Annual Report 2010/11

Notes to the Consolidated Financial StatementsFor the Year Ended June 30, 2011 (thousands of dollars)Note 18Contractual ObligationsThe University has contractual obligations which are commitments that will become liabilities in thefuture when the terms of the contracts or agreements are met.2011 2010Service contracts $ 13,497 $ 12,047Capital projects 183 800Information systems and technology 302 11,500Long-Term leases 2,734 3,229$ 16,716 $ 27,576The estimated aggregate amounts payable for the unexpired terms of these contractual obligationsare as follows:2011InformationService Systems and Long-TermContracts technology Leases Capital total2012 $ 4,325 $ 279 $ 1,303 $ 121 $ 6,0282013 3,234 23 821 17 4,0952014 2,375 - 414 17 2,8062015 2,375 - 156 14 2,5452016 1,188 - 40 14 1,242Thereafter - - - - -13,497 302 2,734 183 16,716Note 19Contingent LiabilitiesThe University is a defendant in a number of legal proceedings. While the ultimate outcome andliability of these proceedings cannot be reasonably estimated at this time, the University believesthat any settlement will not have a material adverse effect on the financial position or the results ofoperations of the University. Management has concluded that none of the claims meet the criteriafor being recorded under GAAP.consolidated financial statements 2010/2011 57