Texas State University-San Marcos Annual Financial Report: 2012 Page: 26
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
NOTE 8: Leases
Operating Leases
Texas State has entered into various operating leases for buildings and land. Rental expenses for operating leases were
$282,783.47 for the fiscal year ended August 31, 2012.
Future minimum lease rental payments under noncancelable operating leases having an initial term in excess of one year as of
August 31, 2012 were as follows:Fiscal Year EndedAugust 31, 2012
2013 $286,107.97
2014 244,285.45
2015 195,382.87
2016 7,198.54
2017 0.00
Total Minimum Future Lease Rental Payments $732,974.83Texas State has also leased a building to an outside party under an operating lease. The cost, carrying value and accumulated
depreciation of the leased building as of August 31, 2012 was as follows:Asset Leased
Building:
Cost $350,178.00
Less: Accumulated Depreciation (332,669.10)
Carrying Value of Building $17,508.90Minimum future lease rental income under noncancelable operating leases as of August 31, 2012, was as follows:
Annual Financial Report -for the fiscal year ended August 31, 2012
Fiscal Year EndedAugust 31, 2012
2013 $106,480.08
2014 106,480.08
2015 106,480.08
2016 106,480.08
2017 106,480.08
Total Minimum Future Lease Rental Payments $532,400.4026
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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/m1/30/?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.