AHMADIYYA

l
l MUSLIM JAMA'AT
rrn
(:\
111.1
Canada

Financial Statements of

Ahmadiyya Muslim Jama'at Canada Inc.

And Independent Auditor's Report thereon

Year ended June 30, 2019

 INDEPENDENT AUDITOR'S REPORT
To the Stakeholders of Ahmadiyya Muslim Jama'at Canada Inc.

Report on the Audit of the Financial Statements

Qualified Opinion
We have audited the accompanying financial statements of Ahmadiyya Muslim Jama'at Canada Inc.,
which comprise the statement of financial position, and the statements of operations, changes in net
assets, and cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information (collectively referred to as
the financial statements).

In our opinion, except for the possible effects of the matter described in the Basis of Qualified Opinion,
the accompanying financial statements present fairly, in all material respects, the financial position of
Ahmadiyya Muslim Jama'at Canada Inc. as at June 30, 2019, and its financial performance and its cash
flows for the year then ended in accordance with Canadian accounting standards for not-for-profit
organizations.

Basis of Qualified Opinion

In common with many not-for-profit organizations, Ahmadiyya Muslim Jama'at Canada Inc. derives
revenues from fundraising activities, the completeness of which is not susceptible to satisfactory audit
verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the
records of the Organization and we were not able to determine whether any adjustments might be
necessary to revenue from fundraising. Our audit opinion was modified accordingly because of the
possible effects of this scope limitation.

Emphasis of Matter - Restated Comparative Information

We draw attention to Note 13 to the financial statements which explains that certain comparative
information presented for the year ended June 30, 2018 has been restated. The financial statements of
Ahmadiyya Muslim Jama'at Canada Inc. for the year ended June 30, 2018 (prior to the restatement
described in Note 2 to the financial statements) were audited by another auditor who expressed a
qualified opinion on those financial statements on December 18, 2018. Our opinion is not modified in
respect of this matter.

As part of our audit of the financial statements of Ahmadiyya Muslim Jama'at Canada Inc. for the year
ended June 30, 2019, we also audited the adjustments described in Note 13 that were applied to restate
the comparative information for the year ended June 30, 2018. In our opinion, such adjustments are
appropriate and have been properly applied.

Other than with respect to the adjustments that were applied to restate certain comparative information,
we were not engaged to audit, review, or apply any procedures to the financial statements of
Ahmadiyya Muslim Jama'at Canada Inc. for the year ended June 30, 2018. Accordingly, we do not
express and opinion or any other form of assurance on the financial statements for the year ended June
30, 2018 taken as a whole.

Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Canadian accounting standards for not-for-profit organizations, and for such internal
control as management determines is necessary to enable the preparation of financial statements that
are free from material misstatements, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Entity or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Canadian generally accepted auditing standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements. As part of an audit in
accordance with Canadian generally accepted auditing standards, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Organization's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the Entity to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

Chartered Professional Accountants

Licensed Public Accountants
Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
STATEMENT OF FINANCIAL POSITION
June 30, 2019, with comparative information for 2018
2019 2018
Assets Restated
(note 13)
Current
Cash $ 3,338,667 $ 2,400,081
Loans receivable 139,962 147,992
Books inventory 628,769 540,321
Receivable from . (note 10) 2,486,809 2,678,960
Loan receivable - 486,131 380,286
HST receivable 668,442 917,300
Expenditure advances 1,101,737 1,859,980
Prepaid expenses 1,726,924 968,633
10,577,441 9,893,553
Capital Assets
Mosques (note 2) 67,999,066 65,088,079
Mission houses (note 3) 11,223,893 11,624,998
Residences (note 4) 3,648,599 3,729,682
Undeveloped land 2,315,450 2,315,450
Properties held in trust (note 5) 1,452,290 1,531,010
Other capital assets (note 6) 1,196,194 912,412
87,835,492 85,201,630
$ 98,412,933 $ 95,095,183
Liabilities and Net Assets
Current
Accounts payable and accrued liabilities $ 1,341,575 $ 4,040,353
Government remittances payable 131,854
Current portion of long-term debt (note 7) 99,189
1,572,618 4,040,353
Long-term
Long-term debt (note 7) 336,964
Deferred capital contributions (note 8) 62,744,401 60,867,265
Deferred capital contributions on undeveloped land (note 8) 3,619,670 3,619,970
66,701,035 64,487,235
68,273,653 68,527,588
Net assets
National restricted funds 1,139,196 1,139,196
Auxiliaries 5,358,664 3,911,759
Unrestricted 23,641,420 21,516,640
30,139,280 26,567,595
$ 98,412,933 $ 95,095,183

See accompanying notes to financial statements.

