AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED …...School Jurisdiction Code: 2115 AUDITED...
Transcript of AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED …...School Jurisdiction Code: 2115 AUDITED...
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School Jurisdiction Code: 2115
AUDITEDFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2012[School Act, Sections 147(2)(a), 148, 151(1) and 276]
Legal Name of School Jurisdiction
Mailing Address
Telephone and Fax Numbers
SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The financial statements of
Board of Trustees Responsibility
External Auditors
Declaration of Management and Board Chairman
"ORIGINAL SIGNED"Name Signature
"ORIGINAL SIGNED"Name Signature
"ORIGINAL SIGNED"Name Signature
Board-approved Release Date
c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 427-3855 (Toll free 310-0000) FAX: (780) 422-6996
Wetaskiwin Regional Division No.11
5515-47A Avenue, Wetaskiwin, Alberta T9A 3S3
Telephone: 780-352-6018 Fax: 780-352-7886
27-Nov-12
SECRETARY TREASURER OR TREASURER
SUPERINTENDENT
To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial positionand results of operations and cash flows for the year in accordance with generally accepted accounting principles and
Ms. Sherri Senger
Wetaskiwin Regional Division No.11
Ms. Deanna Specht
Dr. Terry Pearson
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.
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 accordance
BOARD CHAIR
to 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 theschool jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training
follow the financial reporting requirements prescribed by Alberta Education.
with generally accepted accounting principles and follow format prescribed by Alberta Education.
In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed
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School Jurisdiction Code: 2115
TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR'S REPORT 3
STATEMENT OF FINANCIAL POSITION 4
STATEMENT OF REVENUES AND EXPENSES 5
STATEMENT OF CASH FLOWS 6
STATEMENT OF CHANGES IN NET ASSETS 7
STATEMENT OF CAPITAL ALLOCATIONS 8
NOTES TO THE FINANCIAL STATEMENTS 9
page 2
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. '
JDP WASSERMAN & c
AS SOCIA TES ~ Certified Management Accountant
Independent Auditors' Report
To the Board of Trustees of Wetaskiwin Regional Division No. 11
5010 51 st Street Wetaskiwin, AB T9A IL3 Telephone: 780 352-8982 Fax: 780 352-5285 E-mail: [email protected]
4825 - 481h Street Camrose, AB T4V IL4 Telephone: 780 608-4849 Fax: 780 672-0349 E-mail: [email protected]
We have audited the accompanying financial statements of Wetaskiwin Regional Division No. 11, which comprise the statement of financial position as at August 31, 2012, and the statements of revenues and expenses, cash flows, changes in net assets and capital allocations for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, 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.
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 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 Wetaskiwin Regional Division No. 11 as at August 31, 2012, and the results of its operations, cash flows, and changes in net assets and capital allocations for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
Wetaskiwin, Alberta CERTIFIED MANAGEMENT ACCOUNTANTS
November 15, 2012
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School Jurisdiction Code: 2115
STATEMENT OF FINANCIAL POSITIONas at August 31, 2012
(in dollars)
2012 2011
RestatedASSETSCurrent assets
Cash and temporary investments (Note 3) $9,357,916 $14,634,184Accounts receivable (net after allowances) (Note 4) $2,885,564 $492,387Prepaid expenses (Note 2) $322,253 $97,808Other current assets (Note 2) $273,224 $267,308
Total current assets $12,838,958 $15,491,687Trust assets (Note 5) $265,876 $213,207Long term accounts receivable $0 $0Long term investments $10 $10Capital assets (Note 6)
