LAKELAND COLLEGE Annual Repor t 2008 - 2009

ANNUAL REPORT 2008-2009
29
Note 8 Deferred Contributions
Changes in deferred contributions are as follows:
2009 2008
Restricted donations & contributions received during the year:
Conditional grants $ 20,990,173 $ 2,412,290
Donations in kind 9,265 57,621
Restricted donations 34,218 63,985
Scholarships and bursaries 348,229 325,605
Interest on grants (Note 17) 338,425 -
Interest on endowments (Note 17) 147,759 120,066
21,868,069 2,979,567
Transferred to revenue:
Conditional grants (Note 15) $ (7,440,752) $ (5,326,139)
Interest earned on grants (8,630) -
Restricted donations (27,314) (3,350)
Donations in kind (9,265) (16,360)
Scholarships and bursaries (361,143) (360,404)
(7,847,104) (5,706,253)
Transferred to endowments: Endowment scholarships (309,151) -
Increase (decrease) during the year relating to operating funding 13,711,814 (2,726,686)
Balance at beginning of the year relating to operating funding 1,126,078 3,852,764
Balance at end of the year relating to operating funding 14,837,892 1,126,078
Deferred contributions relating to unrealized gain on investments (Note 11)
Unrealized gain on investments, beginning of year 551,682 644,700
Change in unrealized gain on investments relating to deferred contribution (432,454) (93,018)
Unrealized gain on investments, end of year 119,228 551,682
Total deferred contributions, balance at end of the year $ 14,957,120 $ 1,677,760
The balance consists of funds restricted for:
Conditional programs $ 14,334,768 $ 757,799
Scholarships and bursaries 444,303 330,710
College development 58,821 37,569
Unrealized gain on investments allocated to deferred contributions 119,228 551,682
$ 14,957,120 $ 1,677,760