [ 85.44, 486.72, 305.64, 505.2 ], "text": "Investments in perpetuity (including amounts above the original gift amount of $3,910,751), which once appropriated, are expendable to support the following programs:", "html_text": "Investments in perpetuity (including amounts above the original gift amount of $3,910,751), which once appropriated, are expendable to support the following programs:", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 486.72, 525.84, 505.2 ], "text": "", "html_text": "", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.44, 468.24, 525.84, 486.72 ], "cells": [ { "location": [ 85.44, 468.24, 305.64, 486.72 ], "text": "Instruction and institutional support", "html_text": "Instruction and institutional support", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 468.24, 525.84, 486.72 ], "text": "1,321,745", "html_text": "1,321,745", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 85.44, 449.76, 525.84, 468.24 ], "cells": [ { "location": [ 85.44, 449.76, 305.64, 468.24 ], "text": "Scholarships", "html_text": "Scholarships", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 449.76, 525.84, 468.24 ], "text": "4,237,861", "html_text": "4,237,861", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 9, "location": [ 85.44, 431.28, 525.84, 449.76 ], "cells": [ { "location": [ 85.44, 431.28, 305.64, 449.76 ], "text": "Total subject to endowment spending policy and appropriation", "html_text": "Total subject to endowment spending policy and appropriation", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 431.28, 525.84, 449.76 ], "text": "5,559,606", "html_text": "5,559,606", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 10, "location": [ 85.44, 412.8, 525.84, 431.28 ], "cells": [ { "location": [ 85.44, 412.8, 305.64, 431.28 ], "text": "Total net assets with donor restrictions", "html_text": "Total net assets with donor restrictions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 305.64, 412.8, 525.84, 431.28 ], "text": "$ 9,044,930", "html_text": "$ 9,044,930", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 11, "n_cols": 2, "ref": "#/tables/0", "reading_order": 4 }, { "page": 62, "type": "TEXT", "location": { "l": 69.84, "t": 405.36, "r": 240.24, "b": 392.4 }, "text": "Net Assets Released from Restriction", "reading_order": 5 }, { "page": 62, "type": "TEXT", "location": { "l": 69.84, "t": 382.32, "r": 541.2, "b": 357.36 }, "text": "For the year ended June 30, 2019, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:", "reading_order": 6 }, { "page": 62, "type": "TABLE", "location": { "l": 86.64, "t": 349.2, "r": 525.12, "b": 241.44 }, "text": "
Endowment spending allocation$ 1,937
University support211,493
Scholarships31,433
Operating and other expenses161,806
Student support64,340
Travel and other expenses41,219
Personal services21,342
Total release from restrictions$ 533,570
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"location": [ 305.88, 322.26, 525.12, 335.73 ], "text": "211,493", "html_text": "211,493", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 2, "location": [ 86.64, 308.79, 525.12, 322.26 ], "cells": [ { "location": [ 86.64, 308.79, 305.88, 322.26 ], "text": "Scholarships", "html_text": "Scholarships", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 308.79, 525.12, 322.26 ], "text": "31,433", "html_text": "31,433", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 3, "location": [ 86.64, 295.32, 525.12, 308.79 ], "cells": [ { "location": [ 86.64, 295.32, 305.88, 308.79 ], "text": "Operating and other expenses", "html_text": "Operating and other expenses", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 295.32, 525.12, 308.79 ], "text": "161,806", "html_text": "161,806", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 4, "location": [ 86.64, 281.85, 525.12, 295.32 ], "cells": [ { "location": [ 86.64, 281.85, 305.88, 295.32 ], "text": "Student support", "html_text": "Student support", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 281.85, 525.12, 295.32 ], "text": "64,340", "html_text": "64,340", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 5, "location": [ 86.64, 268.38, 525.12, 281.85 ], "cells": [ { "location": [ 86.64, 268.38, 305.88, 281.85 ], "text": "Travel and other expenses", "html_text": "Travel and other expenses", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 268.38, 525.12, 281.85 ], "text": "41,219", "html_text": "41,219", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 6, "location": [ 86.64, 254.91, 525.12, 268.38 ], "cells": [ { "location": [ 86.64, 254.91, 305.88, 268.38 ], "text": "Personal services", "html_text": "Personal services", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 254.91, 525.12, 268.38 ], "text": "21,342", "html_text": "21,342", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" }, { "row_index": 7, "location": [ 86.64, 241.44, 525.12, 254.91 ], "cells": [ { "location": [ 86.64, 241.44, 305.88, 254.91 ], "text": "Total release from restrictions", "html_text": "Total release from restrictions", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/1" }, { "location": [ 305.88, 241.44, 525.12, 254.91 ], "text": "$ 