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Note 6. Deferred Costs


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The Commission receives Tenant Improvement Allowance (TIA) from its landlords. These allowances are used to cover the costs of building renovations, asset purchases, or rent expenses. The TIA is initially recorded as deferred costs on the balance sheet and is amortized with the deferred lease liability over the life of the lease

The Commission received approximately $16.2 million in TIA over the last three fiscal years, of which approximately $13.3 million was used to fund leasehold improvements, and $1.7 million was used to cover rental payments. The remaining, unused balance of $1.2 million is reflected as deferred costs on the balance sheet.

DEFERRED COSTS (TIA)
For the Years Ended September 30, 2012 and 2011
Deferred Costs (TIA) 2012 2011
Beginning Balance $6,254,873 $6,303,367
TIA received 2,868,320 6,701,194
TIA used (7,888,970) (6,749,688)
BALANCE AS OF SEPTEMBER 30 $1,234,223 $6,254,873

 

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