Public Post-Secondary Institutions Audited Financial Statements. Universities and the Banff Centre for the Year Ended March 31

2008·18.4 MB·English

by  Alberta. Alberta Advanced Education and Technology

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Advanced Education
and Technology
Public Post-Secondary Institutions
Audited Financial Statements
Universities and BanffCentre foi Continuing Education
for the year ended March 31, 2008
/diberra
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ISSN 1710-1387
Public Post-Secondary Institutions
Audited Financial Statements
Table of Contents
Universities and Associated Entities - Year ended March 31, 2008
Page
Athabasca University 1
The University ofAlberta 25
The University of Calgary 49
The Arctic Institute of North America 79
University Technologies Group 97
Olympic Oval/Anneau Olympique 123
The University of Lethbridge 135
The BanffCentre for Continuing Education 159
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ATHABASCA UNIVERSITY
Financial Statements
Forthe yearended March 31 2008
,
Auditor’s Report
Financial Statements:
• Statement of Financial Position
• StatementofOperations
• StatementofChanges in NetAssets
• StatementofCash Flows
• Notes to the Financial Statements
1
AUDIT
GENE„_
Alberta
Auditor’s Report
To theAthabascaUniversityGoverning Council
I have auditedthe statementoffinancial positionofAthabascaUniversityas atMarch 31, 2008
and the statements ofoperations, changes innet assets, and cash flows fortheyearthenended.
These financial statements aretheresponsibilityoftheUniversity’smanagement. My
responsibilityis to express anopiniononthesefinancial statementsbasedonmyaudit.
I conductedmyauditinaccordancewith Canadian generally accepted auditingstandards. Those
standards requirethat I plan andperform an auditto obtainreasonableassurancewhetherthe
financial statements are freeofmaterial misstatement. An auditincludes examining, onatest
basis, evidence supportingthe amounts and disclosures inthe financial statements. Anauditalso
includes assessingthe accountingprinciples used andsignificant estimatesmadeby
management, as well as evaluatingtheoverall financial statementpresentation.
Inmyopinion, these financial statements presentfairly, in all material respects, the financial
positionoftheUniversityas atMarch 31, 2008 andtheresults ofits operations and its cash
flows forthe yearthen endedin accordance with Canadian generallyaccepted accounting
principles.
I draw attentiontoNote 19 to the financial statementsthatdescribes theunfunded liabilityofthe
UniversitiesAcademicPensionPlanwhichmayaffecttheUniversity’s futurefinancial
statements. Ouropinion is not qualifiedinrespectofthismatter.
FCA
AuditorGeneral
Edmonton, Alberta
May9, 2008
2
) )
ATHABASCA UNIVERSITY
STATEMENTOFFINANCIALPOSITION
MARCH 312008
(thousandsofdollars)
2008 2007
ASSETS
Currentassets
Cashandshort-terminvestments(Note3) $ 23,334 $ 20,213
Accountsreceivable(Notes18) 5,439 4,558
Inventoryofcoursematerials 3,805 3,340
Prepaidexpenses 1,184 834
33,762 28,945
Non-currentInvestments(Notes3and4) 51,340 29,468
Deferredcoursedevelopmentcosts(Note5) 141 211
Capitalassets(Note6) 21,842 20,062
A
107,085 $ 78,686
LIABILITIESANDNETASSETS
Currentliabilities
Accountspayableandaccruals $ 4,736 $ 3,099
Salariesandbenefitspayable(Note7) 7,168 6,091
Deferredrevenue 11,791 11,829
Deferredcontributions(Note8) 4,545 2,943
