19 NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Financial Statements Years ended March 31, 2013 and March 31, 2012 13. Endow ment funds (continued): Schedule of changes in expendable funds av ailable for aw ards 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 $ 49,238 29,005 30,236 108,479 126,239 Investment income, net of expenses 55,076 11, 418 20,849 87,343 99,635 Bursaries aw arded (52,303) (9, 473) (14,041) (75,817) (117,395) Balance, end of y ear $ 52, 011 30,950 37,044 120,005 108,479 Bursaries aw arded # 83 18 36 137 228 The bursaries awarded under OTSS are comprised of 3 to OSAP recipients totalling $1,475 and 33 to non-OSAP recipients totalling $12,566. 14. Com m i tm ents: (a) The College has a five year lease with the Attorney General for a section of its Kirkland Lake campus for a courthouse at $147,003 per year. The lease expires November 2013. (b) The College has entered into agreements to lease certain premises and equipment. The total annual minimum lease payments to maturity are approximately as follows: 2014 $ 473,888 2015 314,268 2016 185,018 $ 973,174