Texas State University-San Marcos Annual Financial Report: 2012 Page: 24
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
NOTE 5: Long-Term Liabilities
During the fiscal year ended August 31, 2012, the following changes occurred in liabilities:
Amounts Due Amounts
Business -Type Balance Balance Within One Due
Activities 9/1/2011 Additions Reductions 8/31/2012 Year Thereafter
Revenue Bonds Payable $845,000.00 $160,000.00 $685,000.00 $165,000.00 $520,000.00
Capital Lease Obligation 43,777.74 20,637.64 23,140.10 23,140.10 $0.00
Compensable Leave 9,813,299.41 1,683,394.10 1,190,411.20 10,306,282.31 6,158,390.02 $4,147,892.29
Total Business-Type Activities $10,702,077.15 $1,683,394.10 $1,371,048.84 $11,014,422.41 $6,346,530.12 $4,667,892.29
Employees' Compensable Leave
Accrued Compensated Absence is the Institution's liability for unpaid overtime accrued by classified employees and unused
vacation time for all employees. Any obligation to University personnel is paid at the time an employee is dismissed, resigns,
or separates from the University, provided the employee has had six months of continuous employment with the State. An
expense and liability are recorded annually as the benefits accrue to employees. A maximum accrual of 532 hours of vacation
is allowed for employees with 35 or more years of service. For the fiscal year ended August 31, 2012 the accrued liability
totaled $10,306,282.31 for vacation and/or overtime. The University made lump sum payments totaling $1,190,411.20 for
accrued vacation and/or overtime to employees who separated from State service during the fiscal year ending August 31,
2012. Sick leave, the accumulation of which is unlimited, is earned at the rate of eight hours per month and is only paid when
an employee is off due to illness or to the estate of an employee in the event of his/her death. The maximum leave that may be
paid to an employees' estate is one-half of the employees' accumulated entitlement or 336 hours, whichever is less.
Bond Payable obligations are described in detail in Note 6.
Capital Lease obligations are described in detail in Note 8.
NOTE 6: Bonded Indebtedness
Description of Bond Issues
Texas State has one bond-issue outstanding as of August 31, 2012. Details of debt service requirements related to this issue
can be found in Schedule 2C, Debt Service Requirements.
Housing System Revenue Bonds, Series 1986
* To acquire an apartment complex known as Comanche Hills
* Issued April 1, 1986
* $3,500,000; all authorized bonds have been issued
* Interest Rate - 3.0%
* First/last year of scheduled maturities - 1988/2016
* First call date- October 1, 1996
* Revenue Bond
* Source of revenue for debt service - Auxiliary Enterprises net operating revenues
All other bonded indebtedness for Texas State University-San Marcos is issued by System Administration through the Texas
State University System Revenue Financing System. System Administration and each component institution within the system
are members of the Revenue Financing System. The Board of Regents pledged all of the funds (revenues) and balances
derived or attributable to any member of the Revenue Financing System that is lawfully available to the board for payments on
Parity Debt.
System Administration issued the debt; therefore, the bonds payable attributable to the institution are included with the BondsPayable reported by System Administration. The institution must repay the debt that was issued on its behalf; consequently,
the following debt amortization schedule is presented for informational purposes only.Annual Financial Report -for the fiscal year ended August 31, 2012
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Texas State University--San Marcos. Texas State University-San Marcos Annual Financial Report: 2012, report, Autumn 2012; San Marcos, Texas. (https://texashistory.unt.edu/ark:/67531/metapth578530/m1/28/?q=Lamar+University: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.