533,570", "html_text": "$ 533,570", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 8, "n_cols": 2, "ref": "#/tables/1", "reading_order": 7 }, { "page": 62, "type": "TEXT", "location": { "l": 524.88, "t": 47.04, "r": 538.32, "b": 35.76 }, "text": "60.", "reading_order": 8 } ] }, { "page": 63, "items": [ { "page": 63, "type": "TITLE", "location": { "l": 69.84, "t": 693.36, "r": 429.12, "b": 679.92 }, "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)", "reading_order": 0, "level": 2 }, { "page": 63, "type": "TITLE", "location": { "l": 69.84, "t": 669.6, "r": 194.4, "b": 657.36 }, "text": "Endowment Composition", "reading_order": 1, "level": 3 }, { "page": 63, "type": "TEXT", "location": { "l": 68.88, "t": 646.56, "r": 542.16, "b": 610.56 }, "text": "The Foundation’s endowment consists of approximately 52 individual funds established by donors to provide annual funding for specific activities and general operations. The endowment also includes certain net assets without donor restrictions that have been designated for endowment by the Board of Trustees.", "reading_order": 2 }, { "page": 63, "type": "TEXT", "location": { "l": 69.36, "t": 600.72, "r": 542.16, "b": 471.6 }, "text": "The Foundation’s Board of Trustees has interpreted the Commonwealth of Kentucky Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the date of the donor-restricted endowment funds, unless there are explicit donor stipulations to the contrary. As of June 30, 2019, there were no such donor stipulations. As a result of this interpretation, the Foundation retains in perpetuity (a) the original value of initial and subsequent gift amounts including promises to give net of discount and allowance for doubtful accounts donated to the endowment and (b) any accumulations to the endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added. Donor-restricted amounts not retained in perpetuity are subject to appropriation for expenditure by the Foundation in a manner consistent with the standard of prudence prescribed by UPMIFA. The Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds:", "reading_order": 3 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 86.88, "t": 461.76, "r": 294, "b": 450 }, "text": "The duration and preservation of the fund", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 4 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 449.28, "r": 441.6, "b": 437.52 }, "text": "The purposes of the organization and the donor-restricted endowment fund", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 5 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 87.6, "t": 436.8, "r": 239.52, "b": 426.24 }, "text": "General economic conditions", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 6 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 425.28, "r": 302.16, "b": 413.52 }, "text": "The possible effect of inflation and deflation", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 7 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 87.12, "t": 412.8, "r": 439.44, "b": 400.8 }, "text": "The expected total return from income and the appreciation of investments", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 8 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 87.12, "t": 400.32, "r": 267.36, "b": 389.28 }, "text": "Other resources of the organization", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 9 }, { "page": 63, "type": "LIST_ITEM", "location": { "l": 87.12, "t": 388.56, "r": 299.52, "b": 376.56 }, "text": "The investment policies of the organization", "marker": "•", "list_id": "L7", "level": 0, "reading_order": 10 }, { "page": 63, "type": "TEXT", "location": { "l": 70.08, "t": 366, "r": 444.96, "b": 353.04 }, "text": "Endowment net asset composition by type of fund as of June 30, 2019 is as follows:", "reading_order": 11 }, { "page": 63, "type": "TABLE", "location": { "l": 84.48, "t": 343.68, "r": 541.2, "b": 226.08 }, "text": "
Without Donor RestrictionsWith Donor RestrictionsTotal Net Endowment Assets
Board-designated endowment fund$ 2,240,078$ -$ 2,240,078
Original donor-restricted gift amount and amounts required by to be maintained in perpetuity by donor-3,910,7513,910,751
Accumulated investment gains-1,648,8551,648,855
Donor-restricted endowment funds$ 2,240,078$ 5,559,606$ 7,799,684
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Endowment Assets", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": true, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 1, "location": [ 84.48, 296.64, 541.2, 320.16 ], "cells": [ { "location": [ 84.48, 296.64, 198.66, 320.16 ], "text": "Board-designated endowment fund", "html_text": "Board-designated endowment fund", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 198.66, 296.64, 312.84, 320.16 ], "text": "$ 2,240,078", "html_text": "$ 2,240,078", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 312.84, 296.64, 427.02, 320.16 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, 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"rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 198.66, 226.08, 312.84, 249.6 ], "text": "$ 2,240,078", "html_text": "$ 