4. Capital assets <strong>2003</strong> 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 s<strong>of</strong>tware 2,058,961 1,581,351 477,610 197,224 Computer equipment and s<strong>of</strong>tware in progress - - - 275,796 7,131,280 3,225,282 3,905,998 4,076,133 5. Obligation Under Capital Lease <strong>2003</strong> 2002 $ $ Obligation under capital lease, 9.8%, due December 25, 2007, with purchase option at that date in the amount <strong>of</strong> $10, secured by certain equipment, monthly blended payments <strong>of</strong> $1,869 72,993 84,423 Less: Obligation under capital lease – current portion 15,966 15,316 Principal payments due in each <strong>of</strong> the next five fiscal years are as follows: 6. Commitments and Contingencies 57,027 69,107 a) The <strong>College</strong> has agreed to maintain and operate the Niagara Apothecary to the year 2005. b) The <strong>College</strong> is presently involved in a legal dispute, the outcome <strong>of</strong> which is not determinable at this time. Management believes the claim is without merit. The amount <strong>of</strong> any contingent loss cannot be reasonably estimated. Any settlement resulting from the resolution <strong>of</strong> this contingency will be accounted for as a charge to income in the period in which the settlement occurs. c) The <strong>College</strong> is committed to operating leases for <strong>of</strong>fice equipment and automobiles as follows: <strong>2004</strong>. . . . $150,913 2005 . . . . . 122,510 2006 . . . . . . 38,301 2007 . . . . . . . 6,568 $318,292 <strong>2004</strong> . . . . . $15,966 2005 . . . . . . 17,603 2006 . . . . . . 19,408 2007 . . . . . . 20,016 $72,993 7. Comparative Figures Certain <strong>of</strong> the comparative figures have been reclassified to conform with the current year’s presentation and to effect the correction <strong>of</strong> a prior period error as described in note 8. 8. Correction <strong>of</strong> a Prior Period Error During fiscal <strong>2003</strong>, the <strong>College</strong> adopted the accrual basis <strong>of</strong> accounting for Investigations and Resolutions. The correction was accounted for retroactively with restatement <strong>of</strong> all prior periods reported. The effect <strong>of</strong> this correction on prior periods was treated as an adjustment <strong>of</strong> the opening balance <strong>of</strong> unrestricted net assets, decreasing the January 1, 2002 balance by $328,200 and the opening balance <strong>of</strong> accounts payable and accrued liabilities, increasing the January 1, 2002 balance by $328,200. 18 OCP • ANNUAL REPORT <strong>2003</strong>-<strong>2004</strong>
STATISTICS OCP • ANNUAL REPORT <strong>2003</strong>-<strong>2004</strong> 19