AUDITED FINANCIAL STATEMENTS FOR THE YEAR … statements with management in detail and approved the financial statements for release. The Board appoints external auditors to audit

School Jurisdiction Code: 0012

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

Dr. Lynne Paradis

SECRETARY-TREASURER OR TREASURER

Heather Christison

November 27, 2014

"Original Signed"

"Original Signed"

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

Suzuki Charter School Society

10720 - 54 Street, Edmonton, Alta T6A 2H9

780.468.2598 (t) / 780.463.8630 (f) [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

Suzuki Charter School Society

Monica McCormack

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

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

P.J. Yaremchuk, B.Comm., FCA*

A.J. Annicchiarico, B.Comm., CA*

K.K. Kozicky, CA*

B.J. Layetzke, B.Comm., CA*

R.V. Rizzo, B.Comm., CA*

K.A. Vansevenandt, B.Comm., CA*

T. Matsikas, B.Comm., CA*

C.J. Bawol, B.Comm., CA* *Practicing as a Professional Corporation

YAREMCHUK & ANNICCHIARICO LLP

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To the Members of Suzuki Charter School Society:

ct.= #202, 8657 - 51 Avenue

Edmonton, Alberta

T6E 6A8

Telephone: 780-468-7232

Fax: 780-465-6120

Email: [email protected]

www.ya.ca

We have audited the accompanying financial statements of Suzuki Charter School Society which consist of the statement of financial position at August 31, 2014, and the statements of operations, changes in net financial debt and cash flows for the year then 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 the financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's 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 auditor's 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 auditor considers 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 Suzuki Charter School Society as at August 31, 2014, and the results of its operations, changes in its net financial debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

-2-

Other matter

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

Edmonton, AB November 19, 2014 Chartered Accountants

YAREMCHUK & ANNICCHIARICO LLP CHARTERED ACCOUNTANTS


2014 2013

FINANCIAL ASSETS

Cash and cash equivalents 463,018$ 324,117$

Accounts receivable (net after allowances) 26,846$ 46,781$

Portfolio investments 268,701$ 265,900$

Other financial assets -$ -$

Total financial assets 758,565$ 636,798$

LIABILITIES

Bank indebtedness -$ -$

Accounts payable and accrued liabilities 48,672$ 59,696$

Deferred revenue 674,463$ 665,434$

Employee future benefit liabilities -$ -$

Other liabilities -$ -$

Debt

Supported: Debentures and other supported debt -$ -$

Unsupported: Debentures and capital loans -$ -$

Capital leases -$ -$

Mortgages -$ -$

Total liabilities 723,135$ 725,130$

Net financial assets (debt) 35,430$ (88,332)$

NON-FINANCIAL ASSETS

Tangible capital assets

Land -$ -$

Construction in progress -$ -$

Buildings 947,168$

Less: Accumulated amortization (261,114)$ 686,054$ 753,737$

Equipment 106,227$

Less: Accumulated amortization (94,374)$ 11,853$ 15,780$

Vehicles -$

Less: Accumulated amortization -$ -$ -$

Computer Equipment 9,835$

Less: Accumulated amortization (9,835)$ -$ 1,967$

Total tangible capital assets 697,907$ 771,484$

Prepaid expenses 17,767$ 18,896$

Other non-financial assets -$ -$

Total non-financial assets 715,674$ 790,380$

Accumulated surplus 751,104$ 702,048$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 751,104$ 702,048$

