• Operating revenues were $45.4 million and operating expenditures were $67.6 million, resulting in a loss from operations of $22.3 million. Net non-operating revenues were $31.8 million, including $24.6 million in state appropriations, which, when combined with the loss from operations and capital appropriations, resulted in an overall increase in net assets of $11.3 million.

Using the Financial Statements

The University’s Financial Statements consist of three financial statements: a Statement of Net Assets (Balance Sheet); a Statement of Revenues, Expenses and Changes in Net Assets (Income Statement); and a Statement of Cash Flows, along with the accompanying Notes to the Financial Statements. These financial statements are prepared in accordance with Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements – and Management’s Discussion and Analysis – for Public Colleges and Universities.

Kentucky State University is a component unit of the Commonwealth of Kentucky.

Statement of Net Assets

The Statement of Net Assets presents the financial position of the University at the end of the fiscal year and includes all assets and liabilities. Net assets, the difference between total assets and total liabilities, are an important indicator of the current financial condition, while the change in net assets is an indicator of whether the overall financial position has improved or worsened during the year.

Condensed Statement of Net Assets

4.