SIMON FRASER UNIVERSITY
- ?
MIMORANDUM
00 .......... ?
SENATE
.
.........................................
?
From ?
SECRETARY OF SENATE.
Subi.d. ?
•A
?*. REPORT ..!?.
INFORMATION.
?
Date ....... ...
?
.i!.
Section 31 of the University Act states: "The board shall make
an annual report of its transactions to the universities council,
in which shall be set out a balance sheet and a statement of
revenue and expenditure for the year ending on the preceding
March 31, and other particulars the universities council may
require. A copy of the annual report shall be transmitted promptly
to the senate."
A copy of the report is attached.
(Note: As the 1982 Financial Statements are in short supply, following
perusal, Senators and others receiving this material are asked
to return the Statements to Secretariat Services).
IP
S.
SIMON FRASER UNIVERSITY
• •
FINANCIAL STATEMENTS
AS AT MARCH 31 1982
SI.
S
'
SIMON FRASER UNIVERSITY ?
-
-
?
Financial Statements
Year Ended March 31, 1982
Index
Auditor's Report
Balance Sheet
?
Exhibit A
Statement of Revenue and Expenditure
?
Exhibit B
and Changes in Fund Balances
Statement of Expenditures by Fund
?
Exhibit C
Statement of Changes in Appropriated Fund
?
Exhibit D
Balances
Statement of Ancillary Enterprise Operations
?
Exhibit E
Statement of Changes in Net Investment
?
Exhibit F
in Land, Buildings and Equipment
Notes to Financial Statements
Schedule of General Purpose Expenditures
?
Schedule 1
Schedule of Academic Expenditures ?
Schedule 2
0
Province of
British Columbia
Office of the
Auditor General
Province of British Columbia
8 Bastion Square
Victoria
British Columbia
V8V 1X4
.
S
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 1982 and the statements of revenue and expenditure
and changes in fund balances, expenditures by fund, changes in
appropriated fund balances, ancillary enterprise operations and
changes in net investment in land, buildings and equipment 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 1982 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 on a basis consis-
tent with that of the preceding year.
/
Erma Morrison, F.C.A.
?
Auditor General
Victoria, British Columbia
18 June 1982
0
Exhibit A
SIMON FRASER UNIVERSITY
Balance Sheet
as at March 31, 1982
(thousands of dollars)
Assets
Liabilities and Fund Balances
OPERATING FUNDS
1982
1981
OPERATING FUNDS
1982
1981
Cash and short term deposits
$15,113
$14,163
Accounts payable and accrued liabilities
$ 6,064
$ 5,198
Accounts receivable
1,539
1,236
General purpose fund
Prepaid expenses
147
103
Unappropriated
(Exhibit
B)
11901
2,408
Inventories ?
(Note 1)
1,230
1,024
Appropriated
(Exhibit
D)
6,904
6,194
Specific purpose fund
(Exhibit
B)
3,160
2,726
$18,029
$16,526
$18,029
$16,526
ENDOWMENT AND STUDENT LOAN FUNDS
ENDOWMENT AND STUDENT LOAN FUNDS
Cash and short term deposits
$1,900
$1,496
Endowment fund
$1,927
$1,507
Investments, at cost (market $82; 1981
?
$90)
82
77
Student loan fund
83
83
Student loans receivable
28
17
$ 2,010
$1,590
(Exhibit
B)
$ 2,010
$1,590
CAPITAL FUND
CAPITAL FUND
Short term deposits
$ 4,858
$ 4,106
Accounts and holdbacks payable (Note 2)
$1,948
$1,203
•
Accounts receivable (Note 2)
868
588
Bank loans payable (Note 2)
4,742
6,583
Land, buildings and equipment, at cost
91,837
82,881
Long term debt (Note 3)
Canada Mortgage and Housing Corporation
3,449
3,472
Capital ?
Financing Authority - $26,218
Less sinking fund (Note 3)
?
1,219
24,999
15,837
Net investment in land,
buildings and equipment
(Exhibit
F)
58,457
56,309
Capital fund balances
Unappropriated
(Exhibit
B)
2,143
2,353
Appropriated
(Exhibit
D)
1,825
1,818
$97,563
$87,575
$97,563
$87,575
Approved by the Board of Governors:
P. T. Cot
?
E.M. Scott, Ph.D.
Chairman, Board of Governors
?
Executive Director of Finance
Exhibit B
SIMON FRASER UNIVERSITY?