2,240,078", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 312.84, 226.08, 427.02, 249.6 ], "text": "$ 5,559,606", "html_text": "$ 5,559,606", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 427.02, 226.08, 541.2, 249.6 ], "text": "$ 7,799,684", "html_text": "$ 7,799,684", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 5, "n_cols": 4, "ref": "#/tables/0", "reading_order": 12 }, { "page": 63, "type": "TEXT", "location": { "l": 69.12, "t": 216.48, "r": 541.92, "b": 168.72 }, "text": "From time to time, certain donor-restricted endowment funds may have fair value less than the amount required to be maintained by donors or by law (underwater endowments). The Foundation has interpreted UPMIFA to permit spending from underwater endowments in accordance with prudent measures required under law. There were no such deficiencies as of June 30, 2019.", "reading_order": 13 }, { "page": 63, "type": "TEXT", "location": { "l": 68.88, "t": 159.12, "r": 542.16, "b": 99.36 }, "text": "Spending Policy: The Foundation spending policy is to distribute an amount at least equal to 3-5% of a moving sixteen quarter average of the fair value of the endowment funds. Accordingly, over the long term, the Foundation expects its spending policy to allow its endowment assets to grow at an average rate of 3% annually. This is consistent with the Foundation's objective to maintain the purchasing power of endowment assets as well as to provide additional real growth through investment return.", "reading_order": 14 }, { "page": 63, "type": "TEXT", "location": { "l": 524.88, "t": 46.8, "r": 537.6, "b": 35.52 }, "text": "61", "reading_order": 15 } ] }, { "page": 64, "items": [ { "page": 64, "type": "TITLE", "location": { "l": 215.76, "t": 763.44, "r": 395.76, "b": 728.16 }, "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019", "reading_order": 0, "level": 1 }, { "page": 64, "type": "TITLE", "location": { "l": 70.08, "t": 693.36, "r": 429.12, "b": 679.92 }, "text": "NOTE 14 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)", "reading_order": 1, "level": 2 }, { "page": 64, "type": "TITLE", "location": { "l": 70.08, "t": 670.08, "r": 248.4, "b": 656.88 }, "text": "Endowment Composition (Continued)", "reading_order": 2, "level": 2 }, { "page": 64, "type": "TEXT", "location": { "l": 70.08, "t": 646.56, "r": 383.76, "b": 634.08 }, "text": "Changes in endowment net assets as of June 30, 2019 are as follows:", "reading_order": 3 }, { "page": 64, "type": "TABLE", "location": { "l": 85.44, "t": 624.96, "r": 542.64, "b": 472.08 }, "text": "
Without Donor RestrictionsWith Donor RestrictionsTotal Net Endowment Assets
Endowment net assets, beginning of year$ 2,314,121$ 5,182,360$ 7,496,481
Contributions-110,573110,573
Interest and dividends102,97193,907196,878
Realized and unrealized gains258,792263,263522,055
Other, net of investment expense-(92,275)(92,275)
Amounts appropriated for expenditure(435,806)(1,937)(437,743)
Reclassifications-3,7153,715
Endowment net assets, end of year$ 2,240,078$ 5,559,606$ 7,799,684
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"#/tables/0" }, { "location": [ 199.74, 540.0267, 314.04, 557.0133 ], "text": "258,792", "html_text": "258,792", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 314.04, 540.0267, 428.34, 557.0133 ], "text": "263,263", "html_text": "263,263", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 428.34, 540.0267, 542.64, 557.0133 ], "text": "522,055", "html_text": "522,055", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 85.44, 523.04, 542.64, 540.0267 ], "cells": [ { "location": [ 85.44, 523.04, 199.74, 540.0267 ], "text": "Other, net of investment expense", "html_text": "Other, net of 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"column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 7, "location": [ 85.44, 489.0667, 542.64, 506.0533 ], "cells": [ { "location": [ 85.44, 489.0667, 199.74, 506.0533 ], "text": "Reclassifications", "html_text": "Reclassifications", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 199.74, 489.0667, 314.04, 506.0533 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 314.04, 489.0667, 428.34, 506.0533 ], "text": "3,715", "html_text": "3,715", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 428.34, 489.0667, 542.64, 506.0533 ], "text": "3,715", "html_text": "3,715", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 8, "location": [ 85.44, 472.08, 542.64, 489.0667 ], "cells": [ { "location": [ 85.44, 472.08, 199.74, 489.0667 ], "text": "Endowment net assets, end of year", "html_text": "Endowment net assets, end of year", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 199.74, 472.08, 314.04, 489.0667 ], "text": "$ 2,240,078", "html_text": "$ 2,240,078", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 314.04, 472.08, 428.34, 489.0667 ], "text": "$ 5,559,606", "html_text": "$ 5,559,606", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 428.34, 472.08, 542.64, 489.0667 ], "text": "$ 7,799,684", "html_text": "$ 7,799,684", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" } ], "n_rows": 9, "n_cols": 4, "ref": "#/tables/0", "reading_order": 4 }, { "page": 64, "type": "TITLE", "location": { "l": 70.08, "t": 451.2, "r": 149.52, "b": 438.48 }, "text": "Retirement Plan", "reading_order": 5, "level": 3 }, { "page": 64, "type": "TEXT", "location": { "l": 69.84, "t": 428.4, "r": 541.92, "b": 392.64 }, "text": "The Foundation has a defined contribution profit sharing plan which covers all employees who meet certain requirements. Foundation contributions are discretionary. No contributions were made for the year ended June 30, 2019.", "reading_order": 6 }, { "page": 64, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.32, "b": 35.52 }, "text": "62.", "reading_order": 7 } ] }, { "page": 65, "items": [ { "page": 65, "type": "TEXT", "location": { "l": 195.12, "t": 436.32, "r": 416.4, "b": 424.56 }, "text": "REQUIRED SUPPLEMENTARY INFORMATION", "reading_order": 0 } ] }, { "page": 66, "items": [ { "page": 66, "type": "TEXT", "location": { "l": 161.76, "t": 763.2, "r": 449.28, "b": 693.6 }, "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF THE UNIVERSITY'S (KSU)\nPROPORTIONATE SHARE OF THE NET PENSION LIABILITY\nKENTUCKY EMPLOYEES' RETIREMENT SYSTEM\nJune 30, 2019\n(Amounts in thousands)", "reading_order": 0 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 655.92, "r": 541.92, "b": 631.2686 }, "text": "Non-hazardous", "reading_order": 1 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 631.2686, "r": 541.92, "b": 606.6171 }, "text": "2019 2018 2017 2016 2015", "reading_order": 2 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 606.6171, "r": 541.92, "b": 581.9657 }, "text": "KSU's proportion of the net pension liability $ 30,999 $ 32,618 $ 29,146 $ 29,408 $ 28,555", "reading_order": 3 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 581.9657, "r": 541.92, "b": 557.3143 }, "text": "KSU's proportionate share of the net pension liability 0.23% 0.24% 0.26% 0.29% 0.32%", "reading_order": 4 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 557.3143, "r": 541.92, "b": 532.6629 }, "text": "KSU's covered payroll $ 3,583 $ 3,888 $ 4,321 $ 5,390 $ 5,453", "reading_order": 5 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 532.6629, "r": 541.92, "b": 508.0114 }, "text": "KSU's proportionate share of the net pension liability as a share of its covered payroll 865.17% 838.94% 674.52% 545.60% 523.66%", "reading_order": 6 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 508.0114, "r": 541.92, "b": 483.36 }, "text": "Plan fiduciary net position as a percentage of total pension liability 12.84% 13.30% 14.80% 18.83% 22.32%", "reading_order": 7 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 458.7086, "r": 541.92, "b": 434.0571 }, "text": "2019 2018", "reading_order": 8 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 483.36, "r": 541.92, "b": 458.7086 }, "text": "Hazardous", "reading_order": 9 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 434.0571, "r": 541.92, "b": 409.4057 }, "text": "KSU's proportion of the net pension liability $ 939 $ 237", "reading_order": 10 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 409.4057, "r": 541.92, "b": 384.7543 }, "text": "KSU's proportionate share of the net pension liability 0.19% 0.05%", "reading_order": 11 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 384.7543, "r": 541.92, "b": 360.1029 }, "text": "KSU's covered payroll $ 61 $ 79", "reading_order": 12 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 360.1029, "r": 541.92, "b": 335.4514 }, "text": "KSU's proportionate share of the net pension liability as a share of its covered payroll 1539.34% 300.00%", "reading_order": 13 }, { "page": 66, "type": "TEXT", "location": { "l": 69.12, "t": 335.4514, "r": 541.92, "b": 310.8 }, "text": "Plan fiduciary net position as a percentage of total pension liability 56.10% 54.80%", "reading_order": 14 }, { "page": 66, "type": "TEXT", "location": { "l": 69.84, "t": 302.16, "r": 326.4, "b": 289.2 }, "text": "Notes: This table represents data that is one year in arrears.", "reading_order": 15 }, { "page": 66, "type": "TEXT", "location": { "l": 69.84, "t": 280.32, "r": 541.2, "b": 246.24 }, "text": "Changes in Assumptions: There were no changes for fiscal year 2019. For fiscal year 2018, the demographic and economic assumptions that affect the measurement of the total pension liability have been updated as follows:", "reading_order": 16 }, { "page": 66, "type": "LIST_ITEM", "location": { "l": 86.64, "t": 235.68, "r": 541.44, "b": 213.36 }, "text": "The assumed investment rate of return was decreased from 6.75% to 5.25% (Non-hazardous) and 7.50% to 6.25% (Hazardous).", "marker": "•", "list_id": "L8", "level": 0, "reading_order": 17 }, { "page": 66, "type": "LIST_ITEM", "location": { "l": 87.6, "t": 212.88, "r": 382.32, "b": 201.12 }, "text": "The assumed rate of inflation was reduced from 3.25% to 2.30%.", "marker": "•", "list_id": "L8", "level": 0, "reading_order": 18 }, { "page": 66, "type": "LIST_ITEM", "location": { "l": 87.36, "t": 201.12, "r": 371.76, "b": 189.6 }, "text": "Payroll growth assumption was reduced from 4.00% to 3.05%.", "marker": "•", "list_id": "L8", "level": 0, "reading_order": 19 }, { "page": 66, "type": "TEXT", "location": { "l": 69.6, "t": 180, "r": 