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School Jurisdiction Code: 4010
AUDITEDFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2014[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
Gary Strother
SECRETARY-TREASURER OR TREASURER
John Deausy
November 26, 2014
"Original Signed"
"Original Signed"
school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training
Calgary Roman Catholic Separate School District No. 1
1000 - 5 Avenue SW Calgary, Alberta T2P 4T9
Telephone: 403-500-2777 Fax: 403-500-2932 Email: [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
Calgary Roman Catholic Separate School District No. 1
Linda Wellman
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
School Jurisdiction Code: 4010
TABLE OF CONTENTS
Page
3
4
5
6
7
8
9
11
12
13
14
STATEMENT OF CHANGE IN 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
2
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Calgary Roman Catholic Separate School District No. 1
We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise the statements of financial position as at August 31, 2014, and the statements of operation, change in net debt, cash flow, and remeasurement gains and losses for the year ended and a summary of significant accounting policies and other explanatory information.
Management's responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of statements that are free from material misstatement, whether due to fraud or error.
Auditors' responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Calgary Roman Catholic Separate School District No. 1 as at August 31, 2014, and the results of its operations, changes in net debt, cash flows and remeasurement gains and losses for the year ended in accordance with Canadian public sector accounting standards.
Calgary, Canada November 26, 2014
EV
Chartered Accountants
• s- /
School Jurisdiction Code: 4010
2014 2013
FINANCIAL ASSETS
Cash and cash equivalents (Note 3) 47,714,343$ 53,717,010$
Accounts receivable (net after allowances) (Note 4) 20,421,357$ 20,474,778$
Portfolio investments -$ -$
Other financial assets (Note 5) 45,400$ 115,685$
Total financial assets 68,181,100$ 74,307,473$
LIABILITIES
Bank indebtedness (Note 6) -$ -$
Accounts payable and accrued liabilities (Note 7) 40,571,008$ 38,527,794$
Deferred revenue (Note 8) 366,057,814$ 375,643,883$
Employee future benefit liabilities (Note 9) 5,986,210$ 5,891,956$
Other liabilities
Debt (Note 10)
Supported: Debentures and other supported debt 732,786$ 1,008,399$
Unsupported: Debentures and capital loans -$ -$
Capital leases -$ -$
Mortgages -$ -$
Total liabilities 413,347,818$ 421,072,032$
Net financial assets (debt) (345,166,718)$ (346,764,559)$
NON-FINANCIAL ASSETS
Tangible capital assets (Note 11)
Land 6,069,298$ 6,069,298$
Construction in progress 484,964$ 3,317,849$
Buildings 627,023,402$
Less: Accumulated amortization (257,816,468)$ 369,206,934$ 373,187,550$
Equipment 21,869,173$
Less: Accumulated amortization (12,358,671)$ 9,510,502$ 10,617,850$
Vehicles 2,127,828$
Less: Accumulated amortization (1,523,774)$ 604,054$ 621,598$
Computer Equipment 14,979,184$
Less: Accumulated amortization (8,715,995)$ 6,263,189$ 6,035,747$
Total tangible capital assets 392,138,941$ 399,849,892$
Prepaid expenses 2,373,822$ 2,200,322$
Other non-financial assets 456,749$ 611,396$
Total non-financial assets 394,969,512$ 402,661,610$
Accumulated surplus (Note 12) 49,802,794$ 55,897,051$
Accumulating surplus / (deficit) is comprised of:
Accumulated operating surplus (deficit) 49,802,794$ 55,897,051$
Accumulated remeasurement gains (losses) -$ -$
49,802,794$ 55,897,051$
Contractual obligations (Note 13)
Contingent liabilities (Note 14)
The accompanying notes and schedules are part of these financial statements.
As at August 31, 2014 (in dollars)STATEMENT OF FINANCIAL POSITION
4
School Jurisdiction Code: 4010
Budget Actual Actual2014 2014 2013
Alberta Education 503,377,701$ 425,174,126$ 415,025,372$
Other - Government of Alberta 1,236,858$ 556,443$ 435,911$
Federal Government and First Nations 957,555$ 1,248,442$ 963,963$
Other Alberta school authorities -$ 68,112$ 88,155$
Out of province authorities -$ 125$ -$
Alberta municipalities-special tax levies -$ -$ -$
Property taxes -$ 82,263,338$ 83,849,565$
Fees (Note 17) 13,137,596$ 13,812,804$ 11,884,438$
Other sales and services 3,803,060$ 4,126,398$ 3,998,970$
Investment income 701,523$ 904,257$ 965,857$
Gifts and donations 2,938,379$ 2,839,599$ 3,105,272$
Rental of facilities 2,129,300$ 2,217,539$ 2,123,020$
Fundraising 3,016,396$ 2,991,990$ 2,820,226$
Gains on disposal of capital assets 25,000$ 51,350$ -$
Other revenue 497,250$ 106,038$ 4,855$
Total revenues 531,820,618$ 536,360,561$ 525,265,604$
Instruction (ECS - Grade 12) 437,681,366$ 441,228,745$ 425,343,722$
Plant operations and maintenance 69,787,242$ 67,189,478$ 65,408,798$
Transportation 14,689,200$ 14,866,560$ 13,372,753$
Board & system administration 16,636,525$ 16,865,416$ 16,824,486$
External services 1,215,605$ 2,304,619$ 2,677,494$
Total expenses 540,009,938$ 542,454,818$ 523,627,253$
(8,189,320)$ (6,094,257)$ 1,638,351$
STATEMENT OF OPERATIONSFor the Year Ended August 31, 2014 (in dollars)
EXPENSES
Operating surplus (deficit)
The accompanying notes and schedules are part of these financial statements.
REVENUES
5
4010
2014 2013
CASH FLOWS FROM:
A. OPERATING TRANSACTIONS
Operating surplus (deficit) (6,094,257)$ 1,638,351$
Add (Deduct) items not affecting cash:
Total amortization expense 20,317,786$ 20,463,839$
Gains on disposal of tangible capital assets (51,350)$ -$
Losses on disposal of tangible capital assets -$ 27,427$
Expended deferred capital revenue recognition (16,678,209)$ (16,938,757)$
Deferred capital revenue write-off -$ -$
Donations in kind (174,223)$ (184,597)$
Changes in:
Accounts receivable 53,421$ 900,590$
Prepaids (173,500)$ (13,619)$
Other financial assets 70,285$ 70,167$
Non-financial assets 154,647$ 49,375$
Accounts payable and accrued liabilities 2,043,214$ 1,973,282$
Deferred revenue (excluding EDCR) 6,658,128$ 5,316,272$
Employee future benefit liabilitiies 94,254$ 274,748$
Other (describe) -$ -$
Total cash flows from operating transactions 6,220,196$ 13,577,078$
B. CAPITAL TRANSACTIONS
Purchases of tangible capital assets
Land -$ -$
Buildings (8,917,996)$ (7,203,667)$
Equipment (1,113,188)$ (901,583)$
Vehicles (145,306)$ (111,551)$
Computer equipment (1,850,277)$ (1,475,548)$
Net proceeds from disposal of unsupported capital assets 79,517$ 29,263$
Other (describe) -$ -$
Total cash flows from capital transactions (11,947,250)$ (9,663,086)$
C. INVESTING TRANSACTIONS
Purchases of portfolio investments -$ -$
Dispositions of portfolio investments -$ -$
Remeasurement gains (losses) reclassified to the statement of operations -$ -$
Other (describe) -$ -$
Total cash flows from investing transactions -$ -$
D. FINANCING TRANSACTIONS
Issue of debt -$
Repayment of debt (275,613)$ (296,389)$
Other (describe) -$ -$
Total cash flows from financing transactions (275,613)$ (296,389)$
Increase (decrease) in cash and cash equivalents (6,002,667)$ 3,617,603$
Cash and cash equivalents, at beginning of year 53,717,010$ 50,099,407$
Cash and cash equivalents, at end of year 47,714,343$ 53,717,010$
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
School Jurisdiction Code:
STATEMENT OF CASH FLOWS
6
4010
Budget 2014 2013
2014
Operating surplus (deficit) (8,189,320)$ (6,094,257)$ 1,638,351$
Effect of changes in tangible capital assets
Acquisition of tangible capital assets -$ (12,460,779)$ (10,476,851)$
Amortization of tangible capital assets -$ 20,317,786$ 20,463,839$
Net carrying value of tangible capital assets disposed of -$ 28,167$ 57,434$
Write-down carrying value of tangible capital assets -$ -$ -$
Other changes -$ (174,223)$ -$
Total effect of changes in tangible capital assets -$ 7,710,951$ 10,044,422$
Changes in:
Prepaid expenses -$ (173,500)$ (13,619)$
Other non-financial assets -$ 154,647$ 49,375$
Net remeasurement gains and (losses) -$ -$ -$
Endowments -$ -$ -$
Decrease (increase) in net debt (8,189,320)$ 1,597,841$ 11,718,529$
Net debt at beginning of year (346,764,559)$ (346,764,559)$ (358,483,088)$
Net debt at end of year (354,953,879)$ (345,166,718)$ (346,764,559)$
School Jurisdiction Code:
STATEMENT OF CHANGE IN NET DEBT
For the Year Ended August 31, 2014
The accompanying notes and schedules are part of these financial statements.
