The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

The North of Superior District Roman Catholic Separate School Board Auditor's Rep TO THE CHAIRMAN AND MEMBERS The North of District Roman Catholic School Board We have examined the Balance Sheet of The North of Superior District Roman Catholic Separate School Board as at December 31, 1984 and the Revenue Fund and Capital Fund Statements of Operations and the Statement of Revised Net Revenue Fund Requirement for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and ac-_ cordingly included such tests and other procedures as we considered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the Board as at December 31, 1984 and the results of its operations for the year then ended in accordance with the accounting principles described in note 1 to the financial statements applied on a basis consistent with that of the preceding year. a BALANCE SHEET As at December 31, 1984 ASSETS : 1984 1983 Current Assets Cash $ 185,776 37,645 Thunder Bay, Canada CLARKSON GORDON Investments at cost _ = March 6 1905 Chartered Accountants Accounts Receivable . Licence Number 852 Under-requisitions (elementary) : 97,147 17,101 Other 285,507 797,555 Prepaid expenses 7,520 4,927 Other current assets: = = , Total Current Assets $ 575,950 $ 857,228 ~ Capital outlay to be recovered in future years $1,299,787 $1,395,000 REVENUE FUND STATEMENT OF OPERATIONS Other Assets == = FOR ELEMENT. p RY SCI i001 oe JRPOSES TOTAL ASSETS 1,875,737 2,252,228 LIABILITIES for the year ended December 31, 1984 Current Liabilities Bank and other short-term borrowing $ -- $ 225,000 EXPENDITURE 1984 1983 Accounts payable and accrued liabilities Business administration $ 150,602 $ 151,760 Over-requisitions (elementary) 1,115 605 General administration 182,543 147,697 Other 384,061 438,044 Computer services a = Debt Charges due and unpaid 561 579 Instruction 3,014,022 2,746,480 Reserve for 1984 Tax Reduction Plant operation, maintenance and (elementary) -- --_ teacherages : 510,661 534,157 Other current liabilities = = Transportation 219,200 198,399 Tuition fees 1,376 ae Total Current Liabilities 85,737 664,228 Capital expenditure (non-allocable) 38,970 566,088 Net Long Term Liabilities 1,297,000 1,395, Debt charges and capital loan interest 214,235 219,054 Reserve for working funds 193,000 193,000 Other operating expenditure 18,124 10,028 Equity in reserve funds an = Non-operating expenditure excluding Unexpended capital funds = -- transfers to reserves 2 459 13,061 TOTAL LIABILITIES $1,875,737. $2,252,228. - TOTAL EXPENDITURE $4,352,192 $4,586,724 (See Notes to Financial Statements) powege "abd OF EXPENDITURE Other school boards ; $ 16,186 $ 16,744 Government of Ontario - Misc. 6,194 5,000 CAPITAL FUND STATEMENT OF OPERATIONS Government of Canada 368,827 331,234 ; individddles. sulliometons aS s for the year ended December 31, 1984 Other Revenue excluding transfers from reserves 52,726 47,830 CAPITAL EXPENDITURE 1984 1983 Total Recovery of Expenditure $ 443,933 $ 400,808 Fixed Assets NET EXPENDITURE $3,908,259 $4,185,916 Buildings, Furniture & Equipment $ 44,437 $ 562,726 School Sites and Improvements to Sites ' 2,787 4 -- -FINANCING OF NET EXPENDITURE Pupil Transportation Vehicles _-- -- Government of Ontario $3,514,536 $3,873,217 Other re : = Local Taxation Less Federal Sales Tax Refund -- (6,728 Previous Year's over (under) Total Capital Expenditure $ 47,224 $ 555.9 requisition (16,361) 2,273 Local taxation raised in the CAPITAL FINANCING current year : 314,052 294,065 Balance at Beginning of Year Decrease (increase) in reserves = = Not Permanently Financed ' $35= $ (12,732) Total Local Taxation 297,691 296,338 Capital Expenditure from the Revenue Fund 44,437 568,730 Net under (over) requisition 96,032 _ 6,361 Balance at End of Year Not Permanently Financed 2.787 as TOTAL FINANCING OF NET EXPENDITURE 3,908,259 185,916 Total Capital Financing $ 47,224 $ 55,998 (See Notes to Financial Statements) (See Notes to Financial Statements) NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 1. Significant accounting policies 2. The financial statements of the Board have been prepared by management in accordance with accounting principles which have been consistently applied and which differ from generally ac- Long-term liabilities 7 Long-term liabilities consists of debentures outstanding of $1,297,000. Over the next five years the principal portion amounting to $545,000 and interest amounting to $455,943 are payable cepted accounting principles in the following significant respects: as follows: (a) Fund accounting The accounts of the Board are maintained in accordance with the principles of fund ac- counting whereby separate accounts are maintained for each fund, as explained below, Pri Interest Total to ensure observance of the limitation and restrictions placed on the use of particular 1985 $108,000 $108,648 $ 216,648 assets. 1986 115,000 100,268 215,268 : The Revenue Fund is used to account for operational and administrative costs financed . 1987 116,000 91,312 207,312 | by the Province of Ontario, Government of Canada, participating organized and unorganiz- ° 1988 107,000 82,170 189,170 ed municipalities and miscellaneous sources. 1989 99,000 73,545 172,545 The Capital Fund is used to account for all capital expenditures. ; $435,943 $1,000,943 (b) Basis of consolidation <g i The balance sheet presents the financial position of the Revenue and Capital Funds on 3. Mortgage Agreement a consolidated basis. Separate statements of operations are presented for each of those In 1976 the Board sold a home to one of its employees. Consideration for the sale includ- funds. : i (c) Accrual accounting Ht accrual method of reporting revenue and expenditure has been used except for the ollowing: Interest charged on long-term liabilities is not accrued from the due date of payment to the end of the fiscal year, and; No provision has been made in these financial statements for the amount of sick leave benefits accumulated to December 31, 1984 which might be payable upon retirement to those employees remaining on staff after December 31, 1984 (see note 4). (d) Fixed assets Fixed assets are charged to current expenditure unless financed by long-term debt. Prin- cipal and interest charges on long-term liabilities are included in expenditure in the period due. Fixed assets, described as unrecovered capital expenditure, are included on the balance sheet only to the extent of the balances of the related long-term liabilities outstanding and of the related temporary financing outstanding at the end of the fiscal year. (e) Long-term liabilities Debentures are recorded as unmatured debenture debt in the year of sale. ed an $8,000 interest-free mortgage forgivable on August 15, 1985 if the employee re- mains in the employ of the Board until the expiry of the 1985 school year. In the event that the employee sells or transfers the house, or terminates employment with the Board, the full amount of the mortgage becomes due and payable. The Board also holds a first option to re-purchase the property until August, 1985. This mortgage has not been reflected in the financial statements. 4. Liability for employee sick leave benefits Sick leave benefit plan -- Under the sick leave benefit plan unused sick leave can accumulate to a certain max- imum and, depending upon the number of days accumulated at the time of retirement, employees may become entitled to a cash payment, assuming that they are still employed by the Board at the time of their retirement. As in prior years, these financial statements include a provision of $20,700 ($11,900 in 1983) for accumulated sick leave benefits which have accrued to employees who have terminated employment prior to January 1, 1985. However as stated in note 1(c), no pro- vision has been made for the benefits accumulated to December 31, 1984 which might be payable upon retirement to those employees remaining on staff after December 31, 1984. This liability is estimated at approximately $145,000 at the year end.