annual-report-2016-2017

NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY
Notes to Consolidated Financial Statements (continued)
Year ended March 31, 2017
8. Accrued vacation and employee future benefits (continued):
For measurement purpose, the annual rate of increase in the per capita cost of covered health care
benefits was assumed as follows:
Other benefit plans 2017 2016
Drug 8.25% in 2017 (grading to 4.0% in 2034) 8.5% in 2016 (grading to 4.0% in 2034)
Hospital 4.0% 4.0%
Other medical 4.0% 4.0%
Dental 4.0% 4.0%
9. Deferred contributions:
2017 2016
Awards and bursaries $ 3,158,924 $ 2,244,595
Other 1,077,978 1,023,300
$ 4,236,902 $ 3,267,895
10. Deferred capital contributions:
Deferred capital contributions related to capital assets represent the unamortized and unspent
amounts of donations and grants received for the purchase of capital assets. The amortization of
capital contributions is recorded as revenue in the consolidated statement of operations.
2017 2016
Balance, beginning of year $ 104,751,821 $ 103,086,666
Additional contributions received 7,137,305 7,556,736
Less amounts amortized to revenue (5,537,654) (5,891,581)
$ 106,351,472 $ 104,751,821
The balance of deferred capital contributions related to capital assets consists of the following:
2017 2016
Unamortized capital contributions used
to purchase capital assets $ 92,346,858 $ 90,787,833
Unspent capital contributions included in
long-term receivable 2,436,372 4,008,362
Unspent capital contributions 11,568,242 9,955,626
$ 106,351,472 $ 104,751,821
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