7
School Jurisdiction Code: 4010
2014 2013
Accumulated remeasurement gains (losses) at beginning of year -$ -$
Unrealized gains (losses) attributable to:
Portfolio investments -$ -$
Other -$ -$
Amounts reclassified to the statement of operations:
Portfolio investments -$ -$
Other -$ -$
Net remeasurement gains (losses) for the year -$ -$
Accumulated remeasurement gains (losses) at end of year -$ -$
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
8
Sch
oo
l Ju
risd
icti
on
Co
de:
4010
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3,60
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Sch
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Co
de:
4010
3,89
7,95
5$
19
5,80
7$
92
8,82
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$
71
5,89
6$
9,
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$
1,47
2,50
5$
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$
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$
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3,89
7,95
5$
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$
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5,89
6$
9,
657,
694
$
1,47
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-
$
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$
-$
-$
(648
,140
)$
-$
(715
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)$
(1,7
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$
(25,
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$
-$
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35,6
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43,8
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-$
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$
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$
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(2,8
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$
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(716
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)$
-$
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28
0,68
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$
-
$
7,
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346
$
730,
864
$
-$
-$
-$
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
4 (in
dol
lars
)
Ope
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g
Res
erve
s
Cap
ital
Res
erve
s
Ope
ratin
g
Res
erve
s
Cap
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Res
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s
Ope
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Res
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s
Cap
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Res
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s
Sch
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In
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& M
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Tra
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Ext
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INT
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SE
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PR
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Ope
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Res
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s
Cap
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s
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
10
4010
SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)
for the Year Ended August 31, 2014 (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, 2013 2,949,073$ 658,724$ 48,240$ -$ 367,245,499$
Prior period adjustments -$ -$ -$ -$ -$
Adjusted balance, August 31, 2013 2,949,073$ 658,724$ 48,240$ -$ 367,245,499$
Add:
Unexpended capital revenue received from:
Alberta Education school building & modular projects (excl. IMR) 3,223,011$
Infrastructure Maintenance & Renewal capital related to school facilities 8,445$
Other sources: (Describe) -$ -$
Other sources (Describe) : -$ -$
Unexpended capital revenue receivable from:
Alberta Education school building & modular (excl. IMR) 1,761,688$
Other sources: (Describe) -$
Other souces: (Describe) -$ -$
Interest earned on unexpended capital revenue (8,176)$ -$ 434$ -$
Other unexpended capital revenue: (Describe) -$
Net proceeds on disposal of supported tangible capital assets 325$ -$
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 434,012$
Transferred in (out) tangible capital assets (amortizable, @ net book value) -$
Expended capital revenue - current year (8,592,765)$ -$ -$ -$ 8,592,765$
Surplus funds approved for future project(s) 658,724$ (658,724)$
Other adjustments (Explain): -$ -$ -$ -$ -$
Deduct:
Net book value of supported tangible capital dispositions or write-offs -$
Other adjustments (Explain): -$ -$ -$ -$
Capital revenue recognized - Alberta Education 16,646,310$
Capital revenue recognized - Other Government of Alberta 31,899$
Capital revenue recognized - Other revenue -$
Balance at August 31, 2014 -$ -$ 48,999$ -$ 359,594,067$ (A) (B) (C) (D)
Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (A) + (B) + (C) + (D) 48,999$
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
Sch
oo
l Ju
risd
icti
on
Co
de:
4010
2013
Pla
nt
Op
erat
ion
s B
oar
d &
RE
VE
NU
ES
Inst
ruct
ion
and
Sys
tem
E
xter
nal
(E
CS
- G
rad
e 12
)M
ain
ten
ance
Tra
nsp
ort
atio
nA
dm
inis
trat
ion
Ser
vice
sT
OT
AL
TO
TA
L
(1)
Alb
erta
Ed
uca
tio
n34
9,37
1,90
1$
50,6
90,7
97$
10
,926
,466
$
13,6
38,0
07$
54
6,95
5$
42
5,17
4,12
6$
415,
025,
372
$
(2)
Oth
er -
Go
vern
men
t o
f A
lber
ta44
2,37
7$
82
,167
$
-$
-
$
31,8
99$
55
6,44
3$
43
5,91
1$
(3)
Fed
eral
Go
vern
men
t an
d F
irst
Nat
ion
s1,
096,
442
$
107,
100
$
-$
44
,900
$
-$
1,
248,
442
$
963,
963
$
(4)
Oth
er A
lber
ta s
cho
ol a
uth
ori
ties
68,1
12$
-
$
-$
-
$
-$
68
,112
$
88,1
55$
(5)
Ou
t o
f p
rovi
nce
au
tho
riti
es12
5$
-
$
-$
-
$
-$
12
5$
-
$
(6)
Alb
erta
mu
nic
ipal
itie
s-sp
ecia
l tax
levi
es-
$
-$
-
$
-$
-
$
-$
-
$
(7)
Pro
per
ty t
axes
67,3
81,0
27$
9,
806,
926
$
2,11
3,90
5$
2,
961,
480
$
-$
82
,263
,338
$
83,8
49,5
65$
(8)
Fee
s12
,702
,948
$
1,10
9,85
6$
-
$
13,8
12,8
04$
11
,884
,438
$
(9)
Oth
er s
ales
an
d s
ervi
ces
3,56
6,99
5$
28
,300
$
-$
45
,336
$
485,
767
$
4,12
6,39
8$
3,
998,
970
$
(10)
Inve
stm
ent
inco
me
53,3
86$
82
0,27
1$
-
$
30,6
00$
-
$
904,
257
$
965,
857
$
(11)
Gif
ts a
nd
do
nat
ion
s2,
824,
