SAMPLE PSAB COLLEGE ILLUSTRATIVE FINANCIAL STATEMENTS FIRST-TIME ADOPTER

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SAMPLE PSAB COLLEGE ILLUSTRATIVE FINANCIAL STATEMENTS FIRST-TIME ADOPTER"

Transcription

1 SAMPLE PSAB COLLEGE ILLUSTRATIVE FINANCIAL STATEMENTS FIRST-TIME ADOPTER

2 Illustrative PSAB Financial Statements The purpose of this publication is to assist colleges in preparing their first Public Sector Accounting Standards (PSAB) financial statements for the year ended March 31, In these financial statements, PS 2125 First-time Adoption by Government Organizations has been applied in making the transition from pre-changeover Canadian GAAP to PSAB for Government NPOs. Please note that PS 2125 allows a number of options upon transition. In addition, there are accounting choices available in various areas that allow different accounting treatments (for example, deferral method versus restricted fund method of accounting for contributions). Note that some accounting policies chosen in these illustrative financial statements may be different than the ones you have chosen for your college. The adoption of PSAB for Government NPOs will have the most significant impact on the following areas of a college s financial statements: Financial Statement Item Pre-changeover GAAP PSAB for Government NPOs Non-vesting sick leave Not recognized as a liability. Recognized as a liability (see Note 2 to liability financial statements). Post-employment benefits and compensated absences liabilities (formerly called employee future benefits) Financial instruments - measurement Financial instruments - disclosures The discount rate used to calculate the liability for employee future benefits is the market yield on high quality corporate bonds. Extensive requirements with financial instruments being grouped into categories based on the nature of the instrument as well as management's accounting policy choices. Limited disclosure requirements under Section The rate used must be either the college s cost of borrowing or the plan asset earnings (see Note 2 to the financial statements). The changes under PSAB for Government NPOs and the new financial instrument standard within PSAB (PS 3450) are extensive and include a simplified approach to the recognition and measurement of most financial instruments. Financial instruments are classified as either amortized cost or fair value depending on the nature of the instrument. There is also the introduction of accumulated remeasurement gains and losses where fluctuations in fair value for derivatives and instruments measured at fair value are recognized until ultimate disposition of the instrument. See Note 3 and the Appendices for an in depth discussion of these differences and their effect. Extensive disclosure requirements under PS Disclosures include how colleges are exposed to risks arising from their financial instruments and how these risks are mitigated, disclosure of the categorization of financial instruments and the breakdown of colleges' financial instruments by how their fair value is measured. See Note 20 to the financial statements and the Appendices.

3 Illustrative PSAB Financial Statements These financial statements are based on the following assumptions about the example College: - The College has chosen to adopt PSAB plus the 4200 series of standards applicable to government not-for-profit organizations. - The College classified its bond portfolio as held-to-maturity under pre-changeover Canadian GAAP with bonds being measured at amortized cost using the effective interest rate method. Upon adoption of PSAB for Government NPOs, the College chose to designate its bond portfolio to be measured at fair value with fluctuations in fair value being recognized in the statement of remeasurement gains/(losses). See the Appendices for further discussion of this election. - The College classified its equities as held-for-trading under pre-changeover Canadian GAAP with equities being measured at fair value with fluctuations being recorded in the statement of operations. Upon adoption of PSAB for Government NPOs, equities are classified into the fair value category as they are quoted in an active market and fluctuations in fair value are being recognized in the statement of remeasurement gains/(losses). - The College applied hedge accounting to its derivative financial instrument (an interest rate swap) under pre-changeover Canadian GAAP. The derivative was recorded at fair value as an asset/liability on the statement of financial position with fluctuations in fair value being recorded directly to net assets in a separate unrestricted fund. Upon adoption of PS 3450 Financial Instruments, the previously accumulated fair value adjustment is reclassified to accumulated remeasurement gains/(losses). - The College s tangible capital assets do not include any assets under capital lease. - The College has selected its internal rate of borrowing to be its discount rate for retirement benefit calculations (PSAB for government NPOs allows the rate of return on plan assets to be used alternatively). PS 2125 contains numerous optional exemptions upon the adoption of PSAB for Government NPOs. For the purpose of this publication, these illustrative financial statements have taken the exemptions having the most relevance to colleges under normal circumstances. Users are cautioned that they must consider their own particular circumstances in making choices under PS 2125 as each college may have circumstances and transactions not contemplated in the preparation of this publication. The optional exemptions taken are described in Note 2 and explained in Appendices topic #7. Certain explanatory details and discussions of possible alternative accounting treatments or explanatory information are beyond the scope of the body of the financial statements and thus have been included in appendices to the financial statements. Where financial statement treatments and items require further explanation, a superscript titled App. #1, #2, #3, etc. has been included to the right of the relevant item. The publication is based on standards that have been issued by the Public Sector Accounting Board (PSAB) by January 1, These sample financial statements should not be used as a substitute for referring to standards and interpretations themselves. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

4 Statement of Financial Position ASSETS March 31, 2013 March 31, 2012 April 1, 2011 CURRENT ASSETS Cash $ 33,068,000 $ 15,140,000 $ 1,575,000 Accounts receivable (Note 20) 16,537,500 15,750,000 15,000,000 Temporary investments (Note 4) 4,300,000 4,200,000 4,000,000 Inventory 110, , ,000 Prepaid expenses 3,638,250 3,465,000 3,300,000 57,654,000 38,660,000 23,975,000 App. #1 INTEREST IN SAMPLE PSAB CULINARY JOINT VENTURE (Note 5) 2,500,000 2,350,000 2,225,000 LONG-TERM INVESTMENTS (Note 4) 54,000,000 51,750,000 50,000,000 LONG-TERM RECEIVABLE (Note 6) 6,300,000 7,300,000 9,400,000 CONSTRUCTION IN PROGRESS (Note 7) 61,100,000 60,500,000 58,000,000 CAPITAL ASSETS (Note 8) 160,398, ,870, ,700,000 $ 341,952,500 $ 313,430,000 $ 289,300,000 LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities $ 37,485,000 $ 35,700,000 $ 34,000,000 Deferred revenue (Note 9) 33,846,750 32,235,000 30,700,000 Vacation pay 9,150,750 8,715,000 8,300,000 Bank loans (Note 10) 2,600,000 2,800,000 3,000,000 Term debt (Note 11) 18,300,000 18,700,000 19,200, ,382,500 98,150,000 95,200,000 POST-EMPLOYMENT BENEFITS AND COMPENSATED ABSENCES (Note 12) (a) 6,407,500 5,840,000 4,910,000 DEFERRED CONTRIBUTIONS (Note 13) 2,100,000 2,000,000 1,900,000 DEFERRED CAPITAL CONTRIBUTIONS (Note 14) 73,500,000 74,000,000 74,800,000 DEFERRED CAPITAL CONTRIBUTIONS RELATING TO CONSTRUCTION IN PROGRESS (Note 15) 55,500,000 56,000,000 56,200,000 INTEREST RATE SWAP (Note 11) 1,900,000 2,100,000 2,400, ,790, ,090, ,410,000 NET ASSETS Unrestricted Operating 42,499,500 21,195,000 1,700,000 Post-employment benefits and compensated absences (6,407,500) (5,840,000) (4,910,000) Vacation pay (9,150,750) (8,715,000) (8,300,000) Interest rate swap (Note 11) - (2,100,000) (2,400,000) 26,941,250 4,540,000 (13,910,000) INVESTED IN CAPITAL ASSETS (Note 16) 60,086,250 57,225,000 54,500,000 INTERNALLY RESTRICTED (Note 17) 855, , ,000 EXTERNALLY RESTRICTED (Note 18) 12,865,000 12,750,000 12,500, ,747,500 75,340,000 53,890,000 ACCUMULATED REMEASUREMENT GAINS 415, ,162,500 75,340,000 53,890,000 $ 341,952,500 $ 313,430,000 $ 289,300, (a) Note that these liabilities were typically described as "employee future benefits" in college's pre-changeover GAAP financial statements. The terminology used in these example financial statements is the technical definition provided by the relevant sections in PSAB, which describe the relevant liabilities as post-employment and compensated absences liabilities. The accompanying notes are an integral part of these financial statements Page 1 of 35

