Recent Pronouncements, continued
The provisions of this Statement are effective for fiscal years beginning after June 15, 2014. The University is currently evaluating the effects of this statement on its financial statements.
In March 2012, the GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities. This statement establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. This statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflows of resources and deferred inflows of resources, such as changes in the determination of the major fund calculations and limiting the use of the term deferred in financial statement presentations. The requirements of this statement were implemented as of June 30, 2014. This statement did not significantly affect the University's financial statements.
The statement of net position classification "cash and cash equivalents" includes all readily available sources of cash such as petty cash, demand deposits, certificates of deposit and temporary investments in marketable securities with original maturities less than three months.
At June 30, 2014 and 2013, the University had petty cash funds totaling zero, and deposits as reflected by bank balances as follows:
2014 2013
Insured, commercial banks 250,000 250,000
Uninsured, commercial banks; collateral held by pledging institution's agent in the University's name - 5,018,080
Maintained by Commonwealth of Kentucky, collateral held by the Commonwealth in the Commonwealth's name 19,298,591 15,926,887
19,548,591 21,194,967