Capital assets as of June 30, 2020, are summarized as follows:
| Beginning Balance | Additions | Reductions/ Transfers | Ending Balance | |
|---|---|---|---|---|
| Cost | ||||
| Land and improvements | $ 6,275,031 | $ - | $ - | $ 6,275,031 |
| Buildings | 155,846,869 | 11,831 | - | 155,858,700 |
| Equipment | 25,714,538 | 600,092 | - | 26,314,630 |
| Computer software | 1,658,071 | 182,050 | - | 1,840,121 |
| Library holdings | 10,648,071 | 15,547 | - | 10,663,618 |
| Transportation equipment | 4,379,061 | 18,435 | - | 4,397,496 |
| Construction in progress | 10,681,986 | 21,253,223 | 134,661 | 31,800,549 |
| 215,203,627 | 22,081,178 | 134,661 | 237,150,145 | |
| Accumulated depreciation | ||||
| Buildings | 104,065,002 | 2,188,521 | - | 106,253,524 |
| Equipment | 21,395,830 | 1,317,303 | - | 22,713,133 |
| Library holdings | 10,417,450 | 55,493 | - | 10,472,943 |
| Transportation equipment | 4,103,948 | 147,115 | - | 4,251,063 |
| 139,982,230 | 3,708,432 | - | 143,690,663 | |
| Capital assets, net | $ 75,221,397 | $ 18,372,746 | $ 134,661 | $ 93,459,482 |
Construction in progress consists primarily of projects to repair and replace boilers and distribution lines and energy savings projected funded by capital lease agreement with the Commonwealth of Kentucky disclosed in Note 7. The project is projected to be completed in fiscal year 2021. Estimated cost to complete the project is approximately $3.1 million.
Unearned revenue consists of the following as of June 30, 2020:
Unearned summer school tuition and fees $ 94,697
Unearned grants and contracts 914,766
$ 1,009,463
During fiscal year 2020, the University entered into a line of credit agreement with Fifth Third Bank for a maximum borrowing amount of $5,000,000, maturing on June 30, 2020. At June 30, 2020, borrowings on the line of credit totaled $2,893,716. The line bears interest at the Adjusted LIBOR rate and the interest rate at June 30, 2020 was 1.8%. The agreement was renewed as of July 1, 2020 for $5,000,000, maturing on June 30, 2021.
29.