5. REGISTRATION FEES RECEIVED IN ADVANCE Deferred revenue arises when the College receives payments frommembers in the current year for registration fees relating to the subsequent year. 2020 2019 Registration fees received in advance $ 1,240,050 $ 1,224,500 6. INTERNALLY RESTRICTED NET ASSETS The internally restricted net assets are reserved for: litigation, to provide for expenses related to any civil actions; contingencies, to provide the College with short-term funding for day-to-day operations in the event of unforeseen circumstances; and professional conduct, to provide the College with short-term funding for investigative and disciplinary costs in the event that actual investigative and disciplinary costs exceed the budgeted amount in a fiscal year. During the year, $1,300,000 was transferred into the fund.
7. COMMITMENTS The College leases office space under an agreement expiring on June 30, 2028 and a photocopier
under an agreement expiring February 24, 2021. Future minimum lease payments are as follows: 2021 $ 50,369 2022 49,037 2023 49,668 2024 49,668 2025 49,668 Thereafter
$ 171,235 $ 419,645
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ALBERTA COLLEGE OF OCCUPATIONAL THERAPISTS ANNUAL REPORT 2019–2020
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