siast 2006-2007 annual report - Saskatchewan Institute of Applied ...

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
Year ended June 30, 2007
(in thousands of dollars)
Technology enhanced learning (TEL) deferred grants represent the unspent portion of funding received from AEE that is restricted to projects that extend access
and enhance program quality in post-secondary education through effective use of technologies.
Skills training deferred grants represent unspent grants that are restricted to the skills training initiatives for which AEE provides funding to enable SIAST to
respond regionally to emerging skills shortages.
Capital assets deferred grants represent unspent funding restricted to the purchase of capital assets.
10. Obligation under capital leases:
2007 2006
Balance, beginning of year $ 256 $ 444
Repayments during the year (278 ) (188)
Additions during the year 527 -
Total 505 256
Less current amount 115 185
Long-term amount $ 390 $ 71
Minimum lease payments under the capital leases, including interest are as follows:
2008 $ 148
2009 132
2010 111
2011 107
2012 96
Total minimum lease payments 594
Less amount representing future interest 89
Net obligation under capital leases $ 505
Interest rates on the leases range from 4.5% to 11.4%. Interest expensed during the year amounted to $18 (2006 – $34).