Annual Financial Reports

Overview of the AFR

The Annual Financial Report (AFR) contains Kansas State University’s financial statements, as required by the Governmental Accounting Standards Board. The AFR consists of the following sections:

Management’s Discussion & Analysis (MD&A) which provides an overview of the financial position and activities of Kansas State University for the current and prior fiscal years. The analysis assists readers in understanding the accompanying financial statements and footnotes.

Basic Financial Statements which contain comparative statements for K-State and its blended component units, followed by financial statements for its discretely presented component unit, the KSU Foundation:

Statement of Net Position presents the assets, deferred outflows, liabilities, deferred inflows, and net position of K-State at the end of the fiscal year using the accrual basis of accounting. The statement as a whole provides information about the adequacy of resources to meet current and future operating and capital needs.
Statement of Revenue, Expenses and Changes in Net Position presents the total revenues earned and expenses incurred for operating, non-operating, and other related activities during the fiscal year. The purpose of this statement is to assess K-State’s operating results.
Statement of Cash Flows presents cash receipts and payments during the fiscal year. Its purpose it to assess K-State’s ability to generate net cash flows and meet its obligations as they come due.

Notes to the Financial Statements which provide additional information about the reporting entity, significant accounting policies, bond and loan obligations, post-employment benefits, retirement and pension plans, and blended component units.

Reporting Entity

The AFR contains the consolidated financial statements of Kansas State University and its component units. The Kansas State University Foundation is our only discretely presented component unit, while those listed below are blended units:

K-State Olathe Innovation Campus, Inc.
K-State Athletics, Inc.
Kansas State University in Italy
The K-State Union Corporation
Diagnostic Services of Kansas State, Inc.
Kansas State University Veterinary Clinical Outreach, Inc.
Kansas State University Research Foundation (dba Kansas State University Innovation Partners)

Financial Statement Audit

Kansas State University is a comprehensive, research, federal land grant institution, governed by the Board of Regents, and is an agency of the State of Kansas. Accordingly, K-State is included in the audited annual comprehensive financial report of the State of Kansas. The University’s stand-alone financial statements are not audited.

For additional information about the results of the State of Kansas audit, please refer to the state’s Annual Comprehensive Financial Report, of which K-State is a discretely presented component unit, at the following link: Annual Comprehensive Financial Report - ACFR

Single Audit

Kansas State University is incorporated into the State of Kansas’ Single Audit. Information regarding the latest results of the Statewide Single Audit report is available at this link:
Statewide Single Audit Report

For the most recent Single Audit for the fiscal year ended June 30, 2023:

The audit opinions for programs administered by K-State were unmodified.
There were no material weaknesses in internal control over financial reporting related to programs administered by K-State reported in the Auditors’ reports.
There were no material weaknesses in internal control over major programs related to programs administered by K-State reported in the Auditors’ reports.
There were no findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a) related to programs administered by K-Statereported in the Auditors’ reports.

Annual Financial Reporting

Annual Financial Reporting

Overview of the AFR

Reporting Entity

Financial Statement Audit

Single Audit

AFRs from Previous Fiscal Years