RVCC 2019 NECHE Self-Study

5. Long-Term Liabilities
Changes in long-term liabilities during the year ended June 30, 2018 were as follows:
Beginning
Balance
Additions
Reductions
Ending
Balance
Current
Portion
Accrued salaries and
benefits $ 10,372,998 $ 476,727 $ - $ 10,849,725 $6,960,961
Due to the State 6,438 - (6,438) - -
Refundable advances 554,950 - (64,503) 490,447 -
Net pension liability 72,213,216 - (9,260,798) 62,952,418 -
Bonds payable 19,176,772 - (3,529,203) 15,647,569 2,040,332
OPEB - 116,176,993 - 116,176,993 -
Other long-term liabilities 1,825,004 107,201 (124,565) 1,807,640 111,826
Long-term liabilities $ 104,149,378 $116,760,921 $(12,985,507) $207,924,792 $9,113,119
Changes in long-term liabilities during the year ended June 30, 2017 were as follows:
Beginning
Balance
Additions
Reductions
Ending
Balance
Current
Portion
Accrued salaries and
benefits $ 10,352,279 $ 20,719 $ - $ 10,372,998 $ 6,490,908
Due to the State 3,339,502 - (3,333,064) 6,438 -
Refundable advances 684,253 - (129,303) 554,950 -
Net pension liability 60,334,154 11,879,062 - 72,213,216 -
Bonds payable 16,998,665 4,936,671 (2,758,564) 19,176,772 2,122,925
Other long-term liabilities 2,850,318 - (1,025,314) 1,825,004 114,335
Long-term liabilities $ 94,559,171 $ 16,836,452 $ (7,246,245) $104,149,378 $ 8,728,168
During the year ended June 30, 2015, CCSNH received $1,854,293 from the State to fund
a certain capital project. During the year ended June 30, 2016, CCSNH incurred $1,485,209
of additional costs related to that capital project.
During the year ended June 30, 2017, the amounts previously received from the State for
the project were converted to a bond payable. During the year ended June 30, 2018, the
amounts were repaid in full to the State.
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