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CABARRUS COUNTY TO URISM A UTHORITY <br />d/b /n CABARR US COUNTY CONVENTION AND VISITORS B UREA U <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 2011 and 2010 <br />NOTE 7- RETIREMENT PLAN- Continued <br />The Organization also offers a NC401(K) tax deferred annuity program. Eligible <br />employees can contribute to the plan from their salary. The Organization currently <br />contributes 5% of the employees' salary. The amount paid to the retirement program by <br />the Organization during the year ended June 30, 2011 and 2010 was $35,937 and <br />$27,582, respectively. <br />NOTE 8 - LEASES <br />The Organization leases its office space and a copier under operating leases. Lease <br />expense for the years ended June 30, 2011 and 2010 was $69,328 and $58,873, <br />respectively <br />Future minimum lease payments under the operating lease for equipment as of June 30, <br />2011 are as follows: <br />Years ending June 30, <br />2012 <br />$ 103,278 <br />2013 <br />115,345 <br />2014 <br />116,226 <br />2015 <br />119,167 <br />.2016 <br />124,167 <br />Thereafter <br />20,833 <br />$ 599,016 <br />NOTE 9 - TEMPORARILY RESTRICTED ASSETS <br />Temporarily restricted net assets of the Organization consist of monies designated for the <br />Sports Development program in the amount of $706,890 and $349,041 at June 30, 2011 <br />and 2010, respectively. <br />13 <br />W <br />Attachment number 2 <br />Page 378 <br />