542.16, "b": 101.28 }, "text": "Changes in Benefit Terms: During the 2018 legislative session, House Bill 185 was enacted, which updated the benefit provisions for active members who die in the line of duty. Benefits paid to the spouses of deceased members have been increased from 25% of the member's final rate of pay to 75% of the member's average pay. If the member does not have a surviving spouse, benefits paid to surviving dependent children have been increased from 10% of the member's final pay rate to 50% of average pay for one child, 65% of average pay for two children, or 75% of average pay for three children. The TPL as of June 30, 2018 is determined using these updated benefit provisions.", "reading_order": 20 }, { "page": 66, "type": "TEXT", "location": { "l": 524.88, "t": 46.8, "r": 538.56, "b": 36 }, "text": "63.", "reading_order": 21 } ] }, { "page": 67, "items": [ { "page": 67, "type": "TITLE", "location": { "l": 181.92, "t": 764.16, "r": 430.32, "b": 704.4 }, "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF THE UNIVERSITY'S CONTRIBUTION\nKENTUCKY EMPLOYEES' RETIREMENT SYSTEM\nJune 30, 2019\n(Amounts in thousands)", "reading_order": 0, "level": 1 }, { "page": 67, "type": "TABLE", "location": { "l": 69.12, "t": 668.4, "r": 542.64, "b": 355.2 }, "text": "
Non-hazardous
20192018201720162015
Contractually required contribution$ 1,830$ 1,471$ 1,516$ 1,312$ 1,515
Contributions in relation to the contractually required contribution$ 1,830$ 1,471$ 1,516$ 1,312$ 1,515
Contribution deficiency (excess)- < /td > < td > -- < /td > < td > -- < /td > < td > --
KSU covered payroll$ 4,457$ 3,583$ 3,888$ 4,321$ 5,390
Contributions as a percentage of covered payroll41.06%41.05%38.99%30.36%28.11%
Hazardous
20192018
Contractually required contribution$ 35$ 61
Contributions in relation to the contractually required contribution$ 35$ 61
Contribution deficiency (excess)$ -$ -
KSU covered payroll$ 114$ 309
Contributions as a percentage of covered payroll30.70%19.74%
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"html_text": "$ -", "links": [], "cell_header_index": 4, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 365.07, 556.5429, 424.26, 578.9143 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 5, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 424.26, 556.5429, 483.45, 578.9143 ], "text": "$ -", "html_text": "$ -", "links": [], "cell_header_index": 6, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 483.45, 556.5429, 542.64, 578.9143 ], "text": "-", "html_text": "-", "links": [], "cell_header_index": 7, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 5, "location": [ 69.12, 534.1714, 542.64, 556.5429 ], "cells": [ { "location": [ 69.12, 534.1714, 128.31, 556.5429 ], "text": "KSU covered payroll", "html_text": "KSU covered payroll", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 128.31, 534.1714, 187.5, 556.5429 ], "text": "$ 4,457", "html_text": "$ 4,457", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 187.5, 534.1714, 246.69, 556.5429 ], "text": "$ 3,583", "html_text": "$ 3,583", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 246.69, 534.1714, 305.88, 556.5429 ], "text": "$ 3,888", "html_text": "$ 3,888", "links": [], "cell_header_index": 3, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, 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false, "ref": "#/tables/0" } ], "ref": "#/tables/0" }, { "row_index": 6, "location": [ 69.12, 511.8, 542.64, 534.1714 ], "cells": [ { "location": [ 69.12, 511.8, 128.31, 534.1714 ], "text": "Contributions as a percentage of covered payroll", "html_text": "Contributions as a percentage of covered payroll", "links": [], "cell_header_index": 0, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": true, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 128.31, 511.8, 187.5, 534.1714 ], "text": "41.06%", "html_text": "41.06%", "links": [], "cell_header_index": 1, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 187.5, 511.8, 246.69, 534.1714 ], "text": "41.05%", "html_text": "41.05%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/0" }, { "location": [ 246.69, 511.8, 305.88, 534.1714 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However, the information in this schedule is not required to be presented retroactively. Years will be added to this schedule in future fiscal years until 10-years of information is available.", "reading_order": 2 }, { "page": 67, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.8, "b": 35.76 }, "text": "64.", "reading_order": 3 } ] }, { "page": 68, "items": [ { "page": 68, "type": "TITLE", "location": { "l": 161.52, "t": 763.44, "r": 449.52, "b": 693.36 }, "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF THE UNIVERSITY'S (KSU)\nPROPORTIONATE SHARE OF THE NET PENSION LIABILITY\nKENTUCKY TEACHERS' RETIREMENT SYSTEM\nJune 30, 2019\n(Amounts in thousands)", "reading_order": 0, "level": 1 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 614.28, "r": 541.44, "b": 585.6 }, "text": "KSU's proportion of the net pension liability $ 22,617 $ 40,538 $ 68,926 $ 63,956 $ 64,987", "reading_order": 1 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 