2003-2004 - Ontario College of Pharmacists

4. Capital assets 2003 2002
Cost Accumulated Net Net
Depreciation Book Value Book Value
$ $ $ $
Land 363,134 - 363,134 363,134
Building 3,906,172 1,079,375 2,826,797 2,944,581
Furniture and equipment 803,013 564,556 238,457 295,398
Computer equipment and software 2,058,961 1,581,351 477,610 197,224
Computer equipment and software in progress - - - 275,796
7,131,280 3,225,282 3,905,998 4,076,133
5. Obligation Under Capital Lease
2003 2002
$ $
Obligation under capital lease, 9.8%, due December 25, 2007,
with purchase option at that date in the amount of $10, secured by
certain equipment, monthly blended payments of $1,869 72,993 84,423
Less: Obligation under capital lease – current portion 15,966 15,316
Principal payments due in each of the next five fiscal years are as follows:
6. Commitments and Contingencies
57,027 69,107
a) The College has agreed to maintain and operate the Niagara Apothecary to the year 2005.
b) The College is presently involved in a legal dispute, the outcome of which is not determinable at this time. Management believes the
claim is without merit. The amount of any contingent loss cannot be reasonably estimated. Any settlement resulting from the resolution
of this contingency will be accounted for as a charge to income in the period in which the settlement occurs.
c) The College is committed to operating leases for office equipment and automobiles as follows:
2004. . . . $150,913
2005 . . . . . 122,510
2006 . . . . . . 38,301
2007 . . . . . . . 6,568
$318,292
2004 . . . . . $15,966
2005 . . . . . . 17,603
2006 . . . . . . 19,408
2007 . . . . . . 20,016
$72,993
7. Comparative Figures
Certain of the comparative figures have been reclassified to conform with the current year’s presentation and to effect the correction
of a prior period error as described in note 8.
8. Correction of a Prior Period Error
During fiscal 2003, the College adopted the accrual basis of accounting for Investigations and Resolutions. The correction was
accounted for retroactively with restatement of all prior periods reported. The effect of this correction on prior periods was treated as
an adjustment of the opening balance of unrestricted net assets, decreasing the January 1, 2002 balance by $328,200 and the opening
balance of accounts payable and accrued liabilities, increasing the January 1, 2002 balance by $328,200.
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OCP • ANNUAL REPORT 2003-2004