Director Director
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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
STATEMENT OF CHANGES IN NET ASSETS
June 30, 2019, with comparative information for 2018

National
Restricted Total Total
Funds Auxiliaries Unrestricted 2019 2018
Restated
(note 13)
Net assets, beginning of year
- As previously stated $ 1,139,196 $ 3,911,759 $ 21,516,640 $ 26,567,595 $ 24,720,488
- Correction of error related to
capital assets (note 13) 1,100,887
- Restated $ 1,139,196 $ 3,911,759 $ 21,516,640 $ 26,567,595 $ 25,821,375

- Excess of revenues over expenses 1,446,905 2,124,780 3,571,685 746,220

Net assets, end of year $ 1,139,196 $ 5,358,664 $ 23,641,420 $ 30,139,280 $ 26,567,595

See accompanying notes to financial statements.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
STATEMENT OF OPERATIONS
Year ended June 30, 2019, with comparative information for 2018
2019 2018
Restated
Revenues (note 13)
Operations (note 9) $ 18,039,796 $ 15,795,434
Auxiliaries 3,050,232 2,377,142
Amortization of deferred capital contributions 1,934,856 1,490,226
23,024,884 19,662,802

Expenses
Management and professional fees (note 10) 1,338,600 3,099,225
Wages and benefits 3,100,512 2,064,243
Auxiliary organization expenses 1,603,327 1,857,616
Rent, rates and taxes 1,944,612 1,754,498
1,371,010 1,312,568
Property expenses 1,988,034 1,113,228
Utilities 960,311 934,497
Hospitality 803,162 823,862
Literature 507,915 777,115
Miscellaneous 498,665 684,415
Travelling and meetings 680,410 603,914
Vehicle repair and maintenance 436,766 335,775
Postage, telephone and faxes 326,087 280,043
Donation expenses 204,438 239,163
Printing and stationary 151,176 191,771
Medical and educational aid 202,437 117,847
Computer and audio/video 118,887 113,506
Sadaqaats 119,551 85,040
Bank charges 39,167 33,177
16,395,067 16,421,503
Operating Income before Amortization 6,629,817 3,241,299

Amortization 3,058,132 2,495,079

Excess of Revenues over Expenses $ 3,571,685 $ 746,220

See accompanying notes to financial statements.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
STATEMENT OF CASH FLOWS
Year ended June 30, 2019, with comparative information for 2018
2019 2018
Restated
Cash provided by (used in): (note 13)
Operating activities:
Excess of revenues over expenses $ 3,571,685 $ 746,220
Amortization of capital assets 3,058,132 2,495,079
Amortization of deferred capital (1,934,856) (1,490,227)
4,694,961 1,751,072
Changes in non-cash working capital
Decrease (increase) in expenditure advances 758,243 (909,889)
(Increase) decrease in book inventory (88,448) 5,185
Decrease (increase) in HST receivable 248,858 (211,941)
Increase in prepaid expenses (758,291) (206,228)
(Decrease) increase in accounts payable & accrued liabilities (2,698,778) 2,155,944
Increase (decrease) in government remittances payable 131,854 (21,140)
(2,406,562) 811,931
2,288,399 2,563,003
Investing activities:
Purchase of mosques (4,730,605) (11,087,940)
Purchase of mission houses (9,801) (324,416)
Purchase of residences (202,338) (76,178)
Purchase of other capital assets (750,426) (457,528)
(5,693,170) (11,946,062)
Financing activities:
Decrease in loans receivable 8,030 92
Decrease in donations recoverable from 192,151 1,569,612
Increase in loan receivable - (105,845) (380,286)
Proceeds from long-term debt 535,362
Repayment of long-term debt (99,209) (928,583)
Increase in loan payable - (86,750)
Increase in deferred capital contributions 3,812,868 8,290,776
4,343,357 8,464,861
Increase (decrease) in cash 938,586 (918,198)

Cash, beginning of year 2,400,081 3,318,279

Cash, end of year $ 3,338,667 $ 2,400,081

See accompanying notes to financial statements.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

Ahmadiyya Muslim Jama'at Canada Inc. is registered federally as a not-for-profit charitable

organization without share capital and is exempt from income taxes under Section 149 of the Income
Tax Act of Canada.