Statement of Revenue and Ex
p
enditure and Chanaes in Fund Balances
General
Purpose
Operating
Revenue
Government grants - British Columbia
$61,375
- Canada
- Other
Student fees - credit courses
5,846
- other
474
Gifts, grants and bequests
117
Investment income
2,641
Miscellaneous income
311
Total revenue
70,764
Expenditures (Exhibit C)
68,822
Ancillary enterprises (Exhibit E)
102
Total expenditures
68,924
S
Year Ended March 31, 1982
(thousands of dollars)
Specific Purpose Operating
Endowment
Sponsored
Scholarship ?
Other Grants
and Student
Research
and Bursary
?
and Programmes Total
Loan
628
14 ?
1,708 2,350
3,868
346
4,214
82 18 ?
125 225
206
206
30
30
1,025
251
1,276
287
373
373
5,603
656
2,415
5,489
368
2,304
5,489
368
2,304
?
8,674 ?
287
8,161
8,161
?
513 ?
287
?
327
?
133
?
840
?
420
406
406
?
434
?
420
?
2,726
?
1,590
?
3,160
?
2,010
Increase (decrease) in fund balances
from current operations
1,840
114
288
111
Other sources:
Interfund transfers
42
58
269
1,882
172
288
380
Decrease in fund balances:
Acquisition of capital assets
Net increase in appropriated
fund balance
710
Interfund transfers
1,679
175
226
5
2,389
175
226
5
Net increase (decrease) during the year
(507)
(3)
62
375
Fund balances, April
?
1, ?
1981
2,408
1,859
215
652
Fund balances, March 31,
?
1982 (Exhibit A)
$1,901
1,856
277
1,027
Total
Funds
Year Ended March 31
Capital
1982
1981
4,146
$67,871
$59,455
4,214
3,586
225
111
6,052
5,299
504
335
1,680
688
904
3,918
2,438
20
331
380
5,070
84,795
72,292
5,277
82,260
69,347
102
206
5,277
82,362
69,553
(207)
2,433
2,739
1,583
2,085
1,078
1,376
4,518
3,817
1,579
1,579
539
7
717
1,306
2,085
1,078
1,586
4,381
2,923
(210)
137
894
2,353
9,077
8,183
2,143 ?
$9,214 ?
$9,077
SIMON FRASER UNIVERSITY
Statement of Expenditures by Fund
Year Ended March 31, 1982
(thousands of dollars)
General ?
Specific Purpose
?
Operating
Purpose ?
Sponsored Scholarship ?
Other Grants
Operating Research
?
and Bursary ?
and Programmes ?
Total
Exhibit C
Total Expenditures
Capital ?
Year Ended March 31
Fund ?
1982 ?
1981
.
Expenditures
Academic Salaries
Academic ranks
$22,732
Other instruction and research
4,366
Other salaries and wages
20,964
Employee benefits
5,453
Travel, moving and entertainment
1,801
Expendable supplies
5,764
Equipment and furnishings
777
Equipment rentals
1,799
Books and periodicals
1,228
Utilities
1,820
Student awards
1,375
Contract services
1,660
Professional ?
fees
660
Renovations and alterations
382
Interest - short term
- long term
Insurance
123
Memberships
57
Internal ?
cost allocations
(33)
External
?
cost allocations
(2,106)
Total ?
(Exhibit B)
$68,822
984
174
1,158
$23,890 $20,116
2,198
421
2,619
6,985
5,770
615
615
21,579:
19,299
137
91
228
5,681
4,755
485
275
760
2,561
2,107
839
529
1,368
7,132
6,187
684
62
746
1,731
3,254
2,485
24
24
1,823
1,134
21
21
1,249
1,188
11
11
1,831
1,448
368
368
1,743
1,621
1,660
1,510
134
72
206
866
623
4
4
386
343
856
856
612
2,690
2,690
1,641
123
114
57
55
28
5
33
(2,106)
(1,661)
5,489 ?
368
2,304
8,161
5,277
$82,260
$69,347
0
Exhibit D
S.
SIMON FRASER UNIVERSITY
IS
?
Statement of Changes in Appropriated Fund Balances
For the Year Ended March 31, 1982
(thousands of dollars)
.