Accumulated remeasurement gains (losses) -$ -$

751,104$ 702,048$

Contractual obligations

Contingent liabilities

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

As at August 31, 2014 (in dollars)STATEMENT OF FINANCIAL POSITION

4


Budget Actual Actual2014 2014 2013

Alberta Education 2,661,185$ 2,843,149$ 3,162,819$

Other - Government of Alberta -$ -$ 4,298$

Federal Government and First Nations -$ -$ -$

Other Alberta school authorities -$ -$ -$

Out of province authorities -$ -$ -$

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

Property taxes -$ -$ -$

Fees 164,640$ 44,878$ 45,796$

Other sales and services 181,497$ 301,956$ 322,628$

Investment income -$ 2,564$ 1,740$

Gifts and donations -$ 4,911$ 7,280$

Rental of facilities 56,150$ 57,588$ 61,119$

Fundraising -$ 91,584$ 45,630$

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

Other revenue 35,000$ 33,461$ 33,461$

Total revenues 3,098,472$ 3,380,091$ 3,684,771$

Instruction (ECS - Grade 12) 2,281,268$ 2,295,215$ 2,306,466$

Plant operations and maintenance 330,568$ 443,965$ 788,061$

Transportation 132,858$ 132,861$ 135,295$

Board & system administration 177,700$ 193,636$ 191,863$

External services 113,060$ 265,358$ 206,313$

Total expenses 3,035,454$ 3,331,035$ 3,627,998$

63,018$ 49,056$ 56,773$

STATEMENT OF OPERATIONSFor the Year Ended August 31, 2014 (in dollars)

EXPENSES

Operating surplus (deficit)


REVENUES

5

0012

2014 2013

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) 49,056$ 56,773$

Add (Deduct) items not affecting cash:

Total amortization expense 73,577$ 73,577$

Gains on disposal of tangible capital assets -$ -$

Losses on disposal of tangible capital assets -$ -$

Expended deferred capital revenue recognition (33,461)$ (33,461)$

Deferred capital revenue write-off -$ -$

Donations in kind -$ -$

Changes in:

Accounts receivable 19,935$ (18,279)$

Prepaids 1,129$ 246$

Other financial assets -$ -$

Non-financial assets -$ -$

Accounts payable and accrued liabilities (11,024)$ (3,088)$

Deferred revenue (excluding EDCR) 42,490$ 8,053$

Employee future benefit liabilitiies -$ -$

Other (describe) -$ -$

Total cash flows from operating transactions 141,702$ 83,821$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings -$ -$

Equipment -$ -$

Vehicles -$ -$

Computer equipment -$ -$

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


Total cash flows from capital transactions -$ -$

C. INVESTING TRANSACTIONS

Purchases of portfolio investments 550,052$ 476,162$

Dispositions of portfolio investments (552,853)$ (618,042)$

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

Other (describe)

Total cash flows from investing transactions (2,801)$ (141,880)$

D. FINANCING TRANSACTIONS

Issue of debt -$ -$

Repayment of debt -$ -$


Total cash flows from financing transactions -$ -$

Increase (decrease) in cash and cash equivalents 138,901$ (58,059)$

Cash and cash equivalents, at beginning of year 324,117$ 382,176$

Cash and cash equivalents, at end of year 463,018$ 324,117$


For the Year Ended August 31, 2014 (in dollars)

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

6

0012

2014 2013

Operating surplus (deficit) 49,056$ 56,773$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets -$ -$

Amortization of tangible capital assets 73,577$ 73,577$

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 73,577$ 73,577$

Changes in:

Prepaid expenses 1,129$ 246$

Other non-financial assets -$ -$

Net remeasurement gains and (losses) -$ -$

Endowments -$ -$

Decrease (increase) in net debt 123,762$ 130,596$

Net debt at beginning of year (88,332)$ (218,928)$

Net debt at end of year 35,430$ (88,332)$

School Jurisdiction Code:

STATEMENT OF CHANGE IN NET DEBT

For the Year Ended August 31, 2014


7


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


For the Year Ended August 31, 2014 (in dollars)

8

Sch

oo

l Ju

risd

icti

on

Co

de:

0012

AC

CU

MU

LA

TE

DA

CC

UM

UL

AT

ED

AC

CU

MU

LA

TE

DIN

VE

ST

ME

NT

EN

DO

WM

EN

TS

UN

RE

ST

RIC

TE

D

TO

TA

LT

OT

AL

SU

RP

LU

SR

EM

EA

SU

RE

ME

NT

OP

ER

AT

ING

IN T

AN

GIB

LE

SU

RP

LU

SO

PE

RA

TIN

G

CA

PIT

AL

G

AIN

S (

LO

SS

ES

)S

UR

PL

US

CA

PIT

AL

RE

SE

RV

ES

RE

SE

RV

ES

AS

SE

TS

Bal

ance

at

Au

gu

st 3

1, 2

013

702,

048

$

-$

702,

048

$

200,

299

$

-$

48

1,74

9$

20

,000

$

-

$

Pri

or

per

iod

ad

just

men

ts:

-$

-

$

-

$

-$

-

$

-$

-

$

-$

-$

-

$

-

$

-$

-

$

-$

-

$

-$

-$

-

$

-

$

-$

-

$

-$

-

$

-$

Ad

just

ed B

alan

ce,

Au

gu

st 3

1, 2

013

702,

048

$

-$

702,

048

$

200,

299

$

-$

48

1,74

9$

20

,000

$

-

$

Ope

ratin

g su

rplu

s (d

efic

it)49

,056

$

49

,056

$

49

,056

$

Boa

rd f

unde

d ta

ngib

le c

apita

l ass

et a

dditi

ons

-$

-

$

-$

-

$

Dis

posa

l of

unsu

ppor

ted

tang

ible

cap

ital

asse

ts-

$

-$

-

$

-$

-

$

Dis

posa

l of

supp

orte

d ta

ngib

le c

apita

l ass

ets

(boa

rd f

unde

d po

rtio

n)-

$

-$

-

$

-$

-

$

Writ

e-do

wn

of u

nsup

port

ed t

angi

ble

capi

tal

asse

ts-

$

-$

-

$

-$

-

$

Writ

e-do

wn

of s

uppo

rted

tan

gibl

e ca

pita

l as

sets

(bo

ard

fund

ed p

ortio

n)-

$

-$

-

$

-$

-

$

Net

rem

easu

rem

ent

gain

s (lo

sses

) fo

r th

e ye

ar-

$

-$

End

owm

ent

expe

nses

-$

-

$

-$

-

$

Dire

ct c

redi

ts t

o ac

cum

ulat

ed s

urpl

us-

$

-$

-$

-

$

-$

-

$

-$

-

$

Am

ortiz

atio

n of

tan

gibl

e ca

pita

l ass

ets

-$

(7

3,57

7)$

73,5

77$

Cap

ital r

even

ue r

ecog

nize

d-

$

33,4

61$

(33,

461)

$

Deb

t pr

inci

pal r

epay

men

ts (

unsu

ppor

ted)

-$

-

$

-$

Ext

erna

lly im

pose

d en

dow

men

t re

stric

tions

-$

-

$

-$

-

$

Net

tra

nsfe

rs t

o op

erat

ing

rese

rves

-$

-

$

-$

Net

tra

nsfe

rs f

rom

ope

ratin

g re

serv

es-

$

20,0

00$

(20,

000)

$

Net

tra

nsfe

rs t

o ca

pita

l res

erve

s-

$

-$

-

$

Net

tra

nsfe

rs f

rom

cap

ital r

eser

ves

-$

-

$

-$

A

ssum

ptio

n/tr

ansf

er o

f ot

her

oper

atio

ns'

sur p

lus

-$

-

$

-$

-

$

-$

-

$

-$

Bal

ance

at

Au

gu

st 3

1, 2

014

751,

104

$

-$

751,

104

$

160,

183

$

-$

59

0,92

1$

-

$

-$

SC

HE

DU

LE

OF

CH

AN

GE

S I

N A

CC

UM

UL

AT

ED

SU

RP

LU

Sfo

r th

e Y

ear

En

ded

Au

gu

st 3

1, 2

014

(in d

olla

rs)

INT

ER

NA

LL

Y R

ES

TR

ICT

ED

9

Bal

ance

at

Au

gu

st 3

1, 2

013

Pri

or

per

iod

ad

just

men

ts:

Ad

just

ed B

alan

ce,

Au

gu

st 3

1, 2

013

Ope

ratin

g su

rplu

s (d

efic

it)

