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i - Hibiscus Children ' s Center, Inc . — -- NOTES TO FINANCIAL STATEMENTS June 30 , 2002 I NOTE F - MORTGAGE COMMITMENT Hibiscus Children ' s Center, Inc . has a note payable for the renovation of a new administration building . Terms of the note provide for monthly payments of interest only until December 1 , 2001 at which time monthly principal and interest payments of $ 2 , 225 I will begin . The note bears interest at a fixed rate of 7 . 8 % and is secured by the Center ' s real property . The note matures and a balloon payment is required in September of 2009 of $ 196 , 800 . Total interest expense at June 30, 2002 was $ 20, 542 .. Future principal obligations are as follows : 2003 $ 6 , 650 2004 7 , 186 I 2005 7 , 765 2006 8 , 320 2007 8 , 986 Thereafter 220, 557 $ 259 , 464 ICarrying amounts of mortgage payable approximate their fair value . NOTE G - RETIREMENT PLANS IThe Center sponsors a 401 ( k) plan that covers all employees who have worked 1 , 000 hours in a 12 month period and who are at least 21 years of age . Employees deferring I compensation into the plan receive up to an optional 1 . 5 percent match . For the year ended June 30 , 2002 , the amount of pension expense was $ 5 , 652 NOTE H = ACCOUNTS RECEIVABLE IThe Center anticipates collection on all accounts receivable , therefore , there has been no allowance for doubtful accounts established . INOTE / - NET ASSETS RELEASED FROM RESTRICTIONS Net assets were released from donor/grantor restrictions by incurring expenses satisfying restricted purposes as follows : Shelter programs $ 41 , 219 Crisis Nursery programs 11228 Capital funds 67 , 403 Other 1 ,403 Martin County Guild 8 , 916 Indian River County Guild 810 Devon Green fundraisers 21041 $ 123 ,020 Page 11