5 Statement of Operations For the years ended March 31, 2013 March 31, 2012 REVENUE Grants and reimbursements $ 105,600,000 $ 100,600,000 Tuition revenue 101,300,000 96,500,000 Contract training 8,000,000 7,600,000 Amortization of deferred capital contributions 5,600,000 5,300,000 App. #2 Realized gains on sale of temporary investments 42,500 - Interest income 1,500,000 1,400,000 Other income 10,100,000 9,600,000 App. #1 Share of income of joint venture (Note 5) 150, ,000 Ancillary operations 7,900,000 7,500, ,192, ,625,000 EXPENSES Salaries and benefits 139,400, ,725,000 Operating expenses 42,600,000 40,600,000 Plant and property maintenance 11,100,000 10,600,000 Amortization of capital assets 13,200,000 12,600,000 Bursaries and scholarships 4,300,000 4,100,000 Ancillary operations 6,400,000 6,100, ,000, ,725,000 EXCESS OF REVENUE OVER EXPENSES FOR THE YEAR $ 23,192,500 $ 20,900,000 The accompanying notes are an integral part of these financial statements Page 2 of 35

6 Statement of Changes in Net Assets Unrestricted March 31, 2013 Capital Restricted Internally Restricted Externally Restricted (Note 17) (Note 18) (Note 19) Total BALANCE, BEGINNING OF YEAR $ 4,540,000 $ 57,225,000 $ 825,000 $ 12,750,000 $ 75,340,000 RECLASSIFICATION OF UNREALIZED LOSSES ON DERIVATIVE DUE TO ADOPTION OF PS 3450 (NOTE 3) 2,100, ,100,000 ENDOWMENTS RECEIVED DURING THE YEAR , ,000 INTERNALLY RESTRICTED SCHOLARSHIPS & BURSARIES (30,000) - 30, EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES 30,792,500 (7,600,000) ,192,500 INVESTMENT IN CAPITAL ASSETS (10,461,250) 10,461, BALANCE, END OF YEAR $ 26,941,250 $ 60,086,250 $ 855,000 $ 12,865,000 $ 100,747,500 March 31, 2012 Unrestricted Capital Restricted Internally Restricted Externally Restricted (Note 17) (Note 18) (Note 19) Total BALANCE, BEGINNING OF YEAR $ (13,910,000) $ 54,500,000 $ 800,000 $ 12,500,000 $ 53,890,000 ENDOWMENTS RECEIVED DURING THE YEAR , ,000 INTERNALLY RESTRICTED SCHOLARSHIPS & BURSARIES (25,000) - 25, EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES 28,200,000 (7,300,000) ,900,000 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 300, ,000 INVESTMENT IN CAPITAL ASSETS (10,025,000) 10,025, BALANCE, END OF YEAR $ 4,540,000 $ 57,225,000 $ 825,000 $ 12,750,000 $ 75,340,000 The accompanying notes are an integral part of these financial statements Page 3 of 35

7 Statement of Cash Flows March 31, 2013 March 31, 2012 NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Excess of revenue over expenditure $ 23,192,500 $ 20,900,000 Items not involving cash: Realized gains on sale of temporary investments App. #2 (42,500) - Share of income of joint venture (Note 5) (150,000) (125,000) Amortization of capital assets 13,200,000 12,600,000 Amortization of deferred capital contributions (5,600,000) (5,300,000) Deferred contributions recognized as revenue in the year (1,650,000) (1,700,000) 28,950,000 26,375,000 Accrual for post-employment benefits and compensated absences 567, ,000 Changes in non-cash working capital items: Accounts receivable (787,500) (750,000) Inventory (5,250) (5,000) Prepaid expenses (173,250) (165,000) Accounts payable and accrued liabilities 1,785,000 1,700,000 Accrual for vacation pay 435, ,000 Deferred revenue 1,611,750 1,535,000 32,384,000 30,035,000 FINANCING Deferred contributions 1,750,000 1,800,000 Repayment of bank loans (200,000) (200,000) Repayment of term debt (400,000) (500,000) Endowment contributions 115, ,000 1,265,000 1,350,000 App. #8 CAPITAL Contributions received for capital purposes 4,000,000 2,500,000 Contributions received for construction in progress 600,000 1,800,000 Construction in progress (1,700,000) (4,500,000) Purchase of capital assets (19,628,500) (17,770,000) (16,728,500) (17,970,000) INVESTING Long-term receivable 1,000,000 2,100,000 Purchase of long-term investments - (1,750,000) Purchase of temporary investments (185,000) (200,000) Proceeds on sale of temporary investments 192,500-1,007, ,000 NET CASH INFLOW 17,928,000 13,565,000 CASH, BEGINNING OF YEAR 15,140,000 1,575,000 CASH, END OF YEAR $ 33,068,000 $ 15,140,000 Supplemental disclosure INTEREST PAID $ 1,550,000 $ 1,425,000 INTEREST RECEIVED $ 850,000 $ 725,000 The accompanying notes are an integral part of these financial statements Page 4 of 35

8 Statement of Remeasurement Gains and Losses March 31, 2013 March 31, 2012 Accumulated remeasurement losses at beginning of year $ - $ - Adjustment upon adoption of financial instruments section (Note 3) (a) (100,000) App. #3 - Unrealized gains attributable to: Temporary investments 100,000 - Long-term investments 257,500 - Derivative - interest rate swap 200,000 - Amounts reclassified to the statement of operations: Disposition of long-term investments (42,500) App. #2 - Net remeasurement gains for the year 415,000 - Accumulated remeasurement gains at end of year $ 415,000 $ - (a) The adjustment to opening accumulated remeasurement gains/(losses) relates to: Increase due to classifying bond portfolio in the FV category 2,000,000 Decrease due to reclassification of fair value of interest rate swap (2,100,000) Net decrease upon adoption of PSAB (100,000) See Note 3 to the example financial statements for a detailed explanation of these adjustments. The accompanying notes are an integral part of these financial statements Page 5 of 35

9 1. SIGNIFICANT ACCOUNTING POLICIES Description of Organization Sample PSAB College, established in 1967, is an Ontario college of applied arts and technology duly established pursuant to Ontario regulation 34/03 made under the Ontario Colleges of Applied Arts and Technology Act, The College is an agency of the Crown and provides postsecondary, vocationally oriented education in the areas of applied arts, business, health sciences and technology. The College is a not-for-profit organization and, as such, is exempt from income taxes under the Income Tax Act (Canada). Basis of presentation Revenue recognition The financial statements of the College have been prepared in accordance with Canadian public sector accounting standards for government not-for-profit organizations, including the 4200 series of standards, as issued by the Public Sector Accounting Board ( PSAB for Government NPOs ). The College follows the deferral method of accounting for contributions, which include donations and government grants. Tuition fees and contract training revenues are recognized as income to the extent that the related courses and services are provided within the fiscal year of the College. Ancillary revenues including parking, bookstore, residence and other sundry revenues are recognized when products are delivered or services are provided to the student or client, the sales price is fixed and determinable, and collection is reasonably assured. Unrestricted contributions are recognized as revenue when received or receivable. Externally restricted contributions and restricted investment income are recognized as revenue in the year in which the related expenses are incurred. Restricted contributions for the purchase of capital assets are deferred and amortized into revenue at a rate corresponding with the amortization rate for the related capital assets. Endowment contributions are recognized as direct increases in endowed net assets. Restricted investment income is recognized as revenue in the year in which the related expenses are incurred. Restricted investment income that must be maintained as an endowment is credited to net assets. Unrestricted investment income is recognized as revenue when earned. Page 6 of 35

10 1. SIGNIFICANT ACCOUNTING POLICIES (continued) Inventory Capital assets Inventories are valued at the lower of cost and net realizable value. Cost is determined on the first-in first-out basis. Purchased capital assets are recorded at cost less accumulated amortization. Contributed capital assets are recorded at fair value at the date of contribution. Repairs and maintenance costs are charged to expense. Betterments that extend the estimated life of an asset are capitalized. When a capital asset no longer contributes to the College s ability to provide services or the value of future economic benefits associated with the capital asset is less than its net book value, the carrying value of the capital asset is reduced to reflect the decline in the asset s value. Construction in progress is not recorded as a capital asset, or amortized until construction it is put into service. Capital assets are capitalized on acquisition and amortized on a straight-line basis over their useful lives, which has been estimated to be as follows: Buildings & building improvements - 20 to 40 years Building-student residence - 20 years Large machinery - 20 years Leasehold improvements - 5 years Computer software - 5 years Furniture, equipment and computers - 5 years Vacation pay Retirement and post-employment benefits and compensated absences The College recognizes vacation pay as an expense on the accrual basis. The College provides defined retirement and post-employment benefits and compensated absences to certain employee groups. These benefits include pension, health and dental, vesting sick leave and non-vesting sick leave. The College has adopted the following policies with respect to accounting for these employee benefits: (i) The costs of post-employment future benefits are actuarially determined using management s best estimate of health care costs, disability recovery rates and discount rates. Adjustments to these costs arising from changes in estimates and experience gains and losses are amortized to income over the estimated average remaining service life of the employee groups on a straight line basis (ii) The costs of the multi-employer defined benefit pension are the employer s contributions due to the plan in the period. Page 7 of 35

11 1. SIGNIFICANT ACCOUNTING POLICIES (continued) Retirement and post-employment benefits and compensated absences (continued) (iii) The cost of vesting and non-vesting sick leave benefits are actuarially determined using management s best estimate of salary escalation, employees use of entitlement and discount rates. Adjustments to these costs arising from changes in actuarial assumption and/or experience are recognized over the estimated average remaining service life of the employees. (iv) The discount used in the determination of the abovementioned liabilities is equal to the College s internal rate of borrowing. Interest in Joint Venture The interest in the joint venture is accounted for using the modified equity method wherein the interest in the joint venture is equal to the College s 50% share of the net assets. No adjustment is made for the basis of accounting of the joint venture being different than PSAB for Government NPOs. Financial instruments The College classifies its financial instruments as either fair value or amortized cost. The College s accounting policy for each category is as follows: Fair value This category includes derivatives and equity instruments quoted in an active market. The College has designated its bond portfolio that would otherwise be classified into the amortized cost category at fair value as the College manages and reports performance of it on a fair value basis. They are initially recognized at cost and subsequently carried at fair value. Unrealized changes in fair value are recognized in the statement of remeasurement gains and losses until they are realized, when they are transferred to the statement of operations. Transaction costs related to financial instruments in the fair value category are expensed as incurred. Where a decline in fair value is determined to be other than temporary, the amount of the loss is removed from accumulated remeasurement gains and losses and recognized in the statement of operations. On sale, the amount held in accumulated remeasurement gains and losses associated with that instrument is removed from net assets and recognized in the statement of operations. Page 8 of 35

12 1. SIGNIFICANT ACCOUNTING POLICIES (continued) Financial instruments (continued) Amortized cost This category includes accounts receivable, long-term receivable, accounts payable and accrued liabilities, bank loans and term debt. They are initially recognized at cost and subsequently carried at amortized cost using the effective interest rate method, less any impairment losses on financial assets. Transaction costs related to financial instruments in the amortized cost category are added to the carrying value of the instrument. Writedowns on financial assets in the amortized cost category are recognized when the amount of a loss is known with sufficient precision, and there is no realistic prospect of recovery. Financial assets are then written down to net recoverable value with the writedown being recognized in the statement of operations. Management estimates The preparation of financial statements in conformity with PSAB for Government NPOs requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates. Areas of key estimation include determination of fair value for long-term investments, allowance for doubtful accounts, and actuarial estimation of postemployment benefits and compensated absences liabilities. Page 9 of 35

13 2. FIRST TIME ADOPTION OF PUBLIC SECTOR ACCOUNTING STANDARDS The Public Sector Accounting Board (PSAB) issued new standards for government (public sector) not-forprofit organizations. For years beginning on or after January 1, 2012, government NPOs have a choice of: 1. Public sector accounting standards including PS for government not-for-profit organizations; or 2. Public sector accounting standards The College has chosen to follow Public Sector Accounting standards including PS for government not-for-profit organizations. Effective April 1, 2012, the College adopted the requirements of the new accounting framework, Canadian Public Sector Accounting Standards for Not-for-Profit Organizations (PSAB for Government NPOs). These are the College s first financial statements prepared in accordance with this framework and the transitional provisions of Section 2125, First-time Adoption by Government Organizations have App. #8 been applied. Section 2125 requires retroactive application of the accounting standards with certain elective exemptions and mandatory exceptions. The accounting policies set out in the Summary of Significant Accounting Policies have been applied in preparing the financial statements for the year ended March 31, 2013, the comparative information presented in these financial statements for the year ended March 31, 2012 and in the preparation of an opening PSAB for Government NPOs balance sheet at the date of transition of April 1, 2011 with the exception of PS 2601 Foreign Currency Translation and PS 3450 Financial Instruments, which has been applied with an effective date of April 1, 2012 (see Note 3 Change in Accounting Policy). The College issued financial statements for the year ended March 31, 2011 using generally accepted accounting principles prescribed by the CICA Handbook Accounting Part V - Pre-changeover Accounting Standards. The adoption of PSAB for Government NPOs resulted in adjustments to the previously reported assets, liabilities, net assets, excess of revenue over expenses and cash flows of the College. An explanation of how the transition from pre-changeover Canadian GAAP to PSAB for Government NPOs has affected the College s financial position, operations, changes in net assets and cash flows is set out in the following notes and tables. The following exemptions and exceptions were used at the date of transition to Canadian accounting standards for not-for-profit organizations: Optional exemptions App. #7 Actuarial Gains and Losses Pre-changeover GAAP allowed the College to only recognize actuarial gains and losses that exceeded certain prescribed amounts ( the corridor approach ). PSAB for Government NPOs requires the amortization of actuarial gains and losses on post-employment benefit obligations and compensated absences to be amortized over the estimated average remaining service life of employees. Retroactive application of this approach would require the College to split the cumulative actuarial gains and losses from the inception of the plan until the date of transition to PSAB for Government NPOs into a recognized portion and an unrecognized portion. The College has elected to recognize all cumulative actuarial gains and losses as the date of transition to PSAB for Government NPOs directly in net assets. Actuarial gains and losses subsequent to the date of transition to PSAB for Government NPOs are accounted for in accordance with PS 3250 Retirement Benefits. Page 10 of 35

14 2. FIRST TIME ADOPTION OF PUBLIC SECTOR ACCOUNTING STANDARDS (continued) Business combinations The College elected to not retroactively apply the provisions PS 2510 Additional Areas of Consolidation to periods prior to the date of transition to PSAB for Government NPOs. As such, assets, liabilities and net assets have not been restated that may have been required if the provisions of PS 2510 had been applied retroactively. Mandatory exceptions Estimates The estimates previously made by the College under pre-changeover Canadian GAAP were not revised for the application of PSAB for Government NPOs except where necessary to reflect any difference in accounting policy or where there was objective evidence that those estimates were in error. As a result the College has not used hindsight to revise estimates. Reconciliation of net assets and excess of revenue over expenses In preparing these financial statements, management has amended certain accounting policies previously applied in the pre-changeover Canadian GAAP financial statements to comply with PSAB for Government NPOs. The comparative figures for March 31, 2012 were restated to reflect these adjustments. The following reconciliations and explanatory notes provide a description of the effect of the transition from pre-changeover Canadian GAAP to PSAB for Government NPOs on net assets and excess of revenues over expenses: Page 11 of 35

15 2. FIRST TIME ADOPTION OF PUBLIC SECTOR ACCOUNTING STANDARDS (continued) Statement of Financial Position as at April 1, 2011 Transition Date Transitional Adjustments Pre-changeover Canadian GAAP Adj. (i) Adj. (ii) Adj. (iii) PSAB for Government NPOs Liabilities Post-employment benefits and compensated absences Vesting sick leave $ 900,000 $ - $ 120,000 $ 180,000 $ 1,200,000 Non-vesting sick leave - 2,300, ,300,000 Retirement benefits 1,300,000-20,000 90,000 1,410,000 $ 2,200,000 $ 2,300,000 $ 140,000 $ 270,000 $ 4,910,000 Net Assets Post-employment benefits and compensated absences $ (2,200,000) $ (2,300,000) $ (140,000) $ (270,000) $ (4,910,000) Statement of Financial Position for the year-ended March 31, 2012 Transitional Adjustments Pre-changeover Canadian GAAP Adj. (i) Adj. (ii) Adj. (iii) PSAB for Government NPOs Liabilities Post-employment benefits and compensated absences Vesting sick leave $ 775,000 $ - $ 110,000 $ 215,000 $ 1,100,000 Non-vesting sick leave - 3,300, ,300,000 Retirement benefits 1,325,000-15, ,000 1,440,000 $ 2,100,000 $ 3,300,000 $ 125,000 $ 315,000 $ 5,840,000 Net Assets Post-employment benefits and compensated absences $ (2,100,000) $ (3,300,000) $ (125,000) $ (315,000) $ (5,840,000) Page 12 of 35

