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PAGE 8 TERRACE BAY NEWS AUGUST 9, I973 AUDITORS" REPORT TO THE SCHREIBER-TERRACE BAY DISTRICT ROMAN CATHOLIC SEPARATE SCHOOL BOARD We have examined the Balance Sheet of the Schreiber-Terrace Bay District Roman Catholic Separate School Board as at December 3I, I972, and the Statements of Rev- enue Fund-Revenue and Expenditure, Revised Net Requirement and Source and Applica- tion of Capital Funds for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion these Financial Statements present fairly the financial position of the Board as at December 3I, I972 and the results of its operations and the sou -rce and application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario school boards applied on a basis consistent with that of the preceding year. Thunder Bay, Ontario, May 17, I973, Glendinning, Jarrett, Gould & Co. Licence No. - 4343 Chartered Accountants. SCHRE IBER-TERRACE BAY DISTRICT ROMAN CATHOLIC SEPARATE SCHOOL BOARD BALANCE SHEET AS AT DECEMBER 31, 1972 ASSETS REVENUE CAPITAL RESERVE FUND FUND FUND CURRENT ASSETS : Cash 8,789 514 4,00I ACCOUNTS RECEIVABLE Municipalities Under-Requisitions (Elementary) 594 Supplementary Taxes, Etc. 215 Government of Ontario 7,596 Government of Canada I,348 Others 484 DUE FROM OTHER FUNDS Capital 7.215 Revenue 9.855 TOTAL CURRENT ASSETS _26,941 514 _11,856 NON-CURRENT ASSETS i Buildings at amount of insurance coverage 720,000 Furniture and Equipment at amount of insurance coverage 114,000 Projects in Progress 194,249 Other - Residence - at amount of insurance coverage 10,000 DEFICIT AS AT JANUARY I, 1969, LESS Ontario Government Assistance in Respect of Adjusted Deficits of 9,162 4,304 31,245 1,038,763 11,856 ---- ||| SE--SS------