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jIIV15l
r
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uii
V r4n1
1 1
MEMORANDUM
6
T
?
SENATE
?
From
SECRETARY OF SENATE
Sub joct...
ANNUAL
I9j1. ?
FOR INFORMATION
?
.Date ?
?. .?7.8
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.
. ?
.
a ?
.
 
SiMON FRASER UNIVERSITY
MEMORANDUM
To ............ ..... .Mr.
Harry
.
N.. Evans.. .
?
From. ?
Donald H.M. Ross
.Registrar. ...... Secretary .... of—Senate
?
Bursar
Subject
..........
Annual. Repo...t
..........................
Date..
?
September 21 l978
I am forwarding herewith the University's Financial
Statements, as at March 31 1978, in accordance with Section
32 (2) of the Universities Act.
at
?
End.
.
. ? . ?
I
.
?
LI
 
S
?
I
..
SIMON FRASER UNIVERSITY
col
. .
FINANCIAL STATEMENTS
AS AT MARCH 31 1978
0 .
 
SIMON FRASER UNIVERSITY
Financial Statements
as at March 31 1978
.
Index
.
S
Balance Sheet
Exhibit A
Statement of Revenue and Expenditure
and Changes in Fund Balances
Exhibit B
Notes to Financial Statements
Auditor's Report
Statement of Revenue
Schedule 1
Statement of Expenditure
Schedule 2
Statement of Academic Department
and Research Expenditure
Schedule 3
Statement of Land, Buildings and
Equipment
Schedule 4
Statement of Ancillary Enterprise
Operations
Schedule 5
 
Exhibit A
1978
1977
OPERATING FUNDS
Cash and short-term deposits
Accounts receivable
Inventories (Note 1)
ENDOWMENT AND STUDENT LOAN FUNDS
1978
?
1977
?
$ 5,682,333
?
$ 4,469,838
?
991,497 ?
758,222
?
800,971
?
703,647
$ 7,474,801 ?
$ 5,931 ,707
OPERATING FUNDS
Accounts payable and accrued
liabilities
General purposes fund
Unappropri ated
Appropriated (Note 2)
Specific purposes fund
Cash and short-term deposits
$ ?
305,781
Investments, at cost
(market $79,385; 1977 $80,223)
82,696
Student loans receivable
40,747
Land, at nominal
?
value
1
$
?
429,225
CAPITAL FUND
Short-term deposits
$ 2,337,595
Investments, at cost and market
150,000
Accounts receivable
Land, buildings and equipment,
at cost (Note 1)
62,402,664
(Exhibit B)
(Exhibit B)
$ ?
276,928
82,696?
24,909 ?
1
$ ?
384,534
ENDOWMENT AND STUDENT LOAN FUNDS
Endowment fund
Student loan fund
(Exhibit B)
CAPITAL FUND
?
$ 4,488,411 ?
Accounts and holdbacks payable
?
150,000 ?
Loans payable (Note 3)
?
166,031 ?
Debentures payable (Note 4)
Net investment in land, buildings?
?
56,182,339 ?
and equipment
Capital fund
?
(Exhibit B)
SIMON FRASER UNIVERSITY?
Balance Sheet?
as at March 31 1978
Assets
?
Liabilities and Fund Balances
$ 3,631,340
2,319,770?
330,000?
1,193,691
$ 7,474,801
$
?
372,321
56,904
$ ?
429,225
$
?
992,883
2,882,872
3,530,998
55,155,218
2.328.288
$ 4,197,424
679,732
360,000
694,551
$ 5,931,707
$ ?
327,894
56,640
$ ?
384,534
$
?
210,174
3,548,459
52,633,880
4,594,268
.
b4 ,39U ,Zb9
?
$60.986.781
?
64
,890 ,59
?
$60,986,781
The accompanying notes are an integral part of these financial statements
Approved by the Board of Governors
inson,M. ?
'D.H.M. Ross
&.
Chairman, Board of Governors ?
Bursar
 
