NDAEB Annual Report 2019

National Dental Assisting Examining Board - Bureau national d'examen d'assistancedentaire Notes to Financial Statements December 31, 2019 11 6. Long-term Debt TD Bank , prime plus 1.70%, due on October 30, 2038, payable by monthly instalments of $3,601, principal 2019 2018 and interest, secured by all assets and undertakings. $ 511,572 $ 525,537 Less : current portion 16,047 15,205 $ 495,525 $ 510,332 The principal payments for the next five years amount to: 2020, $16,047; 2021, $16,936; 2022, $17,874; 2023, $18,865; 2024, $19,910. 7. Deferred Contributions Deferred contributions represent funds received in the current year to cover future expenses related to the National Occupational Analysis project. The variation in the balance of deferred contributions is as follows: 2019 2018 Balance, beginning of years $ - $ - Plus: amounts received for the subsequent year 43,578 - Less: amounts recognized as revenue in the year 20,071 - Balance, end of year $ 23,507 $ -