Long-term liabilities as of June 30, 2011, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Noncurrent portion | |
|---|---|---|---|---|---|---|
| Consolidated Educational Building Revenue Bonds | $ 935,000 | $ - | $ 935,000 | $ - | $ - | $ - |
| General Receipts Bonds | 4,875,000 | - | 350,000 | 4,525,000 | 360,000 | 4,165,000 |
| Capital Lease Obligations | ||||||
| Master Leases | 38,631 | - | 38,631 | - | - | - |
| Energy Savings | 5,363,698 | - | 390,837 | 4,972,861 | 407,783 | 4,565,078 |
| Bond discount and issuance costs | (70,720) | - | (13,260) | (57,460) | (3,536) | (53,924) |
| Total bonds payable and capital lease obligations | 11,141,609 | - | 1,701,208 | 9,440,401 | 764,247 | 8,676,154 |
| Federal Grants Refundable | 965,947 | 43,973 | 18,211 | 991,709 | - | 991,709 |
| Total long-term liabilities | $ 12,107,556 | $ 43,973 | $ 1,719,419 | $ 10,432,110 | $ 764,247 | $ 9,667,863 |
The outstanding General Receipts Bonds Series A Bonds have an interest rate of 3.625%. The bonds mature in 2027. The reserve requirements for these issues have been fully funded as of June 30, 2012.
All bonds are collateralized by University property and the pledge of certain revenues, tuition and fees.
The net book value of assets acquired through the capital leases included in the above schedule totaled $4,711,222 and $5,059,998 as of June 30, 2012 and 2011 respectively.