Currentportionofdeferredleaseinducement(Note9) 117 117
28,357 24,079
Deferredsalariesandbenefitspayable(Notes7and 19) 3,689 3,338
Deferredleaseinducement(Note9) 146 263
Deferredcapitalcontributions(Note10) 29,771 -
Unamortizeddeferredcapitalcontributions(Note 11 10,206 11,441
Unamortizedcoursedevelopmentcontributions(Note11 141 211
72,310 39,332
Netassets
Investmentincapitalassets(Note6) 11,636 8,621
Endowments(Note 12) 1,595 1,560
Internallyrestricted(Note 13) 19,529 27,009
Unrestricted 2,015 2,164
34,775 39,354
$ 107,085 $ 78,686
ApprovedonbehalfoftheGoverningCouncil
JoyRomero, P.Eng., MBAPM Dr. FritsPannekoek
Chair President
Theaccompanyingnotesarepartofthesefinancialstatements.
3
) )
ATHABASCA UNIVERSiTY
STATEMENTOFOPERATIONS
FORTHEYEARENDED MARCH 31. 2008
(thousandsofdollars)
2008 2007
Revenue
ProvinceofAlbertagrants(Note 18) $ 34,211 $ 31,064
Undergraduatestudentfees 36,844 33,485
Graduate studentfees 13,153 12,282
Salesofgoodsand services 12,908 12,635
Amortization ofunamortized deferred
capital contributions(Note 11 1,876 1,892
Researchand othergrants 909 780
Investmentincome(Note 14) 661 2,351
Donations(Note 15) 673 684
Other 88 118
Amortization ofdeferredcourse
developmentcontributions(Note 11 70 71
101,393 95,362
Expenses
Salariesand benefits 68,367 59,828
Feesand purchased services 14,427 13,100
Materialsand supplies 9,312 8,421
Communicationsand travel 7,346 6,541
Amortizationofcapitalassets 3,601 3,780
Facilities rental 1,605 1,079
Insurance, utilitiesandtaxes 730 677
Scholarships 494 419
Losson disposalofcapitalassets 76 ~
Amortization ofdeferred course
developmentcosts(Note5) 70 71
106,028 93,916
Excess(deficiency)ofrevenueoverexpenses $ (4,635) $ 1,446
Theaccompanying notesarepartofthesefinancial statements.
4
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5
ATHABASCA UNIVERSITY
STATEMENTOFCASH FLOWS
FORTHEYEAR ENDED MARCH 31. 2008
(thousandsofdollars)
2008 2007
Cashprovidedfrom operatingactivities:
Excess(deficiency)ofrevenueoverexpenses $ (4,635) $ 1,446
Itemsnotaffectingcashflow:
Amortization ofcapitalassets 3,601 3,780
Transfertodeferredcapitalcontributions(Note 10) 129 50
Amortization ofdeferredcoursedevelopmentcosts 70 71
Lossondisposalofcapitalassets 76 -
Increase indeferred salariesand benefits payable 351 634
Amortization ofdeferredcoursedevelopmentcontributions (70) (71)
Amortization ofdeferred leaseinducement (117) (97)
Amortization ofdeferred capital contributions (1.876) (1.892)
(2,471) 3,921
Changeinnon-cashworkingcapital
Changeincurrentassets, exceptcash
andshort-terminvestments (1,696) (500)
Changein currentliabilities, exceptcurrentportionof
deferred leaseinducement 4,278 3,675
2,582 3,175
111 7,096
Cash used in investingactivities:
Capital assetacquisitions, internallyfunded (4.825) (2,257)
Capital assetacquisitions,externallyfunded (641) (50)
Proceedsondisposalofcapital assets 9 30
Decrease(increase)in non-currentinvestments (21,872) (1.375)
(27,329) (3,652)
Cash providedfromfinancingactivities:
Capitalcontributions 30,000 -
Transferinterestto capitalcontributions 283 -
Endowmentcontributionsand nettransfers 56 290
Capital lease payments - (52)
30,339 238
Increaseincash and short-terminvestments 3,121 3,682
Cashand short-term investments, beginningofyear 20,213 16,531
Cash and short-term investments, endofyear $ 23,334 $ 20,213
Theaccompanying notesarepartofthesefinancialstatements.
6