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Related Party Transactions
 12 Months Ended
Jun. 30, 2018
Related Party Transactions  
Related Party Transactions

15. Related Party Transactions

At June 30, 2018 and 2017, the Company had loaned a total of $4.0 million to MIL in accordance with the terms of the original joint venture agreement. The loan was repayable under terms and conditions specified in the loan agreement. The loan balance and related interest are eliminated since MIL is consolidated in the Company’s financial statements.

On September 11, 2013, the Company issued a mortgage note (“Mortgage”) lending $2.1 million to a managed school partner. The note bore interest at a fixed rate of 5.25% per year with a five year maturity date and it was secured by the underlying property. During fiscal year 2016, the borrower defaulted on the loan payment, and in March 2017, the Company received the deed of ownership to the property. See Note 14, “Acquisitions and Investments – Investment in School Mortgage.”

During the years ended June 30, 2018, 2017 and 2016, the Company contributed $0.3 million, $0.5 million, and $0.7 million, respectively to The Foundation for Blended and Online Learning (“Foundation”). The Foundation is a related party as an executive officer of the Company serves on the Board of the Foundation.