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<br /> <br />HARDESTY & HANOVER, LLC <br />Notes to Statement of Direct Labor, <br />Fringe Benefits and General Overhead <br /> For the Year Ended December 31, 2019 <br /> <br />NOTE 5: DESCRIPTION OF LABOR-RELATED COSTS (Continued) <br /> <br />Intercompany Labor Cost - As per industry standards of cost accounting, some of the employees’ <br />and members' time are paid by Hardesty & Hanover, LLC and Hardesty & Hanover Construction <br />Services, LLC. Their salaries are commensurate with performance and position. The salaries and <br />related expenses have been appropriately included on the Statement of Direct Labor, Fringe <br />Benefits and General Overhead of Hardesty & Hanover, LLC. <br /> <br />NOTE 6: DESCRIPTION OF DEPRECIATION AND LEASING POLICIES <br /> <br />Depreciation <br />Depreciation and amortization expenses for the year ended December 31, 2019 were $794,152. <br />Depreciation is calculated using primarily the straight-line method over the estimated useful lives of <br />the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the <br />remaining term of the lease or its estimated useful life. Depreciation does not include section 179 or <br />bonus depreciation. <br /> <br />Operating Leases <br />The following is a schedule, by year, of future minimum rental payments required under the major <br />office operating leases that have initial or remaining non-cancelable lease terms in excess of one <br />year as of 2019. (Rent payments made for the main office, located in New York City, are allocated <br />between Hardesty & Hanover, LLC and Hardesty & Hanover Construction Services, LLC. There <br />are other leases maintained for smaller offices in Connecticut, Florida, Illinois, Kansas, Louisiana, <br />Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Virginia and <br />Washington.) <br /> <br /> Year ended <br /> December 31, Total <br /> <br /> 2020 $ 4,151,789 <br /> 2021 4,300,284 <br /> 2022 4,161,111 <br /> 2023 3,779,736 <br /> 2024 3,399,196 <br /> Thereafter 19,093,814 <br /> <br /> $ 38,885,930 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />-12-