Appropriated
Appropriated
Fund Balance
Deductions
Additions
Fund Balance
March 31, 1981 During Year During Year
March 31, 1982
General Purpose Operating Fund
Appropriated annualization cost of salaries
$1,149
1,149
1,725
$1,725
Authorized budget allocations to following
fiscal year
743
743
831
831
Appropriated for non-recurring expenditures
2,592
2,592
2,176
2,176
Authorized research grants carryover
235
235
208
208
Provision for insurance appraisal and reserve
400
400
Provision for specific expenditure
734
609
1,035
1,160
Provision for contingencies
185
54
143
274
Reserves for ancillary enterprises
Bookstore
97
6
103
Residence
59
124
92
27
(Exhibit A)
$6,194
5,506
6,216
$6,904
Capital ?
Fund
Authorized major equipment allocations
$ ?
880
862
508
$ ?
526
Authorized minor projects
470
120
949
1,299
Designated scientific and research equipment
468
468
(Exhibit A)
$1,818
1,450
1,457
$1,825
0
0
(11) ?
34
191
18
20
42
124
21
227
10
6
73
184
23
2
10 ?
16
939
(130)
7
16
30
32
24
21
29
70
140
(70)
(140)
1,245
247
2
2
6
45
59
4
20
1,630
64
1,435
298
4
2
7
76
80
4
26
1,932
$6
208
9
10
21
147
23
225
7
2
83
293
17
1,045
(38)
Exhibit E
SIMON FRASER UNIVERSITY
Statement of Ancillary Enterprise Operations?
Year Ended March 31, 1982?
(thousands of dollars)
Bookstore ?
Residences ?
Food Services
1982 ?
1981 ?
1982 ?
1981 ?
1982 ?
1981
?
$1,938 ?
.1 ,694
1,007 ?
809
?
1,938
?
1,694 ?
1,007 ?
809
Revenue
Sales
Rentals
Total revenue
Expenditure
Cost of Sales
Food contract service
Salaries and benefits
Travel and entertainment
External contract services
Landscaping
Utilities
S ?
Debenture repayment, principal
Interest
Equipment
Insurance
Janitorial
Repairs and maintenance
Other operating costs
Total expenditure
Net Revenue (Expenditure) (Exhibit B)
Total
1982 ?
1981
$1,938
$1,694
1,007
809
2,945
2,503
1,435
1,245
(11)
34
506
438
13
20
14
22
21
42
164
146
23
21
301
272
87
76
2
6
103
107
325
208
64
72
3,047 ?
2,709
$ (102) ?
$ (206)
SIMON FRASER UNIVERSITY
Notes to Financial Statements
March 31. 1982
1. Significant Accounting Policies
These financial statements have been prepared in accordance with
accounting principles generally accepted for universities. The
significant accounting policies followed by Simon Fraser University
include:
(a)
Fund Accounting
The University accounts are maintained in compliance
with fund accounting procedures in order to recognize
restrictions imposed on the use of resources. Under
these procedures resources are classified into funds
in accordance with objectives authorize'd by the Board
of Governors or otherwise specified. Funds have been
combined into the following major groups:
- General purpose operating funds comprise revenues
used in the general operations of the University.
- Specific purpose operating funds consist of grants
• ? and donations for designated projects and the income
earned on endowment funds.
- Endowment funds are received or appropriated with
the stipulation 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 equip-
ment, major renovations and alterations, public
works projects and additional equipment.
(b)
Land, Buildings and Equipment
Construction costs for buildings and other facilities,
including original equipment and furniture, major
renovation costs, and new equipment funded under the
Educational Institution Capital Finance Act are
capitalized in the Capital Fund. Replacement
equipment and furniture, new equipment not specified
above, and minor renovations are expensed as the costs
are incurred in the various funds.
0
S ?
-2-
- No provision has been made for depreciation of buildings
and equipment.
(c)
Inventories
Inventories of supplies are stated at cost. Inventories of
merchandise held for resale are stated at the lower of cost
and net realizabl/e value.
(d) Ancillary Enterprise Operations
Ancillary enterprises provide goods. and services to the university
community on a fee-for-service basis. They include residences,
bookstore and campus food services. Expenses include the operating
costs of providing these services and debenture payments of
interest and principal on the residences. No administrative over-
head has been applied.
(e)
Other
- 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.
2. Short Term Financino - CaDital Fund
The interim financing of capital construction projects is authorized
under the provisions of the Educational Institution Capital Finance
Act. Bank loans are retired from the proceeds of long term debt
issued under the authority of the Act. Accounts and holdbacks payable
and commitments under building and other contracts will be financed
similarly in the next fiscal year.
Accounts payable and receivable include accrued interest in the
amount of $841,000 (19,81 - $588,000) on short and long term
borrowings. The interest will be received from the Capital Financing
Authority in the next fiscal year.
