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