LAKELAND COLLEGE

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Note 6
Capital Assets
Capital assets consist of:
2008 2007
Accumulated Net Book Net Book
Cost Amortization Value Value
Land $ 1,612,439 $ - $ 1,612,439 $ 1,612,439
Buildings 89,213,018 (44,177,496) 45,035,522 41,383,130
Site improvements 18,259,803 (10,585,112) 7,674,691 8,054,736
Furniture & equipment 12,825,225 (8,074,389) 4,750,836 3,502,145
Computers & telecommunications equipment 12,067,113 (7,716,203) 4,350,910 2,583,541
Vehicles 2,329,220 (1,693,116) 636,104 532,319
Leasehold improvements - - - 79,998
Milk quotas 267,641 - 267,641 220,391
Library 3,454,164 (3,140,325) 313,839 332,097
$ 140,028,623 $ (75,386,641) $ 64,641,982 $ 58,300,796
The Province of Alberta has been granted an option to purchase for $1 the whole or any part of the land, buildings and site improvements
that it transferred to the College in 1982.
In 2006 for the consideration of $1, Lakeland College sold its interest in six acres of land to the Town of Vermilion for the Town’s use of
building a Community Centre.
Buildings include $9,059,050 (2007 - $3,449,537) of the Lloydminster Expansion project and computers & telecommunications equipment
include $117,614 relating to the wireless / network separation project, amortization of which is deferred until the completion of the project.
Note 7
Unearned Revenue
Unearned revenue consists of:
2008 2007
Tuition and residence fees $ 1,480,565 $ 1,310,198
Contract advances 193,847 416,122
Extension and community education course fees 58,897 38,804
Projects & programs 297,228 327,263
$ 2,030, 537 $ 2,092,387
LAKELAND COLLEGE
ANNUAL REPORT 2007-08