audited financial statements for the year ...6020tre1 school jurisdiction code: 6020 audited...

6020TRE1

School Jurisdiction Code: 6020

AUDITEDFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2015[School Act, Sections 147(2)(a), 148, 151(1) and 276]

Legal Name of School Jurisdiction

Mailing Address

Telephone & Fax Numbers, and Email Address

SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements of

Board of Trustees Responsibility

External Auditors

Declaration of Management and Board Chair

c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 422-0312 (Toll free 310-0000) FAX: (780) 422-6996

Board-approved Release Date

Signature

Signature

SignatureName

Name

Name

SUPERINTENDENT

Dr. Dale Bischoff

SECRETARY-TREASURER OR TREASURER

Holly Maccagno

November 16, 2015

"Original Signed"

"Original Signed"

school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training

Aurora School Ltd.

12245 - 131 Street NW Edmonton AB T5L 1M8

(780) 454-1855 (780) 454-8104 [email protected]

presented to Alberta Education have been prepared by school jurisdiction management which has responsibility fortheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordancewith Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Education.

In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designedto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executedin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the

Aurora School Ltd.

Dr. Shamir Mukhi

of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control.

The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the auditedfinancial statements with management in detail and approved the financial statements for release.

The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findings.The external auditors were given full access to school jurisdiction records.

To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position,results of operations and cash flows for the year in accordance with Canadian Public Sector Accounting Standards.

BOARD CHAIR

"Original Signed"

1


TABLE OF CONTENTS

Page

3

4

5

6

7

8

9

11

12

13

14

15

16

17

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)

INDEPENDENT AUDITOR'S REPORT

NOTES TO THE FINANCIAL STATEMENTS

SCHEDULE OF PROGRAM OPERATIONS

SCHEDULE OF CAPITAL REVENUE

SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS

STATEMENT OF REMEASUREMENT GAINS AND LOSSES

STATEMENT OF CASH FLOWS

STATEMENT OF OPERATIONS

STATEMENT OF FINANCIAL POSITION

SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES

UNAUDITED SCHEDULE OF FEE REVENUE

UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING

UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES

2


2015 2014

FINANCIAL ASSETS

Cash and cash equivalents (Note 3) 5,774,517$ 5,081,394$

Accounts receivable (net after allowances) (Note 4) 36,763$ 54,086$

Portfolio investments -$ -$

Other financial assets -$ -$

Total financial assets 5,811,280$ 5,135,480$

LIABILITIES

Bank indebtedness -$ -$

Accounts payable and accrued liabilities (Note 5) 827,264$ 469,606$

Deferred revenue (Note 6) 516,259$ 737,195$

Employee future benefit liabilities -$ -$

Liability for contaminated sites -$ -$

Other liabilities -$ -$

Debt

Supported: Debentures and other supported debt -$ -$

Unsupported: Debentures and capital loans -$ -$

Mortgages -$ -$

Capital leases -$ -$

Total liabilities 1,343,523$ 1,206,801$

4,467,757$ 3,928,679$

NON-FINANCIAL ASSETS

Tangible capital assets (Note 7)

Land -$ -$

Construction in progress 862,566$ 275,364$

Buildings 6,559,294$

Less: Accumulated amortization (5,696,184)$ 863,110$ 1,610,828$

Equipment 78,129$

Less: Accumulated amortization (78,129)$ -$ -$

Vehicles -$

Less: Accumulated amortization -$ -$ -$

Computer Equipment 233,671$

Less: Accumulated amortization (191,655)$ 42,016$ 115,082$

Total tangible capital assets 1,767,692$ 2,001,274$

Prepaid expenses 39,797$ 2,411$

Other non-financial assets -$ -$

Total non-financial assets 1,807,489$ 2,003,685$

Accumulated surplus (Note 8) 6,275,246$ 5,932,364$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 6,275,246$ 5,932,364$

Accumulated remeasurement gains (losses) -$ -$

6,275,246$ 5,932,364$

Contractual obligations (Note 9)

Contingent liabilities

The accompanying notes and schedules are part of these financial statements.

As at August 31, 2015 (in dollars)STATEMENT OF FINANCIAL POSITION

Net financial assets (debt)

4


Budget Actual Actual2015 2015 2014

Alberta Education 6,015,400$ 6,286,243$ 5,862,943$

Other - Government of Alberta -$ -$ -$

Federal Government and First Nations -$ -$ -$

Other Alberta school authorities -$ -$ -$

Out of province authorities -$ -$ -$

Alberta municipalities-special tax levies -$ -$ -$

Property taxes -$ -$ -$

Fees 230,000$ 249,722$ 234,379$

Other sales and services -$ 35$ 15,220$

Investment income 30,000$ 65,272$ 71,647$

Gifts and donations 2,000$ 6,073$ 8,934$

Rental of facilities -$ 47,756$ 47,154$

Fundraising 28,000$ 63,549$ 56,341$

Gains on disposal of capital assets -$ -$ -$

Other revenue -$ 1,902$ -$

Total revenues 6,305,400$ 6,720,552$ 6,296,618$

Instruction - ECS -$ 270,856$ -$

Instruction - Grades 1 - 12 4,254,900$ 4,120,113$ 4,030,886$

Plant operations and maintenance 1,362,600$ 1,176,815$ 1,176,552$

Transportation 457,000$ 494,825$ 464,739$

Board & system administration 322,000$ 315,061$ 283,872$

External services -$ -$ -$

Total expenses 6,396,500$ 6,377,670$ 5,956,049$

(91,100)$ 342,882$ 340,569$

STATEMENT OF OPERATIONSFor the Year Ended August 31, 2015 (in dollars)

EXPENSES

Operating surplus (deficit)


REVENUES

5

6020

2015 2014

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) 342,882$ 340,569$

Add (Deduct) items not affecting cash:

Total amortization expense 820,783$ 820,783$

Gains on disposal of tangible capital assets -$ -$

Losses on disposal of tangible capital assets -$ -$

Expended deferred capital revenue recognition (364,206)$ (364,207)$

Deferred capital revenue write-off -$ -$

Donations in kind -$ -$

Changes in:

Accounts receivable 17,323$ (25,653)$

Prepaids (37,386)$ 2,662$

Other financial assets -$ -$

Non-financial assets -$ -$

Accounts payable, accrued and other liabilities 357,658$ 147,471$

Deferred revenue (excluding EDCR) 143,270$ 3,115$

Employee future benefit liabilities -$ -$

-$ -$

Total cash flows from operating transactions 1,280,324$ 924,740$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings (587,201)$ (290,793)$

Equipment -$ -$

Vehicles -$ -$

Computer equipment -$ (126,049)$

Net proceeds from disposal of unsupported capital assets -$ -$

-$ -$

Total cash flows from capital transactions (587,201)$ (416,842)$

C. INVESTING TRANSACTIONS

Purchases of portfolio investments -$ -$

Dispositions of portfolio investments -$ -$

Remeasurement gains (losses) reclassified to the statement of operations -$ -$

Change in endowments -$ -$

-$ -$

Total cash flows from investing transactions -$ -$

D. FINANCING TRANSACTIONS

Issue of debt -$ -$

Repayment of debt -$ -$

-$ -$

Issuance of capital leases -$ -$

Repayment of capital leases -$ -$

-$ -$

-$ -$

Total cash flows from financing transactions -$ -$

Increase (decrease) in cash and cash equivalents 693,123$ 507,898$

Cash and cash equivalents, at beginning of year 5,081,394$ 4,573,496$

Cash and cash equivalents, at end of year 5,774,517$ 5,081,394$


For the Year Ended August 31, 2015 (in dollars)

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

Other factors affecting debt (describe)

Other factors affecting capital leases (describe)

Other (describe)

Other (describe)

Other (describe)

Other (describe)

6

6020

2015 2014

Operating surplus (deficit) 342,882$ 340,569$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets (587,201)$ (416,842)$

Amortization of tangible capital assets 820,783$ 820,783$

Net carrying value of tangible capital assets disposed of -$ -$

Write-down carrying value of tangible capital assets -$ -$

Other changes -$ -$

Total effect of changes in tangible capital assets 233,582$ 403,941$

Changes in:

Prepaid expenses (37,386)$ 2,662$

Other non-financial assets -$ -$

Net remeasurement gains and (losses) -$ -$

Endowments -$ -$

Increase (decrease) in net financial assets (net debt) 539,078$ 747,172$

Net financial assets (net debt) at beginning of year 3,928,679$ 3,181,507$

Net financial assets (net debt) at end of year 4,467,757$ 3,928,679$

School Jurisdiction Code:

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)



7


2015 2014

Accumulated remeasurement gains (losses) at beginning of year -$ -$

Unrealized gains (losses) attributable to:


Other -$ -$

Amounts reclassified to the statement of operations:


Other -$ -$

Net remeasurement gains (losses) for the year -$ -$

Accumulated remeasurement gains (losses) at end of year -$ -$

STATEMENT OF REMEASUREMENT GAINS AND LOSSES



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6020

SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2015 (in dollars)

Proceeds on UnexpendedDisposal of Deferred

Provincially Surplus from Provincially Capital Expended

Approved Provincially Funded Revenue from Deferred

& Funded Approved Tangible Capital Other Capital

Projects (A) Projects (B) Assets (C) Sources (D)Revenue

Balance at August 31, 2014 -$ -$ -$ -$ 728,412$

Prior period adjustments -$ -$ -$ -$ -$

Adjusted balance, August 31, 2014 -$ -$ -$ -$ 728,412$

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) 100,000$

Infrastructure Maintenance & Renewal capital related to school facilities -$

Other sources: (Describe) -$ -$

Other sources (Describe) : -$ -$

Unexpended capital revenue receivable from:

Alberta Education school building & modular (excl. IMR) -$

Other sources: (Describe) -$ -$

Other souces: (Describe) -$ -$

Interest earned on unexpended capital revenue -$ -$ -$ -$

Other unexpended capital revenue: (Describe) -$

Net proceeds on disposal of supported tangible capital assets -$ -$

Insurance proceeds (and related interest) -$ -$

Donated tangible capital assets (Explain): -$

Alberta Schools Alternative Program (ASAP), Building Alberta School Construction Program, (BASCP) and other Alberta Infrastructure managed projects -$

Transferred in (out) tangible capital assets (amortizable, @ net book value) -$

Expended capital revenue - current year (100,000)$ -$ -$ -$ 100,000$

Surplus funds approved for future project(s) -$ -$

Other adjustments (Explain): -$ -$ -$ -$ -$

Deduct:

Net book value of supported tangible capital dispositions or write-offs -$

Other adjustments (Explain): -$ -$ -$ -$ -$

Capital revenue recognized - Alberta Education 364,206$

Capital revenue recognized - Other Government of Alberta -$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2015 -$ -$ -$ -$ 464,206$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2015 (A) + (B) + (C) + (D) -$

Unexpended Deferred Capital Revenue

(A) - Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only.

(B) - Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only.

(C) - Represents proceeds on disposal of provincially funded restricted-use capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010.

(D) - Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted-use tangible capital assets.

Unexpended Deferred Capital Revenue

11

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6020

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13


Actual Actual2014/2015 2013/2014

FEES

Transportation fees $152,622 $143,509

Basic instruction supplies (text books, including lost or replacement fees, course materials) $59,720 $55,515

Technology user fees $0 $0

Alternative program fees $0 $0

Fees for optional courses (band, art, etc.) $5,640 $5,190

Fees for students from other boards $0 $0

Tuition fees (international & out of province) $0 $0

Kindergarten & preschool $12,000 $12,000

Extracurricular fees (sports teams and clubs) $0 $0

Field trips (related to curriculum) $0 $0

Lunch supervision fees $19,740 $18,165

Locker rental; locks; student ID; uniforms; library, student union, and fitness fees $0 $0

Other (describe)* $0 $0



TOTAL FEES $249,722 $234,379

Actual Actual

2014/2015 2013/2014

Cafeteria sales, hot lunch, milk programs $0 $0

Special events, graduation, tickets $0 $0

Student travel (international, recognition trips, non-curricular) $0 $6,930

$35 $8,290

$0 $0

$0 $0

Other (describe) $0 $0



TOTAL $35 $15,220

Adult education revenue

Child care & before and after school care

UNAUDITED SCHEDULE OF FEE REVENUEfor the Year Ending August 31, 2015 (in dollars)

(Mandatory)

Please disclose amounts paid by parents of students that are recorded as "Other sales and services" or "Other revenue" (rather than fee revenue):

Sales or rentals of other supplies/services (clothing, agendas, yearbooks)

*PLEASE DO NOT USE "SCHOOL GENERATED FUNDS" AS A CATEGORY

14

6020

Funded Students in Program 2 81 REVENUES

Alberta Education allocated funding 2,356$ -$ 94,837$ 34,532$ -$ Other funding allocated by the board to the program -$ -$ -$ -$ -$ TOTAL REVENUES 2,356$ -$ 94,837$ 34,532$ -$

EXPENSES (Not allocated from BASE, Transportation, or other funding)Instructional certificated salaries & benefits -$ -$ 102,862$ 21,339$ Instructional non-certificated salaries & benefits -$ -$ -$ -$ SUB TOTAL -$ -$ 102,862$ 21,339$ Supplies, contracts and services 800$ -$ 6,202$ 8,675$ Program planning, monitoring & evaluation 1,500$ -$ 4,500$ 4,500$ Facilities (required specifically for program area) -$ -$ -$ -$ Administration (administrative salaries & services) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ TOTAL EXPENSES 2,300$ -$ 113,564$ 34,514$ NET FUNDING SURPLUS (SHORTFALL) 56$ -$ (18,727)$ 18$

UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDINGfor the Year Ended August 31, 2015 (in dollars)

PROGRAM AREA

First Nations, Metis & Inuit

(FNMI)ECS Program Unit

Funding (PUF)

English as a Second Language

(ESL)Inclusive

Education

Small Schools by Necessity

(Revenue only)

15

Sch

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l Ju

risd

icti

on

Co

de:

6020

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Preparation of Aurora School Ltd. Financial Statements for the Year Ended August 31, 2015 25

8. ACCUMULATED SURPLUS:

Detailed information related to accumulated surplus is available on the Schedule of Changes inAccumulated Surplus. Accumulated surplus may be summarized as follows:

The operating reserves of $4,960,400 consist of $3,960,400 designated for building development and$1,000,000 for facility improvements.

9. CONTRACTUAL OBLIGATION

The School entered into a contractual obligation for the construction of the school addition. Theestimated cost contractually agreed to is $3.75 million.

10. SCHOOL GENERATED FUNDS

2015 2014

Unrestricted surplus 11,359$ 659,502$

Operating reserves 4,960,400 4,000,000

Accumulated surplus (deficit) from operations 4,971,759 4,659,502

Investment in tangible capital assets 1,303,487 1,272,862

Capital reserves - -

Endow ments (1) - -

Accumulated remeasurement gains (losses) - -

Accumulated surplus (deficit) 6,275,246$ 5,932,364$

audited financial statements for the year ...6020tre1 school jurisdiction code: 6020 audited...

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