18 NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Financial Statements Years ended March 31, 2013 and March 31, 2012 12. Pension plan: Contributions made by the College during the year amounted to approximately $2,270,295 (2012 - $2,006,040). Substantially all of the employ ees of the College are members of the Colleges of Applied Arts and Technology (“CAAT”) Pension Plan (the “Plan ”), which is a multi-employer defined benefit pension plan available to all eligible em ployees of the partici pating members of the CAAT. Plan members will receive benefits based on the length of service and on the average of annualized earnings during the highest five consecutive years prior to retirement, termination or death. The College makes cont ributions to the Plan equal to those of the employees. Contribution rates are set by the Plan’s governors to ensure the long-term viability of the Plan. Pension assets consist of investment grade securities. Market and credit risk on these securities are managed by the Plan by placi ng Plan assets in trust and through the Plan investment policy. Any pension surplus or deficit is a joint re sponsibility of the members and employers and may affect future contribution rates. The Coll ege does not recognize any share of the Plan’s pension surplus or deficit as insufficient informat ion is available to identify the College’s share of the underlying pension asset and liabilities. The most recent actuarial valuation filed with pension regulators as at January 1, 2012 indi cated an actuarial surplus of $154 million. 13. Endow ment funds: The following information outlines the activity of the Ontario Student Opportunity Trust Fund 1 (OSOTF I), the Ontario Student Opportunity Tr ust Fund II (OSOTF II) and Ontario Trust for Student Support Fund (OTSS) matching program. These amounts are reflected in the net assets restricted for student purposes. Schedule of changes in Endow ment Fund balances For the year ended March 31 2013 2012 OSOT F I OSOT F II OT SS T o tal T o tal Balance, beginning of y ear $ 2,748,800 570,897 983, 757 4,303,454 3,982,348 Cash donations received from other sources – – 13,700 13,700 83,204 OT SS funds received from MT CU – – – – 237,902 OT SS funds receivable from MT CU – – – – – Balance, end of y ear $ 2, 748,800 570,897 997,457 4,317,154 4,303,454