Exhibit B
SIMON FRASER UNIVERSITY
Statement of
Revenue and Expenditure and Changes in Fund Balances
for the year ended March 31 ?
1978
Operating Funds
Endowment &
General
Specific
Student Loan
Capital
Total
Purposes
Purposes
Total
Funds
Fund
Funds
1977
Revenue -
Province of British Columbia grants
$41,234,412
605,780 41,840,192
259,000
$42,099,192
$39,038,520
Student fees
4,213,919
4,213,919
4,213,919
3,563,578
•,
Sponsored and assisted research
2,874,825
2,874,825
2,874,825
2,095,938
Services and miscellaneous
1,112,669
2,100
1,114,769
1,114,769
873,358
- - -
?
----- Investment- -i-ncome ?
--
378,356
27,945
406,301
-226-,1i7
6324t8
- T,040,285
Gifts and grants
25
451,025
451,050
34,664
8,300
494,014
385,648
Total ?
revenue ?
(Schedule 1)
46,939,381
3,961,675 50,901,056
34,664
493,417
51,429,137
46,997,327
Expenditure -
Academic
29,272,182
546,103 29,818,285
29,818,285
26,970,908
Library
3,591,405
33,165
3,624,570
3,624,570
3,465,302
Sponsored and assisted research
2,683,690
2,683,690
2,683,690
1,886,037
Student services
2,084,799
2,084,799
2,084,799
1,746,567
W
Scholarships and bursaries
743,595
143,441
887,036
887,036
810,051
Plant maintenance
5,074,177
5,074,177
5,074,177
4,618,864
Administration and general
4,790,588
46,109
4,836,697
4,836,697
4,545,271
Buildings and equipment
6,220,325
6,220,325
2,275,235
Total expenditure ?
(Schedule 2)
45,556,746
3,452,508 49,009,254
6,220,325
55,229,579
46,318,235
Ancillary enterprises (Schedule 5)
28,117
28,117
28,117
177,412
45,584,863 3,452,508 49,037,371
6,220,325
55,257,696
46,495,647
Changes in fund balances
Net increase for the year - excess
of revenue over expenditure
1,354,518
509,167
34,664
(5,726,908)
Inter-fund transfer (Note 5)
255,520
(10,027)
10,027
(
?
255,520)
Transfer from appropriated fund
balance (Note 2)
30,000
Authorized capital
?
financing
3,716,448
Beginning fund balances (Exhibit A)
679,732
694,551
384,534
4,594,268
Ending fund balances ?
(Exhibit A)
$ 2,319,770
1,193,691
429,225
$2,328,288
The accompanying notes are an integral part of these financial statements
 
SIMON FRASER UNIVERSITY
Notes to Financial Statements
March 31 1978
1. ?
Significant accounting policies
(a) ?
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 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
p - roj - ects deigatedby
-
granting agencies
-
and
other - d - onors.
-
?
-
together with the income earned on endowment funds.
Endowment funds are received with the understanding that the
principal will be invested and that the income earned thereon
will be expended for specified purposes.
Capital funds are revenues received for the purpose of acquiring
capital ?
assets as described in Note 1(b).
(b) ?
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. ?
Replacement equipment,
renewals, alterations and renovations are recorded as expenditures
of the Operating Funds in the year those costs are incurred.
?
No
provision is made in the financial statements for depreciation of
buildings and equipment.
(c)
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.
2. General purposes fund - Appropriated
The summary of the fund in the year is as follows:
Beginning balance
Transactions
(a) Returned to general operating
account for expenditure
? $(200,000)
(b)
Provisions for authorized budget
allocations to following fiscal
year ?
170,000
Net change in fund
(Exhibit B)
Ending balance
(Exhibit A)
$360,000
(30,000)
$33G,000
 
-2-
3.
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 $2,882,872 shown on Exhibit A, accounts and holdbacks payable
in the amount of $833,576 and commitments under building contracts of
$1,403,000 will be financed similarly in fiscal year 1978/79. Bank
loans will be retired from the proceeds of debentures issued under the
authority of the Act.
4.
Debentures payable to Central Mortgage and Housing Corporation
U
S
Balance
Interest
Annual Payments
Maturity Date
Outstanding
Rate
Including Interest
- -- ?
1. ?
Jan. ?
1 ?
2017
$ ?
202,080
5 3/8%--
$
?
12,433--
2. ?
Jan. ?
1 ?
2018
996,078
5 7/8%
64,925
3. ?
Jul. ?
1 ?
2019
2,332,840
6 7/8%
170,710
$3,530,998 ?
$248,068
The debentures are secured by floating charge on the student residences.
5.
Inter-fund transfer
As approved by the Board of Governors, $10,027 was transferred from
Specific Purposes Funds to Endowment Funds for the purpose of financial
assistance to students and $255,520 was transferred from the Capital
Fund to Operating Funds for a number of renovation projects during the
year.
6.
Comparative data
Certain amounts relating to 1977 have been restated to conform with
new classifications used with respect to the current year.
 
