THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS

NOTES TO FINANCIAL STATEMENTS

June 30, 2015 and 2014

NOTE 9 COMMITMENTS AND CONTINGENCIES

Minimum Lease Payment Obligations
The Association has entered into several non-cancelable operating leases that expire at various dates
through 2019. Several of these leases contain options to extend the terms. For the years ended June 30,
2015 and 2014, office rent expense was $375,827 and $370,997, respectively, and equipment rental
expense was $814,228 and $747,363, respectively. Such expenses are included in the corresponding
department to which the equipment or office space relates. These expenses are recognized using the
straight-line method over the life of the lease. The minimum future lease payments under these noncancelable lease agreements as of June 30, 2015, are as follows:

2016
2017
2018
2019

334,254
164,722
141,468
44,957

685,401

Litigation: The Association is a defendant in various legal actions. In the opinion of management of the
Association, claims arising as a result of these actions will not have a material adverse impact on the
Associations financial statements.

NOTE 10 - SUBSEQUENT EVENTS

The Association evaluated its June 30, 2015, financial statements for subsequent events through
November 30, 2015, the date the financial statements were available to be issued, and is not aware of any
subsequent events that would require recognition or disclosure in the financial statements.

17.