432
$
-$
-
$
-$
15
,167
$
2,83
9,59
9$
3,
105,
272
$
(12)
Ren
tal o
f fa
cilit
ies
-$
88
8,94
8$
-
$
145,
093
$
1,18
3,49
8$
2,
217,
539
$
2,12
3,02
0$
(13)
Fu
nd
rais
ing
2,95
0,65
7$
-
$
-$
-
$
41,3
33$
2,
991,
990
$
2,82
0,22
6$
(14)
Gai
ns
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
51
,350
$
-$
-
$
-$
51
,350
$
-$
(15)
Oth
er r
even
ue
106,
038
$
-$
-
$
-$
-
$
106,
038
$
4,85
5$
(16)
TO
TA
L R
EV
EN
UE
S44
0,56
4,44
0$
62,4
75,8
59$
14
,150
,227
$
16,8
65,4
16$
2,
304,
619
$
536,
360,
561
$
52
5,26
5,60
4$
EX
PE
NS
ES
(17)
Cer
tifi
cate
d s
alar
ies
278,
455,
183
$
1,
888,
028
$
-$
28
0,34
3,21
1$
272,
919,
493
$
(18)
Cer
tifi
cate
d b
enef
its
64,5
35,5
75$
47
4,11
8$
-
$
65,0
09,6
93$
57
,761
,666
$
(19)
No
n-c
erti
fica
ted
sal
arie
s an
d w
ages
43
,221
,766
$
18,5
39,3
10$
61
1,17
9$
7,
791,
788
$
775,
551
$
70,9
39,5
94$
70
,154
,165
$
(20)
No
n-c
erti
fica
ted
ben
efit
s11
,208
,446
$
4,50
2,73
0$
13
0,52
5$
1,
776,
645
$
84,7
44$
17
,703
,090
$
17,3
81,0
50$
(21)
SU
B -
TO
TA
L39
7,42
0,97
0$
23,0
42,0
40$
74
1,70
4$
11
,930
,579
$
860,
295
$
433,
995,
588
$
41
8,21
6,37
4$
(22)
Ser
vice
s, c
on
trac
ts a
nd
su
pp
lies
41,1
06,9
64$
26
,934
,532
$
14,1
08,5
58$
3,
907,
815
$
1,17
7,16
3$
87
,235
,032
$
84,1
74,0
67$
(23)
Am
ort
izat
ion
of
sup
po
rted
tan
gib
le c
apit
al a
sset
s-
$
16,6
46,3
10$
-
$
-$
31
,899
$
16,6
78,2
09$
16
,938
,757
$
(24)
Am
ort
izat
ion
of
un
sup
po
rted
tan
gib
le c
apit
al a
sset
s1,
948,
995
$
484,
429
$
1,32
5$
984,
010
$
220,
818
$
3,63
9,57
7$
3,
525,
082
$
(25)
Su
pp
ort
ed in
tere
st o
n c
apit
al d
ebt
-$
82
,167
$
-$
-
$
-$
82
,167
$
109,
532
$
(26)
Un
sup
po
rted
inte
rest
on
cap
ital
deb
t-
$
-$
-
$
-$
-
$
-$
-
$
(27)
Oth
er in
tere
st a
nd
fin
ance
ch
arg
es23
2,10
6$
-
$
14,9
73$
42
,915
$
14,4
44$
30
4,43
8$
26
4,62
0$
(28)
Lo
sses
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
-
$
-$
-
$
-$
-
$
27,4
27$
(29)
Oth
er e
xpen
se51
9,71
0$
-
$
-$
97
$
-
$
519,
807
$
371,
394
$
(30)
TO
TA
L E
XP
EN
SE
S44
1,22
8,74
5$
67,1
89,4
78$
14
,866
,560
$
16,8
65,4
16$
2,
304,
619
$
542,
454,
818
$
52
3,62
7,25
3$
(31)
(664
,305
)$
(4,7
13,6
19)
$
(716
,333
)$
-$
-
$
(6,0
94,2
57)
$
1,63
8,35
1$
O
PE
RA
TIN
G S
UR
PL
US
(D
EF
ICIT
)
SC
HE
DU
LE
OF
PR
OG
RA
M O
PE
RA
TIO
NS
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
4 (in
dol
lars
)
2014
12
Sch
oo
l Ju
risd
icti
on
Co
de:
4010
Exp
ense
d IM
R,
Un
sup
po
rted
2014
Uti
litie
s M
od
ula
r U
nit
Am
ort
izat
ion
S
up
po
rted
TO
TA
L
EX
PE
NS
ES
Cu
sto
dia
lM
ain
ten
ance
and
Rel
oca
tio
ns
&&
Oth
er
Cap
ital
& D
ebt
Op
erat
ion
s an
d
Tel
eco
mm
.L
ease
Pay
men
tsE
xpen
ses
Ser
vice
sM
ain
ten
ance
Un
cert
ific
ated
sal
arie
s an
d w
ages
14
,965
,247
$
2,
549,
001
$
-
$
-
$
1,
025,
062
$
18
,539
,310
$
18
,539
,310
$
Un
cert
ific
ated
ben
efit
s3,
732,
322
$
53
0,47
5$
-
$
-
$
23
9,93
3$
4,
502,
730
$
4,
502,
730
$
Su
b-t
ota
l Rem
un
erat
ion
18,6
97,5
69$
3,07
9,47
6$
-$
-$
1,26
4,99
5$
23,0
42,0
40$
23,0
42,0
40$
Su
pp
lies
and
ser
vice
s1,
116,
689
$
8,
759,
013
$
-
$
7,
783,
684
$
11
3,69
1$
17
,773
,077
$
17
,773
,077
$
Ele
ctri
city
5,25
9,94
0$
5,25
9,94
0$
5,25
9,94
0$
Nat
ura
l gas
/hea
tin
g f
uel
1,85
9,75
7$
1,85
9,75
7$
1,85
9,75
7$
Sew
er a
nd
wat
er75
8,59
4$
75
8,59
4$
75
8,59
4$
Tel
eco
mm
un
icat
ion
s26
0,80
4$
26
0,80
4$
26
0,80
4$
Insu
ran
ce1,
022,
360
$
1,
022,
360
$
1,
022,
360
$
Am
ort
izat
ion
of
tan
gib
le c
apit
al a
sset
s
Sup
port
ed16
,646
,310
$
16
,646
,310
$
Uns
uppo
rted
484,
429
$
484,
429
$
484,
429
$
To
tal A
mo
rtiz
atio
n48
4,42
9$
48
4,42
9$
16
,646
,310
$
17
,130
,739
$
Inte
rest
on
cap
ital
deb
t
Sup
port
ed82
,167
$
82
,167
$
Uns
uppo
rted
-$
-$
-$
Leas
e pa
ymen
ts fo
r fa
cilit
ies
-$
-$
-$
Oth
er in
tere
st c
har
ges
-$
-$
-$
Lo
sses
on
dis
po
sal o
f ca
pit
al a
sset
s-
$
-
$
-
$
TO
TA
L E
XP
EN
SE
S19
,814
,258
$
11
,838
,489
$
8,
139,
095
$
7,
783,
684
$
2,
401,
046
$
48
4,42
9$
50
,461
,001
$
16
,728
,477
$
67
,189
,478
$
Sch
ool b
uild
ings
535,
643.
0
Non
sch
ool b
uild
ings
24,1
33.0
All
expe
nses
rel
ated
to a
ctiv
ities
und
erta
ken
to k
eep
the
scho
ol e
nviro
nmen
t and
mai
nten
ance
sho
ps c
lean
and
saf
e.
All
expe
nses
ass
ocia
ted
with
the
repa
ir, r
epla
cem
ent,
enha
ncem
ent a
nd m
inor
con
stru
ctio
n of
bui
ldin
gs, g
roun
ds a
nd e
quip
men
t com
pone
nts.
Thi
s in
clud
es r
egul
ar a
nd p
reve
ntat
ive
mai
nten
ance
und
erta
ken
to e
nsur
e co
mpo
nent
s re
ach
or e
xcee
d th
eir
life
cycl
e an
d th
e re
pair
of b
roke
n co
mpo
nent
s. M
aint
enan
ce e
xpen
ses
excl
ude
oper
atio
nal c
osts
rel
ated
to
expe
nsed
IMR
& M
odul
ar U
nit r
eloc
atio
ns, a
s th
ey a
re r
epor
ted
on s
epar
atel
y.
All
expe
nses
rel
ated
to e
lect
ricity
, nat
ural
gas
and
oth
er h
eatin
g fu
els,
sew
er a
nd w
ater
and
all
form
s of
tele
com
mun
icat
ions
.
All
oper
atio
nal e
xpen
ses
asso
ciat
ed w
ith n
on-c
apita
lized
Infr
astr
uctu
re M
aint
enan
ce R
enew
al p
roje
cts,
mod
ular
uni
t (po
rtab
le)
relo
catio
n, a
nd p
aym
ents
on
leas
ed fa
cilit
ies.
All
expe
nses
rel
ated
to th
e ad
min
istr
atio
n of
ope
ratio
ns a
nd m
aint
enan
ce in
clud
ing
(but
not
lim
ited
to)
cont
ract
adm
inis
trat
ion,
cle
rical
func
tions
, neg
otia
tions
, sup
ervi
sion
of e
mpl
oyee
s
& c
ontr
acto
rs, s
choo
l fac
ility
pla
nnin
g &
pro
ject
'adm
inis
trat
ion'
, adm
inis
trat
ion
of jo
int-
use
agre
emen
ts, a
nd a
ll ex
pens
es r
elat
ed to
ens
urin
g co
mpl
ianc
e w
ith h
ealth
and
saf
ety
stan
dard
s,
code
s an
d go
vern
men
t reg
ulat
ions
.
All
expe
nses
rel
ated
to s
uppo
rted
cap
ital a
sset
s am
ortiz
atio
n an
d in
tere
st o
n su
ppor
ted
capi
tal d
ebt.
Cu
sto
dia
l:
No
te:
Su
pp
ort
ed C
ap
ital
& D
ebt
Ser
vice
s:
Fac
ility
Pla
nn
ing
& O
per
atio
ns
Ad
min
istr
atio
n:
Exp
ense
d IM
R &
Mo
du
lar
Un
it R
elo
cati
on
& L
ease
Pm
ts:
Uti
litie
s &
Tel
eco
mm
un
icat
ion
s:
Mai
nte
nan
ce:
SQ
UA
RE
ME
TR
ES
SC
HE
DU
LE
OF
PL
AN
T O
PE
RA
TIO
NS
AN
D M
AIN
TE
NA
NC
E E
XP
EN
SE
S
Fac
ility
Pla
nn
ing
&
Op
erat
ion
s A
dm
inis
trat
ion
SU
B-T
OT
AL
O
per
atio
ns
&
Mai
nte
nan
ce
13
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
1. AUTHORITY AND PURPOSE
Calgary Roman Catholic Separate School District No. 1 [the "District"] was established under the authority of the School Act, Revised Statutes of Alberta, Chapter S-3, to provide education programs to The City of Calgary and surrounding areas.
