LAKELAND COLLEGE

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32 Note 12 Long-Term Liabilities 2008 2007 (a) Long Term Debt $ 2,280,000 $ 2,400,000 (b) Capital Lease 1,669,202 - Total Long Term Liabilities $ 3,949,202 $ 2,400,000 Current Portion (588,004) (120,000) Long Term Portion $ 3,361,198 $ 2,280,000 (a) Long-term Debt: 2008 2007 Alberta capital financing authority (AFCA) $ 2,280,000 $ 2,400,000 Less: current portion $ (120,000) $ (120,000) $ 2,160,000 $ 2,280,000 The ACFA loan is a 25 year debenture secured by residences with value of $2,956,794. The debenture incurs interest at 6.5% per annum. AFCA Loan 2008-09 $ 120,000 2009-10 120,000 2010-11 120,000 2011-12 120,000 2012-13 and subsequent 1,800,000 $ 2,280,000 (b) Capital Lease: 2008 2007 IBM capital lease 1,669,202 - Less: current portion (468,004) - Non-current capital lease obligation 1,201,198 - The minimum annual payments under the capital lease obligation are as follows: IBM Lease 2008-09 $ 468,004 2009-10 468,004 2010-11 468,004 2011-12 468,004 Total minimum lease payments $ 1,872,016 Less: amount representing interest (202,814) Capital lease obligation $ 1,669,202 The IBM lease is for goods and services relating to the restructuring of the College network and enabling the wireless internet access system and is for a term of 5 years with an imputed interest rate of 4.75%. During the year, interest of $66,453 (2007 -$0) has been charged to the expense. ANNUAL REPORT 2007-08 LAKELAND COLLEGE
33 Note 13 Net Assets Internally Restricted by the Board Net assets internally restricted by the Board represent amounts set aside by the College’s Board of Governors to be used for the following designated purposes. These amounts are not available for other purposes without the approval of the Board. 2008 2007 Major maintenance and equipment $ 68,230 $ 75,314 Delivery initiatives 52,315 66,811 $ 120,545 $ 142,125 Note 14 Endowments External endowments consist of funds restricted for: 2008 2007 College development $ 420,089 $ 420,089 Scholarships and bursaries 1,510,569 1,451,693 Funds are required to be maintained in perpetuity. $ 1,930,658 $ 1,871,782 Note 15 Grants Grant revenue consists of: 2008 2007 Budget Actual Actual Advanced Education General Operating $ 25,674,084 $ 25,939,714 $ 24,451,864 Conditional (Note 8) 2,932,838 5,326,139 2,438,875 Other Government Grants 8,000 - 84,789 Province of Saskatchewan General Operating 1,038,741 1,184,050 1,130,009 $ 29,653,663 $ 32,449,903 $ 28,105,537 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 and 26: 23 STATEMENT OF OPERATIONS For the
Page 27 and 28: 25 STATEMENT OF CASH FLOWS 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: 31 Note 9 Deferred Capital Contribu
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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