16 2. FIRST TIME ADOPTION OF PUBLIC SECTOR ACCOUNTING STANDARDS (continued) Statement of Operations for the year-ended March 31, 2012 Sub-note Pre-changeover Canadian GAAP Adjustments PSAB for Government NPOs Expenses App. #4 Salaries and benefits (i), (ii), (iii) $ 132,685,000 $ 1,040,000 $ 133,725,000 Excess of revenue over expenses (i), (ii), (iii) $ 21,940,000 $ (1,040,000) $ 20,900,000 Statement of Cash Flows for the year-ended March 31, 2012 The transition to PSAB for Government NPOs had no impact on total operating or financing activities on the statement of cash flows. The change in excess of revenues over expenses for year-ended March 31, 2012 has been offset by adjustments to operating activities. The transition to PSAB for Government NPOs resulted in the reclassification of cash receipts and outflows relating to the acquisition of tangible capital assets from investing activities to capital activities. The capital section of the statement of cash flows did not exist prior to the transition to PSAB for Government NPOs. Explanations for Adjustments to PSAB for Government NPOs (i) Non-vesting Sick Leave App. #4 PSAB for Government NPOs requires the recognition of a liability for sick leave benefits that accumulate, but do not vest, which was not required under pre-changeover GAAP. As a result, the College has recognized a liability and charge to net assets as described in the tables above. (ii) Amortization of Actuarial Gains/Losses As discussed in Note 2 First Time Adoption of Public Sector Accounting Standards, Optional Exemptions, the College has elected to recognize actuarial gains and losses at the date of transition to PSAB for Government NPOs directly in net assets. As a result, the College has recognized an increased liability and a charge to net assets as described in the tables above. (iii) Discount Rate Used to Calculate Post-Employment Benefits and Compensated Absences Liabilities PSAB for Government NPOs requires these liabilities to be calculated with a discount rate that is equal to either the College s rate of borrowing or the rate of return on the plan assets. Prechangeover GAAP required the discount rate to be equal to the yield on high quality corporate bonds. The College has chosen to discount these liabilities using its internal rate of borrowing. The change in the discount rate resulted in changes to the related liabilities and charges to net income as described in the tables above. Page 13 of 35

17 3. CHANGE IN ACCOUNTING POLICY App #3 On April 1, 2012, the College adopted Public Accounting Standards PS Financial Instruments and PS 2601 Foreign Currency Translation. The standards were adopted prospectively from the date of adoption. The new standards provide comprehensive requirements for the recognition, measurement, presentation and disclosure of financial instruments and foreign currency transactions. Under PS 3450, all financial instruments, including derivatives, are included on the statement of financial position and are measured either at fair value or amortized cost based on the characteristics of the instrument and the College s accounting policy choices (see Note 1 Significant Accounting Policies). In accordance with the provisions of this new standard, the College reflected the following adjustments: - April 1, 2012: an increase of $2,000,000 to long-term investments and an increase of $2,000,000 to accumulated remeasurement gains/(losses) due to the College choosing to designate its bond portfolio at fair value upon initial adoption of the standard whereas it was originally classified as held to maturity under pre-changeover GAAP. - April 1, 2012: an increase of $2,100,000 to unrestricted net assets and a decrease of $2,100,000 to accumulated remeasurement gains/(losses) due to the fair value of the College s interest rate swap derivative being reclassified to accumulated remeasurement gains/(losses). 4. FINANCIAL INSTRUMENT CLASSIFICATION App #6 The following table provides cost and fair value information of financial instruments by category. The maximum exposure to credit risk would be the carrying value as shown below Fair Value Amortized Cost Total Cash $ 33,068,000 $ - $ 33,068,000 Accounts receivable - 16,537,500 16,537,500 Temporary investments 4,300,000-4,300,000 Long-term investments 54,000,000-54,000,000 Long-term receivable - 6,300,000 6,300,000 Accounts payable and accrued liab. - 37,485,000 37,485,000 Interest rate swap 2,100,000-2,100,000 $ 93,468,000 $ 60,322,500 $ 153,790,500 Temporary investments consist of equity instruments in Canadian public companies and long-term investments consist of government of Canada bonds. Long-term investments include $12,900,000 ( $12,798,000) of investments externally restricted for endowment purposes (see Note 18). Page 14 of 35

18 4. FINANCIAL INSTRUMENT CLASSIFICATION (continued) Maturity profile of bonds held is as follows: 2013 Within 2 to 5 6 to 10 Over 10 1 year years years years Total Carrying value $ - $ 11,450,000 $ 25,000,000 $ 17,550,000 $ 54,000,000 Percent of Total 0% 21% 46% 33% The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: - Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities using the last bid price; - Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level 1 Level 2 Level 3 Total Cash $ 33,068,000 $ - $ - $ 33,068,000 Temporary investments 4,300, ,300,000 Long-term investments - 54,000,000-54,000,000 Interest rate swap - - 2,100,000 2,100,000 Total $ 37,368,000 $ 54,000,000 $ 2,100,000 $ 93,468,000 There were no transfers between Level 1 and Level 2 for the years ended March 31, 2013 and There were also no transfers in or out of Level 3. For a sensitivity analysis of financial instruments recognized in Level 3, see Note 20 Interest rate risk, as the prevailing interest rate is the most significant input into the fair value of the instrument. 5. INTEREST IN SAMPLE PSAB JOINT VENTURE On April 1, 2010, the College entered into a Memorandum of Understanding with the University of Sample, known as the Sample PSAB Culinary Joint Venture. The purpose of the Joint Venture is to provide the College and the University the opportunity to train students in hands-on culinary arts. The Joint Venture operates a restaurant with the space and employees being shared between the College and the University. The following is the College s 50% share of the components of the financial statements of the Joint Venture: Page 15 of 35

19 5. INTEREST IN SAMPLE PSAB JOINT VENTURE (continued) Total assets $ 5,250,000 $ 5,150,000 Total liabilities 2,750,000 2,800,000 Net assets $ 2,500,000 $ 2,350,000 Revenue $ 1,100,000 $ 1,075,000 Expenses 950, ,000 Excess of revenue over expenses for the year $ 150,000 $ 125,000 Cash provided by operating activities $ 250,000 $ 295,000 Cash used in investing activities (75,000) (115,000) Cash used in financing activities (25,000) (35,000) Net cash flows $ 150,000 $ 145,000 The Joint Venture is a not-for-profit organization, and as such follows the recommendations of CICA Handbook Part III Accounting Standards for Not-for-Profit Organizations. As such, there are differences between the accounting policies of the College under PSAB for Government NPOs and the Joint Venture under Part III of the CICA Handbook. Under the modified equity approach, the College makes no adjustment to the amounts disclosed or recognized in its financial statements for these differences. These differences include: (a) The employees of the joint venture are entitled to sick leave that accumulates, but does not vest. Under Part III of the CICA Handbook, no liability is recognized for non-vesting leave and as such, no such liability or expense has been provided for. Page 16 of 35

20 6. LONG TERM RECEIVABLE The College has financed the building of the New Campus Student Centre on behalf of the Sample PSAB College Student Association Inc. ( SPCSAI ). This receivable bears interest at prime minus 25 bps. This receivable is to be repaid through the collection of an annual student centre-building levy, which is collected from all full-time and part-time students and bears interest at 3% per annum. The College has also agreed to finance the building of the Health Centre on behalf of the SPCSAI. This building is currently under construction, and has a forecasted cost of $24.2 million. The total cost will be repaid through the collection of an annual levy, which is collected from all full-time and parttime students Note receivable - Student Centre $ 2,000,000 $ 2,500,000 Note receivable - Health Centre 8,200,000 8,700,000 Less current portion estimate included in accounts receivable (3,900,000) (3,900,000) $ 6,300,000 $ 7,300, CONSTRUCTION IN PROGRESS Construction in progress represents costs incurred to date on the construction of a new library and academic facility, of which approximately $45.1 million has been spent to date, and a new Health Centre, of which approximately $16 million has been spent to date. Once the construction has been completed, the total cost will be reclassified to capital assets and amortization will commence. As at March 31, 2013, construction in progress amounted to $61,100,000 ( $60,500,000). Page 17 of 35

21 8. CAPITAL ASSETS 2013 Accumulated Net Book Cost Amortization Value Land $ 5,000,000 $ - $ 5,000,000 Buildings & improvements 177,550,000 63,750, ,800,000 Building - Student Residence 13,900,000 3,190,000 10,710,000 Leasehold improvements 250, , ,000 Site improvements 500,000 75, ,000 Furniture, equipment and computers 115,463, ,000,000 10,463,500 Computer software 17,000,000 10,100,000 6,900,000 Large machinery 15,000,000 2,000,000 13,000,000 $ 344,663,500 $ 184,265,000 $ 160,398, Accumulated Net Book Cost Amortization Value Land $ 5,000,000 $ - $ 5,000,000 Buildings & improvements 176,550,000 64,430, ,120,000 Building - Student Residence 13,500,000 3,500,000 10,000,000 Leasehold improvements 250, , ,000 Site improvements 500, , ,000 Furniture, equipment and computers 113,000, ,800,000 9,200,000 Computer software 13,500,000 9,500,000 4,000,000 Large machinery 14,500,000 2,500,000 12,000,000 $ 336,800,000 $ 183,930,000 $ 152,870,000 Amortization expense for the year is $13,200,000 ( $12,600,000). Page 18 of 35

