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7. commitmeNts AND coNtiNgeNcies
Operating Lease
The Association leases its administrative office space in Washington, DC and certain office equipment under agreements expiring at various times through 2018. Future minimum rental payments by year and in the aggregate, under the operating leases for office space and equipment are as follows:
Years ending June 30
2010 $ 712,664
2011 732,291
2012 736,216
2013 736,216
2014 744,520
thereafter 3,435,148
$ 7,097,055
Rent expense for the years ended June 30, 2009 and 2008, was $632,095 and $544,935, respectively.
Commitments for Conference Facilities
The Association is committed under agreements for conference and hotel space through the year 2013. The total commitment under the agreements is not determinable as it depends upon attendance and other unknown factors. In the event that the Association cancels the agreements, the Association may be subject to liquidating damages.
Contingency
EBACE has overseas activities and it has certain risks such as currency fluctuation, foreign taxes and foreign country politi-cal issues. The Association does not believe that EBACE has incurred any liability related to these risks that is probable and can be valued.
8. emploYee retiremeNt plAN
During the year ended June 30, 1998, the Association estab-lished the National Business Aviation Association, Inc. 401(k) Profit Sharing Plan and Trust for all eligible employees. All plan participants have the option of deferring a percentage of their an-nual salary, subject to IRS limitations. The Association may match a portion of the salary deferred by each employee. For the years ended June 30, 2009 and 2008, the Association contributed $698,874 and $734,193, respectively, to the plan.
9. relAteD pArties
The Association is a member of the International Business Aviation Council (IBAC) along with 14 other aviation member groups. Administrative, overhead and direct costs are borne by IBAC member groups through assessments. Costs incurred by the Association to support IBAC were $148,674 and $314,861 for the years ended June 30, 2009 and 2008, respectively.
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本文链接地址：2009 NBAA annual report 2009 NBAA 年度报告(23)
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