Land $242,290 $242,290Construction in progress $9,186,608 $2,818,835Buildings $59,875,347
Less: accumulated amortization ($31,789,575) $28,085,772 $28,101,360Equipment $4,060,909
Less: accumulated amortization ($1,790,115) $2,270,794 $1,766,631Vehicles $598,331
Less: accumulated amortization ($337,195) $261,135 $317,347Total capital assets $40,046,599 $33,246,463
TOTAL ASSETS $53,151,443 $48,951,367
LIABILITIESCurrent liabilities
Bank indebtedness (Note 7) $0 $0Accounts payable and accrued liabilities (Note 8) $2,691,201 $972,269Deferred revenue (Note 9) $4,290,674 $3,953,203Deferred capital allocations (Note 10) ($0) $4,874,092Current portion of long term debt $642,520 $403,981
Total current liabilities $7,624,395 $10,203,545Total current liabilities $ ,6 ,395 $ 0, 03,5 5Trust liabilities (Note 5) $265,876 $213,207Employee future benefit liabilities (Note 15) $0 $0Long term debt (Note 12)
Supported: Debentures and other supported debt $1,662,996 $2,059,277Less: Current portion ($391,937) ($396,281)
Unsupported: Debentures and capital loans $4,300 $12,000Capital leases $246,283 $0Mortgages $0 $0Less: Current portion ($250,583) ($7,700)
Other long term liabilities $106,371 $101,751Unamortized capital allocations (Note 11) $32,984,515 $26,683,099
Total long term liabilities $34,627,821 $28,665,353TOTAL LIABILITIES $42,252,216 $38,868,898
NET ASSETSUnrestricted net assets ($0) $69,505Operating reserves $4,785,981 $4,707,308
Accumulated operating surplus (deficit) $4,785,981 $4,776,813Investment in capital assets $5,148,505 $4,395,080Capital reserves $964,741 $910,576
Total capital funds $6,113,246 $5,305,656Total net assets $10,899,227 $10,082,469
TOTAL LIABILITIES AND NET ASSETS $53,151,443 $48,951,367
Note: Please input "(Restated)" in 2011 column heading where comparatives are not taken from the finalized 2010/2011 Audited Financial Statements filed with Alberta Education.
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School Jurisdiction Code: 2115
Budget ActualActual 2012 20112012 Restated
REVENUESGovernment of Alberta (Note 21) $44,968,655 $44,079,136 $44,250,346
Federal Government and/or First Nations $3,862,452 $4,022,518 $4,204,221
Other Alberta school authorities $13,532 $69,038 $12,821
Out of province authorities $0 $0 $0
Alberta Municipalities-special tax levies $0 $0 $0
Fees (Note 13) $932,344 $713,758 $752,455
Other sales and services $786,472 $750,000 $1,085,252
Investment income $136,483 $75,000 $110,517
Gifts and donations $24,331 $35,000 $57,252
Fundraising $211,757 $200,000 $248,753
Rental of facilities $24,949 $25,000 $25,855
Gains on disposal of capital assets $0 $0 $2,500
Amortization of capital allocations $1,540,039 $1,550,000 $1,515,655Other revenue $0 $0 $5,061
Total Revenues $52,501,014 $51,519,450 $52,270,688
Certificated salaries (Note 23) $23,111,157 $23,044,713 $22,893,154Certificated benefits (Note 23) $4,797,014 $4,314,821 $4,770,693Non-certificated salaries and wages (Note 23) $10,049,818 $9,872,296 $9,778,514Non-certificated benefits (Note 23) $2,748,697 $2,772,562 $2,644,697Services, contracts and supplies $8,751,264 $10,598,733 $9,133,753Capital and debt services
Amortization of capital assets
Supported $1,540,039 $1,550,000 $1,515,655
Unsupported $508,001 $126,000 $439,199
Total Amortization of capital assets $2,048,040 $1,676,000 $1,954,854
Interest on capital debt
Supported $54,916 $201,290 $221,274
Unsupported $122,131 $1,300 $1,454
Total Interest on capital debt $177,047 $202,590 $222,728
Other interest and charges $1,219 $1,000 $0
Losses on disposal of capital assets $0 $0 $0
Other expense $0 $150,000 $197,056
Total Expenses $51,684,256 $52,632,715 $51,595,449
$816,758 ($1,113,265) $675,239
Extraordinary Item $0 $0 $0
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES $816,758 ($1,113,265) $675,239
Please input "(Restated)" where Actual 2011 comparatives are not as presented in the finalized 2010/2011 Audited Financial Statements filed withAlberta Education. Budget 2012 comparatives presented are final budget amounts formally approved by the Board.