22 9. DEFERRED REVENUE Advanced tuition fees 30,835,000 29,900,000 Other 3,011,750 2,335,000 $ 33,846,750 $ 32,235, BANK LOANS The College has a $7,000,000 operating line of credit during the months of October through April and a $12,000,000 operating line of credit during the months of May through September. No amount has been drawn upon this operating line of credit as at March 31, The College has $2,100,000 ( $1,900,000) in letters of credit outstanding as of March 31, In addition, the College has an unused demand instalment loan facility of $2,145,000. The bank loan outstanding at year-end is as follows: Demand loan bearing interest at prime minus 25bps, repayable in monthly instalments of $16,667 excluding interest through This loan is secured by a general security agreement on all assets of the Student Association $ 2,600,000 $ 2,800,000 The scheduled principal amounts payable within the next five years and thereafter are as follows: 2014 $ 200, , , , ,000 Thereafter 1,600,000 Total $ 2,600,000 Page 19 of 35

23 11. LENDING FACILITIES The College has partially financed the building of the Student Residence through an unsecured nonrevolving bank loan, repayable in monthly installments of $90,900 principal and interest at the rate of prime plus 3%. The bank loan is due on demand and has therefore been classified as current. The College has fixed its interest rate at 6.82% through an interest rate swap for the term of the loan. The interest rate includes a credit spread of 0.35%. The interest rate swap is a derivative financial instrument. It has effectively locked in a fixed rate through The fair value of the interest rate swap (in favour of the bank) of $1,900,000 ( $2,100,000) is recorded in the statement of financial position with the fluctuations being recorded in the statement of remeasurement gains and losses. The scheduled principal amounts payable within the next five years and thereafter are as follows: 2014 $ 415, , , , ,936 Thereafter 15,926,110 Total $ 18,300, POST-EMPLOYMENT BENEFITS AND COMPENSATED ABSENCES LIABILITY The following tables outline the components of the College s post-employment benefits and compensated absences liabilities and the related expenses Post-employment Benefits Non-vesting sick leave Vesting sick leave Total liability Accrued employee future benefits obligations $ 2,155,400 $ 4,485,300 $ 559,300 $ 7,200,000 Value of plan assets (150,000) - - (150,000) Unamortized actuarial losses (245,000) (200,000) (197,500) (642,500) Total liability $ 1,760,400 $ 4,285,300 $ 361,800 $ 6,407,500 Page 20 of 35

24 12. POST-EMPLOYMENT BENEFITS AND COMPENSATED ABSENCES LIABILITY (continued) 2012 Post-employment Benefits Non-vesting sick leave Vesting sick leave Total liability Accrued employee future benefits obligations $ 1,673,000 $ 3,480,000 $ 1,290,000 $ 6,443,000 Unamortized actuarial losses (233,000) (180,000) (190,000) (603,000) Total liability $ 1,440,000 $ 3,300,000 $ 1,100,000 $ 5,840, Post-employment Benefits Non-vesting sick leave Vesting sick leave Total expense Current year benefit cost $ 235,000 $ 800,000 $ 100,000 $ 1,135,000 Interest on accrued benefit obligation 64, ,000 50, ,000 Amortized actuarial losses 21,400 17,300 16,800 55,500 Total expense $ 320,400 $ 985,300 $ 166,800 $ 1,472,500 Post-employment Benefits 2012 Non-vesting sick leave Vesting sick leave Total expense Current year benefit cost $ 230,000 $ 790,000 $ 92,500 $ 1,112,500 Interest on accrued benefit obligation 66, ,200 51, ,700 Amortized actuarial losses 20,000 16,500 15,400 51,900 Total expense $ 316,900 $ 945,700 $ 159,500 $ 1,422,100 Page 21 of 35

25 12. POST-EMPLOYMENT BENEFITS AND COMPENSATED ABSENCES LIABILITY (continued) Above amounts exclude pension contributions to the Colleges of Applied Arts and Technology pension plan, a multi-employer plan, described below. Retirement Benefits CAAT Pension Plan A majority of the College's employees are participants in the defined benefit contributory retirement pension plan of the Colleges of Applied Arts and Technology. The plan is a mutli-employer plan and therefore the College s contributions are accounted for as if the plan were a defined contribution plan with the College s contributions being expensed in the period they come due. Any unfunded liability is to be paid directly by the Ministry of Training, Colleges and Universities. Contributions by the College on account of current service pension costs amounted to $8,250,000 ( $7,125,000) and contributions by employees amounted to $7,650,000 ( $6,800,000). The most recent actuarial valuation filed with pension regulators as at January 1, 2012 indicated an actuarial surplus of $150 million. Post-Employment Benefits The College extends post employment life insurance, health and dental benefits to certain employee groups subsequent to their retirement. The College recognizes these benefits as they are earned during the employees tenure of service. The related benefit liability was determined by an actuarial valuation study commissioned by the College Employer Council. The major actuarial assumptions employed for the valuations are as follows: a) Discount rate The present value as at March 31, 2013 of the future benefits was determined using a discount rate of 4% (2012 4%). b) Drug Costs Drug costs were assumed to increase at a 10.5% rate for 2013 ( %) and decrease proportionately thereafter to an ultimate rate of 4.5% in 2026 for fiscal 2013 ( %). c) Hospital and other medical Hospital and other medical costs were assumed to increase at 4.5% per annum ( %). Medical premium increases were assumed to increase at 8.0% per annum in 2013 ( %) and decrease proportionately thereafter to an ultimate rate of 4.5% in 2026 for the fiscal 2013 ( %). d) Dental costs Dental costs were assumed to increase at 7.5% per annum in 2013 (7.25%) and decrease proportionately thereafter to an ultimate rate of 4.5% in 2023 for the fiscal 2013 benefits cost ( %). Dental costs were assumed to increase at 4.5% per annum for fiscal Page 22 of 35

26 12. POST-EMPLOYMENT BENEFITS AND COMPENSATED ABSENCES LIABILITY (continued) Compensated Absences Vesting Sick Leave The College has provided for vesting sick leave benefits during the year. Eligible employees, after 10 years of service, are entitled to receive 50% of their accumulated sick leave credit on termination or retirement to a maximum of 6 months salary. The program to accumulate sick leave credits ceased for employees hired after March 31, The related benefit liability was determined by an actuarial valuation study commissioned by the College Employer Council. Non-Vesting Sick Leave The College allocates to certain employee groups a specified number of days each year for use as paid absences in the event of illness or injury. These days do not vest and are available immediately. Employees are permitted to accumulate their unused allocation each year, up to the allowable maximum provided in their employment agreements. Accumulated days may be used in future years to the extent that the employees illness or injury exceeds the current year s allocation of days. Sick days are paid out at the salary in effect at the time of usage. The related benefit liability was determined by an actuarial valuation study commissioned by the College Employer Council. The assumptions used in the valuation of vesting and non-vesting sick leave are the College s best estimates of expected rates of: Wage and salary escalation 1.75% 1.50% Discount rate 4.00% 4.00% The probability that the employee will use more sick days than the annual accrual and the excess number of sick days used are within ranges of 0% to 39.2% and 0 to 19.3 days respectively for age groups ranging from 20 and under to 65 and over in bands of 5 years. 13. DEFERRED CONTRIBUTIONS Deferred contributions represent unspent externally restricted funding that has been received and relates to a subsequent year. Changes in the contributions deferred to future periods are as follows: Balance, beginning of year $ 2,000,000 $ 1,900,000 Less amounts recognized as revenue in the year (1,650,000) (1,700,000) Add amounts received during the year 1,750,000 1,800,000 Balance, end of year $ 2,100,000 $ 2,000,000 Page 23 of 35

27 13. DEFERRED CONTRIBUTIONS (continued) Deferred contributions are comprised of: Scholarships and bursaries $ 1,600,000 $ 1,550,000 Endowment interest funds 100, ,000 Joint employment stability reserve 400, ,000 $ 2,100,000 $ 2,000, DEFERRED CAPITAL CONTRIBUTIONS Deferred capital contributions represent the unamortized amount and unspent amount of donations and grants received for the purchase of capital assets. The amortization of capital contributions is recorded as revenue in the statement of operations. The changes in the deferred capital contributions balances are as follows: Balance, beginning of year $ 74,000,000 $ 74,800,000 Less amortization of deferred capital contributions (5,600,000) (5,300,000) Add transfers for construction in progress 1,100,000 2,000,000 Add contributions received for capital purposes 4,000,000 2,500,000 Balance, end of year $ 73,500,000 $ 74,000,000 As at March 31, 2013 there were $1,000,000 ( $1,500,000) of deferred capital contributions received which were not spent. 15. DEFERRED CAPITAL CONTRIBUTIONS RELATING TO CONSTRUCTION IN PROGRESS Deferred capital contributions relating to construction in progress represents the amount of grants and other restricted funding received for the Library and the Athletic and Wellness Centre construction projects in progress Balance, beginning of year $ 56,000,000 $ 56,200,000 Less amounts transferred to assets in the year (1,100,000) (2,000,000) Add contributions received for capital purposes 600,000 1,800,000 Balance, end of year $ 55,500,000 $ 56,000,000 Page 24 of 35

Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY

Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY MANAGEMENTS RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements of the George Brown College of Applied Arts and

More information

Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF TECHNOLOGY AND ADVANCED LEARNING

Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF TECHNOLOGY AND ADVANCED LEARNING Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF Year ended March 31, 2014 KPMG LLP Chartered Accountants Box 976 21 King Street West Suite 700 Hamilton ON L8N 3R1 Telephone

More information

Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF TECHNOLOGY AND ADVANCED LEARNING

Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF TECHNOLOGY AND ADVANCED LEARNING Financial Statements and Supplementary Information of SHERIDAN COLLEGE INSTITUTE OF KPMG LLP Chartered Accountants Box 976 21 King Street West Suite 700 Hamilton ON L8N 3R1 Telephone (905) 523-8200 Telefax

More information

Huron University College. Financial Statements April 30, 2012

Huron University College. Financial Statements April 30, 2012 Financial Statements April 30, June 27, Independent Auditor s Report To the Executive Board of Huron University College We have audited the accompanying financial statements of Huron University College,

More information

Centre for Addiction and Mental Health. Financial Statements March 31, 2014

Centre for Addiction and Mental Health. Financial Statements March 31, 2014 Centre for Addiction and Mental Health Financial Statements June 4, Independent Auditor s Report To the Trustees of Centre for Addiction and Mental Health We have audited the accompanying financial statements

More information

JUSTICE INSTITUTE OF BRITISH COLUMBIA

JUSTICE INSTITUTE OF BRITISH COLUMBIA Financial Statements of JUSTICE INSTITUTE OF BRITISH COLUMBIA ABCD KPMG LLP Chartered Accountants Box 10426, 777 Dunsmuir Street Vancouver BC V7Y 1K3 Telephone (604) 691-3000 Telefax (604) 691-3031 Internet

More information

CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2016

CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2016 CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS APRIL 30, 2016 CONTENTS Management Responsibility for Financial Reporting 1 Independent Auditors' Report 2 Financial Statements Statement of Financial

More information

Consolidated Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY

Consolidated Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Consolidated Financial Statements of THE GEORGE BROWN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Tel: 905 270-7700 Fax: 905 270-7915 Toll-free: 866 248 6660 www.bdo.ca BDO Canada LLP 1 City Centre Drive, Suite

More information

NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS

NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS DECEMBER 2010 WWW.BDO.CA ASSURANCE AND ACCOUNTING NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS In December 2010, the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB) each

More information

Canadian Association of University Business Officers

Canadian Association of University Business Officers Canadian Association of University Business Officers Financial Reporting Information Note Employee Future Benefits January 2012 Purpose Canadian colleges and universities hereinafter referred to as higher

More information

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015 Holland Bloorview Kids Rehabilitation Hospital Financial Statements June 8, 2015 Independent Auditor s Report To the Members of Holland Bloorview Kids Rehabilitation Hospital We have audited the accompanying

More information

The Hospital for Sick Children Financial Statements. March 31, 2015 TOGETHER WE WILL

The Hospital for Sick Children Financial Statements. March 31, 2015 TOGETHER WE WILL The Hospital for Sick Children Financial Statements March 31, 2015 TOGETHER WE WILL TABLE OF CONTENTS Management s Report 3 Independent Auditor s Report 4 Financial Statements Balance Sheet 5 Statement

More information

BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY

BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY Consolidated Financial Statements of BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY Consolidated Financial Statements Management Report Auditors' Report Consolidated Financial Statements Consolidated Statement

More information

A Guide to for Financial Instruments in the Public Sector

A Guide to for Financial Instruments in the Public Sector November 2011 www.bdo.ca Assurance and accounting A Guide to Accounting for Financial Instruments in the Public Sector In June 2011, the Public Sector Accounting Standards Board released Section PS3450,

More information

Financial Statements. University Health Network March 31, 2014

Financial Statements. University Health Network March 31, 2014 Financial Statements University Health Network INDEPENDENT AUDITORS' REPORT To the Board of Trustees of University Health Network We have audited the accompanying financial statements of University Health

More information

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY Consolidated Financial Statements of SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY KPMG LLP Telephone (416) 228-7000 Chartered Accountants Fax (416) 228-7123 Yonge Corporate Centre Internet www.kpmg.ca

More information

VANCOUVER COMMUNITY COLLEGE

VANCOUVER COMMUNITY COLLEGE Financial Statements of VANCOUVER COMMUNITY COLLEGE KPMG Enterprise Metrotower II 4720 Kingsway, Suite 2400 Burnaby, BC V5H 4N2 Canada Telephone (604) 527-3600 Fax (604) 527-3636 Internet www.kpmg.ca/enterprise

More information

PUBLIC SECTOR ACCOUNTING (PSAB) UPDATE 2012

PUBLIC SECTOR ACCOUNTING (PSAB) UPDATE 2012 NOVEMBER 2012 WWW.BDO.CA ASSURANCE AND ACCOUNTING PUBLIC SECTOR ACCOUNTING (PSAB) UPDATE 2012 Introduction Over the past year, the Public Sector Accounting Board (PSAB) has made a number of revisions to

More information

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY March 31, 2013 and 2012 Deloitte LLP 800-100 Queen Street Ottawa, ON K1P 5T8 Canada Tel: (613) 236 2442 Fax: (613) 236 2195 www.deloitte.ca

More information

PSAB AT A GLANCE Section PS 1201 Financial Statement Presentation

PSAB AT A GLANCE Section PS 1201 Financial Statement Presentation PSAB AT A GLANCE Section PS 1201 Financial Statement Presentation November 2015 Section PS 1201 - Financial Statement Presentation GENERAL REPORTING PRINCIPLES Effective Date This Section applies in the

More information

Financial Statements of RED RIVER COLLEGE. Year ended June 30, 2009

Financial Statements of RED RIVER COLLEGE. Year ended June 30, 2009 Financial Statements of RED RIVER COLLEGE KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place Internet www.kpmg.ca Winnipeg MB R3B 0X3 Canada AUDITORS'

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

BRITISH COLUMBIA TRANSIT

BRITISH COLUMBIA TRANSIT Audited Financial Statements of BRITISH COLUMBIA TRANSIT Years ended March 31, 2005 and 2004 AUDITOR S REPORT BC TRANSIT 41 REPORT OF MANAGEMENT Years ended March 31, 2005 and 2004 The financial statements

More information

Financial Statements. Canadian Baptist Ministries December 31, 2014

Financial Statements. Canadian Baptist Ministries December 31, 2014 Financial Statements Canadian Baptist Ministries INDEPENDENT AUDITORS' REPORT To the Members of Canadian Baptist Ministries We have audited the accompanying financial statements of Canadian Baptist Ministries,

More information

Financial Statements of

Financial Statements of Financial Statements of For the year ended March 31, 2015 KPMG LLP Chartered Accountants Telephone (604) 854-2200 32575 Simon Avenue Fax (604) 853-2756 Abbotsford BC V2T 4W6 Internet www.kpmg.ca Canada

More information

THE HOSPITAL FOR SICK CHILDREN

THE HOSPITAL FOR SICK CHILDREN THE HOSPITAL FOR SICK CHILDREN Financial Statements and 2012 TABLE OF CONTENTS Page Management's Report 2 Independent Auditors' Report 3 Financial Statements Balance Sheets 4 Statements of Operations 5

More information

KWANTLEN POLYTECHNIC UNIVERSITY

KWANTLEN POLYTECHNIC UNIVERSITY Financial Statements of KWANTLEN POLYTECHNIC UNIVERSITY KPMG LLP 3 rd Floor 8506 200 th Street Langley BC V2Y 0M1 Canada Telephone (604) 455-4000 Fax (604) 881-4988 INDEPENDENT AUDITORS REPORT To the

More information

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014 FINANCIAL STATEMENTS DECEMBER 31, 2014 TABLE OF CONTENTS PAGE Independent Auditor's Report 1 Financial Statements Statement of Operations and Changes in Net Assets 3 Statement of Financial Position 4 Statement

More information

Canadian GAAP IFRS Comparison Series Issue 12 Employee Benefits

Canadian GAAP IFRS Comparison Series Issue 12 Employee Benefits Comparison Series Issue 12 Employee Benefits Both and Canadian GAAP are principle based frameworks, and from a conceptual standpoint many of the general principles are the same. However, the application

More information

College of Physicians and Surgeons of British Columbia

College of Physicians and Surgeons of British Columbia Financial Statements OF College of Physicians and Surgeons of British Columbia FEBRUARY 29, 2012 Table of contents Independent Auditor s Report... 1 Statement of operations... 2 Statement of changes in

