Western Michigan University
Western Michigan University
Notes to Financial Statements Notes to Financial Statements June 30, 2013 and 2012 June 30, 2013 and 2012 Note 5 - Long-term Obligations Long-term obligation activity for the year ended June 30, 2013 is as follows: 2013 Bonds Payable General Revenue and Refunding Bonds, Series 2011, with interest ranging from 3.00% to 5.25%, maturing November 15, 2040
Beginning Balance
$
66,750,000
Additions
$
Reductions
-
$
2,080,000
Ending Balance
$
64,670,000
Current Portion
$
2,145,000
General Revenue Refunding Bonds, Series 2009, with interest ranging from 4.25% to 5.25%, maturing November 15, 2022
40,510,000
-
2,830,000
37,680,000
2,975,000
General Revenue Bonds, Series 2008, with interest ranging from 3.50% to 5.00%, maturing November 15, 2032
113,270,000
-
3,425,000
109,845,000
4,105,000
General Revenue Bonds, Series 2005, with interest ranging from 3.25% to 5.00%, maturing November 15, 2035
33,260,000
-
810,000
32,450,000
835,000
General Revenue and Refunding Bonds, Series 2003, with interest ranging from 4.25% to 5.00%, maturing November 15, 2023
31,925,000
-
2,425,000
29,500,000
2,525,000
General Revenue Bonds, Series 2002B, with interest ranging from 4.41% to 5.42%, maturing November 15, 2032
16,160,000
-
445,000
15,715,000
470,000
3,884,031
-
943,097
2,940,934
1,008,854
305,759,031
-
12,958,097
292,800,934
14,063,854
38,036 1,453,328
917,060 164,988,532 12,566,318
5,041,990 -
Notes and Leases Payable Capital lease payable for Grand Rapids building, with an effective rate of 4.59% and monthly payments ranging from $77,754 to $96,677 for 15 years with two five-year renewal options and a buy-out purchase option Total bonds, notes, and leases payable Other Long-term Obligations Annuities payable Other postemployment benefits (Note 8) Accrued compensated absences Total long-term obligations
955,096 157,103,744 14,016,596 $
477,834,467
7,884,788 3,050 $
7,887,838
$
14,449,461
$
471,272,844
$
19,105,844
36 Financial Report 49