Notes to Financial Statements
Note 7: Contingencies
The College is involved in claims that arise from time to time in the normal course of operations. Management is unaware of any matters that will have a material adverse effect on the financial position of the College or its results of operations. No amount has been provided in these financial statements in respect of these claims. Gains or losses, if any, sustained upon the ultimate resolution of these claims will be accounted for prospectively in the period of settlement in the statement of operations.
The College has provided a letter of credit in the amount of $500,000 to OMERS to be used if the College is in default of its obligation in connection with the payment of employer and employee contributions to the pension plan. At year-end, all contributions were fully paid.