More information

BRITISH COLUMBIA EMERGENCY HEALTH SERVICES CORPORATION

BRITISH COLUMBIA EMERGENCY HEALTH SERVICES CORPORATION Financial Statements of BRITISH COLUMBIA EMERGENCY HEALTH June 26, 2014 Independent Auditor s Report To the Board of British Columbia Emergency Health Services Corporation We have audited the accompanying

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Independent Auditors' Report 2 Consolidated Financial Statements Consolidated Balance Sheet 3 Consolidated Statement of Operations 4 Consolidated Statement of Changes

More information

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013 Draft for discussion purposes April 14, 2014 FINANCIAL STATEMENTS EXCELLENCE CANADA CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance sheet 3 Statement of changes in net assets

More information

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012 Financial statements Standardbred Canada (Incorporated under the Animal Pedigree Act) (Incorporated under the Animal Pedigree Act) Contents Page Independent Auditors Report 1-2 Statement of operations

More information

Financial Statements of BRITISH COLUMBIA EMERGENCY HEALTH SERVICES CORPORATION

Financial Statements of BRITISH COLUMBIA EMERGENCY HEALTH SERVICES CORPORATION Financial Statements of BRITISH COLUMBIA EMERGENCY HEALTH June 22, 2015 Independent Auditor s Report To the Board of British Columbia Emergency Health Services Corporation We have audited the accompanying

More information

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN Financial Statements of HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place

More information

London District Catholic School Board. Consolidated Financial Statements August 31, 2014

London District Catholic School Board. Consolidated Financial Statements August 31, 2014 London District Catholic School Board Consolidated Financial Statements August 31, 2014 MANAGEMENT REPORT Management s responsibility for the consolidated financial statements The accompanying consolidated

More information

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS JUNE 30, 2007 AND 2006 CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of financial

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

JAMES A. MICHENER ART MUSEUM

JAMES A. MICHENER ART MUSEUM FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010 CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses

More information

PSAB AT A GLANCE Retirement Benefits, Post-employment Benefits, Compensated Absences & Termination Benefits

PSAB AT A GLANCE Retirement Benefits, Post-employment Benefits, Compensated Absences & Termination Benefits PSAB AT A GLANCE Retirement Benefits, Post-employment Benefits, Compensated Absences & Termination Benefits March 2014 Retirement Benefits, Post-employment Benefits, Compensated Absences & Termination

More information

Summary Comparison of Canadian Public Sector Accounting Standards

Summary Comparison of Canadian Public Sector Accounting Standards February 2011 Summary Comparison of Canadian Public Sector Accounting Standards With th e CI CA Han dboo k Part V www.bcauditor.com Location: 8 Bastion Square Victoria, British Columbia V8V 1X4 Office

More information

Financial Statements. The Izaak Walton Killam Health Centre. March 31, 2012

Financial Statements. The Izaak Walton Killam Health Centre. March 31, 2012 Financial Statements The Izaak Walton Killam Health Centre March 31, 2012 Contents Page Independent auditor s report 1 Statement of operations and operating fund balance 2 Balance sheet 3 Statement of

More information

UNDERSTANDING CANADIAN PUBLIC SECTOR FINANCIAL STATEMENTS

UNDERSTANDING CANADIAN PUBLIC SECTOR FINANCIAL STATEMENTS June 2014 UNDERSTANDING CANADIAN PUBLIC SECTOR FINANCIAL STATEMENTS www.bcauditor.com TABLE OF CONTENTS Who Will Find this Guide Helpful 3 What a Set of Public Sector Financial Statements Includes 5 The

More information

book 4: financials The Law Foundation Of Ontario

book 4: financials The Law Foundation Of Ontario book 4: financials The Law Foundation Of Ontario audited financial statements To The Trustees of The Law Foundation of Ontario We have audited the accompanying financial statements of The Law Foundation

More information

Unaudited Consolidated Financial Statements of NAV CANADA. Three months ended November 30, 2012

Unaudited Consolidated Financial Statements of NAV CANADA. Three months ended November 30, 2012 Unaudited Consolidated Financial Statements of NAV CANADA Three months ended November 30, 2012 Consolidated Balance Sheets (unaudited) Assets Current assets November 30 August 31 2012 2012 Cash and cash

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015 Financial Statements of Canadian Cancer Society, Saskatchewan Division Independent Auditor s report To the Board of Directors of the Canadian Cancer Society, Saskatchewan Division We have audited the accompanying

More information

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006 Financial Statements PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (585) 232 4000 Facsimile (585) 454 6594 Report of Independent Auditors To the Board of Trustees

More information

Financial Statements. August 31, 2013. Table of Contents

Financial Statements. August 31, 2013. Table of Contents Financial Statements August 31, 2013 Table of Contents Page Independent Auditors' Report 1 Statement of Operations 3 Statement of Changes in Net Assets 4 Statement of Financial Position 5 Statement of

More information

Ontario Centres of Excellence Inc. Financial Statements March 31, 2013, March 31, 2012 and April 1, 2011

Ontario Centres of Excellence Inc. Financial Statements March 31, 2013, March 31, 2012 and April 1, 2011 Ontario Centres of Excellence Inc. Financial Statements March 31, 2013, March 31, 2012 and April 1, 2011 June 24, 2013 Independent Auditor s Report To the Members of Ontario Centres of Excellence Inc.

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management)

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management) Condensed Interim Financial Statements of MANITOU GOLD INC. (Unaudited prepared by management) NOTICE TO READER The condensed interim balance sheets of Manitou Gold Inc. as at March 31, 2011 and December

More information

Financial statements of. Youth Science Canada. June 30, 2010

Financial statements of. Youth Science Canada. June 30, 2010 Financial statements of Youth Science Canada Table of contents Auditors Report... 1 Statement of financial position... 2 Statement of operations... 3 Statement of changes in net assets... 4 Statement of

More information

New accounting standards for not-for-profit organizations

New accounting standards for not-for-profit organizations New accounting standards for not-for-profit organizations Special March 2011 Flash To our new readers welcome! To our existing loyal readers welcome back! So far, 2011 has been a very busy year, with lots

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Financial Statements. Trade Centre Limited March 31, 2014

Financial Statements. Trade Centre Limited March 31, 2014 Financial Statements Trade Centre Limited MANAGEMENT S REPORT The financial statements have been prepared by management in accordance with Canadian public sector accounting standards and the integrity

More information

AUDIOTECH HEALTHCARE CORPORATION

AUDIOTECH HEALTHCARE CORPORATION Consolidated Financial Statements of AUDIOTECH HEALTHCARE CORPORATION Year ended September 30, 2008 1 CHARTERED ACCOUNTANTS MacKay LLP 1100 1177 West Hastings Street Vancouver, BC V6E 4T5 Tel: (604) 687-4511

More information

LIABILITIES FOR EMPLOYEE FUTURE BENEFITS

LIABILITIES FOR EMPLOYEE FUTURE BENEFITS Resource Management Division LIABILITIES FOR EMPLOYEE FUTURE BENEFITS For British Columbia School Districts April 2015 TABLE OF CONTENTS Section 1 Background and Accounting Policies....... Page 1 Section

More information

Consolidated Financial Statements of

Consolidated Financial Statements of Consolidated Financial Statements of KPMG LLP Telephone (613) 212-KPMG Chartered Accountants Fax (613) 212-2896 Suite 2000 Internet www.kpmg.ca 160 Elgin Street Ottawa, ON K2P 2P8 Canada INDEPENDENT AUDITORS

More information

MANITOBA CARDIAC INSTITUTE (REH-FIT) INC. Non-consolidated Financial Statements For the year ended March 31, 2014

MANITOBA CARDIAC INSTITUTE (REH-FIT) INC. Non-consolidated Financial Statements For the year ended March 31, 2014 MANITOBA CARDIAC INSTITUTE (REH-FIT) INC. Non-consolidated Financial Statements For the year ended March 31, 2014 MANITOBA CARDIAC INSTITUTE (REH-FIT) INC. Non-consolidated Financial Statements For the

More information

What you need to know about Sections 3462 and 3463

What you need to know about Sections 3462 and 3463 WWW.BDO.CA ASSURANCE AND ACCOUNTING EMPLOYEE FUTURE BENEFITS What you need to know about Sections 3462 and 3463 Accounting for employee future benefits can be complex, but recent changes to the standards

More information

Lougheed House Conservation Society. (a not-for-profit organization) Financial Statements December 31, 2013