Boa

rd f

unde

d ta

ngib

le c

apita

l ass

et a

dditi

ons

Dis

posa

l of

unsu

ppor

ted

tang

ible

cap

ital

asse

tsD

ispo

sal o

f su

ppor

ted

tang

ible

cap

ital a

sset

s (b

oard

fun

ded

port

ion)

Writ

e-do

wn

of u

nsup

port

ed t

angi

ble

capi

tal

asse

tsW

rite-

dow

n of

sup

port

ed t

angi

ble

capi

tal

asse

ts (

boar

d fu

nded

por

tion)

Net

rem

easu

rem

ent

gain

s (lo

sses

) fo

r th

e ye

ar

End

owm

ent

expe

nses

Dire

ct c

redi

ts t

o ac

cum

ulat

ed s

urpl

us

Am

ortiz

atio

n of

tan

gibl

e ca

pita

l ass

ets

Cap

ital r

even

ue r

ecog

nize

d

Deb

t pr

inci

pal r

epay

men

ts (

unsu

ppor

ted)

Ext

erna

lly im

pose

d en

dow

men

t re

stric

tions

Net

tra

nsfe

rs t

o op

erat

ing

rese

rves

Net

tra

nsfe

rs f

rom

ope

ratin

g re

serv

es

Net

tra

nsfe

rs t

o ca

pita

l res

erve

s

Net

tra

nsfe

rs f

rom

cap

ital r

eser

ves

Ass

umpt

ion/

tran

sfer

of

othe

r op

erat

ions

' su

r plu

s

Bal

ance

at

Au

gu

st 3

1, 2

014

Sch

oo

l Ju

risd

icti

on

Co

de:

0012

20,0

00$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

20,0

00$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

(20,

000)

$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

for

the

Yea

r E

nd

ed A

ug

ust

31,

201

4 (in

dol

lars

)

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

Sch

oo

l &

In

stru

ctio

n R

elat

edO

per

atio

ns

& M

ain

ten

ance

Bo

ard

& S

yste

m A

dm

inis

trat

ion

Tra

nsp

ort

atio

n

SC

HE

DU

LE

OF

CH

AN

GE

S I

N A

CC

UM

UL

AT

ED

SU

RP

LU

S

Ext

ern

al S

ervi

ces

INT

ER

NA

LL

Y R

ES

TR

ICT

ED

RE

SE

RV

ES

BY

PR

OG

RA

M

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

10

0012

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 -$ -$ -$ -$ 571,185$

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

Adjusted balance, August 31, 2013 -$ -$ -$ -$ 571,185$

Add:

Unexpended capital revenue received from:

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

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 -$ -$ -$ -$ -$

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 33,461$

Capital revenue recognized - Other Government of Alberta -$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2014 -$ -$ -$ -$ 537,724$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (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

Sch

oo

l Ju

risd

icti

on

Co

de:

0012

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

n2,

291,

384

$

225,

070

$

132,

858

$

193,

837

$

-$

2,

843,

149

$

3,16

2,81

9$

(2)

Oth

er -

Go

vern

men

t o

f A

lber

ta-

$

-$

-

$

-$

-

$

-$

4,

298

$

(3)

Fed

eral

Go

vern

men

t an

d F

irst

Nat

ion

s-

$

-$

-

$

-$

-

$

-$

-

$

(4)

Oth

er A

lber

ta s

cho

ol a

uth

ori

ties

-$

-

$

-$

-

$

-$

-

$

-$

(5)

Ou

t o

f p

rovi

nce

au

tho

riti

es-

$

-$

-

$

-$

-

$

-$

-

$

(6)

Alb

erta

mu

nic

ipal

itie

s-sp

ecia

l tax

levi

es-

$

-$

-

$

-$

-

$

-$

-

$

(7)

Pro

per

ty t

axes

-$

-

$

-$

-

$

-$

-

$

-$

(8)

Fee

s44

,878

$

-$

-

$

44,8

78$

45

,796

$

(9)