Office of the
Auditor General
Province of British Columbia
756 Fort Street
Victoria, B.C.
V8V lX4
Province of
British Columbia
AUDITOR'S REPORT
To the Chairman and Members of the Board of Governors of
•
?
Simon Fraser University, and
- - -
?
To the Minister of EdütiOn
Province of British Columbia
I have examined the balance sheet of Simon Fraser University
as at 31 March 1978 and the statement of revenue and
expenditure and changes in fund balances for the year then
ended. ?
My examination was made in accordance with generally
S
?
?
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 1978
and the results of its operations and the changes in its
fund balances for the year then ended in accordance with
generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
The financial statements for the year ended 31 March 1977
were reported on by the Acting Comptroller-General of the
Province of British Columbia.
rZ-1 YJ-7
Er ?
Morrison, C.A.?
Auditor General
Victoria, British Columbia
29 June 1978
 
Schedule 1
SIMON FRASER UNIVERSITY
Statement of
Revenue
for the year ended
March 31 ?
1978
Government
Sponsored &
Operating
Student
Assisted
Services &
Investment
Gifts &
Total
Grant
Fees
Research
Miscellaneous
Income
Grants
Funds
1977
S
Revenue -
Fees - Regular Session
-
3,393,366
-
-
$ 3,393,366
$ 2,835,888
- Continuing Education
754,638
754,638
650,820
- Late fees, supplementals, etc.
65,915
65,915
76,870
Government of Canada
2,063,609
62,034
2,125,643
1,766,714
Province of British Columbia
$42,099,192
531,651
366,968
151,500
43,149,311
39,687,426
Other governments
298
7,500
7,798
8,676
Individual donations
20,889
68,568
89,457
149,410
Business and industry
204,507
57,230
261,737
45,614
Foundations and associations
53,871
147,182
201,053
132,907
Interest
632,418
632,418
1,040,285
Rentals
67,419
67,419
95,332
Computer service
337,553
337,553
245,922
Parking
169,505
169,505
130,230
Other income
173,324
173,324
131,233
Total ?
(Exhibit B)
42,099,192
4,213,919
2,874,825
1,114,769
632,418
494,014
51,429,137
46,997,327
SUMMARY
General purposes fund
41,234,412
4,213,919
1,112,669
378,356
25
46,939,381
42,644,690
W
Specific purposes fund
605,780
2,874,825
2,100
27,945
451,025
3,961,675
2,342,347
Total operating funds
41,840,192
4,213,919
2,874,825
1,114,769
406,301
451,050
50,901,056
44,987,037
Endowment and student loan funds
34,664
34,664
76,003
Capital fund
259,000
226,117
8,300
493,417
1,934,287
Total funds
$42,099,192
4,213,919
2,874,825
1,114,769
632,418
494,014 $51 ,429,137
$46,997,327
 
