SiMON FRASER UNIVERSITY
?
S.7q-iiq
MEMORANDUM
?
00 .......
.................
SENATE
I .. .....
?
?
....... ....... ..
?
.........
.............................................
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I
SECRETARY OF SENATE
From
.....................................................................................................
.........
?
ANNUAL ?
REPORT - FOR INFORMATION
?
NOVEMBER 20, 1979
Subject
.....................................................................................................................
Date
..................................................................................................................
Section 32 of the Universities Act states: "The board shall make
an annual report of its transactions to the Universities 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.
S
SiMON FRASER UNIVERSITY
?
MEMORANDUM
To .............. ....
.
.
Mr.
?
Harry M.....Evans.........................................
?
From.. ?
Peter Boyle
?
...................... Registrar .,..,.S..cretary. of ... Senate ............
?
Comptroller
?
Subject.......
....
.
.
Annual Report
.
:
..................
?
Date, ?
October26, 1979
I am forwarding herewith the University's Financial Statements
as at March 31, 1979, in accordance with Section 32 (2) of the
Universities Act.
•ew
End.
S
S
.'.
SIMON FRASER UNIVERSITY
..
FINANCIAL STATEMENTS
AS AT MARCH 31 1979
*. ..
•;•
SIMON FRASER UNIVERSITY ?
Financial Statements
?
as at March 31 1979
?
Index
Balance Sheet ?
Exhibit A
Statement of Revenue and Expenditure
and Change in Fund Balances ?
Exhibit B
Notes to Financial Statements
Auditor's Report
Schedule of Revenue ?
Schedule 1
Schedule of Expenditure
?
Schedule 2
Schedule of Ancillary Enterprise Operations
? Schedule 3
Schedule of Academic and Research
Expenditures ?
Schedule 4
.
0
Exhibit A
SIMON FRASER UNIVERSITY
.
?
Balance Sheet
as at March 31, 1979
(thousands of dollars)
is
Assets
Liabilities
and Fund Balances
1978
1979 -
1978
OPERATING FUNDS
OPERATING FUNDS
Cash and short term deposits
$ 9,199
$
6,127
Accounts payable and accrued liabilities
$ 4,413
$
4,076
Accounts receivable
1,161
992
General purposes fund
Inventories
935
801
Unappropriated
(Exhibit
B)
1,561
2,320
Appropriated (Note 2)
3,699
330
Specific purposes fund
(Exhibit
B)
1,622
1,194
$11,295
7,920
$11,295
$
7,920
ENDOWMENT AND STUDENT LOAN FUNDS
ENDOWMENT AND STUDENT LOAN FUNDS
Cash and short term deposits
$ ?
877
$
306
Endowment fund
$ ?
970
$
372
Investments, at cost
Student loan fund
82
57
(market - ?
$115; ?
1978 - $79)
114
82
Student loans receivable
61
41
$1,052
$
429
(Exhibit
B)
$1,052
$
429
CAPITAL FUND
CAPITAL FUND
Short term deposits
$ 2,803
$
2,488
Accounts and holdbacks payable
$ ?
488
$
993
Accounts receivable
215
Loans payable (Note 3)
2,021
2,883
Land, buildings and equipment,
Debentures and long term loans
payable (Note 4)
at cost
68,834
62,402
Central Mortgage and Housing
Corporation
3,512
3,531
Capital ?
Financing Authority -
$7,700
Less - sinking fund
385
7,315
Net investment in land, buildings
and equipment
55,998
55,155
Capital ?
fund
Unappropriated
(Exhibit
B)
1,719
2,328
Appropriated (Note 2)
799
$71,852
$64,890
$71,852
$64,890
The seven accompanying notes are an integral part of these financial statements
Approved b
y
the Board of Governors:
R. Parkinson, M.D.
?
P.S. Boyl4
' C.A.
Chairman, Board of Governors
?
Comptroller
Exhibit B
.
SIMON FRASER UNIVERSITY
Statement of Revenue and Expenditure and Change in Fund Balances
?
Year ended March 31, 1979
(thousands of dollars)
Operating
Funds
Endowment
General
Specific
Student Loan Capital
Total
Purposes Purposes
Total
Funds
Fund
Funds
1978
Revenue
Province of British Columbia
$44,131
752
44,883
1,357
$46,240
$42,099
Capital ?
Financing Authority
7,700
7,700
Student fees
4,658
4,658
4,658
4,214
Sponsored research
3,341
3,341
3,341
2,875
Services and miscellaneous
1,104
1,104
1,104
1,115
Investment income
663
37
700
8
246
954
632
Gifts and grants
69
261
330
90
8
428
494
Total ?
revenue ?