585.6, "r": 541.44, "b": 556.92 }, "text": "State's proportionate share of the collective net pension liability 16,827 32,308 6,496 6,503 7,374", "reading_order": 2 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 556.92, "r": 541.44, "b": 528.24 }, "text": "Total $ 39,444 $ 72,846 $ 75,422 $ 70,459 $ 72,361", "reading_order": 3 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 528.24, "r": 541.44, "b": 499.56 }, "text": "KSU's proportionate share of the net pension liability 0.16% 0.14% 0.22% 0.23% 0.30%", "reading_order": 4 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 499.56, "r": 541.44, "b": 470.88 }, "text": "KSU's covered payroll $ 19,083 $ 17,779 $ 16,961 $ 19,076 $ 21,451", "reading_order": 5 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 470.88, "r": 541.44, "b": 442.2 }, "text": "KSU's proportionate share of the net pension liability as a share of its covered payroll 118.52% 228.01% 406.38% 335.27% 302.96%", "reading_order": 6 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 442.2, "r": 541.44, "b": 413.52 }, "text": "Plan fiduciary net position as a percentage of total pension liability 59.30% 39.83% 35.22% 42.49% 45.59%", "reading_order": 7 }, { "page": 68, "type": "TEXT", "location": { "l": 70.08, "t": 642.96, "r": 541.44, "b": 614.28 }, "text": "2019 2018 2017 2016 2015", "reading_order": 8 }, { "page": 68, "type": "TEXT", "location": { "l": 69.36, "t": 394.08, "r": 334.08, "b": 380.16 }, "text": "Note: This table represents data that is one year in arrears.", "reading_order": 9 }, { "page": 68, "type": "TEXT", "location": { "l": 68.4, "t": 370.8, "r": 542.4, "b": 288 }, "text": "Changes in assumptions: For fiscal year 2019, the KTRS plan discount increased from 4.49% to 7.50%. For fiscal year 2018, the KTRS plan discount rate increased from 4.20 percent to 4.49 percent. For fiscal year 2017, the KTRS plan discount rate decreased from 4.88 percent to 4.20 percent. For fiscal year 2016, there was a decrease in the assumed investment rate of return from 7.75 percent to 7.50 percent; a decrease in the assumed rate of inflation from 3.50 percent to 3.25 percent; a decrease in the assumed rate of wage inflation from 1.00 percent to 0.75 percent and a decrease in the payroll growth assumption from 4.50 percent to 4.00 percent.", "reading_order": 10 }, { "page": 68, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.8, "b": 35.76 }, "text": "65.", "reading_order": 11 } ] }, { "page": 69, "items": [ { "page": 69, "type": "TEXT", "location": { "l": 181.44, "t": 763.68, "r": 430.32, "b": 704.4 }, "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF THE UNIVERSITY'S CONTRIBUTION\nKENTUCKY TEACHERS' RETIREMENT SYSTEM\nJune 30, 2019\n(Amounts in thousands)", "reading_order": 0 }, { "page": 69, "type": "TABLE", "location": { "l": 70.08, "t": 674.88, "r": 537.12, "b": 563.52 }, "text": "
20192018201720162015
Contractually required contribution$ 1,815$ 1,730$ 1,879$ 1,773$ 2,059
Contributions in relation to the contractually required contribution$ 1,815$ 1,730$ 1,879$ 1,773$ 2,059
Contribution deficiency (excess)- < /td > < td > -- < /td > < td > -$ -
KSU covered payroll$ 22,544$ 19,083$ 17,779$ 16,961$ 19,076
Contributions as a percentage of covered payroll8.05%9.07%10.57%10.45%10.79%
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However, the information in this schedule is not required to be presented retroactively. 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The discount rate used to measure the total Hazardous OPEB liability was 5.88%, which was increased from the 5.87% discount rate used in the prior year.", "reading_order": 14 }, { "page": 70, "type": "TEXT", "location": { "l": 69.12, "t": 336.48, "r": 541.92, "b": 300.72 }, "text": "For fiscal year 2018, the assumed investment rate of return was changed from 7.50% to 6.25%. The inflation assumption was changed from 3.25% to 2.30%. The payroll growth assumption was changed from 4.00% to 0.00%.", "reading_order": 15 }, { "page": 70, "type": "TEXT", "location": { "l": 69.6, "t": 290.64, "r": 541.92, "b": 242.4 }, "text": "Changes in benefit terms: However, during the 2018 legislative session, House Bill 185 was enacted, which updated the benefit provisions for active members who die in the line of duty. The system shall now pay 100% of the insurance premium for spouses and children of all active members who die in the line of duty. 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Non-hazardous20192018
Contractually required contribution$ 375$ 301
Contributions in relation to the contractually required contribution$ 375$ 301
Contribution deficiency (excess)- < /td > < td > -
KSU covered payroll$ 4,457$ 3,583
Contributions as a percentage of covered payroll8.41%8.40%
Hazardous
20192018
Contractually required contribution$ 7$ 12
Contributions in relation to the contractually required contribution$ 7$ 12
Contribution deficiency (excess)- < /td > < td > -
KSU covered payroll$ 114$ 309
Contributions as a percentage of covered payroll6.14%3.88%
