Revenues: Kentucky State University has slightly exceeded projected revenues in FY 2022. Key areas in their performance was an increase in Tuition/Fees and Auxiliary revenues.
Expenditures: The University has almost met the expenditure budget, however, with the preliminary status for June 30, 2022 financial reporting and closing books for the Fiscal Year, we anticipate another $1.5 - $2 million in expenses exceeding a balanced budget. Primary line item units noteworthy of exceeded budgets were for Auxiliary Enterprise and Facilities Infrastructure.
| | Kentucky State University | |
|---|
| Preliminary FY22 Budget to Actual -E&G |
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| | | | |
| Sources of Revenue | Board Approved Budget FY21/22 | Actual 06/30/2022 | Percent Encumbered |
|---|
| State Appropriation* | 18,975,700.00 | 19,185,700.00 | 101% |
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| Tuition and Mandatory Fees*** | 15,666,000.00 | 17,564,080.00 | 112% |
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| Non-Mandatory Fees*** | 675,000.00 | 953,973.00 | 141% |
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| Less Tuition Discount | - | (2,256,711.00) | 0% |
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| Less Student Accounts Receivable | - | (1,237,624.00) | 0% |
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| Employee Parking | 30,000.00 | 38,770.00 | 129% |
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| Interest Income | 10,586.00 | 280.00 | 3% |
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| Indirect Cost Recovery | 400,000.00 | 233,433.00 | 58% |
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| Auxiliary Enterprise | 6,021,000.00 | 7,313,758.00 | 121% |
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| Total Sources of Revenue: | 41,778,286.00 | 41,795,659.00 | 100% |
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| | | | |
| Expenditures by Unit | Board Approved Budget FY21/22 | Actual As of 06/30/2022 | Variance % |
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| Academic Affairs** | 12,324,810.00 | 13,151,821.00 | 107% |
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| Auxiliary Enterprise | 4,094,663.00 | 6,174,711.00 | 151% |
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| Board of Regents | 510,824.00 | 188,881.00 | 37% |
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| Brand Identity & University Relations | 1,166,214.00 | 1,254,679.00 | 108% |
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| Campus Athletics | 2,126,674.00 | 2,374,882.00 | 112% |
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| Facilities and Infrastructure | 4,789,436.00 | 5,813,446.00 | 121% |
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| Finance and Administration | 11,296,520.00 | 7,293,828.00 | 65% |
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| Office of General Counsel | 586,019.00 | 696,050.00 | 119% |
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| The President's Office | 826,610.00 | 768,283.00 | 93% |
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| Student Engagement/Campus Life | 2,178,577.00 | 2,436,040.00 | 112% |
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| Student Success | 1,877,939.00 | 1,469,317.00 | 78% |
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| Total Expenditures Operations: | 41,778,286.00 | 41,621,938.00 | 99.6% |
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| | | | |
| Profit over Expenses | | 173,721.00 | 0.4% |
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| Contingency & Reserve Funds | | - | |
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The following is the respective report outlining these details:
* Removed Restricted State Appropriation Revenue funds of 8,881,400 for FY22
** Removed Land Grant expenses From the Academic Affairs Budget
***Tuition/Mandatory Fees(17,564,080), Non-Mandatory Fee (953,973) and Auxiliary Enterprise (7,313,758) Equate to Total Tuition and Fees (25,831,811) within the Sources of Revenue - 06/30/22
****Less Tuition Discount (scholarships) Average tuition discounts and scholarships are between 3.5 million - 4 million annually Other institutional aid allows KSU to reduce it's expenses by 1.5 million - 2 million annually
****Less Student Accounts Receivables - Unpaid student receivables at the end of the fiscal year