Annual Report 2022

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 Future maturities of the university’s long-term debt at June 30, 2022, are as follows (in thousands): Long-Term Debt 2023 $ 13,460 2024 13,940 2025 15,915 2026 16,455 2027 17,045 Thereafter through 2053 508,270 $ 585,085 The Amended and Restated Master Trust Indenture contains customary conditions, provisions, and non-financial covenants. In the opinion of management, the university is in compliance with all such covenants as of June 30, 2022. The university incurred interest charges for fiscal 2022 and fiscal 2021 of $19.6 million and $17.8 million, respectively. During fiscal 2022 and 2021, the university capitalized interest of $0.2 million, resulting in net interest expense reflected in the accompanying Consolidated Statements of Activities of $19.5 million and $17.6 million at June 30, 2022 and 2021, respectively. 10. Federal Revolving Student Loans NSU participated in certain federal revolving loan programs under which loans were made to qualified students from federal and institutional contributions as well as prior borrowers’ repayments. At June 30, 2022 and 2021, these student loans totaled $4.6 million and $5.4 million, respectively, and are included in the accompanying Consolidated Statements of Financial Position in other assets. Liabilities for refundable student loans of $5.3 million and $6.7 million at June 30, 2022 and 2021, respectively, are included in the accompanying Consolidated Statements of Financial Position in other liabilities. 33

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