RVCC 2019 NECHE Self-Study

Other Long-Term Liabilities
Future minimum payments under other long-term liabilities, which include capital leases and a note
payable to U.S. Department of Agriculture (USDA), as of June 30, 2018 are as follows:
Year ending June 30, Principal Interest Total
2019 $ 111,826 $ 67,988 $ 179,814
2020 88,140 62,592 150,732
2021 86,648 57,741 144,389
2022 44,563 54,697 99,260
2023 46,195 53,065 99,260
2019 - 2023 129,639 249,561 379,200
2020 - 2024 155,358 223,842 379,200
2025 - 2029 186,179 193,021 379,200
2030 - 2034 223,115 156,085 379,200
2035 - 2039 267,378 111,822 379,200
2040 - 2044 320,422 58,778 379,200
2021 - 2023 148,177 6,417 154,594
$ 1,807,640 $ 1,295,609 $ 3,103,249
During 2016, RVCC entered into an agreement with USDA in the amount of $1,600,000 to finance
the purchase a building in Lebanon, New Hampshire. The note payable is to be repaid over 40
years at a fixed interest rate of 3.625%. As of June 30, 2018 and 2017, the balance due to USDA
was $1,538,444 and $1,566,235, respectively.
The original cost basis of leased capital assets as of June 30, 2018 and 2017 was $279,734.
Accumulated depreciation includes $167,840 and $111,894 as of June 30, 2018 and 2017 for the
leased capital assets, respectively.
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