KENTUCKY STATE UNIVERSITY
NOTES TO FINANCIAL STATEMENTS
June 30, 2010 and 2009
| 2009 |
| Compensation and Benefits | Supplies and Services | Scholarships and Fellowships | Depreciation | Operations and Maintenance | Total |
|---|
| Instruction | $ 12,630,177 | $ 1,712,780 | $ 81,519 | $ 826,121 | $ 1,459,574 | $ 16,710,171 |
|---|
| Research | 3,466,960 | 1,881,900 | 41,177 | 308,699 | 545,404 | 6,244,140 |
|---|
| Public service | 3,321,885 | 1,172,417 | 52,184 | 260,387 | 484,968 | 5,291,841 |
|---|
| Academic support | 2,471,081 | 457,771 | - | 167,742 | 312,417 | 3,409,011 |
|---|
| Student services | 3,589,374 | 1,959,959 | 278,199 | 333,756 | 621,615 | 6,782,903 |
|---|
| Institutional support | 6,676,081 | 2,143,852 | - | 505,137 | 892,466 | 10,217,536 |
|---|
| Operation and maintenance of plant | 2,181,487 | 3,078,171 | - | 301,232 | (5,560,890) | - |
|---|
| Auxiliary enterprises | 1,083,674 | 4,204,072 | - | 302,841 | 535,053 | 6,125,640 |
|---|
| Student aid | 742,506 | 48,354 | 6,219,826 | 401,517 | 709,393 | 8,121,596 |
|---|
| Total operating expenses | $ 36,163,225 | $ 16,659,276 | $ 6,672,905 | $ 3,407,432 | $ - | $ 62,902,838 |
|---|
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.
The financial statements of the Foundation have been prepared on the accrual basis of accounting and include the assets, liabilities and results of operations of the Foundation.
For purposes of the statement of cash flows, the Foundation considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.
Depreciation is computed by the straight-line method over the estimated useful life of the respective asset. Accumulated depreciation at June 30, 2010 and 2009 was $89,125 and $71,407, respectively.
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