Unearned revenue consists of the following as of June 30, 2018:
Unearned summer school tuition and fees $ 155,144
Unearned grants and contracts 6,055
$ 161,199
Long-term liabilities as of June 30, 2018, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Non-current Portion | |
|---|---|---|---|---|---|---|
| General receipts bonds | $ 2,755,000 | $ - | $ 230,000 | $ 2,525,000 | $ 240,000 | $ 2,285,000 |
| Note payable – City of | ||||||
| Frankfort | 150,000 | - | 100,000 | 50,000 | 50,000 | - |
| Capital lease obligations - energy savings | 2,245,098 | - | 526,061 | 1,719,037 | 548,870 | 1,170,167 |
| Bond discount | (38,307) | - | (1,962) | (36,345) | (4,484) | (31,861) |
| Total bonds payable and capital lease obligations | 5,111,791 | - | 854,099 | 4,257,692 | 834,386 | 3,423,306 |
| Federal grants refundable | 731,695 | - | 134,797 | 596,898 | - | 596,898 |
| Total long-term liabilities | $ 5,843,486 | $ - | $ 988,896 | $ 4,854,590 | $ 834,386 | $ 4,020,204 |
The outstanding General Receipts Bonds Series A Bonds have interest rates from 3.625% - 3.875%. The bonds mature through 2027. The reserve requirements for these issues have been fully funded as of June 30, 2018.
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 was approximately $2,618,566 as of June 30, 2018.
In 2009, the University signed a 10-year promissory note with the City of Frankfort, for the purchase of real property. The following is a schedule of future minimum payments required for the note payable at June 30, 2018:
Year ending June 30, 2019
$ 50,000 $ 50,000
28.