FINANCIAL STATEMENTS

 

The Auditor's Report for 2011 is published online: http://finance.lakeheadu.ca/financial-statements/

BALANCE SHEET

April 30 (in thousands of dollars) 2011 2010
Assets    
Cash $    37,486 $    42,305
Accounts receivable 10,346 8,636
Inventories and prepaid expenses 1,021 1,046
Long-term investments 69,222 85,415
Capital assets 150,282 124,509

$268,357 $  261,911

 
Liabilities and Net Assets  
Liabilities  
Demand Loan $        -       $    13,000
Accounts payable and accrued charges 16,196 18,921
Deferred revenue 14,931 18,273
Deferred capital contributions 50,530 45,990
Long-term debt 102,065 95,688
Interest rate swaps 2,623 643
Pension benefit obligation 218 - 

186,563 192,515
Net Assets  
Internally restricted 46,365 36,420
Endowments 37,000 33,854
Unrestricted (1,571) (878)
  81,794 69,396

 $268,357 $  261,911

STATEMENT OF REVENUE AND EXPENSES

 
For the year ended April 30 (in thousands of dollars) 2011 2010
Revenue    
Government grants for general operations $ 64,261 $    62,089
Government and other grants for restricted purposes 24,657 18,929
Student fees 46,763 43,409
Sales of goods and services 15,784 15,127
Investment income 4,690 10,855
Donations 844 884
Contract research 1,116 1,473
Sundry 6,553 2,033
Amortization of deferred capital contributions 3,704 3,259
  168,372 158,058
Expenses    
Salaries and benefits 92,669 86,567
Operational supplies and expenses 5,316 5,712
Cost of sales and services 6,395 6,247
Amortization of capital assets 11,799 10,111
Amortization of debenture issuance costs 117 117
Building and equipment maintenance 14,673 8,034
Municipal taxes 550 521
Scholarships, bursaries and awards 8,891 7,992
Utilities 4,041 3,887
Travel 3,063 2,765
Other 4,211 5,284
Interest on long term debt 7,246 6,064
  158,971 143,301
Excess of revenue over expenses for the year
 $    9,401 $    14,757