Financial Statements
Balance Sheet as at December 31, 2010
(in thousands of dollars)
| 2010 | 2009 | |
|---|---|---|
| $ | $ | |
Assets |
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Current assets |
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| Cash | 1,740 | 771 |
| Short-term investments (note 2) | 6,525 | 13,675 |
| Accounts receivable | 554 | 465 |
| Deposits and prepaid expenses | 108 | 3,121 |
| 8,927 | 18,032 | |
Capital assets (note 3) |
31,904 | 3,442 |
| 40,831 | 21,474 | |
Liabilities |
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Current liabilities |
||
| Accounts payable and accrued liabilities | 4,082 | 3,102 |
| Deferred revenue | 800 | 953 |
| 4,882 | 4,055 | |
Deferred capital contribution |
117 | 428 |
Deferred lease inducements |
– | 578 |
Mortgage payable (note 4) |
20,260 | – |
| 25,259 | 5,061 | |
Members’ Equity (note 5) |
||
Invested in capital assets |
11,527 | 2,436 |
Internally restricted |
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| Reserve for working capital | 3,082 | 2,849 |
| Reserve for fee stabilization | 963 | 963 |
| Reserve for stabilization of facility costs | – | 9,721 |
Unappropriated balance |
– | 444 |
| 15,572 | 16,413 | |
| 40,831 | 21,474 | |
Commitments and contingencies (notes 6 and 7) |
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On behalf of the Council
Liz Papadopoulos, OCT
Council Chair
Michael Salvatori, OCT
Registrar and Chief Executive Officer