The District receives instruction and support allocations under the Education Grants Regulation 120/2008 from the Government of Alberta and by way of municipal property taxes. The regulation allows for the setting of conditions and use of grant monies. The District is limited on certain funding allocations and administration expenditures.
The District is registered as a charitable organization under the Income Tax Act (Canada) and, therefore, is exempt from income taxes.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The financial statements of the District have been prepared by management in accordance with Canadian Public Sector Accounting Standards ["PSAS'] without not-for-profit provisions, Section PS 4200 of the Chartered Professional Accountants ["CPA"] Canada Public Sector Accounting Handbook. The significant accounting policies are summarized below.
Reporting entity
The financial statements include all of the assets, liabilities, revenues and expenses of the District.
Funds generated at the schools are included as assets, liabilities, revenues and expenses of the District when the accountability, control and ownership of these funds rest with the District and are under the control of the school. Funds are raised through non-instructional fees and fundraising activities.
Measurement uncertainty
The preparation of financial statements in conformity with PSAS requires management to make estimates and assumptions that impact reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are reviewed periodically by management and, as adjustments become necessary, they are reported in the period in which they
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
became known. Measurement uncertainty that may be material to these financial statements exists for the liability for employee future benefits because actual experience may differ significantly from actuarial estimations and for the useful lives of tangible capital assets and related amortization because the estimate of useful life is based on management assumptions. Actual results could differ from these estimates.
Trust funds
Trust funds held for other organizations and administered by the District are not included in the financial statements [note 19].
Financial assets
Financial assets are assets that could be used to discharge existing liabilities or to finance future operations and are not for consumption in the normal course of operations.
(i] Cash and cash equivalents
Cash and cash equivalents include cash and investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. These short-term investments have a maturity of three months or less at acquisition and are held for the purpose of meeting short-term cash commitments rather than for investing.
(ii] Accounts receivable
Accounts receivable includes education property taxes receivable, provincial grants receivable, federal goods and services tax rebates and other receivables. Other receivables are recorded at cost less valuation allowances. These allowances are recorded where collectability is considered doubtful.
(iii] Other financial assets
Inventory held for resale is carried at the lower of cost, determined on a first-in, first-out basis, and net realizable value. This inventory consists of laptop computers for the purpose of selling them to students in order to allow the students to complete their studies under the laptop program. The payment terms of the sale agreements are between one and three years. Laptop computers expected to be sold within the next fiscal year are classified as other financial assets and those expected to be sold after the next fiscal year have been classified as other non-financial assets.
2
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Non-financial assets
Non-financial assets generally are assets held for consumption in the provision of services. These assets do not normally provide resources to discharge the liabilities of the District.
[i] Tangible capital assets
Tangible capital assets have useful lives extending beyond the accounting period, are held for use by the District and are not intended for sale in the ordinary course of operations. Tangible capital assets acquired or constructed are recorded at cost and include all costs directly attributable to the acquisition, design, construction, development, installation and betterment of the tangible capital asset.
The costs of the depreciable tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows:
Buildings Furniture and equipment Computer software and hardware Vehicles Site development Leasehold improvements
10 to 40 years 5 to 10 years 5 years 5 to 10 years 20 years Lease term
Work in progress is not depreciated as these assets are not available for use. Once completed and available for use, these assets are depreciated in accordance with the District's accounting policy.
Donated tangible capital assets are recorded at their fair market value at the date of donation when reasonably determinable; otherwise they are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization.
[ii) Prepaid expenses
Prepaid expenses are amounts paid for goods and services which will provide economic benefits in one or more future periods.
[iii) Other non-financial assets
Inventory of supplies is carried at the lower of cost, determined on a first-in, first-out basis, and replacement cost.
3
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Non-financial assets also include inventory of laptop computers for the purpose of selling them to students where they are expected to be sold after the next fiscal year. They are carried at the lower of cost, determined on a first-in, first-out basis, and net realizable value.
Liabilities
Liabilities are obligations arising from transactions and events occurring prior to the financial statement date.
[i] Accounts payable and accrued liabilities
Accounts payable and accrued liabilities include amounts owing to third parties and employees for work performed, goods supplied and services rendered, but not yet paid, at the financial statement date. Amounts are generally payable within one year.
[ii) Unexpended deferred operating revenue
Unexpended deferred operating revenue includes contributions received with stipulations that meet the definition of a liability, other than unexpended deferred capital revenue as described below. Unexpended deferred operating revenue is recognized as revenue when the stipulations are met.
[iii] Unexpended deferred capital revenue
Unexpended deferred capital revenue represent externally restricted funds received or receivable by the District for the purpose of acquiring or developing a depreciable tangible capital asset, but the related expenditure has not been made by the financial statement date. These contributions are recorded by the District once it has met all eligibility criteria to receive the contributions. These contributions must also have stipulations that meet the definition of a liability when expended. When expended, this deferred revenue is transferred to expended deferred capital revenue.
[iv] Expended deferred capital revenue
Expended deferred capital revenue represent contributions received or receivable contammg stipulations that meet the definition of a liability, for the purpose of acquiring depreciable tangible capital assets. It consists of contributions which are transferred from unexpended deferred capital revenue when expended. The expended deferred capital revenue account balance is also increased by debenture debt, originally incurred for the purpose of acquiring capital assets, the payment of which is made by the Government of Alberta on behalf of the District. Where the Government of Alberta has entered into contracts (private-public partnerships) for the design, build, and finance of schools and modular classrooms on behalf of the District, expended deferred capital revenue is
4
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
recorded in the amount of the estimated fair value of these assets transferred to the District. Expended deferred capital revenue is amortized to revenue on the same basis as the depreciation on the tangible capital assets acquired.
[v] Employee future benefit liabilities
Employee future benefit liabilities represent retirement and post-employment benefits that accrue to the District's employees. The cost of these benefits is recorded in the reporting period the benefits are earned by employees.
Employee future benefit liabilities include the non-registered Supplemental Executive Retirement Program ["SERP"] and retirement allowances.
SERP is a defined benefit pension plan supplemental to the Local Authorities Pension Plan [LAPP] or the Alberta Teachers' Retirement Fund [ATRF], as appropriate, for which the District is responsible for the entire cost. The District and certain members of senior administration participate in this plan. This is an unfunded pension arrangement with no assets. It is not a registered pension plan and not subject to pension regulations. SERP enhances the LAPP/ATRF benefits formula to a full 2% final average earnings pension plan which provides for the portion of the accrued pension that is in excess of the Income Tax Act (Canada) maximum for each participant.
The liability relating to SERP is actuarially determined using the projected accrued benefit cost method pro-rata on service and management's best estimate of expected inflation, salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.
Retirement allowances relate to employees who are members of the Canadian Union of Public Employees, Uni for and exempt employees. The allowance is based on years of service and salary.
The liability relating to retirement allowances is actuarially determined using the accrued benefit actuarial cost method and is based on management's best estimate of salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.
5
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Employee future benefit liabilities also include post-employment benefit continuation and retirement allowances for certain members of senior administration. These benefits have not been actuarially determined. They have been accounted for using current benefit rates and estimated retirement ages.
Revenue recognition
Revenues are recorded on an accrual basis, which recognizes revenues as they are earned and measurable.
(i) Government transfers
Revenue recognition of government transfers is dependant upon the terms of the transfer, namely, eligibility criteria and stipulations. Eligibility criteria are criteria that the District has to meet in order to receive the contributions from a transferring government. Stipulations describe how the District must use the contributions or the actions it must perform in order to keep the contributions.
Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government.
Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government and all eligibility criteria have been met.
[ii] Property taxes
Property taxes are levied and collected on a calendar year basis. The education property tax mill rate is set by the Government of Alberta. The District has elected, by way of Board resolution, to directly requisition tax revenues from the properties of separate school supporters. Tax revenues are recognized on the basis of time with 1/lth of the total tax revenue assessed recorded monthly.
[iii) Restricted revenues
Contributions with or without eligibility criteria but with stipulations are recognized as revenue in the period the contributions are authorized and all eligibility criteria have been met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Liabilities are recorded as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terrns and conditions of the contributions.
6
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Funds received other than government transfers, such as donations and fees that are externally restricted are recognized as revenue in the period in which the funds are used for the purpose specified. Externally restricted funds received before this criterion has been met is reported as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the funds, provided it meets the definition of a liability.
[iv] Donated tangible capital assets
Donated tangible capital assets are recognized as revenue when received or receivable, except when the donated tangible capital assets give rise to an obligation that meets the definition of a liability in which case it is recorded as expended deferred capital revenue and recognized into revenue as the restrictions have been met. Donated tangible capital assets are recorded at fair market value when reasonably determinable.