The objectives of the charity are:

I. Advancement of Islamic faith, for greater certainty, the Islamic faith as expounded by Hadrat
Mirza Ghulam Ahmad of Qadian, the Promised Messiah, Mandi and founder of Ahmadiyya
Muslim Jama'at, and interpreted by his successors known as "Khalifatul Masih". (presently
Hadrat Mirza Masroor Ahmad, Khalifatul Masih V);

II. Training and engagement of Muslim Missionaries to preach Holy Quran and the fundamental
principle that Islam is religion of peace and that no compulsion is permissible in its acceptance
or propagation;

III. Advancement of religious and secular education and research; and

IV. Relief of those in financial need, hardship or distress, sick or poor in health, including but not
limited to relief and assistance of people in any part of the world who are the victims of war or
other conflicts, natural disaster, trouble or catastrophe.

1. Significant accounting policies

Basis of presentation

The financial statements have been prepared in accordance with Canadian accounting standards for
not for profit organizations.

Revenue recognition

I. The organization uses the deferred method in accounting for contributions. Accordingly,
contributions subject to externally imposed restrictions are initially recorded as deferred
revenue and are subsequently recognized as revenue in the period in which the related
expenses are incurred.

II. Donated goods and services are not recorded in accounts of the organizations except when a
fair value of such goods and services can be reasonably estimated and when the goods and
services are normally purchased by the organization and would be paid for if not donated.
Volunteer contribute significant amounts of time to assist the organization in carrying out in
service delivery activities. Because of the difficulty of determining their fair value, contributed
services are not recognized in these statements.

III. Charitable donations in kind are recorded in the financial statements if donation receipts are
issued and fair value of the donations can be reasonably determined.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

1. Significant accounting policies (continued)

IV. Deferred capital contributions are being amortized into income using the same basis as
underlying capital assets:

Constructed buildings Straight -line basis over 40 years

Purchased buildings Straight line basis over 25 years
Land No amortization

Financial instruments

AMJC Inc.'s financial instruments consist of cash and cash equivalents, accounts receivables,
contributions receivable from donors, restricted investments, loans receivable, accounts payable and
accrued liabilities, government remittances payable and long-term debt. AMJC Inc. initially measures
its financial assets and liabilities at fair value. AMJC Inc. subsequently measures all its financial assets
and financial liabilities at amortized cost, except for cash and cash equivalents and restricted
investments which are measured at fair value.

Transaction costs related to financial assets measured a fair value are expensed as incurred.
Transaction costs related to other financial assets and financial liabilities are included or deducted in
the initial measurement of the assets or liabilities.

Cash and Cash Equivalents

Cash and cash equivalents include internally restricted and unrestricted cash and cash equivalents.
In accordance with the investments policy approved by the board of directors, Cash and cash
equivalents are held in highly liquid investments which are readily convertible to a known amount of
cash ad are subject to an insignificant risk of change in value.

Capital Assets

Capital assets are recorded at cost when purchased and are subsequently measured at cost less
accumulated amortization. They are amortized over their estimated useful lives at the following rates
and basis:

Constructed buildings Straight-line basis over 40 years

Purchased buildings Straight-line basis over 25 years
Land No amortization
Portables and greenhouses Straight-line basis over 10 years
Vehicles Declining balance at 30%
Building equipment Declining balance at 30%
Office equipment Declining balance at 30%
Furniture and fixtures Declining balance at 20%

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

1. Significant accounting policies (continued)

Impairment of long-lived assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate
that their carrying amount may not be recoverable. An impairment loss is recognized when the asset
no longer has long-term service potential. The amount of the impairment loss is determined as the
excess of the net carrying value of the asset over its residual value.

Use of estimates

The preparation of financial statement in accordance with the Canadian accounting standards for not-
for-profit organizations requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the
period.

Significant estimates include assumptions used in estimating the recoverability of project expenditures
and the determination of the allowances for doubtful contributions receivable from donors, allowances
for doubtful amounts receivables, the useful life of capital assets, the fair value of investments, the
amount of certain accrued liabilities and the fair value of contributions in kind. Actual results could
differ from management's best estimates as additional information becomes available in the future.

