LAKELAND COLLEGE

22
STATEMENT OF FINANCIAL POSITION
As at June 30, 2008
2008 2007
ASSETS
Cash and short-term investments (Note 4) $ 14,872,220 $ 11,941,633
Accounts receivable & prepaids 2,639,571 2,847,423
Inventories (Note 3) 951,956 905,217
18,463,747 15,694,273
Non-current cash and cash equivalents (Note 4) 4,757,088 4,305,352
Investments (Note 5) 11,142,434 8,242,889
Patronage dividends receivable 12,817 12,817
Capital assets (Note 6) 64,641,982 58,300,796
$ 99,018,068 $ 86,556,127
LIABILITIES AND NET ASSETS
Accrued vacation pay $ 2,036,406 $ 1,902,237
Accounts payable and accrued liabilities 4,122,013 3,005,492
Unearned revenue (Note 7) 2,030,537 2,092,387
Deferred contributions (Note 8) 1,677,760 3,852,764
Current portion of long-term liabilities (Note 12) 588,004 120,000
10,454,720 10,972,880
Deferred capital contributions (Note 9) 8,476,424 5,682,345
Unamortized deferred capital contributions (Note 10) 47,368,820 43,140,482
Long-term liabilities (Note 12) 3,361,198 2,280,000
69,661,162 62,075,707
Net assets:
Unrestricted
Accumulated excess of revenue over expenses 13,585,450 9,706,200
Accumulated net unrealized gain on investments (Note 11) 396,293 -
Internally restricted (Note 13) 120,545 142,125
Invested in capital assets 13,323,960 12,760,313
Endowments (Note 14) 1,930,658 1,871,782
29,356,906 24,480,420
$ 99,018,068 $ 86,556,127
The accompanying notes are part of these financial statements.
ANNUAL REPORT 2007-08
LAKELAND COLLEGE