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Notes Payable and Other Noncurrent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2012
Notes Payable

As of December 31, 2012, the University is in compliance with its debt covenants. Under the loan covenant computation as of December 31, 2012, $50,000 is available to be borrowed on the revolving line of credit although none has been drawn as of December 31, 2012.

 

     As of December 31,  
     2012      2011  

Notes Payable

      

Note payable, monthly payment of $556; interest at 30 day LIBOR plus 1.75% (1.96% at December 31, 2012) through December 31, 2019

    $ 99,098       $ 20,929   

Various Gift Annuities; quarterly payments of $34 extending through 2019; interest at 10%

      602         670   

Notes payable for vehicles requiring monthly payments with interest rates ranging from 8.8% to 11.0% through March 2013

      1         41   
  

 

 

     

 

 

  
     99,701         21,640   

Less: Current portion

      6,601         1,739   
  

 

 

     

 

 

  
   $ 93,100       $ 19,901   
  

 

 

     

 

 

  
Payments Due under Notes Payable

Payments due under the notes payable obligations are as follows as of December 31, 2012:

 

2013

    $ 6,601   

2014

      6,607   

2015

      6,616   

2016

      6,625   

2017

      6,636   

Thereafter

      66,616   
  

 

 

  
   $ 99,701