LAKELAND COLLEGE Annual Repor t 2008 - 2009

ANNUAL REPORT 2008-2009
21
S tate m e nt of Fi n a n cial Position
A s a t J u n e 3 0 , 2 0 0 9
2009 2008
(Restated - Note 26)
AS S E T S
Cash and short-term investments (Note 4) $ 27,957,462 $ 14,872,220
Accounts receivable & Prepaids 3,016,991 2,639,571
Inventories (Note 3) 1,072,191 951,956
32,046,644 18,463,747
Non-current cash and cash equivalents (Note 4) 4,677,718 4,757,088
Investments (Note 5) 10,332,562 11,142,434
Patronage dividends receivable 8,483 12,817
Capital assets (Note 6) 65,766,338 64,691,334
$ 112,831,745 $ 99,067,420
liABiliti E S A N D N E T AS S E T S
Accrued vacation pay $ 2,366,858 $ 2,036,406
Accounts payable and accrued liabilities 6,136,987 4,198,343
Unearned revenue (Note 7) 2,277,376 2,030,537
Deferred contributions (Note 8) 14,957,120 1,677,760
Current portion of long-term liabilities (Note 12) 607,462 607,462
26,345,803 10,550,508
Deferred capital contributions (Note 9) 6,400,030 8,476,424
Unamortized deferred capital contributions (Note 10) 48,286,209 47,368,820
Long-term liabilities (Note 12) 2,869,470 3,389,250
83,901,512 69,785,002
Net assets:
Unrestricted
Accumulated excess of revenue over expenses 1,991,244 15,366,494
Accumulated net unrealized gain (loss) on investments (Note 11) (723,626) 396,293
Internally restricted (Note 13) 11,397,486 120,545
Invested in capital assets 14,003,196 11,468,428
Endowments (Note 14) 2,261,933 1,930,658
28,930,233 29,282,418
$ 112,831,745 $ 99,067,420
The accompanying notes are part of these financial statements.