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CABARRUS COUNTY TOURISM AUTHORITY <br />iflb /a CABARRUS COUNTY CONVENTION AND VISITORS BUREAU <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 2014 and 2013 <br />NOTE 8 - LEASES <br />The Organization leases its office space, computers, servers, and a copier under operating <br />leases. Lease expense for the years ended June 30, 20I4 and 2013 was $166,336 and <br />$152,171, respectively <br />Future minimum lease payments under the operating leases for office space and equipment <br />as of June 30, 2014 are as follows; <br />Years ending June 30, <br />2015 <br />$ 152,864 <br />2016 <br />157,864 <br />2017 <br />47,031 <br />2018 <br />3,100 <br />2019 <br />775 <br />Thereafter <br />- <br />$ 361,634 <br />NOTE 9 - TEMPORARILY RESTRICTED ASSETS <br />Temporarily restricted net assets of the Organization consist of monies designated for the <br />Sports Development program in the amount of $176,890 and $286,890 at June 30, 2014 <br />and 2013, respectively. <br />�lT.'Yi3lTi711TCAW <br />Certain accounts in the prior -year financial statements have been reclassified for <br />comparative purposes to conform with the presentation in the current --year financial <br />statements. <br />14 <br />1 -1 <br />Attachment number 1 <br />Page 404 <br />