FINANCIAL STATEMENTS

 

The Auditor's Report for 2012 is published online: http://finance.lakeheadu.ca/financial-statements/

BALANCE SHEET

April 30 (in thousands of dollars) 2012 2011
Assets    
Current    
Cash $    39,146 $    37,486
Accounts receivable 7,937 10,346
Inventories and prepaid expenses 900 1,021
  47,983 48,853
Long-term investments 73,697 69,222
Capital assets 157,950 150,282

$279,630 $  268,357

 
Liabilities and Net Assets    
Liabilities  
Current    
Accounts payable & accrued charges $ 14,535 $ 16,196
Deferred revenue 16,795 14,931
Current portion of long-term debt 1,628 1,325
  32,958 32,452
Deferred capital contributions 48,219 50,530
Long-term debt 115,118 100,740
Interest rate swaps 5,135 2,623
Pension benefit obligation         - 218
  201,430 186,563
Net Assets    
Internally restricted 44,023 46,365
Endowments 37,899 37,000
Unrestricted (3,722) (1,571)
  78,200 81,794
  $279,630 $268,357

STATEMENT OF REVENUE AND EXPENSES

For the year ended April 30 (in thousands of dollars) 2012 2011
Revenue    
Government grants for general operations $   64,492    64,261
Government & other grants for restricted purposes 15,509 24,657
Student fees 50,359 46,763
Sales of goods & services 17,010 15,784
Investment income 1,823 4,690
Donations 2,088 844
Contract research 1,027 1,116
Sundry 2,090 6,553
Amortization of deferred capital contributions 3,372 3,704
  157,770 168,372
Expenses    
Salaries and benefits 96,693 92,669
Operational supplies & expenses 6,463 5,316
Cost of sales & services 7,604 6,395
Amortization of capital assets 13,053 11,799
Amortization of debenture issuance costs 117 117
Building & equipment maintenance 7,602 14,673
Municipal taxes 582 550
Scholarships, bursaries & awards 9,425 8,891
Utilities 4,303 4,041
Travel 3,146 3,063
Other 4,819 4,211
Interest on long term debt 8,399 7,246
  162,206 158,971
Excess of revenue over expenses for the year $  (4,436) $  9,401