KENTUCKY STATE UNIVERSITY NOTES TO FINANCIAL STATEMENTS June 30, 2010 and 2009
NOTE 12 – KENTUCKY STATE UNIVERSITY FOUNDATION, INC. (Continued)
9. RETIREMENT PLAN
The Foundation has a defined contribution profit sharing plan, which covers all employees who meet certain requirements. Foundation contributions are discretionary. No contribution was made for the year ended June 30, 2010.
10. SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest was $125 and $2,519, respectively, for the years ended June 30, 2010 and 2009.
11. FAIR VALUE MEASUREMENT
The fair value of the Foundation's marketable securities is based on quoted market prices for those specific or identical instruments. On a recurring basis, all assets were classified as Level 1 in the fair value hierarchy for financial assets measured at fair value.
12. SUBSEQUENT EVENTS
The Company has evaluated events through September 10, 2010, the date management's review of the financial statements was completed. There were no events that would impact the results of operations or financial position as of that date.
40.