SAE Annual Report 2010 - 55

SAE INTERNATIONAL
Notes to the Financial Statements (Continued) Note 5 - Property and Equipment Property and equipment consists of the following at December 31: 2010 Land Building and building improvements Furniture and equipment Less: Accumulated depreciation $ 685,913 14,535,481 17,458,045 32,679,439 24,486,361 $ 8,193,078 Note 6 - Notes Payable SAE entered into a term note with SunTrust Bank in March 2009. The loan bears interest at 3.6% and is to be repaid in 59 equal installments of $119,048 plus interest beginning in April 2009. A final payment of $2,976,168 plus unpaid and accrued interest is due in March 2014. SAE may prepay the loan at any time subject to prepayment penalty. The loan contains various financial covenants and is collateralized by marketable securities held in custody at SunTrust Bank, which are valued at approximately $18,000,000 at December 31, 2010. The future annual principal payments on long-term debt are approximately: Year Ending December 31 2011 2012 2013 2014 Amount $ 1,429,000 1,429,000 1,429,000 3,213,000 $ 7,500,000 Costs associated with the debt financing, including interest expense of $301,964 at December 31, 2010 and $261,929 at December 31, 2009, are included in loan activities within nonoperating activities on the statement of activities. 2009 $ 685,913 14,167,117 19,700,832 34,553,862 26,358,995 $ 8,194,867

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SAE Annual Report 2010

Table of Contents for the Digital Edition of SAE Annual Report 2010

SAE Annual Report 2010
Contents
Executive Message
Sectors – Aerospace, Automotive and Commercial Vehicle
Membership
Aerospace Standards
Ground Vehicle Standards
Engineering Events and Meetings
Electronic Publishing
Magazines and Books
Professional Development
Collegiate Design Series
SAE Foundation
Performance Review Institute (PRI)
Globally Relevant
SAE International Financials
Supplemental Information
SAE Annual Report 2010 - Intro1
SAE Annual Report 2010 - Intro2
SAE Annual Report 2010 - SAE Annual Report 2010
SAE Annual Report 2010 - Contents
SAE Annual Report 2010 - Executive Message
SAE Annual Report 2010 - 3
SAE Annual Report 2010 - Sectors – Aerospace, Automotive and Commercial Vehicle
SAE Annual Report 2010 - 5
SAE Annual Report 2010 - 6
SAE Annual Report 2010 - 7
SAE Annual Report 2010 - 8
SAE Annual Report 2010 - 9
SAE Annual Report 2010 - Membership
SAE Annual Report 2010 - 11
SAE Annual Report 2010 - Aerospace Standards
SAE Annual Report 2010 - 13
SAE Annual Report 2010 - Ground Vehicle Standards
SAE Annual Report 2010 - 15
SAE Annual Report 2010 - Engineering Events and Meetings
SAE Annual Report 2010 - Electronic Publishing
SAE Annual Report 2010 - Magazines and Books
SAE Annual Report 2010 - 19
SAE Annual Report 2010 - Professional Development
SAE Annual Report 2010 - Collegiate Design Series
SAE Annual Report 2010 - SAE Foundation
SAE Annual Report 2010 - 23
SAE Annual Report 2010 - Performance Review Institute (PRI)
SAE Annual Report 2010 - Globally Relevant
SAE Annual Report 2010 - SAE International Financials
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SAE Annual Report 2010 - 28
SAE Annual Report 2010 - 29
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SAE Annual Report 2010 - Supplemental Information
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