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Child Care Resource Center, Inc. Notes to Financial Statements
Note 12 – Commitments and Contingencies
Leases – CCRC leases various equipment and facilities under non-cancelable operating lease agreements expiring at various dates through 2025. The future minimum lease payments required under these lease agreements at June 30, 2018, are as follows:
Years Ending June 30,
2019 2020 2021 2022 2023 Thereafter
$
4,117,959 2,419,005 1,696,065 1,091,523
514,682 690,537
Rent expense for facilities includes common maintenance charges. Total rent expense for the years ended June 30, 2018 and 2017, was $3,875,122 and $4,220,026, respectively.
Note 13 – Temporarily Restricted Net Assets
Temporarily restricted net assets as of June 30, 2017, were available to purchase equipment for the Business Center. There were no temporarily restricted net assets as of June 30, 2018.
Note 14 – Subsequent Events
Subsequent events are events or transactions that occur after the statement of financial position date, but before financial statements are available to be issued. CCRC recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing the financial statements. CCRC does not recognize subsequent events that provide evidence about conditions that did not exist at the date of the statement of financial position, but arose after the statement of financial position date and before the financial statements are available to be issued.
CCRC has evaluated subsequent events through December 11, 2018, which is the date the financial statements were available to be issued.
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$ 10,529,771