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However, the information in this schedule is not required to be presented retroactively. 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The municipal bond index rate increased from 3.56% to 3.89%.", "reading_order": 10 }, { "page": 72, "type": "TEXT", "location": { "l": 68.64, "t": 451.68, "r": 542.16, "b": 403.2 }, "text": "Change in benefit terms: For fiscal year 2018, the eligibility for non-single subsidies (NSS) for the KEHP-participating members who retired prior to July 1, 2010 was restored, but the state will only finance, via its KEHP “Shared Responsibility” contributions, the costs of the NSS related to those KEHP-participating members who retired on or after July 1, 2010.", "reading_order": 11 }, { "page": 72, "type": "TABLE", "location": { "l": 69.6, "t": 385.44, "r": 541.2, "b": 276.24 }, "text": "
20192018
Contractually required contribution$ 297$ 287
Contributions in relation to the contractually required contribution$ 297$ 287
Contribution deficiency (excess)- < /td > < td > -
KSU covered payroll$ 22,544$ 19,083
Contributions as a percentage of covered payroll1.32%1.50%
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"#/tables/1" }, { "location": [ 384, 276.24, 541.2, 294.44 ], "text": "1.50%", "html_text": "1.50%", "links": [], "cell_header_index": 2, "rowspan": 1, "colspan": 1, "column_header": false, "row_header": false, "placeholder": false, "ref": "#/tables/1" } ], "ref": "#/tables/1" } ], "n_rows": 6, "n_cols": 3, "ref": "#/tables/1", "reading_order": 12 }, { "page": 72, "type": "TEXT", "location": { "l": 69.6, "t": 256.08, "r": 542.64, "b": 219.84 }, "text": "Note: These are 10-year schedules. However, the information in this schedule is not required to be presented retroactively. Years will be added to this schedule in future fiscal years until 10-years of information is available.", "reading_order": 13 }, { "page": 72, "type": "TEXT", "location": { "l": 524.64, "t": 47.28, "r": 538.8, "b": 35.52 }, "text": "69.", "reading_order": 14 } ] }, { "page": 73, "items": [ { "page": 73, "type": "TITLE", "location": { "l": 113.76, "t": 654.24, "r": 497.76, "b": 605.76 }, "text": "INDEPENDENT AUDITOR'S 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", "reading_order": 0, "level": 1 }, { "page": 73, "type": "TEXT", "location": { "l": 70.32, "t": 572.4, "r": 224.4, "b": 537.84 }, "text": "Members of the Board of Regents\nKentucky State University\nFrankfort, Kentucky", "reading_order": 1 }, { "page": 73, "type": "TEXT", "location": { "l": 68.4, "t": 514.8, "r": 543.36, "b": 398.16 }, "text": "We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the business-type activities and the discretely presented component unit of Kentucky State University (the University), a component unit of the Commonwealth of Kentucky, as of and for the year ended June 30, 2019, and the related notes to the financial statements, which collectively comprise the University's basic financial statements and have issued our report thereon dated December 3, 2019. Our report includes a reference to other auditors who audited the financial statements of Kentucky State University Foundation, Inc. (Foundation) as described in our report on the University's financial statements. The financial statements of the Foundation were not audited in accordance with Government Auditing Standards.", "reading_order": 2 }, { "page": 73, "type": "TITLE", "location": { "l": 69.12, "t": 388.8, "r": 267.84, "b": 375.6 }, "text": "Internal Control over Financial Reporting", "reading_order": 3, "level": 2 }, { "page": 73, "type": "TEXT", "location": { "l": 68.4, "t": 365.28, "r": 542.4, "b": 306.24 }, "text": "In planning and performing our audit of the financial statements, we considered the University's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the University's internal control. Accordingly, we do not express an opinion on the effectiveness of the University's internal control.", "reading_order": 4 }, { "page": 73, "type": "TEXT", "location": { "l": 68.16, "t": 296.4, "r": 542.88, "b": 214.08 }, "text": "A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.", "reading_order": 5 }, { "page": 73, "type": "TEXT", "location": { "l": 68.64, "t": 204.48, "r": 542.4, "b": 145.2 }, "text": "Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. We did identify a deficiency in internal control, described in the accompanying schedule of findings and questioned costs as item 2019-001, that we consider to be a material weakness.", "reading_order": 6 }, { "page": 73, "type": "TEXT", "location": { "l": 524.64, "t": 47.04, "r": 539.04, "b": 36 }, "text": "70.", "reading_order": 7 } ] }, { "page": 74, "items": [ { "page": 74, "type": "TITLE", "location": { "l": 69.84, "t": 748.56, "r": 218.64, "b": 736.32 }, "text": "Compliance and Other Matters", "reading_order": 0, "level": 3 }, { "page": 74, "type": "TEXT", "location": { "l": 69.12, "t": 725.52, "r": 542.4, "b": 643.2 }, "text": "As part of obtaining reasonable assurance about whether the University's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.", "reading_order": 1 }, { "page": 74, "type": "TITLE", "location": { "l": 69.84, "t": 633.36, "r": 270, "b": 621.12 }, "text": "The University's Response to the