17 NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Financial Statements Years ended March 31, 2013 and March 31, 2012 11. Capital fund: a) The equity in capital asse ts is calculated as follows: March 31, March 31, April 1, 2013 2012 2011 Capital assets $ 31,604,420 $ 32,799,453 $ 32,689,901 Amounts financed by: Unamortized deferred capital contribut ions (25,420,718) (27,087,692) (28,028,467) Long-term debt, net of sinking-fund investment (note 7) – (113,675) (482,187) $ 6,183,702 $ 5,598,086 $ 4,179,247 b) Trans fer for c apital as s e ts : March 31, March 31, April 1, 2013 2012 2011 Purchase of capital assets $ 1,416,510 $ 2,532,440 $ 12,694,732 Amounts funded by deferred capital contributions ( 453,224) (1,065,517) (12,397,021) $ 963,286 $ 1,466,923 $ 297,711