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Page 8, Terrace Bay-Schreiber News, Wednesday, May 23, 1984 The North of Superior District Roman Catholic Separate School Board To The Chairman and Members, The North of Superior District Roman | Auditor's Report BALANCE SHEET As at December 31, 1983 (a) Fund accounting - -The accounts of the Board are maintained in accordance with the principles of fund accounting whereby separate accounts are maintained for each fund, as explained below, to ensure observance of the limitation and restrictions placed on the use of particular assets. The Revenue Fund is used to account for operational and administrative costs financed by the Province of Ontario, participating organized and unorganized municipalities and miscellaneous sources. The Capital Fund is used to account for all capital expenditures. (b) Basis of consolidation - The balance sheet presents the financial position of the Revenue and Capital Funds on a consolidated basis. Separate statements of operations are presented for each of those funds. = (c) Accrual accounting - The accrual method of reporting revenue and expenditure has been used except for the following: (i) Interest charged on long-term liabilities is not accrued from the due date of payment to the end of the fiscal year, and; (ii) No provision has been made in these financial statements for the amount of sick leave benefits accumulated to December 31, 1983 which might be payable upon retirement to those employees remaining on staff after December 31, 1983 (see note 6). (d) Fixed assets - Fixed assets are charged to current expenditure unless financed by long-term debt. Principal and interest charges on long-term liabilities are included in expenditure in the period due. : = Fixed assets, described as capital outlay to be recovered in future years, 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 at the end of the fiscal year. (e) Long-term liabilities - Debentures are recorded as unmatured debenture debt in the year of sale. Catholic Separate School Board ASSETS 1983 1982 Current Assets We have examined the Balance Sheet of The North of Superior District Roman Catholic = ee $ 37,645 $ as en Separate School Board as at December 31, 1983 and the Revenue Fund and Capital Fund pecan 2 Ol 7 : Statements of Operations and the Statement of Revised Net Revenue Fund Requirement for the tle " peat e (el 17.101 1.284 year then ended. Our examination was made in accordance with generally accepted auditing Cratnecpenetet 2095.8 ge ary) ' ; standards, and accordingly included such tests and other procedures as we considered vie er-requisitions (secondary) 797 555 287 790 necessary in the circumstances. P y 3 4.927 4717 In our opinion, these financial statements present fairly the financial position of the Board as Sac. ait ato : ; at December 31, 1983 and the results of its operations for the year then ended in accordance er current assets a aay with the accounting principles described in note 1 to the financial statements applied on a basis Total Current Assets s $ 857,228 $529,935 consistent with that of the preceding year. Capital outlay. to be recovered in future years $1,395,000 $1,503,232 Oth Asset i er Assets = = CLARKSON GORDON TOTAL ASSET 2,252,228 2,033,167 Thunder Bay, Canada Chartered Accountants = ws $2,252. S288, March 12, 1984 Licence Number 641 LIABILITIES Current Liabilities ; Bank and other short-term borrowing 225,000 -- Accounts payable and accrued liabilities : Over-requisitions (elementary) 605 1,991 = REVENUE FUND STATEMENT OF OPERATIONS Over-requisitions (secondary) -- -- Other 438,044 346,655 for the year ended December 31, 1983. Debt Chandeiiite did ungoid 579 1021 Reserve for 1984 Tax Reduction (elementary) = _-- EXPENDITURE 1983 1982 Cas ga = me Business administration $ 151,760 $ 127,127 Other current liabilities -- -- | General administration 147,697 155,969 Total Current Liabilities $ 664,228 $ 349,667 Computer services -- -- Net Long Term Liabilities $1,395,000 $1,490,500 Instruction . ; 2,746,480 2,486,149 Reserve for working funds 193,000 193,000 Plant operation, maintenance and teacherages 534,157 437,746 Equity in reserve funds = = Lape ag Pages 198,399 179,339 Unexpended capital funds Tuition fees at = TOTAL LIABILITIES 2,252,228 2,033,167 Capital expenditure (non-allocable) 566,088 . 