Sick Leave:
It is the policy of the University to record the cost of sick leave when paid. Generally, sick leave (earned one day per month with unlimited accumulation) is paid only when an employee is absent due to illness, injury, or related family death. There is no liability recorded for sick leave at June 30, 2022. The estimated accumulated amount of unused sick leave at June 30, 2022, totals approximately $6,360,000.
During the year ended June 30, 2021, the University issued revolving revenue anticipation notes for a maximum borrowing amount of $5,000,000, with interest at the Adjusted LIBOR rate maturing on June 30, 2021. As of June 30, 2021, the total liability owed on the revenue anticipation note was $5,000,000. The agreement was renewed as of July 1, 2021, and was refunded in full in May 2022 using a portion of the proceeds from the stabilization funds disclosed in Note 8.
Long-term liabilities as of June 30, 2022, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Noncurrent Portion | |
|---|---|---|---|---|---|---|
| Debt | ||||||
| General receipts bonds | $ 1,775,000 | $ -0- | $ 270,000 | $ 1,505,000 | $ 280,000 | $ 1,225,000 |
| Bond discount | (22,893) | -0- | (4,484) | (18,409) | (4,484) | (13,925) |
| Total bonds | 1,752,107 | -0- | 265,516 | 1,486,591 | 275,516 | 1,211,075 |
| Direct borrowings | ||||||
| Finance purchase | 15,926,460 | 208,124 | 922,052 | 15,212,532 | 470,414 | 14,742,118 |
| Other long-term liabilities | ||||||
| Series 2021 COP | -0- | 49,190,000 | -0- | 49,190,000 | -0- | 49,190,000 |
| Series 2021 COP-premium | -0- | 8,815,924 | 509,196 | 8,306,728 | 567,642 | 7,739,086 |
| HB 250 stabilization funding | -0- | 23,000,000 | -0- | 23,000,000 | -0- | 23,000,000 |
| Total long-term liabilities | -0- | 81,005,924 | 509,196 | 80,496,728 | 567,642 | 79,929,086 |
| Total | $ 17,678,567 | $ 81,214,048 | $ 1,696,764 | $ 97,195,851 | $ 1,313,572 | $ 95,882,279 |
41.