Notes to Consolidated Financial Statements June 30, 2024 and 2023 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 two to seven years. Average lease terms and discount rates as of June 30 are as follows: 2024 2023 Weighted average remaining lease term (years): Operating leases 4.3 years 4.8 years Finance leases 2.8 years 3.3 years Weighted average discount rate: Operating leases 2.5% 1.9% Finance leases 4.3% 2.6% Future minimum lease payments under operating and finance leases as of June 30, 2024, expiring at various dates through 2029, are as follows (in thousands): Operating Leases Finance Leases 2025 $ 22,515 $ 1,898 2026 23,587 1,639 2027 20,295 711 2028 12,782 335 2029 11,700 113 Thereafter 852 17 Total lease payments 91,731 4,713 Imputed interest (4,646) (307) Present value of lease liabilities $ 87,085 $ 4,406 As of June 30, 2024, 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). Open purchasing commitments related to supplies and equipment were approximately $2.8 million as of June 30, 2024. Also, see Note 7 for outstanding commitments on uncompleted construction contracts and Note 8 for outstanding commitments to private capital investments. 41
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