Upload
truongkhanh
View
216
Download
1
Embed Size (px)
Citation preview
School Jurisdiction Code: 0012
AUDITEDFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2014[School Act, Sections 147(2)(a), 148, 151(1) and 276]
Legal Name of School Jurisdiction
Mailing Address
Telephone & Fax Numbers, and Email Address
SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The financial statements of
Board of Trustees Responsibility
External Auditors
Declaration of Management and Board Chair
c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 422-0312 (Toll free 310-0000) FAX: (780) 422-6996
Board-approved Release Date
Signature
Signature
SignatureName
Name
Name
SUPERINTENDENT
Dr. Lynne Paradis
SECRETARY-TREASURER OR TREASURER
Heather Christison
November 27, 2014
"Original Signed"
"Original Signed"
school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training
Suzuki Charter School Society
10720 - 54 Street, Edmonton, Alta T6A 2H9
780.468.2598 (t) / 780.463.8630 (f) [email protected]
presented to Alberta Education have been prepared by school jurisdiction management which has responsibility fortheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordancewith Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Education.
In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designedto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executedin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the
Suzuki Charter School Society
Monica McCormack
of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control.
The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the auditedfinancial statements with management in detail and approved the financial statements for release.
The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findings.The external auditors were given full access to school jurisdiction records.
To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position,results of operations and cash flows for the year in accordance with Canadian Public Sector Accounting Standards.
BOARD CHAIR
"Original Signed"
1
School Jurisdiction Code: 0012
TABLE OF CONTENTS
Page
3
4
5
6
7
8
9
11
12
13
14
STATEMENT OF CHANGE IN NET DEBT
INDEPENDENT AUDITOR'S REPORT
NOTES TO THE FINANCIAL STATEMENTS
SCHEDULE OF PROGRAM OPERATIONS
SCHEDULE OF CAPITAL REVENUE
SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
STATEMENT OF CASH FLOWS
STATEMENT OF OPERATIONS
STATEMENT OF FINANCIAL POSITION
SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES
2
P.J. Yaremchuk, B.Comm., FCA*
A.J. Annicchiarico, B.Comm., CA*
K.K. Kozicky, CA*
B.J. Layetzke, B.Comm., CA*
R.V. Rizzo, B.Comm., CA*
K.A. Vansevenandt, B.Comm., CA*
T. Matsikas, B.Comm., CA*
C.J. Bawol, B.Comm., CA* *Practicing as a Professional Corporation
YAREMCHUK & ANNICCHIARICO LLP
CHARTERED ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Members of Suzuki Charter School Society:
ct.= #202, 8657 - 51 Avenue
Edmonton, Alberta
T6E 6A8
Telephone: 780-468-7232
Fax: 780-465-6120
Email: [email protected]
www.ya.ca
We have audited the accompanying financial statements of Suzuki Charter School Society which consist of the statement of financial position at August 31, 2014, and the statements of operations, changes in net financial debt and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Suzuki Charter School Society as at August 31, 2014, and the results of its operations, changes in its net financial debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.
-2-
Other matter
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
Edmonton, AB November 19, 2014 Chartered Accountants
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
School Jurisdiction Code: 0012
2014 2013
FINANCIAL ASSETS
Cash and cash equivalents 463,018$ 324,117$
Accounts receivable (net after allowances) 26,846$ 46,781$
Portfolio investments 268,701$ 265,900$
Other financial assets -$ -$
Total financial assets 758,565$ 636,798$
LIABILITIES
Bank indebtedness -$ -$
Accounts payable and accrued liabilities 48,672$ 59,696$
Deferred revenue 674,463$ 665,434$
Employee future benefit liabilities -$ -$
Other liabilities -$ -$
Debt
Supported: Debentures and other supported debt -$ -$
Unsupported: Debentures and capital loans -$ -$
Capital leases -$ -$
Mortgages -$ -$
Total liabilities 723,135$ 725,130$
Net financial assets (debt) 35,430$ (88,332)$
NON-FINANCIAL ASSETS
Tangible capital assets
Land -$ -$
Construction in progress -$ -$
Buildings 947,168$
Less: Accumulated amortization (261,114)$ 686,054$ 753,737$
Equipment 106,227$
Less: Accumulated amortization (94,374)$ 11,853$ 15,780$
Vehicles -$
Less: Accumulated amortization -$ -$ -$
Computer Equipment 9,835$
Less: Accumulated amortization (9,835)$ -$ 1,967$
Total tangible capital assets 697,907$ 771,484$
Prepaid expenses 17,767$ 18,896$
Other non-financial assets -$ -$
Total non-financial assets 715,674$ 790,380$
Accumulated surplus 751,104$ 702,048$
Accumulating surplus / (deficit) is comprised of:
Accumulated operating surplus (deficit) 751,104$ 702,048$
Accumulated remeasurement gains (losses) -$ -$
751,104$ 702,048$
Contractual obligations
Contingent liabilities
The accompanying notes and schedules are part of these financial statements.
As at August 31, 2014 (in dollars)STATEMENT OF FINANCIAL POSITION
4
School Jurisdiction Code: 0012
Budget Actual Actual2014 2014 2013
Alberta Education 2,661,185$ 2,843,149$ 3,162,819$
Other - Government of Alberta -$ -$ 4,298$
Federal Government and First Nations -$ -$ -$
Other Alberta school authorities -$ -$ -$
Out of province authorities -$ -$ -$
Alberta municipalities-special tax levies -$ -$ -$
Property taxes -$ -$ -$
Fees 164,640$ 44,878$ 45,796$
Other sales and services 181,497$ 301,956$ 322,628$
Investment income -$ 2,564$ 1,740$
Gifts and donations -$ 4,911$ 7,280$
Rental of facilities 56,150$ 57,588$ 61,119$
Fundraising -$ 91,584$ 45,630$
Gains on disposal of capital assets -$ -$ -$
Other revenue 35,000$ 33,461$ 33,461$
Total revenues 3,098,472$ 3,380,091$ 3,684,771$
Instruction (ECS - Grade 12) 2,281,268$ 2,295,215$ 2,306,466$
Plant operations and maintenance 330,568$ 443,965$ 788,061$
Transportation 132,858$ 132,861$ 135,295$
Board & system administration 177,700$ 193,636$ 191,863$
External services 113,060$ 265,358$ 206,313$
Total expenses 3,035,454$ 3,331,035$ 3,627,998$
63,018$ 49,056$ 56,773$
STATEMENT OF OPERATIONSFor the Year Ended August 31, 2014 (in dollars)
EXPENSES
Operating surplus (deficit)
The accompanying notes and schedules are part of these financial statements.
REVENUES
5
0012
2014 2013
CASH FLOWS FROM:
A. OPERATING TRANSACTIONS
Operating surplus (deficit) 49,056$ 56,773$
Add (Deduct) items not affecting cash:
Total amortization expense 73,577$ 73,577$
Gains on disposal of tangible capital assets -$ -$
Losses on disposal of tangible capital assets -$ -$
Expended deferred capital revenue recognition (33,461)$ (33,461)$
Deferred capital revenue write-off -$ -$
Donations in kind -$ -$
Changes in:
Accounts receivable 19,935$ (18,279)$
Prepaids 1,129$ 246$
Other financial assets -$ -$
Non-financial assets -$ -$
Accounts payable and accrued liabilities (11,024)$ (3,088)$
Deferred revenue (excluding EDCR) 42,490$ 8,053$
Employee future benefit liabilitiies -$ -$
Other (describe) -$ -$
Total cash flows from operating transactions 141,702$ 83,821$
B. CAPITAL TRANSACTIONS
Purchases of tangible capital assets
Land -$ -$
Buildings -$ -$
Equipment -$ -$
Vehicles -$ -$
Computer equipment -$ -$
Net proceeds from disposal of unsupported capital assets -$ -$
Other (describe) -$ -$
Total cash flows from capital transactions -$ -$
C. INVESTING TRANSACTIONS
Purchases of portfolio investments 550,052$ 476,162$
Dispositions of portfolio investments (552,853)$ (618,042)$
Remeasurement gains (losses) reclassified to the statement of operations -$ -$
Other (describe)
Total cash flows from investing transactions (2,801)$ (141,880)$
D. FINANCING TRANSACTIONS
Issue of debt -$ -$
Repayment of debt -$ -$
Other (describe) -$ -$
Total cash flows from financing transactions -$ -$
Increase (decrease) in cash and cash equivalents 138,901$ (58,059)$
Cash and cash equivalents, at beginning of year 324,117$ 382,176$
Cash and cash equivalents, at end of year 463,018$ 324,117$
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
School Jurisdiction Code:
STATEMENT OF CASH FLOWS
6
0012
2014 2013
Operating surplus (deficit) 49,056$ 56,773$
Effect of changes in tangible capital assets
Acquisition of tangible capital assets -$ -$
Amortization of tangible capital assets 73,577$ 73,577$
Net carrying value of tangible capital assets disposed of -$ -$
Write-down carrying value of tangible capital assets -$ -$
Other changes -$ -$
Total effect of changes in tangible capital assets 73,577$ 73,577$
Changes in:
Prepaid expenses 1,129$ 246$
Other non-financial assets -$ -$
Net remeasurement gains and (losses) -$ -$
Endowments -$ -$
Decrease (increase) in net debt 123,762$ 130,596$
Net debt at beginning of year (88,332)$ (218,928)$
Net debt at end of year 35,430$ (88,332)$
School Jurisdiction Code:
STATEMENT OF CHANGE IN NET DEBT
For the Year Ended August 31, 2014
The accompanying notes and schedules are part of these financial statements.
7
School Jurisdiction Code: 0012
2014 2013
Accumulated remeasurement gains (losses) at beginning of year -$ -$
Unrealized gains (losses) attributable to:
Portfolio investments -$ -$
Other -$ -$
Amounts reclassified to the statement of operations:
Portfolio investments -$ -$
Other -$ -$
Net remeasurement gains (losses) for the year -$ -$
Accumulated remeasurement gains (losses) at end of year -$ -$
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
8
Sch
oo
l Ju
risd
icti
on
Co
de:
0012
AC
CU
MU
LA
TE
DA
CC
UM
UL
AT
ED
AC
CU
MU
LA
TE
DIN
VE
ST
ME
NT
EN
DO
WM
EN
TS
UN
RE
ST
RIC
TE
D
TO
TA
LT
OT
AL
SU
RP
LU
SR
EM
EA
SU
RE
ME
NT
OP
ER
AT
ING
IN T
AN
GIB
LE
SU
RP
LU
SO
PE
RA
TIN
G
CA
PIT
AL
G
AIN
S (
LO
SS
ES
)S
UR
PL
US
CA
PIT
AL
RE
SE
RV
ES
RE
SE
RV
ES
AS
SE
TS
Bal
ance
at
Au
gu
st 3
1, 2
013
702,
048
$
-$
702,
048
$
200,
299
$
-$
48
1,74
9$
20
,000
$
-
$
Pri
or
per
iod
ad
just
men
ts:
-$
-
$
-
$
-$
-
$
-$
-
$
-$
-$
-
$
-
$
-$
-
$
-$
-
$
-$
-$
-
$
-
$
-$
-
$
-$
-
$
-$
Ad
just
ed B
alan
ce,
Au
gu
st 3
1, 2
013
702,
048
$
-$
702,
048
$
200,
299
$
-$
48
1,74
9$
20
,000
$
-
$
Ope
ratin
g su
rplu
s (d
efic
it)49
,056
$
49
,056
$
49
,056
$
Boa
rd f
unde
d ta
ngib
le c
apita
l ass
et a
dditi
ons
-$
-
$
-$
-
$
Dis
posa
l of
unsu
ppor
ted
tang
ible
cap
ital
asse
ts-
$
-$
-
$
-$
-
$
Dis
posa
l of
supp
orte
d ta
ngib
le c
apita
l ass
ets
(boa
rd f
unde
d po
rtio
n)-
$
-$
-
$
-$
-
$
Writ
e-do
wn
of u
nsup
port
ed t
angi
ble
capi
tal
asse
ts-
$
-$
-
$
-$
-
$
Writ
e-do
wn
of s
uppo
rted
tan
gibl
e ca
pita
l as
sets
(bo
ard
fund
ed p
ortio
n)-
$
-$
-
$
-$
-
$
Net
rem
easu
rem
ent
gain
s (lo
sses
) fo
r th
e ye
ar-
$
-$
End
owm
ent
expe
nses
-$
-
$
-$
-
$
Dire
ct c
redi
ts t
o ac
cum
ulat
ed s
urpl
us-
$
-$
-$
-
$
-$
-
$
-$
-
$
Am
ortiz
atio
n of
tan
gibl
e ca
pita
l ass
ets
-$
(7
3,57
7)$
73,5
77$
Cap
ital r
even
ue r
ecog
nize
d-
$
33,4
61$
(33,
461)
$
Deb
t pr
inci
pal r
epay
men
ts (
unsu
ppor
ted)
-$
-
$
-$
Ext
erna
lly im
pose
d en
dow
men
t re
stric
tions
-$
-
$
-$
-
$
Net
tra
nsfe
rs t
o op
erat
ing
rese
rves
-$
-
$
-$
Net
tra
nsfe
rs f
rom
ope
ratin
g re
serv
es-
$
20,0
00$
(20,
000)
$
Net
tra
nsfe
rs t
o ca
pita
l res
erve
s-
$
-$
-
$
Net
tra
nsfe
rs f
rom
cap
ital r
eser
ves
-$
-
$
-$
A
ssum
ptio
n/tr
ansf
er o
f ot
her
oper
atio
ns'
sur p
lus
-$
-
$
-$
-
$
-$
-
$
-$
Bal
ance
at
Au
gu
st 3
1, 2
014
751,
104
$
-$
751,
104
$
160,
183
$
-$
59
0,92
1$
-
$
-$
SC
HE
DU
LE
OF
CH
AN
GE
S I
N A
CC
UM
UL
AT
ED
SU
RP
LU
Sfo
r th
e Y
ear
En
ded
Au
gu
st 3
1, 2
014
(in d
olla
rs)
INT
ER
NA
LL
Y R
ES
TR
ICT
ED
9
Bal
ance
at
Au
gu
st 3
1, 2
013
Pri
or
per
iod
ad
just
men
ts:
Ad
just
ed B
alan
ce,
Au
gu
st 3
1, 2
013
Ope
ratin
g su
rplu
s (d
efic
it)
Boa
rd f
unde
d ta
ngib
le c
apita
l ass
et a
dditi
ons
Dis
posa
l of
unsu
ppor
ted
tang
ible
cap
ital
asse
tsD
ispo
sal o
f su
ppor
ted
tang
ible
cap
ital a
sset
s (b
oard
fun
ded
port
ion)
Writ
e-do
wn
of u
nsup
port
ed t
angi
ble
capi
tal
asse
tsW
rite-
dow
n of
sup
port
ed t
angi
ble
capi
tal
asse
ts (
boar
d fu
nded
por
tion)
Net
rem
easu
rem
ent
gain
s (lo
sses
) fo
r th
e ye
ar
End
owm
ent
expe
nses
Dire
ct c
redi
ts t
o ac
cum
ulat
ed s
urpl
us
Am
ortiz
atio
n of
tan
gibl
e ca
pita
l ass
ets
Cap
ital r
even
ue r
ecog
nize
d
Deb
t pr
inci
pal r
epay
men
ts (
unsu
ppor
ted)
Ext
erna
lly im
pose
d en
dow
men
t re
stric
tions
Net
tra
nsfe
rs t
o op
erat
ing
rese
rves
Net
tra
nsfe
rs f
rom
ope
ratin
g re
serv
es
Net
tra
nsfe
rs t
o ca
pita
l res
erve
s
Net
tra
nsfe
rs f
rom
cap
ital r
eser
ves
Ass
umpt
ion/
tran
sfer
of
othe
r op
erat
ions
' su
r plu
s
Bal
ance
at
Au
gu
st 3
1, 2
014
Sch
oo
l Ju
risd
icti
on
Co
de:
0012
20,0
00$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
20,0
00$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
(20,
000)
$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
4 (in
dol
lars
)
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
Sch
oo
l &
In
stru
ctio
n R
elat
edO
per
atio
ns
& M
ain
ten
ance
Bo
ard
& S
yste
m A
dm
inis
trat
ion
Tra
nsp
ort
atio
n
SC
HE
DU
LE
OF
CH
AN
GE
S I
N A
CC
UM
UL
AT
ED
SU
RP
LU
S
Ext
ern
al S
ervi
ces
INT
ER
NA
LL
Y R
ES
TR
ICT
ED
RE
SE
RV
ES
BY
PR
OG
RA
M
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
10
0012
SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)
for the Year Ended August 31, 2014 (in dollars)
Proceeds on UnexpendedDisposal of Deferred
Provincially Surplus from Provincially Capital Expended
Approved Provincially Funded Revenue from Deferred
& Funded Approved Tangible Capital Other Capital
Projects (A) Projects (B) Assets (C) Sources (D)Revenue
Balance at August 31, 2013 -$ -$ -$ -$ 571,185$
Prior period adjustments -$ -$ -$ -$ -$
Adjusted balance, August 31, 2013 -$ -$ -$ -$ 571,185$
Add:
Unexpended capital revenue received from:
Alberta Education school building & modular projects (excl. IMR) -$
Infrastructure Maintenance & Renewal capital related to school facilities -$
Other sources: (Describe) -$ -$
Other sources (Describe) : -$ -$
Unexpended capital revenue receivable from:
Alberta Education school building & modular (excl. IMR) -$
Other sources: (Describe) -$ -$
Other souces: (Describe) -$ -$
Interest earned on unexpended capital revenue -$ -$ -$ -$
Other unexpended capital revenue: (Describe) -$
Net proceeds on disposal of supported tangible capital assets -$ -$
Insurance proceeds (and related interest) -$ -$
Donated tangible capital assets (Explain): -$
Alberta Schools Alternative Program (ASAP), Building Alberta School Construction Program, (BASCP) and other Alberta Infrastructure managed projects -$
Transferred in (out) tangible capital assets (amortizable, @ net book value) -$
Expended capital revenue - current year -$ -$ -$ -$ -$
Surplus funds approved for future project(s) -$ -$
Other adjustments (Explain): -$ -$ -$ -$ -$
Deduct:
Net book value of supported tangible capital dispositions or write-offs -$
Other adjustments (Explain): -$ -$ -$ -$ -$
Capital revenue recognized - Alberta Education 33,461$
Capital revenue recognized - Other Government of Alberta -$
Capital revenue recognized - Other revenue -$
Balance at August 31, 2014 -$ -$ -$ -$ 537,724$ (A) (B) (C) (D)
Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (A) + (B) + (C) + (D) -$
Unexpended Deferred Capital Revenue
(A) - Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only.
(B) - Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only.
(C) - Represents proceeds on disposal of provincially funded restricted-use capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010.
(D) - Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted-use tangible capital assets.
Unexpended Deferred Capital Revenue
11
Sch
oo
l Ju
risd
icti
on
Co
de:
0012
2013
Pla
nt
Op
erat
ion
s B
oar
d &
RE
VE
NU
ES
Inst
ruct
ion
and
Sys
tem
E
xter
nal
(E
CS
- G
rad
e 12
)M
ain
ten
ance
Tra
nsp
ort
atio
nA
dm
inis
trat
ion
Ser
vice
sT
OT
AL
TO
TA
L
(1)
Alb
erta
Ed
uca
tio
n2,
291,
384
$
225,
070
$
132,
858
$
193,
837
$
-$
2,
843,
149
$
3,16
2,81
9$
(2)
Oth
er -
Go
vern
men
t o
f A
lber
ta-
$
-$
-
$
-$
-
$
-$
4,
298
$
(3)
Fed
eral
Go
vern
men
t an
d F
irst
Nat
ion
s-
$
-$
-
$
-$
-
$
-$
-
$
(4)
Oth
er A
lber
ta s
cho
ol a
uth
ori
ties
-$
-
$
-$
-
$
-$
-
$
-$
(5)
Ou
t o
f p
rovi
nce
au
tho
riti
es-
$
-$
-
$
-$
-
$
-$
-
$
(6)
Alb
erta
mu
nic
ipal
itie
s-sp
ecia
l tax
levi
es-
$
-$
-
$
-$
-
$
-$
-
$
(7)
Pro
per
ty t
axes
-$
-
$
-$
-
$
-$
-
$
-$
(8)
Fee
s44
,878
$
-$
-
$
44,8
78$
45
,796
$
(9)
Oth
er s
ales
an
d s
ervi
ces
42,5
08$
-
$
-$
-
$
259,
448
$
301,
956
$
322,
628
$
(10)
Inve
stm
ent
inco
me
2,56
4$
-$
-
$
-$
-
$
2,56
4$
1,74
0$
(11)
Gif
ts a
nd
do
nat
ion
s4,
911
$
-
$
-$
-
$
-$
4,
911
$
7,
280
$
(12)
Ren
tal o
f fa
cilit
ies
57,5
88$
-
$
-$
-
$
-$
57
,588
$
61,1
19$
(13)
Fu
nd
rais
ing
-$
-
$
-$
-
$
91,5
84$
91
,584
$
45,6
30$
(14)
Gai
ns
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
-
$
-$
-
$
-$
-
$
-$
(15)
Oth
er r
even
ue
33,4
61$
-
$
-$
-
$
-$
33
,461
$
33,4
61$
(16)
TO
TA
L R
EV
EN
UE
S2,
477,
294
$
225,
070
$
132,
858
$
193,
837
$
351,
032
$
3,38
0,09
1$
3,
684,
771
$
EX
PE
NS
ES
(17)
Cer
tifi
cate
d s
alar
ies
1,32
8,89
5$
62
,383
$
23,4
81$
1,
414,
759
$
1,42
6,52
2$
(18)
Cer
tifi
cate
d b
enef
its
304,
952
$
3,70
5$
1,38
9$
310,
046
$
284,
099
$
(19)
No
n-c
erti
fica
ted
sal
arie
s an
d w
ages
31
5,11
2$
35
,000
$
1,40
0$
76,4
34$
10
6,53
0$
53
4,47
6$
51
0,60
8$
(20)
No
n-c
erti
fica
ted
ben
efit
s57
,121
$
2,00
0$
250
$
4,37
2$
4,83
0$
68,5
73$
39
,472
$
(21)
SU
B -
TO
TA
L2,
006,
080
$
37,0
00$
1,
650
$
14
6,89
4$
13
6,23
0$
2,
327,
854
$
2,26
0,70
1$
(22)
Ser
vice
s, c
on
trac
ts a
nd
su
pp
lies
286,
981
$
333,
388
$
131,
211
$
44,5
27$
12
8,85
5$
92
4,96
2$
1,
286,
984
$
(23)
Am
ort
izat
ion
of
sup
po
rted
tan
gib
le c
apit
al a
sset
s-
$
33,4
61$
-
$
-$
-
$
33,4
61$
33
,461
$
(24)
Am
ort
izat
ion
of
un
sup
po
rted
tan
gib
le c
apit
al a
sset
s-
$
40,1
16$
-
$
-$
-
$
40,1
16$
40
,116
$
(25)
Su
pp
ort
ed in
tere
st o
n c
apit
al d
ebt
-$
-
$
-$
-
$
-$
-
$
-$
(26)
Un
sup
po
rted
inte
rest
on
cap
ital
deb
t-
$
-$
-
$
-$
-
$
-$
-
$
(27)
Oth
er in
tere
st a
nd
fin
ance
ch
arg
es2,
154
$
-
$
-$
2,
215
$
27
3$
4,
642
$
6,
736
$
(28)
Lo
sses
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
-
$
-$
-
$
-$
-
$
-$
(29)
Oth
er e
xpen
se-
$
-$
-
$
-$
-
$
-$
-
$
(30)
TO
TA
L E
XP
EN
SE
S2,
295,
215
$
443,
965
$
132,
861
$
193,
636
$
265,
358
$
3,33
1,03
5$
3,
627,
998
$
(31)
182,
079
$
(218
,895
)$
(3)
$
20
1$
85
,674
$
49,0
56$
56
,773
$
OP
ER
AT
ING
SU
RP
LU
S (
DE
FIC
IT)
SC
HE
DU
LE
OF
PR
OG
RA
M O
PE
RA
TIO
NS
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
4 (in
dol
lars
)
2014
12
Sch
oo
l Ju
risd
icti
on
Co
de:
0012
Exp
ense
d IM
R,
Un
sup
po
rted
2014
Uti
litie
s M
od
ula
r U
nit
Am
ort
izat
ion
S
up
po
rted
TO
TA
L
EX
PE
NS
ES
Cu
sto
dia
lM
ain
ten
ance
and
Rel
oca
tio
ns
&&
Oth
er
Cap
ital
& D
ebt
Op
erat
ion
s an
d
Tel
eco
mm
.L
ease
Pay
men
tsE
xpen
ses
Ser
vice
sM
ain
ten
ance
Un
cert
ific
ated
sal
arie
s an
d w
ages
-
$
-
$
-
$
-
$
35
,000
$
35
,000
$
35
,000
$
Un
cert
ific
ated
ben
efit
s-
$
-
$
-
$
-
$
2,
000
$
2,00
0$
2,
000
$
Su
b-t
ota
l Rem
un
erat
ion
-$
-$
-$
-$
37,0
00$
37,0
00$
37,0
00$
Su
pp
lies
and
ser
vice
s16
0,77
3$
79
,405
$
-
$
-
$
-
$
24
0,17
8$
24
0,17
8$
Ele
ctri
city
8,83
1$
8,
831
$
8,83
1$
Nat
ura
l gas
/hea
tin
g f
uel
48,9
02$
48,9
02$
48,9
02$
Sew
er a
nd
wat
er11
,673
$
11
,673
$
11
,673
$
Tel
eco
mm
un
icat
ion
s16
,804
$
16
,804
$
16
,804
$
Insu
ran
ce7,
000
$
7,00
0$
7,
000
$
Am
ort
izat
ion
of
tan
gib
le c
apit
al a
sset
s
Sup
port
ed33
,461
$
33
,461
$
Uns
uppo
rted
40,1
16$
40,1
16$
40,1
16$
To
tal A
mo
rtiz
atio
n40
,116
$
40
,116
$
33
,461
$
73
,577
$
Inte
rest
on
cap
ital
deb
t
Sup
port
ed-
$
-
$
Uns
uppo
rted
-$
-$
-$
Leas
e pa
ymen
ts fo
r fa
cilit
ies
-$
-$
-$
Oth
er in
tere
st c
har
ges
-$
-$
-$
Lo
sses
on
dis
po
sal o
f ca
pit
al a
sset
s-
$
-
$
-
$
TO
TA
L E
XP
EN
SE
S16
0,77
3$
79
,405
$
86
,210
$
-
$
44
,000
$
40
,116
$
41
0,50
4$
33
,461
$
44
3,96
5$
Sch
ool b
uild
ings
3,41
8.2
Non
sch
ool b
uild
ings
0.0
All
expe
nses
rel
ated
to a
ctiv
ities
und
erta
ken
to k
eep
the
scho
ol e
nviro
nmen
t and
mai
nten
ance
sho
ps c
lean
and
saf
e.
All
expe
nses
ass
ocia
ted
with
the
repa
ir, r
epla
cem
ent,
enha
ncem
ent a
nd m
inor
con
stru
ctio
n of
bui
ldin
gs, g
roun
ds a
nd e
quip
men
t com
pone
nts.
Thi
s in
clud
es r
egul
ar a
nd p
reve
ntat
ive
mai
nten
ance
und
erta
ken
to e
nsur
e co
mpo
nent
s re
ach
or e
xcee
d th
eir
life
cycl
e an
d th
e re
pair
of b
roke
n co
mpo
nent
s. M
aint
enan
ce e
xpen
ses
excl
ude
oper
atio
nal c
osts
rel
ated
to
expe
nsed
IMR
& M
odul
ar U
nit r
eloc
atio
ns, a
s th
ey a
re r
epor
ted
on s
epar
atel
y.
All
expe
nses
rel
ated
to e
lect
ricity
, nat
ural
gas
and
oth
er h
eatin
g fu
els,
sew
er a
nd w
ater
and
all
form
s of
tele
com
mun
icat
ions
.
All
oper
atio
nal e
xpen
ses
asso
ciat
ed w
ith n
on-c
apita
lized
Infr
astr
uctu
re M
aint
enan
ce R
enew
al p
roje
cts,
mod
ular
uni
t (po
rtab
le)
relo
catio
n, a
nd p
aym
ents
on
leas
ed fa
cilit
ies.
All
expe
nses
rel
ated
to th
e ad
min
istr
atio
n of
ope
ratio
ns a
nd m
aint
enan
ce in
clud
ing
(but
not
lim
ited
to)
cont
ract
adm
inis
trat
ion,
cle
rical
func
tions
, neg
otia
tions
, sup
ervi
sion
of e
mpl
oyee
s
& c
ontr
acto
rs, s
choo
l fac
ility
pla
nnin
g &
pro
ject
'adm
inis
trat
ion'
, adm
inis
trat
ion
of jo
int-
use
agre
emen
ts, a
nd a
ll ex
pens
es r
elat
ed to
ens
urin
g co
mpl
ianc
e w
ith h
ealth
and
saf
ety
stan
dard
s,
code
s an
d go
vern
men
t reg
ulat
ions
.
All
expe
nses
rel
ated
to s
uppo
rted
cap
ital a
sset
s am
ortiz
atio
n an
d in
tere
st o
n su
ppor
ted
capi
tal d
ebt.
Cu
sto
dia
l:
No
te:
Su
pp
ort
ed C
ap
ital
& D
ebt
Ser
vice
s:
Fac
ility
Pla
nn
ing
& O
per
atio
ns
Ad
min
istr
atio
n:
Exp
ense
d IM
R &
Mo
du
lar
Un
it R
elo
cati
on
& L
ease
Pm
ts:
Uti
litie
s &
Tel
eco
mm
un
icat
ion
s:
Mai
nte
nan
ce:
SQ
UA
RE
ME
TR
ES
SC
HE
DU
LE
OF
PL
AN
T O
PE
RA
TIO
NS
AN
D M
AIN
TE
NA
NC
E E
XP
EN
SE
S
Fac
ility
Pla
nn
ing
&
Op
erat
ion
s A
dm
inis
trat
ion
SU
B-T
OT
AL
O
per
atio
ns
&
Mai
nte
nan
ce
13
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
1. PURPOSE OF THE SOCIETY:
The Society delivers education programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S-3.
The Society receives instruction and support allocations under Education Grants Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of grant funds received. The Society is limited on certain funding allocations and administrative expenses.
The Society is incorporated under the Societies Act of the Province of Alberta and is exempt from income taxes.
2. ACCOUNTING POLICIES:
These financial statements are prepared in accordance with generally accepted accounting principles established by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. Significant policies are as follows:
Revenue recognition:
Instruction and support allocations are recognized as revenue in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered.
Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Contributed services are not recognized in the financial statements.
Eligibility criteria are criteria that the Society has to meet in order to receive certain contributions. Stipulations describe what the Society must perform in order to keep the contributions. Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met.
Contributions with stipulations are recognized as revenue in the period the stipulations are met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Such liabilities are recorded as deferred revenue. Deferred revenue also include contributions for capital expenditures, unexpended and expended.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
2. ACCOUNTING POLICIES (continued):
Unexpended deferred capital revenue:
Page 2
Unexpended deferred capital revenue represents externally restricted supported capital funds provided for a specific capital purpose received or receivable by the jurisdiction, but the related expenditure has not been made at year-end. These contributions must also have stipulations that meet the definition of a liability per PS 3200 when expended.
Expended deferred capital revenue:
Expended deferred capital revenue represents externally restricted supported capital funds that have been expended but have yet to be amortized over the useful life of the related capital asset. Amortization over the useful life of the related capital asset is due to certain stipulations related to the contributions that require that the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset.
Tangible capital assets:
Tangible capital assets are recorded at cost which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the asset.
The cost is amortized using the straight-line method over the estimated useful life as follows:
Buildings .......................................................... . Stage equipment .............................................. . Musical equipment ........................................... . Computer equipment ....................................... . Leasehold improvements ................................. .
25 years 10 years 10 years 5 years 6-8 years
Equipment with a cost in excess of $5,000 is capitalized and purchases under $5,000 are expensed in the year of acquisition.
Program reporting:
The Society's operations have been segmented as follows:
ECS to Grade 6 Instruction: The provision of Early Childhood Services (ECS) education and grades 1 - 6 instructional services that fall under the basic public education mandate.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
2. ACCOUNTING POLICIES (continued):
Program reporting (continued):
Page 3
Plant operations and maintenance: The operation and maintenance of all school buildings and maintenance shop facilities.
Transportation: The provision of regular and special education bus services (to and. from school) whether contracted or board operated, including transportation facilities.
Board and system administration: The provision of board governance and system-based/central office administration.
External services: All projects, activities and services offered outside the public education mandate for ECS children and students in grades 1-6. Services offered beyond the mandate for public education are to be self-supporting, and Alberta Education funding may not be utilized to support these programs.
The allocation of revenue and expenses are reported by program, source and object on the Schedule of Program Operations.
Pensions:
Pension costs included in these financial statements comprise the cost of employer contributions for current service of employees during the year.
The current past service costs of the Alberta Teachers Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, the Suzuki Charter School Society does not make pension contributions for certificated staff. The Government portion of the current service contribution to the Alberta Teachers Retirement Fund on behalf of the jurisdiction is included in both revenue and expenses. For the year ended August 31, 2014, the amount contributed by the Government of Alberta was $164,281 (2013 - $134,041).
Cash and cash equivalents:
Cash and cash equivalents include cash and investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. These short-term investments have a maturity of three months or less at acquisition and are held for the purpose of meeting short-term cash commitments rather than for investing.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
2. ACCOUNTING POLICIES (continued):
Financial instruments:
Page4
A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The Society recognizes a financial instrument when it becomes a party to a financial instrument contract.
Financial instruments consist of cash and cash equivalents, accounts receivable, term deposits and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Society is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks.
Use of estimates:
The preparation of financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
3. ACCOUNTS RECEIVABLE:
Accounts receivable is comprised of the following:
Federal Government ........................................................ . Alberta Education ............................................................. . Trade receivables and other ............................................. .
4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES:'
$22,477 1,370 2,999
$26,846
$46,781
$46,781
Accounts payable and accrued liabilities is comprised of the following:
Other Alberta school jurisdictions ..................................... . Other trade payables and accrued liabilities ..................... .
2014 2013
$ 6,681 41,991
$48,672
$15,077 44,619
$59.696
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
~ >
::ci ~ :::: n :::: d ~
~ >
'Z
'Z ... n n =
... >
::ci ... l"'l
0 '" '" .. (") ::r: >
;o
-l
tll ;o
m
0 >
(")
(") 0 d z -l > z -l rn
5.
Ta
ng
ible
Ca
pita
l A
sset
s
Est
imat
ed u
sefu
l lif
e
His
tori
cal
cost
Beg
inni
ng o
f yea
r
Prio
r pe
riod
adju
stm
ents
Add
ition
s
Tra
nsfe
rs in
(ou
t)
Less
dis
posa
ls in
clud
ing
writ
e-of
fs
Acc
umul
ated
am
ort
iza
tion
Beg
inni
ng o
f yea
r
Prio
r pe
riod
adju
stm
ents
Am
ortiz
atio
n
Oth
er a
dditi
ons
Tra
nsfe
rs in
(ou
t)
Less
dis
posa
ls in
clud
ing
writ
e-of
fs
Net
Bo
ok
Val
ue a
t E
nd o
f Yea
r
Le
ase
ho
ld
Imp
rove
me
nts
6
-8
Ye
ars
$ 3
16
,87
8 - - - -
$ 3
16
87
8
$ 1
04
,51
9 -
42,4
71 - - -
$ 1
46
99
0
'!;
1RQ
Q
20
14
Sta
ge
Bu
ildin
gs
Eq
uip
me
nt
25
Ye
ars
1
0 Y
ea
rs
$ 6
30
,29
0
$ 6
3,3
67
--
--
--
--
$ 6
30
29
0
$ 6
3 3
67
$ 8
8,9
12
$
58
,99
2
--
25
,21
2
62
5
--
--
--
$ 1
14
12
4
$ 5
9 6
17
'!;
l'\1
R 1
RR
'!:
".\ 7
i:;n
20
13
Mu
sica
l C
om
pu
ter
Eq
uip
me
nt
Eq
uip
me
nt
Tot
al
Tot
al
10
Ye
ars
5
Ye
ars
$ 4
2,8
60
$
9,8
35
$
1,0
63
,23
0
$ 1
,06
3,2
30
--
--
--
--
--
--
--
--
·~
42
86
0
$ 9
83
5
$ 1
06
32
30
$
10
63
23
0
$ 3
1,4
55
$
7,8
68
$
29
1,7
46
$
21
8,1
69
--
-3
,30
2
1,9
67
7
3,5
77
7
3,5
77
--
--
--
--
--
--
$ 3
4 7
57
$
9 8
35
$
36
5 3
23
$
291
74
6
'!: A
11'1~
'!: -
$ R
97
90
7
!!;
77
1 4
A4
6. Deferred Revenue
ADD: DEDUCT: ADD (DEDUCT): SOURCE AND GRANT OR FUND TYPE DEFERRED 2013/2014 2013/2014 2013/2014 DEFERRED
REVENUE Restricted Restricted Funds Adjustments REVENUE as at Funds Received/ Expended for Returned as at
Aun '.\1 2013 Receivable tPaid I Pauable\ i::unds Aun.31 2014 Unexpended deferred operating revenue
Other Deferred Revenue: School Generated Funds $ 65,030 $ 201,101 $ (171,632) $ - $ 94,499
Fees (instruction & lunch supervision) 21,724 106,692 (100,806) - 29,610 Other - preschool fees 7,495 30,760 (31,625) - 6,630
Other - after-school care fees - 6,000 - - 6,000
Total unexpended deferred operating revenue !Ii 94,249 !Ii 346,""" !Ii {304,0n:< !Ii - !Ii l;jt>,/;j~
Exoended deferred capital revenue 571,165 - (33,461) - 537,724
Total i !l!l:i!\~!\ i ~!\!l ~li~ i !m:i~!ll <t - i !lZ~ ~§~
Rows may be delted or added as required.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
" Page 5
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
7. SCHOOL GENERATED FUNDS:
School generated funds is comprised of the following: 2014 2013
Balance at beginning of the year .................................. .. $ 65,030 $ 63, 138
Gross receipts: Fees ........................................................................... . 72,170 88,039 Fund raising ................................................................. . 128,931 52,496
Total related expenses and uses of funds .................... .. (133,038) (107,462) Total direct costs including cost of goods sold to
raise funds ................................................................... . (38,594) (31, 181)
Balance at end of the year ............................................ . $ 94,499 $ 65,030
8. RELATED PARTY TRANSACTIONS:
All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions and other school jurisdictions in Alberta. Related party balances and transactions for the Society are as follows:
Balances Financial Assets Liabilities
Government of Alberta: Education................................... $1,370
Other Alberta school jurisdictions ............................... .
Total - 2014 ....................... $1.370
Total - 2013 ....................... $ -
$
6,681
$ 6,681
$15.077
9. ECONOMIC DEPENDENCE ON RELATED PARTY:
Transactions
Revenue Expenses
$2,843, 149 $
98,055
$2,843, 149 $ 98,055
$3, 167.117 $358.855
The Society's primary source of revenue is from the Government of Alberta. The ability to continue viable operations is dependent on continuing to receive this funding.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS
SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
10. REMUNERATION AND MONETARY INCENTIVES:
Page 6
The Society has paid or accrued expenses for the year ended August 31, 2014 to or on behalf of the following positions and persons in groups as follows:
Full time equivalents Remuneration
Board members···················" 0.0 Superintendent"""" .......... "" 0.4 Secretary-treasurer ..... """····· 1.0 Certificated .. "........................ 16. 8 Non-certificated ........... "........ 11.9
TOTAL
11. BUDGET AMOUNTS:
$ 62,383
108,025 1,352,376
426,451
$1.945,935
Benefits Expenses
$ $ 951 3,705 1,967 7,954 4,360
306,341 32,588 60,619
$378,619 $39,866
The budget was prepared by the Society and approved by the Board of Directors. It is presented for information purposes only and has not been audited.
YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS