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Audited Financial Financial Statements The Pennsylvania State University Fiscal Year Ended June 30, 2005_part3

THUÊ Trường có một số thỏa thuận cho thuê có hiệu lực được coi là hợp đồng cho thuê vốn được bao gồm như là nợ dài hạn trong báo cáo vị trí tài chính. Những hợp đồng cho thuê có được vốn đầu tư giá trị hiện tại ròng của các khoản thanh toán tiền thuê tối thiểu. | 8. LEASES The University has certain lease agreements in effect which are considered capital leases that are included as long-term debt in the statements of financial position. These leases have been capitalized at the net present value of the minimum lease payments. The University has recorded fixed assets in the amount of 28 312 000 and 24 022 000 at June 30 2005 and 2004 respectively representing capitalized leases. Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of June 30 2005 are as follows Year 2006 3 088 000 2007 2 841 000 2008 2 668 000 2009 2 305 000 2010 2 023 000 Thereafter 18 868 000 Total minimum lease payments 31 793 000 Less imputed interest 12 531 000 Present value of net minimum lease payments 19 262 000 The University has entered into a Master Building Sublease with ADG - Hospital Drive Associates ADG-HDA a limited partnership of which the University maintains a 75 interest carried at 1 091 000 and 1 016 000 in investments at June 30 2005 and 2004 respectively which required ADG-HDA to construct the Centre Medical Sciences Building Building and lease it to the University for an initial term of twenty-five years. The Building was constructed on land jointly owned by the University and Mount Nittany Medical Center which has been leased by ADG-HDA for a term of sixty years. The University has subleased portions of the Building to the Mount Nittany Medical Center and other healthcare related entities. The University is required to pay an annual base rent equal to the sum of 1 the principal interest and redemption price due on the Centre County Higher Education Authority Bonds which were issued to finance the construction of the Building and 2 an 8 return on the landlord s equity which is included above as a capitalized lease. The University has certain lease agreements in effect which are considered operating leases. During the year ended June 30 2005 the University recorded .