Note 4: Members’ equity
The members’ equity of the College is comprised of five components. Invested in property and equipment relates to the property and equipment of the College net of related deferred lease contributions and deferred capital contributions. The reserve for working capital has been established by the College in recognition of the need to provide working capital for continuing operations. The College also maintains a reserve for fee stabilization. A reserve for stabilization of facility costs was established in 2004 to accumulate funds that can be deployed when the College’s main office facility lease expires in 2012. The unappropriated members’ equity represents the undesignated funds of the College. At December 31, 2008, the College’s Council decided to maintain the unappropriated balance at $500,000, the reserve for fee stabilization at $nil, the reserve for working capital at $3,188,000 and the reserve for stabilization of facility costs at $9,498,000.