(Schedule
1)
50,625
4,391 55,016
98
9,311 64,425
51,429
.
Expenditure
Academic
30,831
676
31,507
340
31,847
29,818
Library
3,550
187
3,737
1
3,738
3,625
Sponsored research
2,916
2,916
2,916
2,684
Student services
2,061
2,061
1
2,062
2,085
Scholarships and bursaries
802
138
940
940
887
Plant maintenance
5,082
5,082
2
5,084
5,074
Administration and general
5,132
46
5,178
47
5,225
4,837
Capital works
7,108
7,108
6,220
Total expenditure ?
(Schedule 2)
47,458
3,963
51,421
7,499
58,920
55,230
Ancillary enterprises (Schedule
3)
32
32
I
32
28
47,490
3,963
51,453
7,499
58,952
55,258
Changes in fund balances
Excess of revenue over expenditure
Inter-fund transfer (Note 5)
Transfer to appropriated fund balance
Decrease in authorized capital financing
Fund balances at April 1, 1978 (Exhibit A)
Fund balances at March 31, 1,979 (Exhibit A)
?
3,135
?
428
?
98 ?
1 ,8l.2
?
( 525)
?
525
?
(3,369)
?
(
?
799)
(1,622)
?
2,320 ?
1,194
?
429 ?
2,328
?
$1 ,561
?
1,622
?
1 ,052
?
$1 ,719
S
SIMON FRASER UNIVERSITY
Notes to Financial Statements
March 31 1979
1. Si q nificant Accountinci 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;
- library books and periodicals are expensed in the year of
acquisition and are not capitalized;
- leases of a capital nature are expensed in the operating
fund as payments are made and are not capitalized;
- no accrual for salaried employee vacation pay is provided.
(b)
Fund Accounting
- The university accounts are maintained in compliance with
the procedures of fund accounting in order to recognize
restrictions imposed on the use of available resources.
Under these procedures resources are classified into
funds in accordance with objectives authorized by the
Board of Governors or otherwise specified. Funds have
to ?
been combined into the following major divisions.
- General purposes operating funds comprise revenues which
are administered by the Board of Governors.
- Specific purposes 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
understanding the principal will be invested and the
related earned income will be expended for specific
purposes.
- Capital funds are revenues received for the purpose of?
acquiring capital assets as described in Note 1(c).
-2-
(c)
Land, Buildings and Original Equipment
Land, buildings and original equipment are shown on the
balance sheet at cost, as well as being recorded as
expenditures of the capital fund in the year of acquisition.
(d) Inventories
Inventories of supplies are recorded at cost and inventories
of merchandise held for resale are stated at the lower of
cost and net realizable value.
(e)
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 of these ancillary
enterprises include the costs of providing these services
other than the costs of facilities and administrative
overhead.
2. Appropriated Funds (thousands of dollars)
A. ?
General Purposes
The comparative summary of the fund is as follows:
?
1979 ?
1978
Beginning balance ?
$ 330 ?
$360
Transactions
- Returned to general operating
account for expenditure ?
170 ?
200
?
160 ?
160
- Provisions authorized
- Authorized budget allocations
. ?
to following fiscal year ?
1,173 ?
170
- Salary annualization costs ?
990
- General contingencies ?
550
- Specified minor provisions ?
405
- Non-recurring grant allocations ?
301 ?
- Insurance appraisal and self
insurance reserve ?
120
?
3,539 ?
170
Ending balance
?
$3,699 ?
$330
. ?
Capital
Authorized budget allocations to following fiscal year $799
-3-
S3. Loans Payable
Under the provisions of the British Columbia Educational Institutions
Capital Financing Authority Act, interim financing of approved capital
construction projects is authorized. In addition to bank loans in the
amount of $2,020,829 shown on Exhibit A, accounts and holdbacks payable
in the amount of $488,471 and commitments under building contracts of
$9,240,360 will be financed similarly in fiscal year 1979/80. Bank
loans will be retired from the proceeds of debentures issued under the
authority of the Act.
4. Debentures and Long Term Loans Payable
Balance
?
Interest ?
Annual Payments
Maturity Date
?
Outstanding ?
Rate
?
Including Interest
A. ?
Central Mortgage and Housing Corporation
1.
Jan. ?
1, 2017 ?
$ 200,487
?
5.375% ?
$ 12,433
2.
Jan. 1, 2018
?
989,579
?
5.875% ?
64,925
3. Jul. ?
1, 2019 ?
2,322,335
?
6.875% ?
170,710
?
$3,512,401
?
