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CHILD CARE RESOURCE CENTER, INC. (A NONPROFIT CORPORATION)
NOTES TO FINANCIAL STATEMENTS June 30, 2014
NOTE 10 – COMMITMENTS AND CONTINGENCIES
Leases
CCRC leases various equipment and facilities under non-cancelable operating lease agreements expiring at various dates through 2027. The future minimum lease payments required under these lease agreements at June 30, 2014 are as follows:
Years Ending June 30,
2015 $ 2016
2017
2018
2019 Thereafter
2,723,390 2,565,045 2,352,724 2,262,478 2,245,500 1,440,540
Total $ 13,589,677
Rental expense for facilities includes common area maintenance charges. Total rental expense for the years ended June 30, 2014 and 2013 was $3,426,811 and $2,760,702, respectively.
NOTE 11 – SUBSEQUENT EVENTS
Management has evaluated significant events or transactions that have occurred since the statement of financial position date and through December 12, 2014, which represents the date that the financial statements were available for issue. No events or transactions have occurred during this period that would require recognition or disclosure in the financial statements.
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