Indian Gaming Association Notes to Financial Statements
Note 5: Property and Equipment
Property and equipment at December 31, 2025 and 2024 consist of:
2025
2024
Property and equipment not being depreciated Construction in progress
$
89,399 $
17,039 59,084 76,123
Works of art
59,084 148,483
Total property and equipment not being depreciated
Property and equipment being depreciated Land improvements
565,003
565,003
Building
7,221,350 7,221,350
Building improvements
463,803 759,383
460,279 790,384
Furniture, fixtures, and equipment
Total property and equipment being depreciated
9,009,539 9,037,016
Less accumulated depreciation
(3,166,981)
(3,011,568)
Net property and equipment being depreciated
5,842,558 6,025,448
Net property and equipment
$ 5,991,041 $ 6,101,571
Right-of-use asset Equipment
$
24,080 $
38,994
Depreciation and amortization expense was $183,775 and $181,911 during the years ended December 31, 2025 and 2024, respectively.
The building is pledged as collateral for all borrowings, see Note 7.
Note 6: Leases IGA leases equipment under various terms under long-term non-cancelable operating lease arrangements. The leases expire at various dates through 2027. Operating leases with a term of 12 months or less are not recorded on the statements of financial position.
Operating leases
2025
2024
Current portion of lease liability
$
15,382 $
15,926 23,068
Operating lease liability
8,698
Total operating lease liabilities
$
24,080 $
38,994
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