$248,068
The debentures are secured by a floating charge on the student
residences.
B.
?
Capital Financing Authority, net
1.
June 9, 1998 ?
$1,900,000 ?
9.41 %
?
$236,980
2.
Jan. 10, 1999 ?
1,900,000 ?
9.82 %
?
245,150
3.
Mar. 9, 1999 ?
3,515,000 ?
10.16 %
?
466,168
?
$7,315,000 ?
$948,298
For purposes of financial statement presentation, the sinking
fund instalment has been calculated on a straight line basis
over 20 years expiring in 1998/99 with a full year's portion
being recorded in the year of issue of the debentures. Of the
$385,000 instalment recorded in the fiscal year ended March
31, 1979, $48,780 has been funded. The actual payments to the
sinking fund are based on the discounted present values required
to fully fund the repayment of the debentures by their respective
maturity dates.
C. ?
Current Portion of Debentures Payable
. ?
The figures under annual payments above, also represent the
payments to be made in 1979/80, which are normally segregated as
a current liability.
-4-
5. Inter-Fund Transfer
As approved by the Board of Governors, $25,000 was transferred from
General Purpose Operating Funds to Student Emergency Loan Funds, and
$500,000 was transferred from the same fund to Endowment Funds for
purposes of research, student financial aid, etc.
6. Comparative Figures
Certain 1978 figures have been restated
in
order to conform with
financial statement presentation adopted in 1979.
7.
Management Approval
These financial statements were approved by management on June 21, 1979.
.
Province of
British Columbia
Office of the
Auditor General
Province of British Columbia
756 Fort Street
Victoria
British Columbia
V8V IX'4
rc
AUDITOR'S REPORT
To the Chairman and Members of the Board of Governors of
Simon Fraser University, and
To the Minister of Education, Science and Technology,
Province of British Columbia:
I have examined the balance sheet of Simon Fraser
University as at 31 March 1979 and the statement of
revenue and expenditure and change in fund balances 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 1979 and the results of its operations and the
change in its fund balances for the year then ended in
accordance with accounting principles generally
accepted for universities applied on a basis consistent
with that of the preceding year.
ison, C.A.
Auditor General
Victoria, British Columbia
21 June 1979
Revenue
Fees - Regular Session
- Continuing Education
- Late fees, supplementals, etc.
Government of Canada
Province of British Columbia
Capital Financing Authority
Other governments
Individual donations
Business and industry
Foundations and associations
Interest
Rentals
Computer service
Parking
Other income
Total (Exhibit B)
.
Schedule 1
.
General purposes fund
Specific purposes fund
Total operating funds
Endowment and student loan funds
Capital fund
Total funds
SIMON FRASER UNIVERSITY
Schedule of Revenue
Year ended March 31, 1979
(thousands of dollars)
Government Student
Sponsored
Services &
Investment
Gifts &
Total
Grants
Fees
Research
Miscellaneous
Income
Grants
Funds
3,611
$ ?
3,611
975
975
72
72
2,287
43
2,330
$46,240
696
360
13
47,309
7,700
7,700
29
29
7
90
97
259
109
368
92
144
236
954
954
18
18
353
353
174
174
199
199
$53,940
4,658
3,341
1,104
954
428
$64,425
$44,131
4,658
1,104
663
69
$50,625
752
3,341
37
- ?
261
4,391
44,883
4,658
3,341
1,104
700
330
55,016
8
90
98
9,057
246
8
9,311
53.940
4,658
3,341
1,104
954
428
$64,425
1978
$ 3,393
755
66
2,126
43,149
8
89
262
201
632
67
338
170
173
$51,429
$46,939
3,962
50,901
35
493
$51 ,429
0
Schedule 2
SIMON FRASER UNIVERSITY
Schedule of Expenditure
Year ended March 31, 1979
(thousands of dollars)
Sponsored Student
Scholarships
Plant
Administration
Capital
-
Total
Academic Library
Research
Services
& Bursaries
Maintenance
& General
Works
Funds
1978
Expenditure
Salaries
Academic and executive
$18,698
160
1,948
416
107
661
1 ?
