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NOTE 9. Leases

As of September 30, 2007 and 2006 Leases consisted of the following:

Leases as of September 30, 2007 and 2006
(Dollars in Thousands)
Entity as Lessee
Capital Leases: 2007 2006
Summary of Assets Under Capital Lease:    
Buildings $8,190 $6,899
Accumulated Depreciation $(2,653) $(2,160)
Net Assest under Capital Leases $5,537 $4,739
Description of Lease(s) Arrangements: Capital leases consist of rental ageements entered into by missions for warehouses, parking lots, residential space, and office buildings. These leases are 1 year or more in duration.
Future Payments Due:
Fiscal Year Future Costs Future Costs
2007 $– $285
2008 297 195
2009 297 117
2010 297 117
2011 232 45
2012 52
After 5 Years 77 237
Net Capital Lease Liability $1,252 $996
Lease Liabilities Covered by Budgetary Resources $1,252 $996
Operating Leases: 2007 2006
Future Payments Due:
Fiscal Year Future Costs Future Costs
2007 $– $34,510
2008 33,668 37,271
2009 35,003 40,253
2010 36,391 43,473
2011 37,769 46,951
2012 39,090
After 5 Years 40,677 105,470
Total Future Lease Payments $222,598 $307,928

Future lease payments total $222.6 million, of which, $221.3 million has been allocated for USAID headquarters in Washington, D.C. The current lease agreement is for approximately 550,000 sq. feet and will expire in FY 2010. The lessor, General Services Administration (GSA), charges commercial rates for USAID’s occupancy. Lease payments for FY 2007 and FY 2006 amounted to $40.6 million and $40.5 million, respectively.


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