Notes Payable and Other Noncurrent Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

As of December 31, 2013, the University is in compliance with its debt covenants. Under the loan covenant computation as of December 31, 2013, $50,000 is available to be borrowed on the revolving line of credit although none has been drawn as of December 31, 2013.


	As of December 31,
	2013		2012
Notes Payable
Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (1.92% at December 31, 2013) through December 31, 2019	$	92,573	$	99,098
Various Gift Annuities; quarterly payments of $34 extending through 2019; interest at 10%		527		602
Notes payable for vehicles requiring monthly payments with interest rates ranging from 8.8% to 11.0% through March 2013		—		1

		93,100		99,701
Less: Current portion		6,607		6,601

	$	86,493	$	93,100

Payments Due under Notes Payable

Payments due under the notes payable obligations are as follows as of December 31, 2013:


2014	$	6,607
2015		6,616
2016		6,625
2017		6,636
2018		6,691
Thereafter		59,925

	$	93,100