Lougheed House Conservation Society. (a not-for-profit organization) Financial Statements December 31, 2013 Financial Statements Collins Barrow Calgary LLP 1400 First Alberta Place 777 8 th Avenue S.W. Calgary, Alberta, Canada T2P 3R5 Independent Auditors' Report T. 403.298.1500 F. 403.298.5814 e-mail: calgary@collinsbarrow.com

More information

Summary of Significant Differences between Japanese GAAP and U.S. GAAP

Summary of Significant Differences between Japanese GAAP and U.S. GAAP Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014 Financial Statements Young Women's Christian Association of Greater Toronto INDEPENDENT AUDITORS' REPORT To the Members of Young Women's Christian Association of Greater Toronto REPORT ON THE FINANCIAL

More information

Construction Specifications Canada Financial Statements For the year ended March 31, 2011

Construction Specifications Canada Financial Statements For the year ended March 31, 2011 Construction Specifications Canada Financial Statements For the year ended March 31, 2011 Contents Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Changes

More information

Financial Statements of WORLD VISION CANADA. Year ended September 30, 2011

Financial Statements of WORLD VISION CANADA. Year ended September 30, 2011 Financial Statements of WORLD VISION CANADA Financial Statements Independent Auditors' Report Financial Statements Statement of Financial Position... 1 Statement of Revenue and Expenditures... 2 Statement

More information

THE CANADIAN NETWORK FOR INTERNATIONAL SURGERY FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2013 AND 2012

THE CANADIAN NETWORK FOR INTERNATIONAL SURGERY FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 THE CANADIAN NETWORK FOR INTERNATIONAL SURGERY FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 INDEPENDENT AUDITORS' REPORT To the Members of: The Canadian Network for International Surgery

More information

Financial Statements

Financial Statements ALBERTA INVESTMENT MANAGEMENT CORPORATION Financial Statements For the year ended March 31, 2015 Independent Auditor s Report... 274 Statement of Financial Position.... 275 Statement of Operations... 276

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

BRITISH COLUMBIA CANCER AGENCY BRANCH

BRITISH COLUMBIA CANCER AGENCY BRANCH Consolidated Financial Statements of BRITISH COLUMBIA CANCER AGENCY BRANCH June 22, 2015 Independent Auditor s Report To the Board of British Columbia Cancer Agency Branch We have audited the accompanying

More information

Management s Report and. Audited Consolidated Financial Statements of NAV CANADA. Year ended August 31, 2015

Management s Report and. Audited Consolidated Financial Statements of NAV CANADA. Year ended August 31, 2015 Management s Report and Audited Consolidated Financial Statements of NAV CANADA Year ended August 31, 2015 MANAGEMENT S REPORT TO THE MEMBERS OF NAV CANADA These consolidated financial statements are the

More information

PROVIDENCE HEALTH CARE

PROVIDENCE HEALTH CARE Financial Statements of PROVIDENCE HEALTH CARE IJ8II KPMG LLP Chartered Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

COMMUNITY LIVING BRITISH COLUMBIA. Audited Financial Statements. March 31, 2014

COMMUNITY LIVING BRITISH COLUMBIA. Audited Financial Statements. March 31, 2014 Audited Financial Statements Management s Report Management s Responsibility for the Financial Statements The financial statements of Community Living British Columbia as at, and for the year then ended,

More information

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001 Contents Report of Independent Accountants 1 Part 1 Consolidated Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Activities 3 Consolidated Statement of Cash Flows 4 Part 2 Summary

More information

Interim Consolidated Financial Statements (Unaudited)

Interim Consolidated Financial Statements (Unaudited) Terasen Gas Inc. A subsidiary of Fortis Inc. Interim Consolidated Financial Statements (Unaudited) For the three and six months ended June 30, 2008 FOR MORE INFORMATION ABOUT TERASEN GAS VISIT OUR WEBSITE

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN

HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN Financial Statements of HEALTHCARE EMPLOYEES BENEFITS PLAN - MANITOBA - THE GROUP LIFE INSURANCE PLAN KPMG LLP Telephone (204) 957-1770 Chartered Accountants Fax (204) 957-0808 Suite 2000 One Lombard Place

More information

OPERATION SMILE, INC. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

OPERATION SMILE, INC. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Statements of Financial Position 3 Consolidated Statements of Activities 4 Consolidated

More information

Japan Vilene Company, Ltd. and Subsidiaries

Japan Vilene Company, Ltd. and Subsidiaries - 27 - Japan Vilene Company, Ltd. and Subsidiaries Notes to Consolidated Financial Statements Year Ended March 31, 2015 1. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated

More information

Orange County s United Way

Orange County s United Way Financial Statements Years Ended June 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited)

interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited) interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited) consolidated financial statements 2 Condensed Interim Consolidated Statements of Operations and

More information

Foundation for Canadian Parks and Wilderness

Foundation for Canadian Parks and Wilderness Foundation for Canadian Parks and Wilderness Financial Statements For the years ended March 31, 2008 and 2007 Financial Statements For the years ended March 31, 2008 and 2007 Contents Auditors' Report

More information

Independent Auditors Report

Independent Auditors Report Independent Auditors Report To the Board of Directors of We have audited the accompanying financial statements of Genome British Columbia, which comprise the statement of financial position as at March

More information

Investments and advances... 313,669

Investments and advances... 313,669 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

Board of Governors of Exhibition Place. Consolidated Financial Statements December 31, 2011 and December 31, 2010

Board of Governors of Exhibition Place. Consolidated Financial Statements December 31, 2011 and December 31, 2010 Board of Governors of Exhibition Place Consolidated Financial Statements December 31, 2011 and December 31, May 25, 2012 Independent Auditor s Report To the Members of Board of Governors of Exhibition

More information

N otes to Consolidated Financial Statements

N otes to Consolidated Financial Statements N otes to Consolidated Financial Statements Brother Industries, Ltd. and Consolidated Subsidiaries For the Years ended March 31, 2011 and 2010 1. Basis of Presenting Consolidated Financial Statements The

More information

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014

Consolidated Financial Statements. Forestry Innovation Investment Ltd. March 31, 2014 Consolidated Financial Statements Forestry Innovation Investment Ltd. Contents Page Independent Auditor's Report 1-2 Consolidated Statement of Financial Position 3 Consolidated Statement of Operations

More information

Financial Statements. Year ended March 31, 2013. Ontario Network of Entrepreneurs. Ontario Centres of Excellence is a member of

Financial Statements. Year ended March 31, 2013. Ontario Network of Entrepreneurs. Ontario Centres of Excellence is a member of ROI Return on Innovation Ontario Centres of Excellence Inc. Financial Statements Year ended March 31, 2013 Ontario Centres of Excellence is a member of Ontario Network of Entrepreneurs Ontario Centres

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

Assurance and accounting A Guide to Financial Instruments for Private

Assurance and accounting A Guide to Financial Instruments for Private june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards

More information

HOSOKAWA MICRON CORPORATION AND CONSOLIDATED SUBSIDIARIES

HOSOKAWA MICRON CORPORATION AND CONSOLIDATED SUBSIDIARIES AND CONSOLIDATED SUBSIDIARIES Consolidated Financial Statements For the Years Ended December 2016 Consolidated Balance Sheets Current assets: Millions of yen Thousands of U.S. dollars (Note 1) Assets 2016

More information

FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013

FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013 FIRST BAPTIST CHURCH, REGINA INC. FINANCIAL STATEMENTS December 31, 2013 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL STATEMENTS The financial statements are the responsibility of management and have been

More information

Boston College Financial Statements May 31, 2007 and 2006

Boston College Financial Statements May 31, 2007 and 2006 Financial Statements Index Page(s) Report of Independent Auditors... 1 Financial Statements Statement of Financial Position... 2 Statement of Activities... 3 Statement of Cash Flows... 4...5-15 PricewaterhouseCoopers

More information

Christian Children s Fund of Canada. Financial Statements March 31, 2015

Christian Children s Fund of Canada. Financial Statements March 31, 2015 Christian Children s Fund of Canada Financial Statements Index to Financial Statements Page INDEPENDENT AUDITOR S REPORT 1-2 STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF OPERATIONS 4 STATEMENT OF CHANGES

More information

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

More information

MANITOBA DENTAL ASSISTANTS ASSOCIATION Financial Statements December 31, 2011

MANITOBA DENTAL ASSISTANTS ASSOCIATION Financial Statements December 31, 2011 Financial Statements December 31, 2011 December 4, 2012 INDEPENDENT AUDITORS' REPORT To the Directors of Manitoba Dental Assistants Association We have audited the accompanying financial statements of

More information

Financial Results. George Weston Limited 2010 Annual Report 67

Financial Results. George Weston Limited 2010 Annual Report 67 Financial Results Management s Statement of Responsibility for Financial Reporting 68 Independent Auditors Report 69 Consolidated Financial Statements 70 Consolidated Statements of Earnings 70 Consolidated

More information