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PROPERTY AND EQUIPMENT
At December 31, 2000 and 1999, property and equipment, a component
of other assets, was comprised of (dollars in thousands):
|
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2000
|
1999
|
DEPRECIABLE LIFE
IN YRS.
|
|
| Land and land improvements |
$ 2,902
|
$ 2,902
|
15
|
| Buildings |
13,550
|
13,048
|
40
|
| Furniture and equipment |
21,975
|
19,148
|
3-15
|
Construction in progress |
24,690
|
907
|
|
| |
|
| Total |
63,117
|
36,005
|
|
Less, Accumulated depreciation |
(25,577)
|
(16,732)
|
|
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| Property and equipment, net |
$ 37,540
|
$ 19,273
|
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UNPAID GRANTS |
| At December 31, 2000 the unpaid
grant liability is expected to be paid in future years as follows
(in thousands): |
|
| 2001 |
|
|
$ 156,299
|
| 2002 |
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122,499
|
| 2003 |
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|
70,826
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| 2004 |
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39,130
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| 2005 and thereafter |
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|
6,571
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| |
|
|
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395,325
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| Less,
Discounted to present value |
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(39,726)
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|
|
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$ 355,599
|
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Generally accepted accounting principles
require contributions made (“unpaid grants”) to
be recorded at the present value of estimated future cash
flows. As of December 31, 2000, the Foundation has discounted
the amount of unpaid grant liability by applying interest
rate factors ranging from 6% to 6.5% and an estimated cancellation
rate of 3%. At December 31, 1999, the unpaid grant liability
was discounted to present value by $51,044,228.
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