Finding", "reading_order": 2, "level": 3 }, { "page": 74, "type": "TEXT", "location": { "l": 68.88, "t": 610.8, "r": 541.68, "b": 564 }, "text": "The University's response to the finding identified in our audit is described in the accompanying Schedule of Findings and Responses and Corrective Action Plan. The University's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.", "reading_order": 3 }, { "page": 74, "type": "TITLE", "location": { "l": 69.6, "t": 553.2, "r": 181.2, "b": 540.24 }, "text": "Purpose of this Report", "reading_order": 4, "level": 2 }, { "page": 74, "type": "TEXT", "location": { "l": 68.88, "t": 530.16, "r": 541.92, "b": 470.88 }, "text": "The purpose of this report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.", "reading_order": 5 }, { "page": 74, "type": "TEXT", "location": { "l": 322.08, "t": 426.96, "r": 375.36, "b": 414.72 }, "text": "Crowe LLP", "reading_order": 6 }, { "page": 74, "type": "TEXT", "location": { "l": 69.84, "t": 403.68, "r": 163.92, "b": 391.68 }, "text": "Lexington, Kentucky", "reading_order": 7 }, { "page": 74, "type": "TEXT", "location": { "l": 70.56, "t": 391.44, "r": 156.24, "b": 379.92 }, "text": "December 3, 2019", "reading_order": 8 }, { "page": 74, "type": "TEXT", "location": { "l": 317.76, "t": 456.48, "r": 403.44, "b": 433.2 }, "text": "Crowe LLP", "reading_order": 9 }, { "page": 74, "type": "TEXT", "location": { "l": 524.64, "t": 58.32, "r": 538.8, "b": 47.04 }, "text": "71.", "reading_order": 10 } ] }, { "page": 75, "items": [ { "page": 75, "type": "TITLE", "location": { "l": 198.96, "t": 762.96, "r": 412.8, "b": 728.88 }, "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF FINDINGS AND RESPONSES\nJune 30, 2019", "reading_order": 0, "level": 3 }, { "page": 75, "type": "TITLE", "location": { "l": 69.84, "t": 703.92, "r": 329.04, "b": 691.92 }, "text": "Finding 2019-001 – Controls Over Financial Reporting", "reading_order": 1, "level": 3 }, { "page": 75, "type": "TEXT", "location": { "l": 68.64, "t": 680.88, "r": 541.44, "b": 621.6 }, "text": "Criteria: Applicable standards state that management is responsible for having internal controls in place to provide appropriate and reliable financial reports, and to select and apply appropriate accounting principles. Management is not required to prepare their financial reports, but management needs to demonstrate the level of qualifications and controls to prepare their financial reports without significant deficiencies in these controls.", "reading_order": 2 }, { "page": 75, "type": "TEXT", "location": { "l": 68.88, "t": 612, "r": 542.16, "b": 575.52 }, "text": "Condition: During the current year audit, the University did not have adequate controls in place over financial reporting to allow for timely, accurate financial reporting. We noted that not all general ledger accounts had been reconciled to subsidiary ledgers or other supporting detail on at least a quarterly basis.", "reading_order": 3 }, { "page": 75, "type": "TEXT", "location": { "l": 68.64, "t": 566.16, "r": 542.16, "b": 506.64 }, "text": "Context: During the current year audit, multiple adjustments were posted as a result of audit procedures to adjust accounts payable and accrued liabilities, net OPEB liability, and the deferred outflows of resources and deferred inflows outflows of resources related to the net pension liabilities and net OPEB liabilities. The net effect of the posted adjustments resulted in a decrease in the change in net position by approximately $2,185,000 for the year ended June 30, 2019.", "reading_order": 4 }, { "page": 75, "type": "TEXT", "location": { "l": 68.64, "t": 496.8, "r": 541.92, "b": 437.04 }, "text": "Effect: The existence of inaccurate transaction postings, as well as unreconciled accounts can affect the financial statement information that is available for making informed business decisions and supervision of operations. This weakness in the financial reporting controls infrastructure increases the risk of errors in the financial records and is less likely to detect irregularities, including fraud, on a timely basis. A periodic reconciliation process allows for the preparation of accurate and timely financial statements.", "reading_order": 5 }, { "page": 75, "type": "TEXT", "location": { "l": 68.64, "t": 428.4, "r": 541.68, "b": 403.68 }, "text": "Cause: The above condition appears to be the result of the inability to fully implement a timely review and reconciliation process.", "reading_order": 6 }, { "page": 75, "type": "TEXT", "location": { "l": 68.88, "t": 393.84, "r": 541.44, "b": 368.4 }, "text": "Recommendation: We recommend the University implement internal control procedures, which require general ledger accounts to be reconciled at least quarterly.", "reading_order": 7 }, { "page": 75, "type": "TEXT", "location": { "l": 69.36, "t": 359.52, "r": 540.48, "b": 334.56 }, "text": "Views of responsible officials and planned corrective action: Management agrees with the finding. See corrective action plan.", "reading_order": 8 }, { "page": 75, "type": "TEXT", "location": { "l": 524.64, "t": 58.32, "r": 539.28, "b": 47.04 }, "text": "72.", "reading_order": 9 } ] } ]