University of North Texas System Combined Financial Report: 2004 Page: 39 of 77
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UNAUDITED
UNIVERSITY OF NORTH TEXAS SYSTEM (794)
NOTES TO THE COMBINED FINANCIAL STATEMENTS
AUGUST 31, 2004
proprietary funds as the benefits accrue to employees Fiscal year 2004 included compensable leave balances for
time and one-half (1 5) comp time for the first time No liability is recorded for non-vesting accumulating rights to
receive sick pay benefits
Note 6: Capital Leases
The UNT System has entered into long-term leases for financing the purchase of certain fixed assets Such leases
are classified as capital leases for accounting purposes and, therefore, have been recorded at the present value of the
future minimum lease payment at the inception of the lease The following is a summary of original capitalized
costs of all such property under lease as well as the accumulated depreciation as of August 31, 2004
Assets Under Capital Leases Business Type Activities
Furniture & Equipment $ 238,587 98
Less Accumulated Depreciation 128,443 05
Vehicles 0 00
Less Accumulated Depreciation 0 00
Total $ 110,144.93
Future minimum lease payments under these capital leases, together with the present value of the net minimum lease
payments at fiscal year-end, are as follows
Future minimum lease payments Business Ty e Activities
Principal Interest
2005 (Future Year 1) $52,276 91 $3,610 10
2006 (Future Year 2) 13,242 11 729 64
2007 (Future Year 3) 0 00 0 00
2008 (Future Year 4) 0 00 0 00
2009 (Future Year 5) 0 00 0 00
2010 2014(Future Years 6-10) 0 00 0 00
2015-2019 (Future Years 11-15) 0 00 0 00
2020-2024 (Future Years 16-20) 0 00 0 00
Total Minimum Lease Payments $65,519 02 $4,339 74
Less Amount Representing Interest at Various Rates 0 00 0 00
Present Value of Net Minimum Lease Payments $65,519.02 $4,339.74
Note 7: Operating Lease Obligations
Future minimum lease rental payments under non-cancelable operating leases having an mitial term in excess
of one year are as followsPage 37
Year Ended August 31, 2004
2005 (Future Year 1) $1,483,202 62
2006 (Future Year 2) 1,261,764 57
2007 (Future Year 3) 562,372 44
2008 (Future Year 4) 228,412 32
2009 (Future Year 5)
2010-14 (Future Years 6-10)
2015-19 (Future Years 11-15)
Total Minimum Future Lease Rental Payments $3,535,751.95
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University of North Texas System. University of North Texas System Combined Financial Report: 2004, report, 2004; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc177349/m1/39/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Special Collections.