LAKELAND COLLEGE Annual Repor t 2008 - 2009
LAKELAND COLLEGE annual Report 2008 - 2009
LAKELAND COLLEGE annual Report 2008 - 2009
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ANNUAL REPORT <strong>2008</strong>-<strong>2009</strong><br />
23<br />
S tate m e nt of C h a n g es i n N et Assets<br />
Fo r t h e ye a r e n d e d J u n e 3 0 , 2 0 0 9<br />
<strong>2009</strong> <strong>2008</strong><br />
Accumulated Net<br />
Unrealized Gain<br />
Internally (Loss) on Invested in Total<br />
Restricted Investments Capital (Restated<br />
Unrestricted (Note 13) (Note 11) Assets Endowments Total Note 26)<br />
Excess of revenue<br />
over expenses $ 436,459 $ - $ - $ - $ - $ 436,459 $ 4,346,828<br />
Endowment contributions 331,275 331,275 58,876<br />
Transfers:<br />
Net unrealized losses on<br />
available for sale<br />
investments (Note 11) (1,119,919) (1,119,919) (609,841)<br />
Amortization of internally<br />
funded capital assets 2,204,152 (2,204,152) - -<br />
Acquisition of internally<br />
funded capital assets (2,424,659) 2,424,659 - -<br />
Repayment of Loans (519,781) 519,781 - -<br />
From unrestricted (15,850,855) 15,850,855<br />
Costs incurred in residence<br />
repairs and maintenance 4,573,914 (4,573,914)<br />
Net book value of<br />
capital asset disposals 62,893 (62,893) - -<br />
(Decrease) increase<br />
in net assets (11,517,877) 11,276,941 (1,119,919) 677,395 331,275 (352,185) 3,795,863<br />
Net assets beginning of year 13,509,121 120,545 396,293 13,325,801 1,930,658 29,282,418 25,486,554<br />
Net assets at end of year $ 1,991,244 $ 11,397,486 $ (723,626) $ 14,003,196 $ 2,261,933 $ 28,930,233 $ 29,282,417<br />
The accompanying notes are part of these financial statements.
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