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To ......... ............ SENATE 

?

FOR INFORMATION 

Subject...

ANNUAL REPORT T FOR INFORMATION 

SECRETARY OF SENATE. 

From

......................................................................

Date.

...

­

..... ?

.... ?

I .... ? ... ?

...... - ...

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... ... ?

...... I .....?

.....................................................

SEPTEMBER 23, 1977 

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. 

.

.

040

SiMON FRASER UNIVERSITY

MEMORANDUM

To ........... Mr......

Harry ..M.... Evans.

.................... .... ... ........ .......

............ Reg.is.trar.,. .... Secretary...of

.... 

Senate .

Subject .ki..ua.....

.Report ..... ....

.................................. ........ ...........

From ..... .....

Donald 

..H..M.....Ross ........................ .................... 

&

Bursar.....................................................................................

Date......

.....

September

.... 

. .... 19

.

.

.

.................................. ..............

I am forwarding herewith the University's Financial 

Statements, as at March 31 1977, in accordance with Section 

32 (2) of the Universities Act. 

at

?

End. 

•

ON

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SEP- 61977

REGISTRAR'S

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SIMON FRASER UNIVERSITY 

Financial Statements 

as at March 31 1977 

Index 

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 

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Schedule 5 

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SIMJN FRASER UNIVERSITY 

Notes to Financial Statements 

March 31 1977 

1. Significant accounting policies 

(a)

The University accounts are maintained in compliance with 

the principles of fund accounting in order to recognize 

•

?

?

restrictions imposed on the use of available resources. 

Under this procedure 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 projects designated by donors, 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 grants and gifts 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 expend- 

itures of the capital fund in the year of acquisition. 

Replacement equipment, renewals, alterations and renovations 

are recorded as expenditures of the operating fund in the 

year the costs thereof are incurred. No provision is made 

in the financial statements for amortization of the cost 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 or estimated realizable value. 

MAE

2. General purposes fund - Appropriated 

In accordance with a resolution of the Board of Governors, 

the amount of $360,000 has been appropriated from operating funds 

on hand at March 31 1977 for the following accounts, 

(a) Acquisition of specified departmental 

equipment and library materials 

?

$200,000 

(b)

Establishment of reserves, 

For expenses resulting from the increase 

in anximt deductible from insurance 

policy claims 

?

125,000 

• ? For appraisal of property values 

? 35,000 

$360,000 

3 Debentures payable to Central Mortgage and Housing Corporation 

Balance    

Interest  

Annual Payments 

Maturity Date 

Outstanding    

Rate  

Including Interest 

1.

?

Jan. 1 2017 

$ ?

203,589   

5 3/8%    

$ 12,433 

2. ? 

Jan. 1 2018    1,002,212   

5 7/87     

64,925 

3.

?

Jul. 1 2019    

2,342,658   

6 7/8%     

170,710 

$3,548,459           

$248,068 

The debentures' 

are secured by 

floating charge on the student 

residences. 

4.

Coniiiitnents 

•

? Ccirinitments under building contracts aggregated $3,307,713 

at March 31 1977 of 'which $1,761,713 will be financed from capital 

funds on hand whereas the balance of $1,546,000 will be financed 

under the terms of the British Columbia Educational Institutions 

Capital Financing Authority Act. 

5.

Inter-fund transfer 

The amount of $100,000 was transferred from surplus general 

purposes funds to the endowment fund for student bursaries. 

6. Comparative data 

• Certain amounts relating to 1976 have been restated to conform 

with new classifications used with respect to the current year. 

SIMON FRASER UNIVERSITY 

AUDITOR'S REPORT 

To the Universities Council: 

I have examined the balance sheet of Sinn Fraser 

University as at March 31 1977 and the statnt of revenue 

and expenditure and changes 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 

March 31 1977 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. 

Victoria, British Columbia 

July 6 1977 

K. M. Lightbody, C. A. 

Acting Comptroller-General 