Receivable from

collects donations on behalf of Ahmadiyya Muslim Jama'at Canada Inc. These donations
are expected to be collected within 90 days. is an independent entity that is the agent for
donations made to Ahmadiyya Muslim Jama'at Canada Inc. The amount receivable at June 30, 2019
was received within 90 days of the year end.

Loans receivable

Loans receivable include amounts loaned to community members for various purposes. The
organization provides a bad debt provision for 75% of loans receivable over 5 years and 50% of loans
receivable between 1 and 4 years old.

Books inventory

Books inventory is valued at the lower of cost and net realizable value. The organization estimates
net realizable value as the amount inventory is expected to be sold less costs to make the sale. As
the organization is not in the business of profiting from book sales, many books are sold for less than
market value to improve the cultural awareness in the community.

Prepaid expenses

Prepaid expenses include administrative costs paid in advance of the fiscal year to which the costs
relate, such as prepaid property and liability insurance.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

1. Significant accounting policies (continued)

Expenditure advances

Expenditure advances include amounts given to the local chapters for meeting day-to-day expenses.
These advances are settled and replenished regularly upon submission of expense claims.

Cemetery property

The organization facilitates purchase of burial plots for its members on not-for-profit basis. Such
purchases of burial plots is expensed when acquired.

2. Capital Assets - Mosques

2018
Accumulated 2019 Net restated
Cost amortization Net (note 13)

Land $ 9,120,726 $ 9,120,726 $ 9,120,726

Buildings 71,794,461 12,916,121 58,878,340 55,967,353
$ 80,915,187 $ 12,916,121 $ 67,999,066 $ 65,088,079

3. Capital Assets - Mission Houses

Accumulated 2019 2018

Cost amortization Net Net

Land $ 873,824 $ 873,824 $ 873,824

Buildings 13,443,488 3,093,419 10,350,069 10,751,174
$ 14,317,312 $ 3,093,419 $ 11,223,893 $ 11,624,998

4. Capital Assets - Residences

2018
Accumulated 2019 Net restated
Cost amortization Net (note 13)

Land $ 1,402,540 $ 1,402,540 $ 1,402,540

Buildings 3,574,060 1,328,001 2,246,059 2,327,142
$ 4,976,600 $ 1,328,001 $ 3,648,599 $ 3,729,682

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

5. Capital Assets - Properties held in Trust

Accumulated 2019 2018

Cost amortization Net Net

Land $ 421,473 $ 421,473 $ 421,473

Buildings 1,967,992 937,175 1,030,817 1,109,537
$ 2,389,465 $ 937,175 $ 1,452,290 $ 1,531,010

6. Capital Assets - Other Capital Assets

Accumulated 2019 2018

Cost amortization Net Net

Vehicles $ 1,228,745 $ 596,130 $ 632,615 $ 297,755

Building equipment 473,922 334,677 139,245 198,919
Office equipment 384,452 217,759 166,693 118,681
Furniture 66,505 25,404 41,101 50,202
Fixtures 394,949 178,409 216,540 246,855
$ 2,548,573 $ 1,352,379 $ 1,196,194 $ 912,412

7. Long-term Debt

Long-term debt obtained to finance purchases of vehicles, bears interest from 0.00%-5.49%,
payable monthly $8,960 on account of interest and principal. The debt is secured by vehicles
having carrying value of $362,711 as of June 30, 2019. Maturity dates range from October 2021
to July 2025.
2019 2018
Long-term debt $ 436,153
Less: current portion of long-term debt 99,189
$ 336,964

The expected principal repayments of long-term debt for each of the years subsequent to June 30,
2019 are as follows:
Years Amount
2019-20 $ 99,189
2020-21 99,189
2021-22 97,858
2022-23 85,031
2023-24 28,838
2024-25 21,571
2025-26 4,477
Long-term debt $ 436,153

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

8. Deferred Capital Contributions

2018
2019 Restated
(note 13)

Balance - Beginning of year $ 64,487,234 $ 57,686,686

Contributions received during the year 3,811,693 8,290,775
Amortization of deferred capital contributions (1,934,856) (1,490,226)
Balance - End of year $ 66,364,071 $ 64,487,235
Represented by:
Deferred capital contributions 62,744,401 60,867,265
Deferred capital contributions on undeveloped land 3,619,670 3,619,970
$ 66,364,071 $ 64,487,235

Deferred capital contributions represent the unamortized amount of contributions made by

members of AMJC for the purchase of capital assets.