$21 ,990 $20,402
All ?
other staff
6,043
2,111
1,117
1,473
2,801
13,545 13,561
Employee benefits
2,588
262
66
160
188
426
3,690
3,463
Travel
778
9
304
144
5
97
1,337
1,304
Expendable supplies
1,569
57
257
128
670
439
3,120
2,906
Printing and copying
296
1
14
2
151
464
308
Equipment and furnishings
798
19
231
29
15
90
443
1,625
1,841
Equipment rentals
460
126
19
10
2
153
770
725
Books and periodicals
14
897
2
913
834
Utilities
3
1,348
1,351
1,158
Student awards
239
940
1,179
1,082
Contract services
80
1,091
1
1 1
172
1,226
Professional ?
fees
62
49
138
559
808
714
Renovations - operating
64
4
2
60
25
155
532
- capital
1,233
1,233
Interest - short term
512
512
- long term
164
164
Grants
105
10
115
94
Insurance
65
48
9
122
102
Memberships
51
51
31
Building contracts
4,078
4,078
4,657
Other expenditures
133
12
91
39
9
132
110
526
290
Total ?
(Exhibit B)
$31,847 3,738
2,916
2,062
940
5,084
5,225
7,108
$58,920
$55,230
SUMMARY
I
General ?
purposes fund
$30,831 3,550
2,061
802
5,082
5,132
$47,458
$45,557
Specific purposes fund
676
187
2,916
138
46
3,963
3,453
Total operating funds
31,507 3,737
2,916
2,061
940
5,082
5,178
51,421
49,010
Capital ?
fund
340
1
1
2
47
7,108
7,499
6,220
Total ?
funds
$31,847 3,738
2,916
2,062
940
5,084
5,225
7,108
$58,920
$55,230
Schedule 3
S
SIMON FRASER UNIVERSITY
Schedule of Ancillary Enterprise Operations?
Year ended March 31, 1979?
(thousands of dollars)
.
Bookstore
Residences
Food
Services
Total
1979
1978
1979
1978
1979
1978
1979
1978
Revenue
Sales
$1,212
1,062
$1,212
$1,062
Rentals
701
643
701
643
1,212
1 ,062
701
643
1 ,913
1,705
Expenditure
Cost of sales
941
796
941
796
Food contract service
15
(
?
8)
15
( ?
8)
Salaries and benefits
191
195
131
120
322
315
Utilities
12
11
110
78
3
6
125
95
Debenture repayment, principal
19
17
19
17
Interest
26
20
229
231
-255
251
Equipment
33
33
Insurance
10
10
10
10
Janitorial
85
81
8
7
93
88
Repairs and maintenance
2
96
85
4
2
102
87
Other operating costs
13
14
33
19
17
16
63
49
Total expenditure
1,185
1,036
713
641
47
56
1,945
1,733
Net Revenue (Expenditure)
$ ?
27
26
(12)
2
(47)
(56)
$ ?
(32)
$ ?
(28)
Schedule 4
SIMON FRASER UNIVERSITY
Schedule of
Academic and Research Expenditures
Year ended March 31, 1979
(thousands of dollars)
General
Specific
Purposes Purposes Capital
Fund
Fund
Fund
Total
1978
Faculty of Arts
Dean's Office
$ ?
385 25
2
$
?
412
$
?
270
Archaeology
532
297
829
766
Economics and Commerce
2,701
54
5
2,760
2,481
English
1,721
8
1
1,730
1,691
Geography
1,039
25
1
1,065
?
:
1,043
History
986
96
1
1,083
983
Languages, Literatures and Linguistics
1,244
6
22
1,272
1,330
Philosophy
456
5
461
432
Political ?
Science
580
580
554
Psychology
1,595
31
1
1,627
1,548
Sociology and Anthropology
779
779
780
12,018
547
33
12,598
11,878
Faculty of Education
3,681
407
9
4,097
4,307
Faculty of Interdisciplinary Studies
.
Dean's Office
284
49
333
197
Centre for the Arts
967
7
974
847
Communication Studies
740
88
828
739
Computing Science
990
60
17
1,067
918
Criminology
593
47
2
642
572
Interdisciplinary Programs
51
51
26
Kinesiology
764
110
61
935
816
4,389
354
87
4,830
4,115
Faculty of Science
Dean's Office
212
84
296
135
Biological ?
Sciences
2,332
557
69
2,958
2,707
•
Chemistry
2,304
540
47
2,891
2,690
Mathematics
1,477
116
1
1,594
1,491
Physics
1,332
327
75
1,734
1,574
Science Workshops
322
322
298
Western Canadian Universities Marine Biological
Society Grant ? 99
99
91
8,078
1,624
192
9,894
8,986
Animal ?
Research Facility
30
30
35
Audio Visual ?
Centre
819
15
834
832
Continuing Studies
1,182
214
4
1,400
1,285
.
Co-op Education
Graduate Studies
41
413
446
41
859
903
Reading and Study Skills Centre
180
180
161
Total Academic and Research Expenditures (Exhibit
B) ?
$30,831
3,592
340
$34,763
$32,502