STATEMENT OF REVENUES AND EXPENSESfor the Year Ended August 31, 2012
(in dollars)
Note:
EXPENSES
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES BEFORE EXTRAORDINARY ITEM
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2115
for the Year Ended August 31, 2012
(in dollars)
2012 2011
Restated
CASH FLOWS FROM:
A. OPERATIONSExcess (deficiency) of revenues over expenses $816,758 $675,239Add (Deduct) items not affecting cash:
Amortization of capital allocations revenue ($1,540,039) ($1,515,655)Total amortization expense $2,048,040 $1,954,854Gains on disposal of capital assets $0 ($2,500)Losses on disposal of capital assets $0 $0
Changes in:Accounts receivable ($2,393,177) $167,900Prepaids and other current assets ($230,361) ($113,225)Long term accounts receivable $0 $0Long term investments $0 $0Accounts payable and accrued liabilities $1,723,552 ($949,681)Deferred revenue $337,471 $1,079,332Employee future benefit liabilitiies $0 ($13,100)
Other (describe) $0 ($27,500)Total cash flows from Operations $762,244 $1,255,664
B. INVESTING ACTIVITIES Purchases of capital assets
Land $0 $0Buildings ($7,844,828) ($1,843,452)Equipment ($1,003,348) ($677,808)Vehicles $0 ($45,733)
Net proceeds from disposal of capital assets $0 $2,500Other (describe) $0 ($97,005)
Total cash flows from Investing activities ($8,848,177) ($2,661,498)
C. FINANCING ACTIVITIESCapital allocations $2,571,082 $177,162Issue of long term debt $246,283 $0Repayment of long term debt ($403,980) ($609,776)
Add back: supported portion $396,281 $602,076Other (describe) $0 $0
Total cash flows from financing activities $2,809,665 $169,462
Net cash flows from during the year ($5,276,268) ($1,236,372)Cash and temporary investments, net of bank indebtedness, at Aug. 31/11 $14,634,184 $15,870,556Cash and temporary investments, net of bank indebtedness, at Aug. 31/12 $9,357,916 $14,634,184
Note: Please input "(Restated)" where Actual 2011 comparatives are not as presented in the finalized 2010/2011 Audited Financial Statements filed with Alberta Education.
School Jurisdiction Code:
STATEMENT OF CASH FLOWS
Prior period adjustement - Scholarships
Unsupported corrected to supported assets
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Scho
ol J
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(9)
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page
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$0$0
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7
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School Jurisdiction Code: 2115
STATEMENT OF CAPITAL ALLOCATIONS(EXTERNALLY RESTRICTED CAPITAL CONTRIBUTIONS ONLY)
for the Year Ended August 31, 2012(in dollars)
Deferred UnamortizedCapital Capital
Allocations Allocations
Balance at August 31, 2011 $4,874,092 $26,683,099
Prior period adjustments $0 $0
Adjusted balance, August 31, 2011 $4,874,092 $26,683,099
Add:
Restricted capital allocations from: Alberta Education school building and modular projects $2,402,664
Other Government of Alberta $97,005
Federal Government and First Nations $0
Other sources $39,942
Interest earned on provincial government capital allocations $31,471
Other capital grants and donations $0
Net proceeds on disposal of supported capital assets $0
Insurance proceeds (and related interest) $0
Donated capital assets (amortizable @ fair market value) $0Donated capital assets (amortizable, @ fair market value) $0
P3, other ASAP and Alberta Infrastructure managed projects $0
Transferred in capital assets (amortizable, @ net book value) $0
Current year supported debenture principal repayment $396,281
Expended capital allocations - current year ($7,445,174) $7,445,174
Deduct:
Net book value of supported capital assets dispositions, write-offs, or transfer; Other $0 $0
Capital allocations amortized to revenue $1,540,039
Balance at August 31, 2012 ($0) $32,984,515
* Infrastructure Maintenance Renewal (IMR) Program allocations are excluded from this Statement, since those allocations are not externally restricted to capital.
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Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
1. Authority and purpose
The School Jurisdiction delivers education programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S-3.
The jurisdiction receives instruction and support allocations under Education Grants
Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of
grant monies. The School Jurisdiction is limited on certain funding allocations and
administration expenses.