.
SIMON FRASER UNIVERSITY
Statement of Expenditure
for the year ended March 31 1978
S
.
Sponsored &
Assisted
Student
Scholarships
Plant
Administration
Buildings
Total
Academic
Library
Research
Services & Bursaries
Maintenance
& General
& Equipment
Funds
1977
Expenditure -
Salaries
Academic and executive
$17,505,275
139,748
1,952,269
157,244
98,135
549,067
$20,401,738 $18,106,448
All other staff
6,001,279
2,042,760
1,340,798
1,348,587
2,827,144
13,560,568
11,363,895
Employee benefits
2,412,046
245,041
60,343
150,801
190,430
404,177
3,462,838
2,882,361
Travel
General ?
-
718,080
11-,983
231-,953- 193,346
6,742
68,560
1-,230,664
- 1,002,337
Staff moving
70,104
2,839
72,943
67,752
Expendable supplies
1,281,511
90,782
272,331
102,038
771,130
388,500
2,906,292
2,737,968
Equipment
Expendable
274,548
16,431
93,533
46,969
15,030
45,197
491,708
1,150,653
Major ?
--
212,920
2,410 13,776
236
454
30,704
914,516
1,175,016 624,159
New facilities
174,126
174,126
68,992
Equipment rentals
General
100,500
7,759
5,081
113,340
96,445
Computer
357,938
82,393
1,327
2,691
167,725
612,074
459,100
Memberships
32,780
32,780
32,394
Books and periodicals
9,325 824,334
153
833,812
755,783
Printing and copying
190,592
14,282
654
102,713
308,241
249,322
Utilities
15,729
13,535
5,040
1,121,806
2,181
1,158,291
928,365
Student awards
194,567
887,036
1,081,603
1,012,930
Grants
93,561
93,561
91,519
Insurance
52,063
49,913
101,976
91,120
Contract services
106,400
66
1,119,383
1,225,849
1,126,994
Professional fees
52,214
115,776
70,933
474,749
713,672
578,825
Renovations
248,929
44,081
11,678
202,492
24,832
532,012
870,576
Building contracts
4,656,934
4,656,934
1,784,495
Other expenditures
79,167
1,833
59,485
53,215
28,804
67,037
289,541
235,802
Total ?
(Exhibit B)
29,818,285
3,624,570
2,683,690
2,084,799
887,036
5,074,177
4,836,697
6,220,325
55,229
9
579
46,318,235
SUMMARY
General purposes fund
29,272,182
3,591,405 ?
2,084,799
743,595
5,074,177 ?
4,790,588
45,556,746
41,950,469
Specific purposes fund
546,103
33,165 ?
2,683,690
143,441
46,109
3,452,508
2,092,531
Total operating funds
29,818,285
3,624,570 ?
2,683,690
?
2,084,799
887,036
5,074,177 ?
4,836,697
49,009,254
44,043,000
Capital fund
2,503,877 ?
2,503,877
2,275,235
Authorized capital
financing
3,716,448
?
3,716,448
Total funds
$29,818,285
3,624,570 ?
2,683,690 ?
2,084,799
887,036
5,074,177 ?
4,836,697
6,220,325 ?
$55,229,579
$46,318,235
 
.
.
Schedule 3
SIMON FRASER UNIVERSITY
Statement of Academic Department and Research Expenditure
for the year ended March 31
1978
Salaries, Supplies,
Benefits
Expenses
Research
Total
1977
Faculty of Arts
Dean's Office
$ ?
199,334 9,519
61,623
$ ?
270,476
$ ?
228,664
Archaeology
391,978
122,360
251,732
766,070
509,876
Economics and Commerce
2,223,599
139,956
117,222
2,480,777
2,300,755
English
1,635,884
43,490
11,721
1,691,095
1,522,550
Geography
926,279
65,231
51,197
1,042,707
990,160
History
909,487
44,771
28,253
982,511
913,704
Languages, Literatures and Linguistics ?
1,234,431
83,352
12,272
1,330,055
1,194,122
Philosophy
404,911
20,656
6,397
431,964
379,703
Political ?
Science
524,008
27,596
2,384
553,988
479,956
Psychology
1,259,997
201,686
85,909
1,547,592
1,367,090
Sociology and Anthropology
739,526
31,609
9,260
780,395
677,656
10,449,434
790,226
637,970
11,877,630
10,564,236
Faculty of Education
3,585,925
581,394
139,931
4,307,250
3,673,107
Faculty of Interdisciplinary Studies
Dean's Office
176,459
20,772
197,231
232,984
Interdisciplinary Programs
19,043
7,347
26,390
32,441
Centre for the Arts
652,995
193,691
846,686
842,894
Communication Studies
635,114
39,602
64,458
739,174
698,403
Computing Science
593,091
264,182
60,464
917,737
983,367
Criminology
455,399
47,476
68,799
571,674
362,999
Kinesiology
591,312
90,496
134,549
816,357
809,117
3,123,413
?
663,566 ?
328,270 ?
4,115,249 ?
3,962,205
Faculty of Science
Dean's Office
113,098
21,839
134,937
238,311
Biological ?
Sciences
1,809,489 353,079
544,157
2,706,725
2,511,409
Chemistry
1,513,889
234,357
941,571
2,689,817
2,437,318
Mathematics
1,246,271
81,764
162,465
1,490,500
1,229,605
Physics
922,672
158,160
492,959
1,573,791
1,465,703
Science Workshops
298,339
298,339
268,681
Western Canadian Universities Marine Biological
?
Society Grant
68,588
22,863
91,451
82,891
5,605,419
?
917,787 ?
2,462,354 ?
8,985 ,560
?
8,233,918
Continuing Studies
925,882 238,753 ?
120,214
1,284,849
849,650
Graduate Studies
197,845 207,847 ?
497,282
902,974
655,827
Animal Care
35,054
35,054
25,590
Audio Visual Centre
735,017
96,957
831,974
748,354
Reading and Study Skills Centre
157,789
3,646
161,435
144,058
$24,780,724
?
3,500,176
?
4,221 ,075
?
$32,501 ,975
?
$28,856,945
.
SUMMARY
Academic Expenditure (Schedule 2)
Sponsored and Assisted Research Expenditure (Schedule 2)
?
$29,818,285
?
$26,970,908
?
2,683,690
?
1,886,037
?
$32,501 ,975
?
$28,856,945
 
- A
SIMON FRASER UNIVERSITY
Statement of Land, Buildings and
Equipment
as at March 31 ?
1978
Expenditures
March 31
during the
March 31
1977
year
1978
Buildings:
Academic quadrangle
$ 6,756,185
$ 6,756,185
Administration
2,714,859
2,714,859
Animal care
629,317
37,913
667,230
Central mall
3,236,262
495,210
3,731,472
Classroom block
3,899,941
3,899,941
Day care centre
-1,221,563
13,376
1,234,939
East concourse cafeteria
455,101
455,101
Gymnasium
3,761,896
19,598
3,781,494
Library
9,879,121
146,483
10,025,604
Multi-purpose academic complex
581,609
3,659,234
4,240,843
Physical ?
Plant and Planning
826,743
826,743
Education
278,889
265,302
544,191
Science complex
8,575,867
8,575,867
Teaching and laboratories building
363,670
218,137
581,807
Temporary classrooms at Kelowna
138,285
138,285
•
Theatre
University centre
704,908
614,097
704,908
614,097
Water tower and pumphouse
435,973
435,973
Other projects
150,994
21,981
172,975
45,225,280
4,877,234
50,102,514
Land
35,612
35,612
Playing fields
191,282
191,282
Roads, parking lots
1,234,287
254,450
1,488,737
Site development
1,262,230
1,262,230
Equipment
3,575,222
1,088,641
4,663,863
Preliminary library acquisitions
345,667
345,667
Western Canadian Universities
Marine Biological Society
Capital ?
Contribution
251,850
251,850
52,121,430
6,220,325
58,341,755
Student residences
4,060,909
4,060,909
$56,182,339
6,220,325
$62,402,664
 
Schedule 5
SIMON FRASER UNIVERSITY
Statement of Ancillary Enterprise Operations
?
for the year ended March 31 1978
Bookstore ? Residences ?
Campus Food Services
1978 ?
1977 ?
1978 ?
1977 ?
1978 ?
1977
Total
1978-
1977
S
0
Revenue -
Sales ?
$1,062,100 ?
969,169 ?
$1,062,100 ?
$ 969,169
Rentals
?
642,796 ?
567,799 ?
642,796 ?
567,799
?
1,062,100 ?
969,169 ?
642,796 ?
567,799 ?
1,704,896 ?
1,536,968
Expenditure
Cost of sales
795,694
755,035
795,694
755,035
Food contract service
C
?
7,470) 43,169
(
?
7,470)
43,169
Salaries and benefits
194,451 171,044
120,295
98,180
314,746
269,224
Utilities
10,616
10,146
78,501
77,379
5,616
5,616
94,733
93,141
Debenture repayment, principal
17,462
16,397
17,462
16,397
Interest
20,016
20,252
230,606
231,671
250,622
251,923
Equipment - Major
32,762
32,762
Insurance
9,566
7,548
9,566
7,548
Janitorial
81,092
67,409
7,500
7,500
88,592
74,909
Repairs and maintenance
213
1,974
84,696
104,572
2,254
1,936
87,163
108,482
Extraordinary repairs
48,084
48,084
Other operating costs
14,591
13,485
18,559
23,428
15,993
9,555
49,143
46,468
Total expenditure
1,035,581 971,936
640,777 674,668
56,655
67,776
1,733,013
1,714,380
Net Revenue (Expenditure)
$ ?
26,519
(2,767)
2,019 (106,869)
(56,655)
(67,776)
$ ?
(28,117)
$ ?
(177,412)

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