23,696 2 Ste $2,253, Be Debt charges and capital loan interest 219,054 246,514 Other operating expenditure 10,028 4,869 (see Notes to Financial Statements) Non-operating expenditure excluding transfers to reserves 13,061 24,624 TOTAL EXPENDITURE $4,586,724 $3,686,033 RECOVERY OF EXPENDITURE ! Other school boards $ 16,744 $ 29,328 CAPITAL FUND STATEMENT OF OPERATION Government of Ontario - Misc. 5,000 2,000 Government of Canada 331,234 270,061 cllaidnade bomen ended December 31. Individuals - tuition fees =e ws CAPITAL EXPENDITURE 1983 1982 Other Revenue excluding transfers from reserves 47,830. 67,065 Fixed Assets : : Total Recovery of Expenditure $ 400,808 $ 368,454 ; mete Fe im eget # Equipment: -, 162.726 $2 (27.376 NET EXPENDITURE $4,185,916 |. $3,317,579 te haps inten. a ahead = = ii. wlth Pupil Transportation Vehicles -- -- Other -- -- FINANCING OF NET EXPENDITURE Less Federal Sales Tax Refund ( 6,728) as of Ontario General Legislative Grants $3,873,082 $3,075,113 Total Capital Expenditure $ 555,998 $.° 27,376 ocal Taxation ; Previous year's over (under) requisition 2,273 (9,584) ; oe i ' : CAPITAL FINANCING Local taxation raised in the current year 294,065 267 ,323 * Unexpected Funds at Beginning of Year (elementary) $(. 12,732) Ae P a (secondary) -- --_-- | T pecanen Waresee) - (13,000) Capital Expenditure from the Revenue Fund 568,730 14,644 otal Local Taxation | $_ 296,338 $__ 244,739 Unexpected Funds at End of Year (elementary) a4 12,732 Net under (over) requisition 16,496 (2,273) (secondary) = -- TOTAL FINANCING OF NET EXPENDITURE $4,185,916 $3,317,579 Total Capital Financing $ 555,998 $77,376 (See Notes to Financial Statements) (See Notes to Financial Statements) : NOTES TO FINANCIAL STATEMENTS December 31, 1983 1. accounting policies 2. Adjustment of previous year's net over requisitions The financial stétements of the Board have been prepared by management in accordance 1982 net over requisitions as pr: eviously repor ted $ 707 , with accounting principles which have been consistently applied and which differ from Adjustment of prior year's general legislative grants ' generally accepted accounting principles in the following significant respects: included in accounts receivable __1,566 As restated _$ 2,273 3. Long-term liabilities Of the long-term liabilities outstanding of $1,395,000, principal amounting to $544,000 plus interest amounting to $489,633 is payable over the next five years as follows: Interest Total 1984 $ 98,000 $ 116,235 $ 214,235 1985 108,000 108,648 216,648 1986 115,000 100,268 215,268 1987 116,000 91,312 = 207 at 2 1988 107,000 82,170 189,170 $544,000 $498 633 $1,042,633 4. Mi agreement In 1976 the Board sold a home to one of its employees. Consideration for the sale included an $8,000 interest-free mortgage, forgivable on August 15, 1985 if the employee remains 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 retlected in the financial statements. 5. Commitment In addition to amounts accrued in these financial statements as payable at December 31, 1983 relative to the addition to St. Brigid School, it is expected that the Board will incur a further $16,500 in 1984 to complete the project. This commitment is not reflected in these financial statements. 6. Liability for employee sick leave benefits Under the employee sick leave benefit plan unused sick leave can accumulate to a certain maximum 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 $11,900 ($10,407 in 1982) for accumulated sick leave benefits which have accrued to employees who have terminated employment prior to January 1, 1984. However, as stated in note 1(c), no provision has been made for the benefits accumulated to December 31, 1983 which might be payable upon retirement to those employees remaining on staff after December 31, 1983. This liability is estimated at approximately $118,000 at the year end.