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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2020",
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            "text": "NOTE 7 – LONG-TERM LIABILITIES (Continued)",
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            "text": "The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2020:"
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                    "text": "Year ending June 30,",
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                    "text": "2021\n2022\n2023\n2024\n2025\n2026-2036\nTotal minimum lease payments\nLess: amounts representing interest",
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                    "text": "$ 925,188\n1,353,014\n1,353,014\n1,353,014\n1,353,014\n7,835,029\n14,172,273\n3,888,578",
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                    "text": "Present value of minimum lease payment",
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                    "text": "$ 10,283,695",
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            "text": "NOTE 8 - OPERATING LEASES",
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            "text": "The University leases certain assets under operating lease agreements. The operating leases expire in various years through 2025. These leases do not transfer assets at the end of the lease term. Periods on these leases range from one to five years and requires the University to pay all executor costs (maintenance, insurance, taxes)."
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            "text": "Future minimum lease payments at June 30, 2020, are as follows:"
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                    "text": "Year ending June 30,",
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                    "text": "2021\n2022\n2023\n2024\n2025",
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                    "text": "$ 317,592\n305,692\n228,493\n198,329\n34,954",
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            "text": "Lease expense was $293,600 for the year ended June 30, 2020."
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            "text": "(Continued)",
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            "text": "Page 467 of 649",
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            "text": "16.",
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