Oth

er s

ales

an

d s

ervi

ces

42,5

08$

-

$

-$

-

$

259,

448

$

301,

956

$

322,

628

$

(10)

Inve

stm

ent

inco

me

2,56

4$

-$

-

$

-$

-

$

2,56

4$

1,74

0$

(11)

Gif

ts a

nd

do

nat

ion

s4,

911

$

-

$

-$

-

$

-$

4,

911

$

7,

280

$

(12)

Ren

tal o

f fa

cilit

ies

57,5

88$

-

$

-$

-

$

-$

57

,588

$

61,1

19$

(13)

Fu

nd

rais

ing

-$

-

$

-$

-

$

91,5

84$

91

,584

$

45,6

30$

(14)

Gai

ns

on

dis

po

sal o

f ta

ng

ible

cap

ital

ass

ets

-$

-

$

-$

-

$

-$

-

$

-$

(15)

Oth

er r

even

ue

33,4

61$

-

$

-$

-

$

-$

33

,461

$

33,4

61$

(16)

TO

TA

L R

EV

EN

UE

S2,

477,

294

$

225,

070

$

132,

858

$

193,

837

$

351,

032

$

3,38

0,09

1$

3,

684,

771

$

EX

PE

NS

ES

(17)

Cer

tifi

cate

d s

alar

ies

1,32

8,89

5$

62

,383

$

23,4

81$

1,

414,

759

$

1,42

6,52

2$

(18)

Cer

tifi

cate

d b

enef

its

304,

952

$

3,70

5$

1,38

9$

310,

046

$

284,

099

$

(19)

No

n-c

erti

fica

ted

sal

arie

s an

d w

ages

31

5,11

2$

35

,000

$

1,40

0$

76,4

34$

10

6,53

0$

53

4,47

6$

51

0,60

8$

(20)

No

n-c

erti

fica

ted

ben

efit

s57

,121

$

2,00

0$

250

$

4,37

2$

4,83

0$

68,5

73$

39

,472

$

(21)

SU

B -

TO

TA

L2,

006,

080

$

37,0

00$

1,

650

$

14

6,89

4$

13

6,23

0$

2,

327,

854

$

2,26

0,70

1$

(22)

Ser

vice

s, c

on

trac

ts a

nd

su

pp

lies

286,

981

$

333,

388

$

131,

211

$

44,5

27$

12

8,85

5$

92

4,96

2$

1,

286,

984

$

(23)

Am

ort

izat

ion

of

sup

po

rted

tan

gib

le c

apit

al a

sset

s-

$

33,4

61$

-

$

-$

-

$

33,4

61$

33

,461

$

(24)

Am

ort

izat

ion

of

un

sup

po

rted

tan

gib

le c

apit

al a

sset

s-

$

40,1

16$

-

$

-$

-

$

40,1

16$

40

,116

$

(25)

Su

pp

ort

ed in

tere

st o

n c

apit

al d

ebt

-$

-

$

-$

-

$

-$

-

$

-$

(26)

Un

sup

po

rted

inte

rest

on

cap

ital

deb

t-

$

-$

-

$

-$

-

$

-$

-

$

(27)

Oth

er in

tere

st a

nd

fin

ance

ch

arg

es2,

154

$

-

$

-$

2,

215

$

27

3$

4,

642

$

6,

736

$

(28)

Lo

sses

on

dis

po

sal o

f ta

ng

ible

cap

ital

ass

ets

-$

-

$

-$

-

$

-$

-

$

-$

(29)

Oth

er e

xpen

se-

$

-$

-

$

-$

-

$

-$

-

$

(30)

TO

TA

L E

XP

EN

SE

S2,

295,

215

$

443,

965

$

132,

861

$

193,

636

$

265,

358

$

3,33

1,03

5$

3,

627,

998

$

(31)

182,

079

$

(218

,895

)$

(3)

$

20

1$

85

,674

$

49,0

56$

56

,773

$

OP

ER

AT

ING

SU

RP

LU

S (

DE

FIC

IT)

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:

0012

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

-

$

-

$

-

$

-

$

35

,000

$

35

,000

$

35

,000

$

Un

cert

ific

ated

ben

efit

s-

$

-

$

-

$

-

$

2,

000

$

2,00

0$

2,

000

$

Su

b-t

ota

l Rem

un

erat

ion

-$

-$

-$

-$

37,0

00$

37,0

00$

37,0

00$

Su

pp

lies

and

ser

vice

s16

0,77

3$

79

,405

$

-

$

-

$

-

$

24

0,17

8$

24

0,17

8$

Ele

ctri

city

8,83

1$

8,

831

$

8,83

1$

Nat

ura

l gas

/hea

tin

g f

uel

48,9

02$

48,9

02$

48,9

02$

Sew

er a

nd

wat

er11

,673

$

11

,673

$

11

,673

$

Tel

eco

mm

un

icat

ion

s16

,804

$

16

,804

$

16

,804

$

Insu

ran

ce7,

000

$

7,00

0$

7,

000

$

Am

ort

izat

ion

of

tan

gib

le c

apit

al a

sset

s

Sup

port

ed33

,461

$

33

,461

$

Uns

uppo

rted

40,1

16$

40,1

16$

40,1

16$

To

tal A

mo

rtiz

atio

n40

,116

$

40

,116

$

33

,461

$

73

,577

$

Inte

rest

on

cap

ital

deb

t

Sup

port

ed-

$

-

$

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

S16

0,77

3$

79

,405

$

86

,210

$

-

$

44

,000

$

40

,116

$

41

0,50

4$

33

,461

$

44

3,96

5$

Sch

ool b

uild

ings

3,41

8.2

Non

sch

ool b

uild

ings

0.0

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

SUZUKI CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS

AUGUST 31, 2014

1. PURPOSE OF THE SOCIETY:

The Society delivers education programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S-3.

The Society receives instruction and support allocations under Education Grants Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of grant funds received. The Society is limited on certain funding allocations and administrative expenses.

The Society is incorporated under the Societies Act of the Province of Alberta and is exempt from income taxes.

2. ACCOUNTING POLICIES:

These financial statements are prepared in accordance with generally accepted accounting principles established by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. Significant policies are as follows:

Revenue recognition:

Instruction and support allocations are recognized as revenue in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered.

Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Contributed services are not recognized in the financial statements.

Eligibility criteria are criteria that the Society has to meet in order to receive certain contributions. Stipulations describe what the Society 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 or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met.

Contributions with stipulations are recognized as revenue in the period the stipulations are met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Such liabilities are recorded as deferred revenue. Deferred revenue also include contributions for capital expenditures, unexpended and expended.



AUGUST 31, 2014

2. ACCOUNTING POLICIES (continued):

Unexpended deferred capital revenue:

Page 2

Unexpended deferred capital revenue represents externally restricted supported capital funds provided for a specific capital purpose received or receivable by the jurisdiction, but the related expenditure has not been made at year-end. These contributions must also have stipulations that meet the definition of a liability per PS 3200 when expended.

Expended deferred capital revenue:

Expended deferred capital revenue represents externally restricted supported capital funds that have been expended but have yet to be amortized over the useful life of the related capital asset. Amortization over the useful life of the related capital asset is due to certain stipulations related to the contributions that require that the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset.

Tangible capital assets:

Tangible capital assets are recorded at cost which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the asset.

The cost is amortized using the straight-line method over the estimated useful life as follows:

Buildings .......................................................... . Stage equipment .............................................. . Musical equipment ........................................... . Computer equipment ....................................... . Leasehold improvements ................................. .

25 years 10 years 10 years 5 years 6-8 years

Equipment with a cost in excess of $5,000 is capitalized and purchases under $5,000 are expensed in the year of acquisition.

Program reporting:

The Society's operations have been segmented as follows:

ECS to Grade 6 Instruction: The provision of Early Childhood Services (ECS) education and grades 1 - 6 instructional services that fall under the basic public education mandate.



AUGUST 31, 2014


Program reporting (continued):

Page 3

Plant operations and maintenance: The operation and maintenance of all school buildings and maintenance shop facilities.

Transportation: The provision of regular and special education bus services (to and. from school) whether contracted or board operated, including transportation facilities.

Board and system administration: The provision of board governance and system-based/central office administration.

External services: All projects, activities and services offered outside the public education mandate for ECS children and students in grades 1-6. 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.

The allocation of revenue and expenses are reported by program, source and object on the Schedule of Program Operations.

Pensions:

Pension costs included in these financial statements comprise the cost of employer contributions for current service of employees during the year.

The current past service costs of the Alberta Teachers Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, the Suzuki Charter School Society does not make pension contributions for certificated staff. The Government portion of the current service contribution to the Alberta Teachers Retirement Fund on behalf of the jurisdiction is included in both revenue and expenses. For the year ended August 31, 2014, the amount contributed by the Government of Alberta was $164,281 (2013 - $134,041).

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.



AUGUST 31, 2014


Financial instruments:

Page4

A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The Society recognizes a financial instrument when it becomes a party to a financial instrument contract.

Financial instruments consist of cash and cash equivalents, accounts receivable, term deposits and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Society is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks.

Use of estimates:

The preparation of financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

3. ACCOUNTS RECEIVABLE:

Accounts receivable is comprised of the following:

Federal Government ........................................................ . Alberta Education ............................................................. . Trade receivables and other ............................................. .

4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES:'

$22,477 1,370 2,999

$26,846

$46,781

$46,781

Accounts payable and accrued liabilities is comprised of the following:

Other Alberta school jurisdictions ..................................... . Other trade payables and accrued liabilities ..................... .

2014 2013

$ 6,681 41,991

$48,672

$15,077 44,619

$59.696


~ >

::ci ~ :::: n :::: d ~

~ >

'Z

'Z ... n n =

... >

::ci ... l"'l

0 '" '" .. (") ::r: >

;o

-l

tll ;o

m

0 >

(")

(") 0 d z -l > z -l rn

5.

Ta

ng

ible

Ca

pita

l A

sset

s

Est

imat

ed u

sefu

l lif

e

His

tori

cal

cost

Beg

inni

ng o

f yea

r

Prio

r pe

riod

adju

stm

ents

Add

ition

s

Tra

nsfe

rs in

(ou

t)

Less

dis

posa

ls in

clud

ing

writ

e-of

fs

Acc

umul

ated

am

ort

iza

tion

Beg

inni

ng o

f yea

r

Prio

r pe

riod

adju

stm

ents

Am

ortiz

atio

n

Oth

er a

dditi

ons

Tra

nsfe

rs in

(ou

t)

Less

dis

posa

ls in

clud

ing

writ

e-of

fs

Net

Bo

ok

Val

ue a

t E

nd o

f Yea

r

Le

ase

ho

ld

Imp

rove

me

nts

6

-8

Ye

ars

$ 3

16

,87

8 - - - -

$ 3

16

87

8

$ 1

04

,51

9 -

42,4

71 - - -

$ 1

46

99

0

'!;

1RQ

QQ

Q

20

14

Sta

ge

Bu

ildin

gs

Eq

uip

me

nt

25

Ye

ars

1

0 Y

ea

rs

$ 6

30

,29

0

$ 6

3,3

67

--

--

--

--

$ 6

30

29

0

$ 6

3 3

67

$ 8

8,9

12

$

58

,99

2

--

25

,21

2

62

5

--

--

--

$ 1

14

12

4

$ 5

9 6

17

'!;

l'\1

R 1

RR

'!:

".\ 7

i:;n

20

13

Mu

sica

l C

om

pu

ter

Eq

uip

me

nt

Eq

uip

me

nt

Tot

al

Tot

al

10

Ye

ars

5

Ye

ars

$ 4

2,8

60

$

9,8

35

$

1,0

63

,23

0

$ 1

,06

3,2

30

--

--

--

--

--

--

--

--

·~

42

86

0

$ 9

83

5

$ 1

06

32

30

$

10

63

23

0

$ 3

1,4

55

$

7,8

68

$

29

1,7

46

$

21

8,1

69

--

-3

,30

2

1,9

67

7

3,5

77

7

3,5

77

--

--

--

--

--

--

$ 3

4 7

57

$

9 8

35

$

36

5 3

23

$

291

74

6

'!: A

11'1~

'!: -

$ R

97

90

7

!!;

77

1 4

A4

6. Deferred Revenue

ADD: DEDUCT: ADD (DEDUCT): SOURCE AND GRANT OR FUND TYPE DEFERRED 2013/2014 2013/2014 2013/2014 DEFERRED

REVENUE Restricted Restricted Funds Adjustments REVENUE as at Funds Received/ Expended for Returned as at

Aun '.\1 2013 Receivable tPaid I Pauable\ i::unds Aun.31 2014 Unexpended deferred operating revenue

Other Deferred Revenue: School Generated Funds $ 65,030 $ 201,101 $ (171,632) $ - $ 94,499

Fees (instruction & lunch supervision) 21,724 106,692 (100,806) - 29,610 Other - preschool fees 7,495 30,760 (31,625) - 6,630

Other - after-school care fees - 6,000 - - 6,000

Total unexpended deferred operating revenue !Ii 94,249 !Ii 346,""" !Ii {304,0n:< !Ii - !Ii l;jt>,/;j~

Exoended deferred capital revenue 571,165 - (33,461) - 537,724

Total i !l!l:i!\~!\ i ~!\!l ~li~ i !m:i~!ll <t - i !lZ~ ~§~

Rows may be delted or added as required.


" Page 5


AUGUST 31, 2014

7. SCHOOL GENERATED FUNDS:

School generated funds is comprised of the following: 2014 2013

Balance at beginning of the year .................................. .. $ 65,030 $ 63, 138

Gross receipts: Fees ........................................................................... . 72,170 88,039 Fund raising ................................................................. . 128,931 52,496

Total related expenses and uses of funds .................... .. (133,038) (107,462) Total direct costs including cost of goods sold to

raise funds ................................................................... . (38,594) (31, 181)

Balance at end of the year ............................................ . $ 94,499 $ 65,030

8. RELATED PARTY TRANSACTIONS:

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 and other school jurisdictions in Alberta. Related party balances and transactions for the Society are as follows:

Balances Financial Assets Liabilities

Government of Alberta: Education................................... $1,370

Other Alberta school jurisdictions ............................... .

Total - 2014 ....................... $1.370

Total - 2013 ....................... $ -

$

6,681

$ 6,681

$15.077

9. ECONOMIC DEPENDENCE ON RELATED PARTY:

Transactions

Revenue Expenses

$2,843, 149 $

98,055

$2,843, 149 $ 98,055

$3, 167.117 $358.855

The Society's primary source of revenue is from the Government of Alberta. The ability to continue viable operations is dependent on continuing to receive this funding.



AUGUST 31, 2014

10. REMUNERATION AND MONETARY INCENTIVES:

Page 6

The Society has paid or accrued expenses for the year ended August 31, 2014 to or on behalf of the following positions and persons in groups as follows:

Full time equivalents Remuneration

Board members···················" 0.0 Superintendent"""" .......... "" 0.4 Secretary-treasurer ..... """····· 1.0 Certificated .. "........................ 16. 8 Non-certificated ........... "........ 11.9

TOTAL

11. BUDGET AMOUNTS:

$ 62,383

108,025 1,352,376

426,451

$1.945,935

Benefits Expenses

$ $ 951 3,705 1,967 7,954 4,360

306,341 32,588 60,619

$378,619 $39,866

The budget was prepared by the Society and approved by the Board of Directors. It is presented for information purposes only and has not been audited.


Documents

AUDITED FINANCIAL STATEMENTS FOR THE YEAR … statements with management in detail and approved the financial statements for release. The Board appoints external auditors to audit