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

Larry Fladager, SIAST Woodland Campus
director, has been named to the Prince Albert
Chamber of Commerce.
Year ended June 30, 2007
(in thousands of dollars)
11. Deferred contributions:
Bill Coulthard, SIAST Wascana Campus
director, will continue to serve as a member
of the Mayor’s Task Force on Regina’s Future.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
Liz Constantinides (pictured), Dental
Assisting, was appointed as the Canadian
Dental Association representative on the
Dental Assisting Program Committee of the
Commission on Dental Accreditation.
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The balance is made up of the following:
(a) Capital:
Deferred contributions related to capital assets represent the unamortized portion of grants expended for capital assets.
2007 2006
Balance, beginning of year $ 14,555 $ 14,200
Amortization of deferred capital contributions (2,395 ) (2,120)
Contributions for capital assets purchased 7,663 2,475
Balance, end of year $ 19,823 $ 14,555
(b) Scholarship and other trust funds:
Deferred scholarship and other trust fund contributions represent unexpended funds externally restricted for scholarships and other purposes.
2007 2006
Balance, beginning of year $ 1,076 $ 1,218
Contributions and investment income received during the year 794 433
Revenue recognized during the year (617 )
(552)
Transferred to endowments (8 )
(23)
Balance, end of year $ 1,245 $ 1,076
12. Net assets restricted for endowment:
Endowments consist of donations to SIAST where the donor requires SIAST to maintain the principal intact in perpetuity. For fiscal 2007, disbursements of 5.60%
of the closing balance principal were funded by investment income earned on the endowment assets. The rate of return on endowed assets in 2007 was 10.76%
(2006 – 5.25%). Investment earnings on endowed assets in excess of awards granted in the year are included in deferred contributions – scholarship and other
trust funds.