$       12,535

Note 2 - Deposits and Investments (Continued)
Investments
At June 30, 2015 and 2014, the Board had the following investments and maturities.

Note 5- Operating Leases
The Board leased office equipment under an operating lease. The total rent expense charged to operations under the lease agreement was $2,739 in 2014 and $2,664 in 2013.

Rental commitments under noncancellable operating leases at June 30, 2014 are as follows:

Note 7 - Pension Plan and Postemployment Benefits other Than Pensions

Simplified Employee Pension Plan
On April 14, 1997, the Board entered into a Simplified Employee Pension plan agreement on behalf of employees of the Board. Five employees are covered under the plan, one management employee and four professional and clerical staff employees. Only the Board contributes to the plan, and only the Board has the authority to authorize and amend the plan. There are no forfeitures inuring to other employees this type plan. The Board's payroll for employees covered by the plan for the year ended June 30, 2015 was $251,097; the Board's total payroll was $312,098. The Board's covered payroll for the year ended June 30, 2014 was $229,780; the Board's total payroll was $309,443. The Board's covered payroll for the year ended June 30, 2013 was $225,760; the Board's total payroll was $309,429. The Board's pension contribution amounted to $12,555 for 2015, $11,489 for 2014 and $11,288 for 2013. The Board had no outstanding libilities to the plan at June 30, 2015 and 2014. The Board assumes no liability for retiree benefits provided by this program other than its required contributions. The Board has no postemployment benefits other than this defined contribution retirement plan.

Note 11 - Payment to Impairment Fund

The Board contributes to the North Carolina Physicians Health Program, Inc., pursuant to a contractual agreement with the program. The Board paid into the program $67,500 for the year ended June 30, 2015 and $67,500 for the year ended June 30, 2014. The payments were made to benefit veterinarians in need of the services of the program. The North Carolina Physicians Health Program was created in accordance with North Carolina General Statute 90-21.22. According to the Federation of State Health Programs, Inc., the purpose of a physician health program is to "provide a non-disciplinary theraputic program for health care practitioners with health conditions which may compromise their ability to practice with reasonable skill and safety." A memorandum of understanding between the North Carolina Medical Board (Medical Board) and the North Carolina Medical Society (Medical Society) establishes provisions for administering the Program. The memorandum also established the North Carolina Physicians Health Program, Inc., a nonprofit affiliate organization of the Medical Society, as the Program's administrator. The North Carolina Physicians Health Program, Inc. has a 15-member Board of Directors that consists of five members from the Medical Society, three members from the Medical Board, and seven members from other health care provider organizations.

Note 12 - Restatement of Net Position

In order to comply with the issuance of Statement No. 68 (effective for the fiscal years beginning after June 15, 2014) by the Governmental Accounting Standards Board (GASB 68), and to record omitted simplified employee pension (SEP) contribution payable, the Board has restated its beginning net position for the year ended June 30, 2014 in the amount of $5,156. This resulted in an increase in expenses in excess of revenues in the amount of $958 for the year ended June 30, 2014. The financial statements for the hear as of and for the year ended June 30, 2014 are restated herein.

In connection with this changes [sic] the beginning net position (for 2014) has been restated as follows: