SiMON FRASER UNIVERSITY
?
*
MEMORANDUM
S
1
SENATE
?
.
?
.
.From. ?
SECRETARY
OF. ?
SENATE .................................
Subject .... ....
ANNUAL REPORT - FOR INFORMATION
?
Date.
?
OCTOBER
. 16 1 , .1980 ........................................
Section 32 of the Universities Act states: "The Board shall make an
annual report of its transactions to the Uni ersities Council, in
which shall be set forth a balance-sheet and a statement of revenue
and expenditure for the year ending on the preceding thirty-first day
of March, and such other particulars as the Universities Council may
require. A copy of the annual report shall be forthwith transmitted
to the Senate."
A copy of the report is attached.
0
•0
*
SIMON FRASER UNIVERSITY
00
.
S
FINANCIAL STATEMENTS
?
AS AT MARCH 31 1980
"S
0S
SIMON FRASER UNIVERSITY
Financial Statements
Year Ended March 31. 1980
.
Index
Auditor's Report
Balance Sheet ?
Exhibit A
Statement of Revenue and Expenditure ? Exhibit B
Statement of Changes in Fund Balances
? Exhibit C
Statement of Expenditures by Fund
? Exhibit 0
Notes to Financial Statements
Schedule
of General Purpose Expenditures
Schedule 1
Schedule of Ancillary Enterprise Operations
Schedule 2
Schedule
of Academic Expenditures
Schedule 3
Exhibit A
Assets
1980
OPERATING FUNDS
Cash and short term deposits
?
$13,582
Accounts receivable
?
1,327
Inventories
?
917
$15,826
ENDOWMENT AND STUDENT LOAN FUNDS
Cash and short term deposits
?
$ 1,229
Investments, at cost (market - $112; 1979 - $115)
?
114
Student loans receivable
?
37
$1,380
. ?
CAPITAL FUND
Short term deposits
?
$ 3,640
Accounts receivable
?
166
Land, buildings' and equipment, at cost
?
76,710
$80,516
SIMON FRASER
UNIVERSITY
Balance
Sheet
as at March
31, ?
1980
(thousands of
dollars)
Liabilities and Fund Balances
1979
1
?
1980
1979
(Note 6)
(Note 6)
OPERATING FUNDS
$ 9,199
Accounts payable and accrued liabilities
$ 5,815 $ 4,413
1,161
General purpose fund
935
Unappropriated
(Exhibit
C)
2,248
1,561
Appropriated (Note 3)
5,464
3,699
Specific purpose fund
(Exhibit
C)
2,299
1,622
$11,295
$15,826
$11,295
ENDOWMENT AND STUDENT LOAN FUNDS
$ ?
877
Endowment fund
$1 ,297
$ ?
970
114
Student loan fund
83
82
61
$1,052
(Exhibit
C)
$
?
1,380
$1,052
CAPITAL FUND
$ 2,803
Accounts and holdbacks payable
$ 1,836
$ ?
488
130
Bank loans payable (Note 4)
2,412
2,021
68,834
Long term debt (Note 5)
Central Mortgage and Housing Corporation
3,493
3,512
Capital ?
Financing Authority
- $14,200
Less - sinking fund (Note 2)
273
13,927
7,651
Net investment in land, buildings
and equipment
55,350
55,021
Capital
?
fund balances
Unappropriated
(Exhibit
C)
2,256
2,275
Appropriated (Note 3)
1,242
799
$71,767
1
?
$80,516
$71,767
Approved by the Board of Governors:
?
The accompanying notes are an integral part of these financial statements
R. Parkinson, M. D.
?
E.M. Scott, Ph.D.
Chairman of the Board
?
Director of Finance
0
Total Funds?
Year Ended March 31
1980
1979
(Note 6)
$52,886
$46,864
2,702
2,330
97
29
4,535
4,485
293
173
716
701
1,904
954
178 1 ?
141
63,311
55,677
59,305
51,440
40
32
?
59,345 ?
51,472
?
$ 3,966
?
$ 4,205
Exhibit B
SIMON FRASER UNIVERSITY
Statement of Revenue and Expenditure
Year Ended March 31, 1980
(thousands of dollars)
Specific Purpose ?
Endowment
General ?
Sponsored ?
Scholarship ?
Other Grants ?
Total
?
and Student
Purpose ?
Research ?
and Bursary ?
and Programmes ?
Operating
?
Loan
?
Capital
$48,523
878
19
1,138
50,558
2,328
2,669
33
2,702
81
16
97
4,392
143
4,535
293
293
28
214 107
54
403 309 ?
4
1,335
82
61
1,478
19 ?
407
178
178
54,749 3,842
224
1,429
60,244
328 ?
2,739
52,224
3,607
169
1 ,075
57,075
2,230
40
40
52,264
3,607
169
1,075
57,115
2,230
$ 2,485 ?
235 ?
55
? 354 ?
3,129 ?
328 ?
509
Revenue
Province of British Columbia grants
Government of Canada grants
Other government grants
Student fees - credit courses
- other
Gifts and grants - other
Investment income
Miscellaneous income
Total revenue
Expenditures (Exhibit D)
Ancillary enterprises (Schedule 2)
Total expenditures
Excess of revenue over expenditure
(Exhibit C)
Exhibit C
N
S
.
SIMON FRASER UNIVERSITY
Statement of Changes in Fund Balances?
Year Ended March 31, 1980
(thousands of dollars)
Specific Purpose
General ?
Sponsored ?
Scholarship ?
Other Grants
?
Total
Purpose ?
Research ?
and Bursary ?
and Programmes ?
Operating
Increases in fund balances
Operations:
Excess of revenue over expenditure
(Exhibit B)
$2,485
235
55
354
3,129
Other sources:
Capital ?
Financing Authority
Increas.e in long term debt
Interest earned on sinking fund
Province of British Columbia
Sinking fund payments reimbursed
Interim financing
Inter-fund transfers
1
33
34
Total ?
increases
2,485
236
55
387
3,163
Decreases in fund balances
Additions to land, buildings and equipment
Transfers to appropriated fund, net (Note 3) 1,765
1,765
Sinking fund payments
Transfer of interest earned on sinking
fund to net investment in land,
buildings and equipment
Inter-fund transfers
33
1
34
Total decreases
1,798
1
1,799
Net increase (decrease) during the year
687
236
54
387
1,364
Fund balances, April
?
1, 1979
1,561 1,154
96
372
3,183
Fund balances, March 31, 1980 (Exhibit A)
$2,248*
1,390
150
759
4,547
Endowment
Total Funds
and Student
Year Ended March 31
Loan
Capital
1980
1979
(Note 6)
328
509
$ 3,966 $ 4,205
6,500
6,500
7,700
17
17
207
207
49
1,291
i ?
1,291
(1,066)
34
525
328
8,524
12,015
11,413
7,876
7,876
6,432
443
2,208
4,168
207
207
49
17
17
34
525
8,543
10,342
11,174
328
(19)
1,673
239
1,052
2,275
6,510
6,271
1,380
2,256*
$ 8,183
$ 6,510
*Unappropriated balance. (Appropriated fund expenditures and net increases have been included in these columns on Exhibits B, C and D. See Note 3.)
0
Specific Purpose
General
Sponsored
Scholarship
Other Grants
Total
Capital
Purpose
Research
and Bursary
and Programmes Operating
Fund
Expenditures
Salaries
Academic ranks
$17,392
532
194
18,118
Other instruction and research
3,002
1,728
118
4,848
Other salaries and wages
15,697
268
15,965
Employee benefits
3,959
66
45
4,070
Travel, moving and entertainment
1,412
321
111
1,844
Expendable supplies
5,203
392
258
5,853
Equipment and furnishings
610
527
25
1 ,162
728
Equipment rentals
836
14
850
Books and periodicals
923
18
941
Utilities
1,253
20
1,273
Student awards
1,070
169
1 ,239
Contract services
1 ,522
1 ,522
Professional ?
fees
409
3
412
Renovations and alterations
312
1
313
Interest - short term
432
- long term
1,070
Insurance
119
119
Memberships
43
43
Internal ?
cost allocations
( ?
41)
41
External ?
cost allocations
(1,497)
(1,497)
Total Expendi tures
Year Ended March 31
1980
1979
(Note 6)
$18,118 $16,473
4,848
4,352
15,965 15,045
4,070
3,703
1,844
1,482
5,853
4,005
1,890
1,243
850
885
941
855
1,273
1,351
1,239
1,179
1,522
1,271
412
249
313
155
432
427
1,070
164
119
113
43
51
(1,497)
1
(1,563)
.
Exhibit D
S
SIMON FRASER UNIVERSITY?
Statement of Expenditures by Fund
Year Ended March 31, 1980
(thousands of dollars)
Total (Exhibit B)
?
$52,224
?
3,607 ?
169 ?
1,075 ?
57,075 ?
2,230
?
$59,305 ?
$51 ,440
SIMON FRASER UNIVERSITY
Notes to Financial Statements
March 31 1980
1. Significant Accounting Policies
(a)
General
These financial statements have been prepared in accordance with
accounting principles generally accepted for universities. These
principles differ from generally accepted accounting principles in
the following respects:
. ?
- no provision for depreciation of buildings and equipment is
• recorded in the accounts. Replacement equipment, renewals,
alterations and renovations are recorded as expenditures in
the period the costs are incurred with the exception of
renovations financed by capital fund resources which are
capitalized;
- library books and periodicals are expensed in the year of
acquisition;
•
?
- leases of a capital nature are expensed in the operating
fund as payments are made;
• ?
- no accrual for employee vacation pay is provided.
(b)
Fund Accounting
- The university accounts are maintained in compliance with
fund accounting procedures in order to recognize restrictions
imposed on the use of available resources. Under these proce-
dures resources are classified into funds in accordance with
objectives authorized by the Board of Governors or otherwise
specified. Funds have been combined into the following major
divisions:
- General purpose operating funds comprise revenues which are
.
?
administered by the Board of Governors.
- Specific purpose operating funds consist of amounts used for
projects designated by granting agencies and other donors,
together with the. income earned on endowment funds.
- Endowment funds are received or appropriated with the under-
standing the principal will be invested and the related earned
income will be expended for specific purposes.
- Capital funds comprise amounts received for the purchase of
?
land, buildings and original equipment, major renovations
and alterations, public work projects and additional equipment.
0
-2-
(c)
Inventories
Inventories of supplies are recorded at cost and inventories of
merchandise held for resale are stated at the lower of cost or net
realizable value.
(d)
Ancillary Enterprise Operations
Operations designated as ancillary enterprises by the university
include residences, bookstore and campus food services. The
operations of these enterprises are conducted on a fee-for-service
basis. Expenses include the operating costs of providing these
services and debenture payments of interest and principle on the
residences. No administrative overhead has been applied.
2.
Change in Accounting Policy
In respect of the long term debt issued under the British Columbia Educational
Institutions Capital Financing Authority Act, the amount of the sinking fund
balance as at March 31, 1979 was calculated on a straight line basis over the
20 year term for financial statement presentation purposes. For 1979/80 and
future years, the amounts of sinking fund payments reported on Exhibit C will
be the amounts actually funded. The 1979 comparative figures have been
restated to conform with the new presentation. On Exhibit A, the net amount
of the outstanding debt due to the Capital Financing Authority has been
increased by $336,000 to $7,651,000, and the net investment in land, buildings
and equipment account has been decreased by the same amount to $55,662,000.
Note 6 provides a reconciliation of this latter balance to the final balance
reported on Exhibit A. Details of the sinking fund balance are disclosed in
Note 5(B).
3.
Appropriated Funds
A. ?
Operating - General purpose fund
1980 ?
1979 ?
(thousands of dollars)
Increases in appropriated fund balance
- Provision for non-recurring allocations
.
?
in following fiscal year
$2,266
$ ?
-
- Annualization for salary costs
1,063
990
- Authorized budget allocations to
following fiscal year
730
1,173
- Research grant carryover
294
301
- Provision for payback for provincial
operating grant
131
-
- Insurance appraisal and insurance reserve
100
120
- Specified minor provisions
95
405
- General contingencies
77
550
Total ?
increases
4,756
3,539
S
.
-3-
S
Operating - General purpose fund - Continued
1980 ?
1979 ?
(thousands of dollars)
Decreases in
appropriated fund balance
- Expended during fiscal year
2,991
170
Net increase
during the year (Exhibit C)
1,765
3,369
Appropriated fund balance, April
?
1, 1979
3,699
330
Appropriated fund balance, March 31, 1980
(Exhibit A)
$5,464
$3,699
B. ?
Capital
1980 ?
1979
?
(thousands of dollars)
Increases in appropriated fund balance
- Authorized budget allocations to
following fiscal year ?
$ 156 ?
$587
- Authorized minor projects
?
512 ?
212
- Designated project funds
?
42 ?
-
Li
Total increases ?
710 ?
799
Decreases in appropriated fund balance
- Expended during fiscal year ? 267 ?
-
Net increase during the year (Exhibit C)
?
443 ?
799
Appropriated fund balance, April 1, 1979
?
799 ?
-
Appropriated fund balance, March 31, 1980
(Exhibit A) ?
$1,242 ?
$799
4. Bank Loans Payable and Commitments
The interim financing of approved capital construction projects is author-
ized under the provisions of the British Columbia Educational Institutions
Capital Financing Authority Act. This financing comprises bank loans in
the amount of $2,412,000 as at March 31, 1980 ($2,021,000 - March 31, 1979).
Accounts and holdbacks payable in the amount of $1,836,000 ($488,000 -
March 31, 1979) and commitments under building and other contracts of
$2,346,000 ($9,240,000 - March 31, 1979) will be financed similarly in the
next fiscal year. Bank loans are retired from the proceeds of long term
debt issued under the authority of the Act.
S
-4-
5. Long Term Debt
A.
Central Mortgage and Housing Corporation
Annual
Payments
Maturity
?
Interest ?
Balance Outstanding
?
Including
Date
?
Rate ?
March 31/80
?
March 31/79
?
Interest
?
(thousands of dollars)
?
-
Jan. 1, 2017
?
5.375% ?
$ 199 ?
$ 200 ?
$12
Jan. 2, 2018
?
5.875% ?
983 ?
990 ?
65
Jul. 1, 2019
?
6.875% ?
2,311 ?
2,322 ?
171
Total (Exhibit A) ?
$3,493 ?
$3,512 ?
$248
The debentures are secured by a floating charge on the student
residences.
B.
Capital Financing Authority
Sinking Balance Outstanding
Maturity ?
Interest ?
Face ?
Fund ?
March 31
?
March 31 ?
Annual
Date ?
Rate ?
Value ?
Balance ?
1980 ?
1979 ?
Payments
(thousands of dollars)
Jun. 9, 1998
?
9.41% ?
$ 2,000 ?
$107
?
$1,893 ?
$1,951 ?
$ 237
W ?
Jan. 10, 1999
?
9.82% ?
2,000 ?
54 ?
1,946 ?
2,000 ?
245
Mar. 9, 1999
?
10.16% ?
3,700 ?
92
?
3,608 ?
3,700 ?
466
Apr. 10, 1999 ?
10.26% ?
800 ?
20 ?
780 ?
- ?
102
Nov. 9, 1999
?
10.68% ?
3,700 ?
- ?
3,700 ?
- ?
485
Mar. 10, 2000 ?
12.74% ?
2,000 ?
- ?
2,000 ?
-
?
277
Total (Exhibit A)
?
$14,200 ?
$273
?
$13,927 ?
$7,651
?
$1,812
Annual payments comprise interest and sinking fund payments. The actual
payments to the sinking fund are based on the discounted present values
required to fully fund the repayment of the debt by their respective
maturity dates. The sinking fund balance consists of total sinking fund
instalments to March 31, 1980 plus interest earned thereon. Sinking
fund payments made during 1979/80 amounted to $207,000 (1978/79 -
$49,000). Earned interest thereon recorded to date is $17,000
(1978/79 - nil).
6. Restatement of Prior Year Amounts
During the current fiscal year, it became apparent that certain transactions
in the Capital Fund had been incorrectly recorded in the previous year. In
order to show the financial amounts which would have been reported had these
transactions been correctly recorded, the 1979 comparative figures have been
retroactively adjusted. In addition to these restatements and those referred
is
?
to in Note 2, the 1979 figures have been restated to conform with financial
-5-
statement presentation changes adopted in 1980. The composition of the
major changes made to the 1979 comparative figures is disclosed in the
following reconciliations.
Exhibit A - Capital Fund
Net Investment in
Accounts ?
Land, Buildings ?
Capital Fund
Receivable ?
and Equipment ?
Unappropriated?
(thousands of dollars)
Balance per 1978/79
financial ?
statements
$215
$55,998
$1,719
Adjustment as per Note 2
(336)
Revised balances
215
55,662
1,719
Restatements due to
corrections:
Short term interest
(85)
( ?
85)
Funding source
(556)
556
Balance per 1979/80
financial ?
statements
$130
$55,021
$2,275
•
Exhibit B - Total
?
Funds
Excess of
Province
Revenue
of B.C.
Total
Total
Over
Interim
Grants
Revenue
Expenditure
Expenditure ?
Financing
(thousands of dollars)
Balance per 1978/79
financial statements
$46,240
$64,425
$58,920
$5,473
$(1,622)
Restatements due to
format revisions
709
( ?
963)
( ?
963)
Transferred to
•
Exhibit C - long term
transactions relating
to Capital
?
Financing
Authority
(7,700)
(6,432)
(1,268)
Revised balance
46,949
55,762
51,525
4,205
(1,622)
Restatements due to
corrections:
Short term interest
(85)
( ?
85)
( ?
85)
Funding source
556
Balance per 1979/80
financial statements
$46,864
$55,677
$51,440
$4,205
$(1,066)
pig
Province of
British Columbia
Office of the
Auditor General
Province of British Columbia
8 Bastion Square
Victoria
British
Columbia
V8V 1X4
AUDITOR'S REPORT
To the Chairman and Members of the Board of Governors of
Simon Fraser University, and
To the Minister of Universities, Science and Communications
Province of British Columbia:
I have examined the balance sheet of Simon Fraser University
as at 31 March 1980 and the statements of revenue and
expenditure, changes in fund balances and expenditures by fund
for the year then ended. My examination was made in
accordance with generally accepted auditing standards, and
accordingly included such tests and other procedures as I
considered necessary in the circumstances.
In my opinion, these financial statements present fairly the
financial position of the University as at 31 March 1980 and
the results of its operations and the changes in its fund
balances for the year then ended in accordance with accounting
principles generally accepted for universities applied, after
giving retroactive effect to the change
in
the method of
. ?
calculating the sinking fund balance as referred to in note 2
to the financial statements, on a basis consistent with that
of the preceding year.
iT!
,F/
Erma Morrison, C.A. ?
Auditor General
Victoria, British Columbia
23 June 1980
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