(v] Donated materials and services
Donated materials are recognized as revenue when received or receivable. Donated materials are recorded at fair market value when reasonably determinable, when they are used in the normal course of the District's operations and when they would otherwise have been purchased.
Volunteers assist schools operated by the District in carrying out certain activities. Because of the difficulty in determining the fair value of the services and the fact that such assistance is generally not otherwise purchased, the value of contributed services is not recognized in the financial statements.
Multi-employer defined benefit pension plans
The District and its staff participate in several multi-employer defined benefit pension plans. Multi-employer defined pension plans are accounted for as a defined contribution plan whereby the District's contributions for current and past service pension benefits required for participating staff during the year are recorded as an expense; the net pension assets or liabilities of the plan are not recognized in the financial statements.
The District's certificated staff is required to participate in the Alberta Teachers' Retirement Fund. The current service and past service costs of the Alberta Teachers' Retirement Fund are shared equally by active members and the Government of Alberta. Active members are solely responsible for the additional 10% cost-of-living pension adjustment provision. Under the terms of the Teachers' Pension Plans Act, the District does not make pension contributions for certificated staff. The contributions by the Government of Alberta for the District's certificated staff are recorded as an increase in expense and an increase in Government of Alberta revenue. An
7
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from active members and the Government of Alberta over a fifteen year period. However, funding deficiencies relating to the additional 10% cost-of-living pension adjustment provision is amortized by additional contributions from active members only.
The District and its non-certificated staff participate in the multi-employer Local Authorities Pension Plan. Members and employers make contributions to the pension plan. Contributions are shared between the members and employers with employers paying 1 % more. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from members and employers over a fifteen year period.
The District and certain members of senior administration participate in a multi-employer registered Supplemental Integrated Pension Plan ["SIPP"). This plan is supplemental to the Local Authorities Pension Plan or the Alberta Teachers' Retirement Fund, as appropriate. Employers are solely responsible for contributions to the pension plan. An actuarial valuation of the plan is performed every three years. Funding deficiencies under the plan are amortized by additional contributions over a fifteen year period.
Financial instruments
Financial instruments are any contracts that give rise to financial assets of one entity and financial liabilities of another entity. Because they represent contractual arrangements, they do not include government transfers. The District's financial instruments recognized in the statement of financial position consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt.
All financial instruments are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value upon initial recognition. The gain or loss arising from derecognition of a financial instrument and impairment losses such as write-downs are reported in the Statement of Operations.
Expenses
Expenses are reported on an accrual basis. Expenses are recognized in the period that the events giving rise to the expense occurs and there is a legal or constructive obligation to pay.
8
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Program reporting
The District's operations are segmented as follows:
ECS-Grade 12 instruction which entails the provision of Early Childhood Services education and grades 1-12 instructional services that fall under the basic public education mandate.
Plant operations and maintenance which entails the operation and maintenance of all school buildings and maintenance shop facilities.
Transportation which entails the provision of regular and special education bus services to and from school, including transportation facilities.
Board and system administration which entails the provision of board governance and system based/central office administration, including administration facilities.
External services which entail all activities and services offered outside the public education mandate for ECS children and students in grades 1-12. Services offered beyond the mandate for public education are to be self-supporting, and Alberta Education funding may not be utilized to support these programs. It includes such programs as the International Student program, Breakfast Club and rental of facilities.
Whenever possible, program expenditures are determined by actual identification. Actual salaries and benefits of staff who are assigned to more than one program are allocated based on the time spent in each program. Other expenditures that relate to more than one program are allocated on a reasonable basis, for example, depreciation of a building housing staff relating to more than one program is allocated based on area utilized.
Program revenues are reported by source and type and program expenses are reported by object on the Schedule of Program Operations.
9
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
3. CASH AND CASH EQUIVALENTS
Cash equivalents are investments that have original maturity dates of 90 days or less.
August 31 August 31 August 31 2014 2014 2013
Average Effective (Market)
Yield Cost Amortized Cost Amortized Cost % $ $ $
Cash 2,989,818 2,989,818 1,972,149 Cash equivalents Other, including GIC's 1.41% 44,7002000 4427242525 51,744,861 Total cash and cash equivalents 47,689,818 47,714,343 53,717,010
10
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
4. ACCOUNTS RECEIVABLE
August 312 2014 Allowance for Net
Gross Doubtful Realizable Amount Accounts Value
$ $ $
Alberta Education - Grants 908,243 908,243 Alberta Education - Capital 1,867,341 1,867,341 Alberta Education - Other 3,576 3,576 Other Alberta school jurisdictions 4,653 4,653 Treasury Board and Finance - Supported debenture principal 732,786 732,786 Treasury Board and Finance - Accrued interest on supported debentures 39,700 39,700 Alberta Health Services 557 557 Culture 71,055 71,055 Justice and Solicitor General 64,274 64,274 Federal government 595,260 595,260 Municipalities 13,911,249 13,911,249 Foundations 17,235 17,235 Other 2!313!678 (1082250} 222052428 Total 201529,607 po8,250l 20,421,357
11
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
August 31, 2013
Alberta Education - Grants Alberta Education - Capital Alberta Education - Other Other Alberta school jurisdictions Treasury Board and Finance - Supported debenture principal Treasury Board and Finance - Accrued interest on supported debentures Post-Secondary Institutions Justice and Solicitor General Calgary and Area Child and Family Services Federal Government Municipalities Other Total
5. OTHER FINANCIAL ASSETS
Other financial assets consist of the following:
Inventory for resale Total
Gross Amount
$
3,013,807 71,071 50,064
4,156
1,008,399
54,395 760
115,813 1,986
666,447 13,417,044
2,150,190 20,554,132
Allowance for Doubtful
Accounts $
(79,354) (79,354)
August 31 2014
$
45,400 45,400
Net Realizable Value
$
3,013,807 71,071 50,064
4,156
1,008,399
54,395 760
115,813 1,986
666,447 13,417,044
2,070,836 20,474,778
August 31 2013
$
115,685 115,685
12
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
6. CREDIT FACILITIES
The District has a $17,000,000 revolving bank credit facility comprised of a demand credit facility with interest at bank prime less 0.25% and standby letters of credit to a maximum of $300,000 with fees at 0.30% per annum. A borrowing resolution to a maximum of the District's accounts receivable as per the most recent audited financial statements, covering all revenue of the District, has been provided as collateral for this facility. At August 31, 2014, letters of credit totalling $106,000 were outstanding and no amount of the demand credit facility was outstanding.
The District has a purchasing card facility in the amount of $2,000,000 of which $244,346 was outstanding at August 31, 2014 and included in accounts payable and accrued liabilities.
7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Alberta Education Other Alberta school jurisdictions Alberta Capital Finance Authority (Interest on long-term debt - Supported) Alberta Health Services Post-Secondary Institutions Alberta Local Authorities Pension Plan Corp. Human Services Treasury Board and Finance Tourism, Parks and Recreation Calgary and Area Child and Family Services Service Alberta Federal Government Other bank charges, fees, and interest Accrued vacation pay liability Salaries and benefit costs Other trade payables and accrued liabilities Total
August 31 2014
$
14,078,104 1,351,023
39,700 118,183
1,326 509,507
6,508 990
41,961 30
508,500 2,235
2,786,308 8,746,656
12,379,977 40,571,008
August 31 2013
$
14,116,672 914,088
54,395 365
1, 115 469,510
73,624 383
531,044 6,903
2,654,019 6,424,886
13,280,790 38,527,794
13
Cal
gar
y R
om
an C
atho
lic
Sep
arat
e S
choo
l Dis
tric
t No.
1
NO
TE
S T
O F
INA
NC
IAL
ST
AT
EM
EN
TS
Aug
ust
31,
2014
8.
