The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2015:
Year ending June 30,
2016 $ 650,527
2017 650,527
2018 616,792
2019 616,792
2020 616,792
Thereafter 616,791
Total minimum lease payments 3,768,221
Less: amounts representing interest 468,214
Present value of minimum lease payment $ 3,300,007
The University leases computer equipment under operating leases which expire on various dates through 2017. Lease payments to the lessors under these leases totaled $106,104 and $122,016 for the years ended June 30, 2015 and 2014, respectively.
Minimum future lease payments are as follows:
2016 69,794
2017 69,794
139,588
Regular full-time employees of the University (faculty and staff) are required to participate in a retirement plan.
All faculty and exempt employees required to hold a degree and occupying full-time positions, defined as seven-tenths (7/10) of normal full-time service on a daily or weekly basis, are required by state law to participate either in the Kentucky Teachers Retirement System (KTRS) or the Optional Retirement Plan (ORP).