RVCC 2019 NECHE Self-Study

FISCAL YEAR ENDS month & day ( / )
Long-term Debt
Standard 7: Institutional Resources
(Statement of Debt)
3 Years Prior
(FY2016 )
2 Years Prior
(FY2017 )
Most Recently
Completed Year
(FY 2018 )
Current Year
(FY 2019 )
Next Year
Forward
(FY 2020 )
Beginning balance $0 $1,584,930 $1,566,235 $1,546,851 $1,526,753
Additions $1,600,000 $0 $0 $0 $0
? Reductions ($15,070) ($18,695) ($19,384) ($20,098) ($20,839)
Ending balance $1,584,930 $1,566,235 $1,546,851 $1,526,753 $1,505,914
Interest paid during fiscal year $48,130 $57,145 $56,456 $55,742 $55,001
Current Portion $18,695 $19,384 $20,098 $20,839 $21,607
Bond Rating
Debt Service Coverage
Operating Income / (Annual Interest +
Current Portion of Debt) -6.07 -3.46 17.09 8.33 8.34
Debt to Net Assets Ratio
Long-tem Debt / Total Net Assets 0.26 0.22 0.23 0.20 0.19
Debt to Assets Ratio
Long-term Debt / Total Assets 0.12 0.11 0.10 0.10 0.10
Debt Covenants: (1) Describe interest rate, schedule, and structure of payments; and (2) indicate whether the debt covenants
are being met. If not being met, describe the specific covenant violation (i.e., requirement of the lender vs. actual achieved by
the instituiton). Also, indicate whether a waiver has been secured from the lender and/or if covenants were modified.
Community Facilities Loan for the Purchase of LebanonBuilding Purcahse 2015 was signed on July 23, 2015 for $1.6 Million. The funds
were from the United States Department of Agriculture as a Rural Development Loan. Loan Repayment is 40 Years from the Date of
Loan Closing, debt service to be paid $75,840 based on amortized payments. Estimated Payments are $6,320/month with an interest
rate of 3.625%.
Line(s) of Credit: List the institutions line(s) of credit and their uses.
Future borrowing plans (please describe).
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