DE
FE
RR
ED
RE
VE
NU
E
DE
FE
RR
ED
20
1312
014
2013
1201
4 20
13/2
014
DE
FE
RR
ED
R
EV
EN
UE
R
estr
icte
d F
unds
R
estr
icte
d F
unds
A
djus
tmen
ts
RE
VE
NU
E
as a
t R
ecei
ved/
E
xpen
ded
for
Ret
urn
ed
as a
t A
ug. 3
1, 2
013
Rec
eiva
ble
(Pai
d I
Pay
able
) F
unds
A
ug. 3
1, 2
014
s s
s s
s U
nexp
ende
d de
ferr
ed o
pera
ting
rev
enue
A
lber
ta E
duca
tion
: A
lber
ta I
niti
ativ
e fo
r Sc
hool
Im
prov
emen
t 70
,840
-
(63,
649)
-
7,19
1 In
fras
truc
ture
Mai
nten
ance
Ren
ewal
19
8,77
6 5,
925,
609
(6,1
24,3
85)
Full
Day
Kin
derg
arte
n P
ilot
-
2,80
0,00
0 -
-2,
800,
000
Oth
er A
lber
ta E
duca
tion
27
0,32
0 -
(256
,000
) -
14,3
20
Oth
er G
over
nmen
t of
Alb
erta
: U
nive
rsit
y o
f Alb
erta
-C
ross
Cur
ricu
lar
Eng
agem
ent P
roje
ct
50,0
00
20,0
00
(70,
000)
Ju
stic
e an
d S
olic
itor
Gen
eral
-S
tart
Sm
art
Sta
y Sa
fe p
rogr
am
6,74
8 12
4,53
0 (1
31,2
78)
Oth
er G
over
nmen
t of A
lber
ta
-18
9,95
5 (9
6,32
5)
-93
,630
O
ther
Def
erre
d R
even
ue:
Sch
ool G
ener
ated
Fun
ds [
note
18}
2,
138,
275
9,17
9,05
5 (9
,450
,062
) -
1,86
7,26
8 Fe
es
1,09
6,97
7 2,
947,
201
(3,3
57 ,2
82)
-68
6,89
6 D
onat
ions
30
6,62
1 48
2,29
7 (5
23,5
50)
-26
5,36
8 L
ease
rev
enue
17
3,51
0 -
(16,
791)
-
156,
719
Oth
er
430,
280
612,
968
{519
,892
} -
523,
356
Tot
al u
nexp
ende
d de
ferr
ed o
pera
ting
rev
enue
4,
742,
347
22,2
81,6
15
{20,
609,
214}
-
6,41
4,74
8 U
nexp
ende
d de
ferr
ed c
apit
al r
even
ue
3,65
6,03
7 4,
985,
727
(8,5
92,7
65)
-48
,999
E
xpen
ded
defe
rred
cap
ital
rev
enue
36
7,24
5,49
9 9,
026,
777
{16,
678,
209}
-
359,
594,
067
Tot
al
375,
643,
883
36,2
94,1
19
(45,
880,
188)
-
366,
057,
814 14
Cal
gar
y,R
om
an C
atho
lic
Sep
arat
e S
choo
l Dis
tric
t No.
1
NO
TE
S T
O F
INA
NC
IAL
ST
AT
EM
EN
TS
Aug
ust
31, 2
014
DE
FE
RR
ED
20
12/2
013
2012
/201
3 20
12/2
013
DE
FE
RR
ED
R
EVEN
UE
Res
tric
ted
Fu
nd
s R
estr
icte
d F
unds
A
djus
tmen
ts
REV
ENU
E as
at
Rec
eive
d/
Exp
ende
d fo
r R
etur
ned
as a
t A
ug. 3
1, 2
012
Rec
eiva
ble
(Pai
d I
Pay
able
) F
unds
A
ug. 3
1, 2
013
s s
s s
s U
nexp
ende
d de
ferr
ed o
pera
ting
rev
enue
A
lber
ta E
duca
tion
: A
lber
ta I
nitia
tive
for
Scho
ol I
mpr
ovem
ent
357,
782
1,94
3,68
4 (2
,230
,626
) -
70,8
40
Infr
astr
uctu
re M
aint
enan
ce R
enew
al
-7,
381,
529
(7,1
82,7
53)
-19
8,77
6 S
tude
nt H
ealt
h In
itia
tive
(S
choo
l A
utho
riti
es)
42,6
52
1,41
8,46
6 (1
,461
,118
) O
ther
Alb
erta
Edu
cati
on d
efer
red
reve
nue
539,
545
-(2
69,2
25)
-27
0,32
0 O
ther
Gov
ernm
ent o
f Alb
erta
: U
nive
rsit
y o
f Alb
erta
-C
ross
Cur
ricu
lar
Eng
agem
ent P
roje
ct
75,0
00
52,0
00
(77,
000)
-
50,0
00
Just
ice
and
Sol
icit
or G
ener
al -
Sta
rt S
mar
t S
tay
Safe
pro
gram
22
,062
11
5,81
3 (1
31,1
27)
-6,
748
Oth
er D
efer
red
Rev
enue
: Sc
hool
Gen
erat
ed F
unds
1,
182,
621
8,60
4,95
7 (7
,649
,303
) -
2,13
8,27
5 Fe
es
1,09
0,58
1 4,
241,
531
( 4,2
35, 1
35)
-1,
096,
977
Don
atio
ns
475,
281
520,
848
(664
,508
) (2
5,00
0)
306,
621
Lea
se r
even
ue
190,
301
-(1
6,79
1)
-17
3,51
0 O
ther
53
8,43
3 49
6,61
9 {6
04,7
72)
-43
0,28
0 T
otal
une
xpen
ded
defe
rred
ope
rati
ng r
even
ue
4,51
4,25
8 24
,775
,447
{2
4,52
2,35
8)
{25,
000)
4,
742,
347
Une
xpen
ded
defe
rred
cap
ital
rev
enue
5,
882,
446
5,16
1,80
7 (7
,314
,592
) (7
3,62
4)
3,65
6,03
7 E
xpen
ded
defe
rred
cap
ital
rev
enue
37
6,27
0,50
3 7,
914,
497
{16,
939,
501)
-
367,
245,
499
Tot
al
386,
667,
207
37,8
51,7
51
(48,
776,
451)
(9
8,62
4)
375,
643,
883
15
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
9. EMPLOYEE FUTURE BENEFITS
Employee future benefits consist of the following:
Retirement allowances [i] Defined benefit pension plan liability [ii) Executive retirement allowances [iii) Post-employment benefits [iii)
Total
[i] Retirement allowances
August 31 2014
$
4,743,400 300,600 750,210 192,000
5,986,210
August 31 2013
$
4,600,600 246,300 815,056 230,000
5,891,956
The actuarial valuation of the plan was performed as of August 31, 2013 and the benefit obligations have been extrapolated to August 31, 2014 based on a revised discount rate. Benefit plan obligations are as follows:
Accrued benefit obligation, beginning of year Current service cost Interest cost Benefit payments Amortization of experience gains Accrued benefit obligation, end of year
There are no defined benefit plan assets.
August 31 2014
$
4,600,600 336,500 227,000
(459,900) 39 200
4,743,400
August 31 2013
$
4,351,800 307,300 205,400
(271,300) 7,400
4,600,600
16
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:
Pension obligation Plan deficit Unamortized experience gains (losses) Accrued benefit obligation
August 31 2014
$
4,374,200 4,374,200
369,200 4,743,400
August 31 2013
$
4,984,700 4,984,700 (384,100)
4,600,600
The significant actuarial assumptions used in measuring the District's accrued benefit obligation are as follows:
Discount rate
Rate of compensation increase
August 31
2014
5.90%
0% from 2012-2015, 1 % in 2016,
2.5% thereafter
August 31
2013
4.60%
0% from 2012-2015, 1% in 2016,
2.5% thereafter
17
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
[ii] The District participates in a non-registered Supplemental Executive Retirement Program [refer to note 2] which is a defined benefit plan for certain members of senior administration. The actuarial valuation of the plan was performed as of August 31, 2014.
Defined benefit plan obligations are as follows:
Accrued benefit obligation, beginning of year Current service cost Interest cost Amortization of experience gains Accrued benefit obligation, end of year
There are no defined benefit plan assets.
August 31 2014
$
246,300 50,500 10,500
(6,700} 300,600
August 31 2013
$
180,400 56,600 10,000
(700) 246,300
Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:
Pension obligation Plan deficit Unamortized experience gains Accrued benefit obligation
August 31 2014
$
171,700 171,700 128,900 300,600
August 31 2013
$
187,200 187,200 59,100
246,300
18
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
The significant actuarial assumptions used in measuring the District's accrued benefit obligation are as follows:
Discount rate Rate of compensation increase
(iii) Other employee future benefits
August 31 2014
$
6.15% 3.50%
August 31 2013
$
4.95% 3.50%
These include retirement allowances for certain members of senior administration and postemployment benefit continuation for all members of senior administration.
10. LONG-TERM DEBT
Long-term debt is comprised of debentures issued to the Alberta Capital Finance Authority at interest rates ranging from 7.875% to 10.125% per annum which mature at various dates to 2020. All debenture principal and interest payments are fully supported [funded] by the Government of Alberta.
Principal and interest payments required over each of the next five years and thereafter are as follows:
Principal Interest Total $ $ $
2015 221,307 70,922 292,229 2016 221,307 49,383 270,690 2017 221,307 27,845 249,152 2018 47,598 6,306 53,904 2019 16,067 1,961 18,028 2020 5,200 494 5,694 Total 732,786 156,911 889,697
Interest on long-term debt incurred for 2014 was $82,167 [2013 - $109,532].
