(*) Interest of 8,919,000 was capitalized during Fiscal Year 2013 construction for year 2011 and 2010 bonds.

In Fiscal Year 2014 ECF received $7 million in income for option for E. 57th development to extend lease beyond 99 years.

Operating Expenses exclude Post Employment Benefits accrual.

Principal in Fiscal Year 2016 does not include the redemption amount of the 2005 bonds on October 1, 2015.

In FY 2017 and FY 2018, ECF received participation payments from E. 57th Street condo sales by the developer of $10 million and $18.7 million, respectively.

Principal in FY 2019 does not include redemption amount of the 2007 bonds in october 2018.

Source: New York City Educational Construction Fund