0
-3-
S3. Long Term Debt
A Canada Mortgage and Housing Corporation
Maturity
Interest
Balance Outstanding
Annual ?
Payments
Date
Rate
March 31/82
March 31/81 Including Interest
(thousands
of dollars)
Jan. ?
1, ?
2017
5.375%
$ ?
195
$ ?
198
$12
Jan. ?
2,
?
2018
5.875%
968
975
65
Jul. ?
1, ?
2019
6.875%
2,286
2,299
171
Total ?
(Exhibit A)
$3,449
$3,472
$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
1982
1981
Payments
(thousands
of dollars)
Dec ?
1,1986
16.875%
$
?
292
$
?
292
$
?
68
June 9,1998
9.41%
2,000
$ ?
245
1,755
$1,830
237
Jan 10,1999
9.82%
2,000
184
1,816
1,886
245
Mar ?
9,1999
10.16%
3,700
319
3,381 3,503
466
Apr 10,1999 10.26%
800
70
730
757
102
• ?
Nov ?
9,1999 10.68%
3,700
214 3,486
3,601
485
Mar 10,2000
12.74%
2,000
121
1,879
1,950
304
Sep 10,2000 12.55%
2,100
60
2,040
2,100
315
Mar 10,2001
13.13%
210
6
204
210
33
Apr 10,2001 13.66%
2,500
2,500
396
May ?
8,2001
13.69%
2,280
2,280
362
Jul
?
10,2001
14.81%
1,880
1,880
320
Oct ?
9,2001 17.00%
1,000
11000
192
Mar 10,2002
16.10%
1,756
1,756
321
Total ?
(Exhibit A)
$26,218 $1,219
$24,999 $15,837
$3,846
Annual payments consist of interest and sinking fund payments. The
payments to the sinking fund are based on the discounted present values
required to fund fully the repayment of the debt by respective maturity
dates. The sinking fund balance consists of total sinking fund instal-
ments to March 31, 1982 plus interest earned thereon. Sinking fund
payments, which are financed by the Province of British Columbia, made
.
? during 1981/82 amounted to $402,000 (1980/81 $346,000). Earned interest
thereon recorded for 1981/82 is $144,000 (1980/81 $54,000).
.
?
-4-
The long term debt includes $250,000 repayable in
funds.This amount has been recorded as $292,000
Canadian, which is the amount received. If this
were based on the U.S. exchange rate prevailing o
31, 1982, the Canadian equivalent would have been
by $15,000.
4.
?
Commitments - Capital Fund
U. S.
amount
n March
increased
Total commitments under contracts for capital projects
amount to $5,871,000 as at March 31, 1982 (March 31, 1981
$423,000) of which $5,280,000 are to be financed under
the Educational Institution Capital Finance Act.
5.
Academic Pension Plan
The Board of Governors approved amendments to the Academic
Pension Plan effective July 1, 1981 which included provision
for further contributions to the Formula Retirement Benefit
Account to finance the account on a sound actuarial basis.
A report from the trustees of the plan indicated an actuarial
underfunding of the plan as at January 1, 1980 in the amount
of $1,821,000. An updated actuarial report will be obtained.
$500,000 has been appropriated in the Operating Fund as at
.
?
March 31, 1982.
6.
Restatement of Comparative Figures
Certain 1981 figures
in
the Operating Funds Balance Sheet
have been restated
in
order to conform with the financial
statement presentation adopted in 1982. There was no
resultant effect on the fund balances.
40
Expenditures
Academic Salaries?
.Academic ranks
Other instruction and research
Other salaries and wages
Employee benefits
Travel, moving and entertainment
Expendable supplies
Equipment and furnishings
Equipment rentals
Books and periodicals
Utilities
Student awards
Contract services
Professional fees
Renovations and alterations
Insurance
Memberships
Internal cost allocations
External cost recoveries
Total (Exhibit C)
S
Schedule of General Purpose Expenditures
Year Ended March 31, 1982
(thousands of dollars)
Student ?
Plant and
?
Computer
Academic ?
Libry Services Maintenance
?
Centre
Administration?
& General
$22,732 ?
4,366 ?
7,294 ?
3,741 ?
1,294
?
2,442 ?
388 ?
331
252
3
91
192
2,723
(135)
$45,714
265
(113)
5,052
9
(418)
3,916
67
(300)
6,465
2,262 ?
275 ?
43 ?
866 ?
303 ?
