LAKELAND COLLEGE

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24 STATEMENT OF CHANGES IN NET ASSETS For the year ended June 30, 2008 2008 2007 Accumulated Net Unrealized Internally Gain (Loss) on Restricted Investments Invested in Unrestricted (Note 13) (Note 11) Capital Assets Endowments Total Total Excess of revenue over expenses $ 4,421,317 $ - $ - $ - $ - $ 4,421,317 $ 4,541,497 Endowment contributions - 58,876 58,876 95,206 Transfers: Net unrealized losses on available for sale investments (Note 11) (609,841) (609,841) Amortization of internally funded capital assets 2,087,414 (2,087,414) - - Acquisition of internally funded capital assets (4,311,477) 4,311,477 - - Assumption of capital lease 1,923,654 (1,923,654) - - Repayment of Loans (374,453) 374,453 - - From internally restricted 21,580 (21,580) - - Net book value of capital asset disposals 111,215 (111,215) - - Increase in net assets 3,879,250 (21,580) (609,841) 563,647 58,876 3,870,352 4,636,703 Net assets beginning of year 9,706,200 142,125 - 12,760,313 1,871,782 24,480,420 19,843,717 Adjustment effective July 1, 2007 per Notes 2(b) and 11 1,006,134 1,006,134 Net assets at end of year $ 13,585,450 $ 120,545 $ 396,293 $ 13,323,960 $ 1,930,658 $ 29,356,906 $24,480,420 The accompanying notes are part of these financial statements. ANNUAL REPORT 2007-08 LAKELAND COLLEGE
25 STATEMENT OF CASH FLOWS For the year ended June 30, 2008 Cash provided by: 2008 2007 OPERATING ACTIVITIES Surplus of revenue over expenses $ 4,421,317 $ 4,541,497 Non-cash transactions Amortization of capital assets 4,665,531 4,444,772 Amortization of deferred capital contributions (Note 10) (2,578,117) (2,486,207) Loss (Gain) on disposal of capital assets 48,826 (6,367) 6,557,557 6,493,695 Net change in non-cash working capital (825,050) 4,227,273 Cash provided by operating activities 5,732,507 10,720,968 INVESTING ACTIVITIES Acquisition of capital assets Internally and debt funded (4,311,477) (1,905,262) Externally funded (6,806,455) (3,772,369) Net purchase and unrealized gains on investments (2,503,253) (3,262,509) Proceeds from disposal of capital assets 62,390 20,008 Cash used in investing activities (13,558,795) (8,920,132) FINANCING ACTIVITIES Endowment contributions 58,876 95,206 Proceeds from capital lease 1,923,654 - Repayment of long-term debt (374,453) (175,505) Capital contributions received (Note 9) 9,600,534 4,754,641 Cash provided by financing activities 11,208,611 4,674,342 INCREASE IN CASH AND SHORT TERM INVESTMENTS 3,382,323 6,475,178 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 16,246,985 9,771,807 CASH AND CASH EQUIVALENTS AT END OF THE YEAR $ 19,629,308 $ 16,246,985 The accompanying notes are part of these financial statements. LAKELAND COLLEGE ANNUAL REPORT 2007-08
Page 1 and 2: ANNUAL REPORT 2007-08 LAKELAND COLL
Page 3 and 4: 1 CONTENTS Board Accountability Sta
Page 5 and 6: 3 message from the president Glenn
Page 7 and 8: 5 Year in Review Student success Th
Page 9 and 10: Lakeland and Parkland Regional Coll
Page 11 and 12: 9 Core programs The following progr
Page 13 and 14: Geographic representation of full-t
Page 15 and 16: Quality programs and people We will
Page 17 and 18: Highlights • A staff climate surv
Page 19 and 20: 17 was very impressed with the Stud
Page 21 and 22: 19 Lee J. Moneo Professional Corpor
Page 23 and 24: 21 Auditor’s Report To the Board
Page 25: 23 STATEMENT OF OPERATIONS For the
Page 29 and 30: 27 (c) (d) (e) (f) (g) Financial as
Page 31 and 32: 29 Note 6 Capital Assets Capital as
Page 33 and 34: 31 Note 9 Deferred Capital Contribu
Page 35 and 36: 33 Note 13 Net Assets Internally Re
Page 37 and 38: 35 Note 18 Operating Expense Operat
Page 39 and 40: 37 2007 Deferred Deferred Capital G

LAKELAND COLLEGE

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