NOTE 7. LEASES

Capital Lease:

The USPTO capital lease was entered into during FY 2000 and consists of ADP equipment with a lease term longer than one year, a fair market value of $25,000 or more, a useful life of two years or more, and agreement terms equivalent to an installment purchase.

Note 7. Capital Lease as of September 30, 2001

(Dollars in Thousands)
Equipment		$ 12,473
Accumulated Depreciation		(6,230)
	Total	$  6,243

Under existing commitments as of September 30, 2001, the capital lease term extends through fiscal year 2002. Future minimum lease payments are as follows:

Note 7. Future Minimum Lease Payments for the Fiscal Year 2002

(Dollars in Thousands)
FY 2002 Future Minimum Lease Payments		$ 3,120
Less: Imputed Interest		88
	Net Capital Lease Liability	$ 3,032
Liabilities Covered by Budgetary Resources		$     —
Liabilities Not Covered by Budgetary Resources		3,032
	Total	$ 3,032

Operating Leases:

The GSA negotiates long-term leases and levies rent charges, paid by the USPTO, approximate to commercial rental rates. These operating lease agreements negotiated by the GSA for the USPTO’s office buildings expire at various dates between FY 2002 and FY 2023. During FYs 2001 and 2000 the USPTO paid $62,943 thousand and $61,013 thousand, respectively, to GSA for rent.

Under existing commitments as of September 30, 2001, the minimum lease payments through FY 2006, and thereafter, are as follows:

Note 7. Minimum Operating Lease Payments through Fiscal Year 2006

Fiscal Year	(Dollars in Thousands)
2002	$    62,867
2003	62,771
2004	112,918
2005	73,947
2006	61,203
Thereafter	914,608
Total Future Minimum Lease Payments	$ 1,288,314

 

< Previous Page | Next Page >