1,410
19
201
21
(4,783)
(875)
(258)
4,448
545
212
661
29
36
3
293
38
123
57
1,686
(265)
7,933
2,840
2,056
2,064
343
220
329
18
207
27
286
374
1,135
30
27
5
12
5
1,228
32
38
1,412
1,375
110
2
1,542
3
10
62
5
4
122
S
?
SIMON FRASER UNIVERSITY
Schedule •l
Total Expenditures
Year Ended March 31
1982
$22,732
$19,112
4,366
3,640
20,964
18,730
5,453
4,580
1,801
1,519
5,764
5,443
777
844
1,799
1,127
1,228
1,161
1,820
1,440
1,375
1,329
1,660
1,510
660
530
382
339
123
114
57
55
(33)
(49)
(2,106) ?
(1,661)
$68,822 ?
$59,763
0
•)
SIMON FRASER UNIVERSITY
Schedule of Academic Expenditures
Year Ended
March 31, 1982
(thousands
of dollars)
General
Specific Purpose
Fund
Total Expenditures
Purpose Sponsored ?
Other Grants Capital
Year Ended
March 31
•
Fund
Research ?
and Programmes
Fund
12
98
1981
Faculty of Arts
Dean's Office
$ ?
473
52
1
$ ?
526
$ ?
479
Archaeology
801
273
11
21
1,106
915
Business Administration
2,676
36
17
28
2,757)
3,722
Economics
1,830
3
7
2
1 ,842)
English
2,456
64
40
1
2,561
2,145
Geography
1,397
15
25
1,437
1,328
History
1,333
49
15
1,397
1,272
Languages, Literatures and Linguistics
1,849
62
23
1,934
1,681
Philosophy
681
1
43
2
727
629
Political ?
Science
770
4
774
705
Psychology
2,094
99
1
69
2,263
1,935
Sociology and Anthropology
1,065
21
7
1
1,094
956
17,425
561
259
173
18,418
15,767
Faculty of Education
4,801
148
516
51
5,516
4,840
Faculty of Interdisciplinary Studies
Dean's Office
359
9
6
374
288
Centre for the Arts
1,752
24
1,776
1,420
Communication Studies
939
6
102
22
1,069
1,022
Computing Science
2,325
121
166
2,612
1,806
Criminology
1,200
400
57
4
1,661
1,360
Interdisciplinary Programs
517
8
2
16
543
412
Kinesiology
1,363
236
9
93
1,701
1,383
8,455
780
170
331
9,736
7,691
Faculty of Science
Dean's Office
346
87
3
436
455
Biological
?
Sciences
3,088
1,474
169
4,731
4,095
Chemistry
2,596
1,027
381
4,004
3,397
Mathematics
2,303
197
14
2,514
2,274
Physics
11900
669
181
2,750
2,230
Science Workshops
441
16
457
399
Western Canadian Universities Marine Biological Society Grant
131
-
-
131
116
10,805
3,454
764
15,023
12,966
Other Expenditures
Animal ?
Research Facility
81
16
97
63
Continuing Studies
2,206
21
883
3
3,113
2,018
Co-op Education
175
175
136
Graduate Studies
225
525
750
741
Instructional Media Centre
1,056
44
1,100
1,014
Programs of Distinction
259
259
79
Reading and Study Skills Centre
226
-
226
215
4,228
546
883
63
5,720
4,266
Total Academic Expenditures
$45,714
5,489
1,828
1,382
$54,413
$45,530
Exhibit F
S
.
SIMON FRASER UNIVERSITY
Statement of Changes in Net Investment in Land, Buildings and Equipment
?
Year Ended March 31, 1982
(thousands of dollars)
Year Ended March 31
1982 ?
1981
Increases in net investment during the year:
Additions to land, buildings, and equipment
$ 8,956
$ 6,171
Sinking fund payments -
British Columbia Educational
?
Institutions
Capital ?
Financing Authority
402
346
Interest earned on the sinking fund
144
54
Principal repayments - Canada Mortgage
and Housing Corporation debentures
23
21
9,525
6,592
Decreases in net investment during the year:
Increase in long term debt -
British Columbia Educational
?
Institutions
Capital ?
Financing Authority
9,708
2,310
Interim financing on projects
(2,331)
3,323
7,377
5,633
Net increase during the year
2,148
959
Net investment in land, buildings and
equipment, April
?
1, ?
1981
56,309
55,350
Net investment in land, buildings and
equipment, March 31, 1982 (Exhibit A)
?
$58,457 ?
$56,309
1'
0
