Laserfiche WebLink
STUDEBAKER NATIONAL MUSEUM, INC. <br /> ' Notes to Financial Statements <br /> December 31,2016 <br /> NOTE 7-TEMPORARILY RESTRICTED ASSETS <br /> ' Temporarily restricted net assets as of December 31, 2016 are available for the following <br /> purposes: <br /> ' 2016 2015 <br /> Restoration and purchase of Studebaker vehicles $ 72,323 $ 64,293 <br /> Education fund 45,915 50,748 <br /> City of South Bend maintenance fund 49,396 39,396 <br /> $ 167,634 $ 154,437 <br /> ' Net assets released from restrictions by the expiration of time and by incurring expenses <br /> satisfying restricted purposes for the year ended December 31 are as follows: <br /> ' 2016 2015 <br /> ' Restoration and purchase of Studebaker vehicles $ 4,139 $ 6,989 <br /> Education fund 6,433 67 <br /> City of South Bend maintenance fund 0 0 <br /> $_10,572 $ 7,056 <br /> NOTE 8-OPERATING LEASES <br /> Effective January 2004, the Museum entered into a twenty year lease agreement with the <br /> Northern Indiana Historical Society (NIBS) until December 2024 for shared use of common <br /> ' facilities. The monthly payments until December 2016 were $1,617. The monthly payments <br /> from January 2017 to December 2018 are $1,698, from January 2019 to December 2020 are <br /> $1,793, January 2021 to December 2022 are $1,883 and January 2023 to December 2024 are <br /> ' $1,965. The Museum pays all insurance, repairs and improvements. <br /> On July 1, 2004 the Museum also entered into a twenty year ground lease agreement for <br /> connection property with NIHS. The lease calls for an annual payment of $1. The ground <br /> ' lease allowed the Museum to construct improvements on land owned by NIHS. <br /> The Museum leases outside facilities and storage space on an as needed basis. <br /> ' For the years ended December 31,total rent expense was $19,404 -2016 and $19,404 -2015. <br /> 1 <br /> ' (See auditors'report.) <br /> 13 <br />