Notes Payable and Other Noncurrent Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

As of December 31, 2014, the University is in compliance with its debt covenants. Under the loan covenant computation as of December 31, 2014, $50,000 is available to be borrowed on the revolving line of credit although none has been drawn as of December 31, 2014.


	As of December 31,
	2014		2013
Notes Payable
Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (1.92% at December 31, 2014) through December 31, 2019	$	86,049	$	92,573
Various Gift Annuities; quarterly payments of $34 extending through 2019; interest at 10%		444		527

		86,493		93,100
Less: Current portion		6,616		6,607

	$	79,877	$	86,493

Payments Due under Notes Payable

Payments due under the notes payable obligations are as follows as of December 31, 2014:


2015	$	6,616
2016		6,625
2017		6,636
2018		6,691
2019		59,925
Thereafter		—

	$	86,493