annual-report-2016-2017
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NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY<br />
Notes to Consolidated Financial Statements (continued)<br />
Year ended March 31, <strong>2017</strong><br />
17. Ontario Trust for Student Support (continued):<br />
Schedule of Changes in Endowment Balance:<br />
<strong>2017</strong> <strong>2016</strong><br />
Endowment balance, beginning of year $ 9,234,141 $ 9,183,247<br />
Cash donations received 42,718 50,894<br />
Funds receivable from the Ministry - -<br />
Endowment balance, end of year $ 9,276,859 $ 9,234,141<br />
Schedule of Changes in Expendable Funds Available for Awards:<br />
<strong>2017</strong> <strong>2016</strong><br />
Expendable funds available for awards, beginning of year $ 915,246 $ 776,472<br />
Investment income eligible for expenditures 309,589 451,594<br />
Bursaries awarded (314 awards) (304,474) (312,820)<br />
Expendable funds available for awards, end of year $ 920,361 $ 915,246<br />
Cash donations matched between April 1, <strong>2016</strong> and<br />
March 31, <strong>2017</strong> $ - $ -<br />
18. Pledges:<br />
Since pledges are not legally enforceable, they are recorded as revenue on a cash basis and<br />
accordingly are not recorded as assets in the consolidated financial statements. The total amount<br />
of pledges outstanding is approximately $730,982 at March 31, <strong>2016</strong> (2015 - $1,218,628) and is<br />
expected to be received as follows:<br />
<strong>2017</strong><br />
2018 $ 217,730<br />
2019 222,000<br />
2020 237,752<br />
2021 50,500<br />
2022 3,000<br />
$ 730,982<br />
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