19
Cal
gar
y R
om
an C
atho
lic
Sep
arat
e S
choo
l Dis
tric
t N
o. 1
Aug
ust
31,
2014
11.
TA
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IBL
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AP
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L A
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S
His
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cost
Beg
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f yea
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)
Est
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sefu
l lif
e
Les
s di
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als
incl
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s
Acc
umul
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Beg
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f yea
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mor
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T
rans
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in (
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L
ess
disp
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s in
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te-o
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Net
boo
k va
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at e
nd o
f yea
r
NO
TE
S T
O F
INA
NC
IAL
ST
AT
EM
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TS
Lan
d
$
6,06
9,29
8
Con
stru
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n In
Pro
gres
s -
Bui
ldin
gs
$
3,31
7,84
9 48
4,96
4 (3
,317
,849
)
Bui
ldin
gs
10-4
0 Y
ears
$
614,
706,
051
9,04
1,26
7 3,
317,
849
Aug
ust 3
1, 2
014
Eq
uip
men
t 5-
10 Y
ears
$
21,7
43,3
27
1,11
3,18
8
Veh
icle
s 5-
10 Y
ears
$
2,05
7,64
8 14
5,30
6
Co
mp
ute
r H
ard
war
e &
Sof
twar
e 5
Yea
rs
$
13,1
28,9
07
1,85
0,27
7
Tot
al
$
661,
023,
080
12,6
35,0
02
(41,
765)
(987~342)
(75,
126)
-
(1,1
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6,06
9,29
8 48
4,96
4 62
7 ,02
3,40
2 21
,869
,173
HH
~~12
7,82
8 14
,979
,184
67
2,55
3,84
9
6,06
9,29
8 48
4,96
4
241,
518,
501
16,3
32,5
58
11,1
25,4
77
2,22
0,53
6 1,
436,
050
141,
857
7,09
3,16
0 1,
622,
835
261,
173,
188
20,3
17,7
86
(34,
591)
(9
87,3
42L
(5
4,13
3)
-(1
,076
,066
) 25
7,81
6,46
8 12
,358
,671
1,
523,
774
8,71
5,99
5 28
0,41
4,90
8 36
9,20
6,93
4 9,
510,
502
604,
054
6,26
3,18
9 39
2,13
8,94
1 20
Cal
gary
Rom
an C
atho
lic
Sep
arat
e S
choo
l Dis
tric
t No.
1
NO
TE
S T
O F
INA
NC
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ST
AT
EM
EN
TS
Aug
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31,
2014
His
tori
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ost
Beg
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f yea
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ddit
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T
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)
Est
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Acc
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wri
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$
6,06
9,29
8
6,06
9,29
8
6,06
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Aug
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1, 2
013
Con
stru
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t 10
-40
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$ $
$
-61
0,11
8,75
1 22
,799
,541
3,
317,
849
4,67
0,32
0 90
1,58
3 -
-
--
---
---
---
{83,
020}
{l
,957
,797
2 3,
317,
849
614,
706,
051
21,7
43,3
27
225,
155,
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10,7
78,4
78
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-
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373,
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$ $
2,05
1,47
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,228
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,463
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-
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0 7,
093,
160
261,
173,
188
621,
598
6,03
5,74
7 39
9,84
9,89
2 21
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
The Government of Alberta has entered into contracts (public-private partnerships) for the design, build, finance, and maintenance of schools and modular classrooms on behalf of the District. The cost of the schools, modular classrooms and the related site development incurred in 2014 was $434,012 [2013 - $599,905]. These contributed assets have been transferred to the District at their estimated fair value as determined by the Government of Alberta based upon the competitively bid contract to construct these assets.
Capital assets in the amount of $174,223 were donated in kind to the District in 2014 [2013 -$184,597]. Contributed capital assets in 2014 and 2013 include playground equipment.
12. ACCUMULATED SURPLUS
Accumulated surplus represents the financial assets and non-financial assets of the District less liabilities. It consists of the accumulated balance of the operating surplus (deficit) arising from the operations of the District.
Certain amounts of the Accumulated surplus as established at the discretion of the Board of Trustees of the District, or externally, have been designated for future operating and capital expenditures. These internally restricted amounts, which are the operating and capital reserves, are not available for use without approval of the Board of Trustees.
The Schedule of Changes in Accumulated Surplus provides detailed information on the changes in accumulated surplus. A summary of accumulated surplus is as follows:
Unrestricted surplus Operating reserves
Accumulated surplus from operations Investment in tangible capital assets Capital reserves
Accumulated surplus
August 31 2014
$
3,048,741 6,019,509 9,068,250
32,544,874 8,189,670
49,802,794
August 31 2013
$
6,423,978 7,015,178
13,439,156 32,604,394 9,853,501
55,897,051
22
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Accumulated surplus from operations include school generated funds. These funds are raised at the school level and are not available to spend at the board level. The District's adjusted accumulated surplus from operations is calculated as follows:
Accumulated surplus from operations Deduct: School generated funds included in accumulated surplus [Note 18] Adjusted accumulated surplus from operations
13. CONTRACTUAL OBLIGATIONS
August 31 2014
$
9,068,250
(2,008,313) 7,059,937
August 31 2013
$
13,439,156
(l ,538,723) 11,900,433
The District has entered into contracts for the delivery of services and construction of assets. These contractual obligations will become liabilities in the future when the terms of the contracts are met. Disclosure relates to the unperformed portion of the contracts.
Building projects Service providers Total contractual obligations
2014-15 2015-16 2016-17 2017-18 2018-19
2014 $
7,139,680 8,790,024
15,929,704 Building Projects
$
6,687,092 452,588
7,139,680
2013 $
7,152,017 11,065,323 18,217,340 Service
Providers $
3,190,803 2,612,638 2,262,169
724,414
8,790,024
23
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Building projects include the District's obligation for the addition and modernization of Notre Dame High School, new schools in Evanston, Auburn Bay, Aspen Woods, Cranston, and New Brighton areas, as well as modernizations at St. Vincent de Paul and St. Cyril. Building projects also include the District's obligation for Infrastructure Maintenance Renewal projects. It is anticipated that these costs will be fully funded by Alberta Education.
Service providers include the District's obligation to purchase minimum volumes of electricity at a fixed price and the District's cell phone contracts.
14. CONTINGENT LIABILITIES
The District may, from time to time, be involved in legal proceedings, claims and litigation that arise in the ordinary course of business. In the event that any such claims or litigation are resolved against the District, management does not anticipate any material impact from such outcomes or resolutions on the business, financial condition, or results of operations of the District at the present time.
The District is a member of The Urban Schools Insurance Consortium ["USIC"], a licensed reciprocal insurance exchange under Alberta's Insurance Act, which facilitates the placement of property and liability insurance coverage for fourteen jurisdictions throughout the province of Alberta. Member contributions pay for premiums on insurance policies and self-insure a portion of each member's risk exposure. Also premium rebates are received by the reciprocal from the insurer's favourable claims experience. Each member could become liable for its proportionate share of any claim losses in excess of the funds held by the reciprocal. The District's share of the accumulated USIC funds as at August 31, 2014 was $656,167 [2013 - $480,666]. This amount has not been recognized in the District's financial statements as the accumulated funds are payable only upon membership termination or dissolution of the reciprocal.
24
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
15. PENSION PLANS
Multi-Employer defined Benefit Plans
[i] The District's certificated staff participates in the Alberta Teachers' Retirement Fund {refer to note 2}. The expense for this defined benefit pension plan is equivalent to the annual contributions by the Government of Alberta of $34,011,660 for the year ended August 31, 2014 [2013 -$28,403,384]. At August 31, 2013, the Alberta Teachers' Retirement Fund reported a deficit of $825,590,000 [2012 - deficit of$1,909,313,000].
[ii] The District participates in the multi-employer Local Authorities Pension Plan [refer to note 2} for non-certificated staff. The expense for this defined benefit pension plan is equivalent to the annual contributions of $7,359,113 for the year ended August 31, 2014 [2013 - $6,730,546]. At December 31, 2013, the Local Authorities Pension Plan reported a deficit of $4,861,516,000 [2012 - deficit of$4,977,303,000].
[iii] The District participates in a multi-employer registered Supplemental Integrated Pension Plan [refer to note 2] for certain members of senior administration. The expense for this plan is equivalent to the annual contributions of $51,479 for the year ended August 31, 2014 [2013 -$40,200]. As at December 31, 2011, the most recent actuarial valuation, the SIPP reported a surplus of $3,800 [2008 - surplus of $8,873].
16. SALARIES AND BENEFITS
Negotiated Performance ERIP's/ Board Members: FTE Remuneration Benefits Allowances Bonuses Other
$ $ $ $ $ Chair Mary Martin 1.0 26,754 5,475 12,940 Margaret Belcourt 1.0 21,609 5,313 10,446 Lois Burke-Gaffney 0.2 3,082 530 1,491 Rosemary Goerlitz 0.2 2,904 780 1,405 Cheryl Low 0.8 19,191 4,210 9,280 Serafino Scarpino 1.0 21,484 5,433 10,392 Peter Teppler 0.8 18,647 4,595 9,014 Linda Wellman 1.0 23,997 5,327 11,604 Cathie Williams 1.0 21,677 2,855 10,481 Subtotal 7.0 I 59,345 34,518 77,053
Superintendent (I) Gary Strother 1.0 242,261 88,281 7,338 Secretary/Treasurer (I) John Dcausy 1.0 172,144 52,077
Certificated teachers 3,154.0 280,100,950 63,485,869 1,428,205 Non-certificated - other 1,505.9 70,608,105 I 7,539,442 TOTALS 35 I ,282,805 81,200,I87 1,512,596
25
Expenses $ 5,679 4,614
738 287
3,095 4,269 3,048 4,344 2,784
28,858
20,907 11,987
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
17. FEES
August 31 August 31 2014 2013
$ $
Transportation 1,109,856 1,153,491 Instructional supplies and materials 3,252,885 3,081,644 Activity 3,255,418 2,350,260 Extracurricular 3,072,488 2,709,043 Lunchroom supervision 1,951,551 1,853,946 General 1,170,606 736,054 Total 13,812,804 11,884,438
18. SCHOOL GENERA TED FUNDS
August 31 August 31 2014 2013
$ $
Unexpended school generated revenue, beginning of year 3,677,000 2,701,427
Gross receipts: Fees 9,179,055 8,604,957 Fundraising 2,806,379 2,679,860 Gifts and donations 1,296,405 1,421,182 Grants to schools 194,549 50,335 Other sales and services 2!718!547 2,459,952
Total gross receipts 16,194,935 15,216,286
Total related expenses and uses of funds 12,247,918 10,664,071 Total direct costs including cost of goods sold to raise funds 3!6542806 3,576,642 Unexpended school generated revenues, end of year 3,969,211 3,677,000
Balance included in unexpended deferred operating revenue [note 8] 1,960,898 2,138,275
Balance included in accumulated surplus 2,008,313 1,538,725 3,969,211 3,677,000
26
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
19. TRUSTS UNDER ADMINISTRATION
These amounts, which are not recorded in the financial statements, represent assets held in trust by the District.
Student Health Initiative (Banker board) Regional Collaborative Service Delivery (Banker board) Total
20. RELATED PARTY TRANSACTIONS
August 31 2014
$
346,627 346,627
August 31 2013
$
62,659 108,000 170,659
All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions, other school jurisdictions, crown corporations, government agencies, regulated funds, government commercial enterprises, offices of the legislative assembly and government organizations in Alberta. Related party transactions are recorded at the exchange amount, which is the amount of consideration established and agreed upon between the related parties. Amounts due to or from and the amounts of transactions with related parties are recorded in the financial statements and are as follows:
Government of Alberta (GOA):
Education Accounts receivable I Accounts payable Prepaid expenses I Deferred revenue Unexpended deferred capital revenue Expended deferred capital revenue Grant revenue & expenses Other revenues & expenses
Other Alberta school jurisdictions Treasury Board and Finance (Principal)
Balances Financial Assets
(at cost or net realizable value)
$
2,779,160
Liabilities (at amortized
cost) $
14,078,104 2,821,510
48,999 359,021,896
Transactions
Revenues $
425,058,396
115,730
Expenses $
4,912
732,786
1,351,023 68,112
2,304,647 1,798,610
27
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
Balances Transactions Financial Assets Liabilities
(at cost or net realizable value)
$
(at amortized cost)
$ Revenues
$ Expenses
$
Treasury Board and Finance (Accrued interest)
Treasury Board and Finance - other Alberta Health Services Post-secondary institutions Alberta Justice Human Services Culture Other GOA ministries Other:
39,700
557
64,274
71,055
82,167 6,508 15,551
118,183 188 378,390 1,582 198,397 128,191
131,738 291 572,171 31,899
92,357 61,984 1,020 4,818
Alberta Local Authorities Pension Plan Corp. Alberta Capital Finance Authority
509,507 7,359,113
Urban School Insurance Consortium Alberta Foundation for the Arts Calgary and Area Child and Family Services Other Related Parties
772,485
117 41,961
82,167 20,000 40,947
7,944 1,180 677
TOTAL 2013/2014 3,692,444 379,437,423 425,818,682 12,072,455 TOTAL 2012/2013 4,577,203 388, 144,888 415,669,438 12,879,044
The District's principal and interest payments on long-term debt in the amount of$275,613 (2013 -$296,388) and $82,167 (2013 - $109,532), respectively, are paid by the Government of Alberta [refer to note JO]. Debenture principal payments are recorded as a decrease in long-term debt and decrease in accounts receivable. Interest payments are recorded as an increase in Government of Alberta revenue and increase in interest on long-term debt expense.
Maintenance costs totalling $1,211,194 [2013 - $1,219,869) related to the four schools constructed under the Public-Private Partnership agreement are paid by the Government of Alberta and are recorded as an increase in revenue from the Government of Alberta and increase in plant operations and maintenance expense.
The District's primary source of revenue is from the Government of Alberta. The District's ability to continue its operations is dependent on this funding.
28
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
21. RISK MANAGEMENT
It is management's opinion that the District is not exposed to significant currency, interest rate, market, credit or liquidity risks arising from its financial instruments. The District's financial risk exposure is as follows:
(a] Currency risk
As the District has cash and accounts payable denominated in U.S. dollars, it is exposed to currency risk. As at August 31, 2014, cash and accounts payable in U.S. dollars totaled $69,699 and $40,883, respectively.
(b] Interest rate risk
Investments are not exposed to significant interest rate risk due to their short-term maturity.
The District is not exposed to interest rate risk on long-term debt as it is fully funded by the Government of Alberta.
Other financial assets and financial liabilities do not comprise any interest rate risk since they do not bear interest.
(c] Market risk
The District restricts the type of investments to include banker acceptances, guaranteed investment certificates, bearer deposit notes and term deposits issued by the five major banks: Royal Bank, Canadian Imperial Bank of Commerce, Toronto Dominion Canada Trust, Bank of Montreal and Bank of Nova Scotia. Also, the District may invest to the maximum insurable amount with a financial institution who is a member of the Canadian Deposit Insurance Corporation, and may invest with a financial institution where the principal and interest is 100% guaranteed by the Credit Union Deposit Guarantee Corporation under the Alberta Credit Union Act, or where the principal and interest is 100% guaranteed by the Government of Alberta. The maximum term allowed for an investment is 365 days.
( d] Credit risk
Receivables comprise amounts receivable from the City of Calgary and the Government of Alberta totaling $16,507,504 [81%] which mitigates the credit risk. The remaining receivables are subject to normal trade credit risk which is not significant as the District manages and analyzes the outstanding accounts receivable balances.
29
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
(e] Liquidity risk
The District manages its liquidity risk by maintaining sufficient cash and cash equivalents and securing an operating line of credit [refer to note 6}. The District ensures that it operates within its budget and has reserves and an unrestricted operating surplus.
22. BUDGET AMOUNTS
The budget was prepared by the District and approved by the Board of Trustees on May 29, 2013.
The following is reconciliation between the revenues reported in the approved budget and that reported in the Statement of Operations due to reclassification of certain revenues for financial reporting purposes:
Revenue
Alberta Education 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 Other sales and services Investment income Gifts and donations Rental of facilities Fundraising Gains (losses) on disposal of capital
assets Amortization of capital contributions Other revenue Total Revenues
Original budget
$
487,740,816 957,555
13,137,596 3,803,060
701,523 2,938,379 2,129,300 3,016,396
25,000 16,873,743
497,250 531,820,618
Reallocation of Government of
Alberta $
486,535,876 (486,535,876)
Reallocation of amortization
$
16,841,825 31,918
(16,873,743)
Revised budget
$
503,377,701 1,236,858
957,555
13,137,596 3,803,060
701,523 2,938,379 2,129,300 3,016,396
25,000
497,250 531,820,618
30
Calgary Roman Catholic Separate School District No. 1
NOTES TO FINANCIAL STATEMENTS
August 31, 2014
23. COMPARATIVE FIGURES
Certain 2013 figures have been reclassified to conform to the 2014 presentation.
31