The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2014:

Year ending June 30, $ 650,527

2015 650,527

2016 650,526

2017 616,792

2018 616,792

2019 1,233,585

Thereafter 4,418,749

Total minimum lease payments 621,845

Less: amounts representing interest $ 3,796,904

Present value of minimum lease payment $ 3,796,904

The University leases computer equipment under operating leases, which expired and was renewed on August 1, 2014. Lease payments to the lessors under these leases totaled $122,016 and $125,232 for the years ended June 30, 2014 and 2013, respectively.

Minimum future lease payments are as follows:

2015 106,104

2016 69,794

175,898

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). KTRS, a cost sharing, multiple-employer, public employee retirement system, provides retirement