9. Government grants

Revenue from operations include wage subsidies from Employment and Social Development
Canada (ESDC) under the Student Work Placement Program to provide post-secondary students
paid work experience related to their field of study. The amount received in the current year is
$322,297 (2018: $152,829).

10. Related Party Transactions with

is an independent not-for-profit organization incorporated without share capital under

Federal Corporation Act on April 17, 2008. and Ahmadiyya Muslim Jama'at Canada Inc.
are both responsible to l,
. Ahmadiyya Muslim Jama'at Canada Inc. entered into a service agreement with
dated July 1, 2008 to provide fundraising and collection services to Ahmadiyya Muslim
Jama'at Canada Inc. for a management fee. These transactions are in the normal course of
operations. Included in the management and professional fees expense is an amount of
$1,220,566 (2018: $ 3,024,663) for services rendered by . At the fiscal year end, an amount
of $ 395,500 (2018: $ 395,500) is included in the accounts payable and accrued liabilities.

As at June 30, 2019, a balance of $2,486,809 (2018: $ 2,678,960) is receivable from for
donations collected by on behalf of Ahmadiyya Muslim Jama'at Canada Inc.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

11. Letters of Guarantee

The organization has guaranteed the following letters of guarantee:

Corporation of the City of Delta, BC $ 11,173

Corporation of the City of Vaughan, ON $ 194,926
Corporation of the City of Brampton, ON $ 305,000

12. Financial Instruments:

a) Liquidity Risk

Liquidity risk is a risk that the organization will be unable to fulfill its obligations on a timely basis
or at a reasonable cost. The organization is exposed to liquidity risk arising primarily from the
requirement to pay its payables and withholding taxes. The organization's ability to meet these
obligations depends on the receipt of funds from its operations, which it monitors closely.

b) Other Risks

The organization believes that it is not exposed to significant interest, currency, credit, market or
other price risks arising from holding financial instruments.

13. Correction of errors

During the year ended June 30, 2019, AMJC determined that, in the financial statements for the year
ended June 30, 2018:

a) It had not presented expenditure advances of funds received by the local chapters, in accordance
with the requirements of Canadian accounting standards for not-for-profit organizations. To
correct the error, AMJC has restated the statement of financial position to reflect expenditures
advances appropriately.
b) It had incorrectly classified one of the Mosques in Capital Assets as Residence. To correct the
error, AMJC has restated the Capital Assets — Mosques and Capital Assets — Residences to
correctly record the acquisition and construction of the land and building at

c) The above incorrect classification of a mosque as stated in note 13(b), accumulated amortization
taken on the Capital Asset — Mosques, specifically, the Mosque at was
applied on a straight-line basis over 25 years. As this property was constructed, the amortization
from inception should be on a straight-line basis over 40 years as per the policy note described
above. To correct this error, the comparative information included in the statement of financial
position and statement of operations was adjusted. See the adjustments below.
d) It had not presented additional advances to various member mosques, in accordance with the
requirements of Canadian accounting standards for not-for-profit organizations. To correct the
error, AMJC has restated the statement of financial position to reflect advances appropriately in
prepaid expenses and out of cash.

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Ahmadiyya Muslim Jama'at Canada Inc.
(a charitable organization)
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 2019

13. Correction of errors (continued)

The following table outlines the impact of the changes in paragraphs a) to d) on the financial
statements as at and for the year ended June 30, 2018:

As previously Increase
reported (decrease) Restated
Advances receivable $ 1,859,980 $ (1,859,980) $
Expenditure advances 1,859,980 1,859,980
Mosques - Buildings (cost) 62,422,066 4,502,511 66,924,577
Residences - Buildings (cost) 8,557,089 (5,044,908) 3,512,181
Current portion of deferred capital contributions 1,490,227 (1,490,227)
Deferred capital contributions 59,377,038 1,490,227 60,867,265
Unrestricted net assets, beginning of year 20,415,753 1,100,887 21,516,640
Amortization 2,570,753 (75,674) 2,495,079
Excess of revenues over expenses 670,546 75,674 746,220

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