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 2 a n d 2 0 2 1 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: 2022 2021 Weighted average remaining lease term (years): Operating leases 5.3 years 6.7 years Finance leases 4.0 years 5.0 years Weighted average discount rate: Operating leases 1.8% 1.8% Finance leases 1.8% 1.8% Future minimum lease payments under operating and finance leases as of June 30, 2022, expiring at various dates through 2029, are as follows (in thousands): Operating Leases Finance Leases 2023 $ 23,808 $ 1,352 2024 21,068 1,328 2025 18,387 1,223 2026 11,847 1,126 2027 8,733 282 Thereafter 16,475 - Total lease payments 100,318 5,311 Imputed interest (4,777) (178) Present value of lease liabilities $ 95,541 $ 5,133 As of June 30, 2022, 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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