The University leases various copiers and printers from Ricoh for various departments, terms of these leases expire in various years through 2026. The University adopted GASB Statement No. 87, Leases, and recorded lease liabilities of $611,871 as of July 1, 2021. The lease liabilities are reported at the net present value using the discount rate as stated in the contract terms.
| Beginning Balance | Additions | Reductions | Ending Balance | Due Within One Year | |
|---|---|---|---|---|---|
| Lease liability | $ 611,871 | $ -0- | $ 177,550 | $ 434,321 | $ 186,074 |
Principal and interest on lease obligations for the next five fiscal years and in subsequent five-year fiscal periods as of June 30, 2022, are as follows:
| Year ending 30-June | Payment | Principal | Interest |
|---|---|---|---|
| 2023 | $ 209,064 | $ 186,074 | $ 22,990 |
| 2024 | 209,060 | 198,745 | 10,315 |
| 2025 | 44,729 | 43,798 | 931 |
| 2026 | 5,820 | 5,704 | 116 |
| $ 468,673 | $ 434,321 | $ 34,352 |
Plan Description – The University contributes to the Kentucky Employees Retirement System (KERS), a cost sharing - multiple employer public employee retirement system. KERS is a defined benefit plan providing for retirement, disability, death benefits and health insurance. Participants have a fully vested interest after the completion of 60 months of service, 12 of which are current service. KERS issues a publicly available financial report that includes financial statements, required supplementary information, and detailed information about the pension plan's fiduciary net position. That report may be obtained by writing to Kentucky Employee Retirement Systems, Perimeter Park West, 1260 Louisville Road, Frankfort, Kentucky, 40601-6124 or by calling (502) 696-8800.
45.