No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 The university’s operating leases generally have terms that range from two to ten years, with optional renewals. The university’s finance leases generally have terms that range from four to seven years. Average lease terms and discount rates as of June 30 are as follows: 2023 2022 Weighted average remaining lease term (years): Operating leases 4.8 years 5.3 years Finance leases 3.3 years 4.0 years Weighted average discount rate: Operating leases 1.9% 1.8% Finance leases 2.6% 1.8% Future minimum lease payments under operating and finance leases as of June 30, 2023, expiring at various dates through 2029, are as follows (in thousands): Operating Leases Finance Leases 2024 $ 21,052 $ 1,501 2025 19,025 1,395 2026 12,706 1,298 2027 9,592 453 2028 8,984 77 Thereafter 9,424 - Total lease payments 80,783 4,724 Imputed interest (3,721) (204) Present value of lease liabilities $ 77,062 $ 4,520 As of June 30, 2023, the Museum had proceeds from the sale of artwork from its collection as follows (in thousands): 2008 (Prior to merger) $ 813 2009 1,250 2010 20 Total $ 2,083 The university’s collection policy requires that the proceeds from the sale of collection items be used to either acquire other items for the collection or be used for direct care of the collection (as further described in Note 2). 42
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