LAKELAND COLLEGE Annual Repor t 2008 - 2009

30
ANNUAL REPORT 2008-2009
Note 9 Deferred Capital Contributions
Changes in deferred capital contributions are as follows:
2009 2008
Contributions received during the year $ 1,913,037 $ 9,227,829
Interest allocated to deferred capital contributions 220,420 372,705
Total contributions received in the year 2,133,457 9,600,534
Transferred to unamortized deferred capital contributions (Note 10) (4,209,851) (6,806,455)
Balance at beginning of the year 8,476,424 5,682,345
Balance at end of the year $ 6,400,030 $ 8,476,424
Note 10 Unamortized Deferred Capital Contributions
2009 2008
Transferred to revenue $ (3,292,462) $ (2,578,117)
Transferred from deferred capital
contributions (Note 9) 4,209,851 6,806,455
917,389 4,228,338
Balance at the beginning of the year 47,368,820 43,140,482
Balance at the end of the year $ 48,286,209 $ 47,368,820
Note 11 Net Unrealized Gains on Available-for-Sale Investments
2009 2008
Net unrealized losses on available-for-sale investments arising during the year $ (1,629,934) $ (695,762)
Net investment losses realized on available-for-sale investments during the
year and reported in the statement of operations 77,561 (7,097)
Change in net unrealized gains on available-for-sale investments (1,552,373) (702,859)
Net unrealized gains on available-for-sale investments, beginning of year $ 947,975 $ 1,650,834
Net unrealized gains on available-for-sale investments, end of year $ (604,398) $ 947,975
2009 2008
Endowment net
assets, recorded in Other
deferred contributions Net
(Note 8) Assets Total Total
Balance, beginning of the year
(Notes 2(b) and 3(b)) $ 551,682 $ 396,293 $ 947,975 $ 1,650,834
Decrease during the year (432,454) (1,119,919) (1,552,373) (702,859)
Balance, end of the year 119,228 (723,626) (604,398) 947,975