2. Summary of significant accounting policies
These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP). The precise determination of many assets and liabilities is dependent on future events. As a result, the preparation of financial statements for a period involves the use of estimates and approximations, which have been made using careful judgment. Actual results could differ from those estimates and approximations. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below:
Revenue recognition
The Wetaskiwin Regional Division #11 (the “Regional Division”) follows the deferral method of accounting for contributions.
Revenue is recognized as follows:
Instruction and support allocations are recognized 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.
Unrestricted contributions are recognized as revenue when received or receivable. Contributions in-kind are recorded at fair market value when reasonably determinable.
Externally restricted contributions are deferred and recognized as revenue in the period in which the restriction is complied with.
Restricted investment income is recognized as revenue in the year in which the related
expenses are incurred. Unrestricted investment income is recognized as revenue when
earned.
Prepaid expenses
Certain expenditures incurred before the close of the school year are for school supplies and equipment which will be consumed subsequent to the year-end, and are accordingly recorded as prepaid expenses. Certain insurance expenses also fall into this category.
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Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
2. Summary of significant accounting policies (continued)
Inventories
Inventories are recorded at the lower of cost or net realizable value.
Capital assets
Capital assets are recorded at cost. Contributed capital assets are recorded at fair market
value at the date of the contribution. Amortization is provided on a straight line basis over
the assets’ estimated useful lives at the following rates:
Buildings 2.5% to 10%
Computer Hardware & Software 20%
Other Equipment & Furnishings 10% and 20%
Vehicles 10% and 20%
Capital assets with costs in excess of $5,000 are capitalized. Capital allocations received
for asset additions are amortized into revenue over the same period as the amortization
expense.
Vacation pay
Vacation pay is accrued in the period in which the employee earns the benefit. Pensions
Pension costs included in these statements comprise the cost of employer contributions for
current service of employees during the year.
The current service and past service costs of the Alberta Teacher Retirement Fund are
met by contributions by active members and the Government of Alberta. Under the terms
of the Teachers Pension Plan Act, the Wetaskiwin Regional Division No. 11 does not make
pension contributions for certificated staff. The Government portion of the current service
contribution to the Alberta Teacher Retirement Fund on behalf of the jurisdiction is included
in both revenues and expenses. For the school year ended August 31, 2012, the amount
contributed by the Government was $2,230,051 (2011-$2,201,805)
The Regional Division participates in the multi-employer pension plan, Local Authorities
Pension Plan, and does not report on any unfunded liabilities. The expense for this
pension plan is equivalent to the annual contributions of $910,483 for the year ended
August 31, 2012 (2011 - $854,891). At December 31, 2011 the Local Authorities Pension
Plan reported a deficiency of $4,639,390,000 (2010 deficiency of $4,635,250,000).
Operating and capital reserves
Reserves are established at the discretion of the Board of Trustees of the Regional Division, to set aside funds for operating and capital purposes. Such reserves are appropriations of unrestricted net assets.
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Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
2. Summary of significant accounting policies (continued)
Financial instruments
The Regional Division’s financial instruments consist of cash and temporary investments, accounts receivable, accounts payable, accrued liabilities and long-term debt. It is management’s opinion that the jurisdiction is not exposed to significant interest, currency or credit risks arising from these financial instruments. Unless otherwise noted, the fair values of these financial instruments approximate their carrying value. The Regional Division has invested surplus funds in accordance with Section 60 (2) (d) of the School Act.
Contributed services
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. Because of the difficulty of compiling these hours and the fact that
these services are not otherwise purchased, contributed services are not recognized in the
financial statements.
Future Accounting Policies
The Regional Division will adopt public sector accounting standards for the year ending
August 31, 2013 with retrospective application and restatement of the prior school year.
The transition is intended to enhance the public accountability and comparability of the
financial reporting of the government controlled entities with those of other government
organizations.
3. Cash and Temporary Investments
2012 2011
Restated Average
Effective
(Market)
Yield Cost
Fair
Value
Average
Effective
(Market)
Yield Cost
Fair
Value
Cash and cash equivalents $9,357,916 $9,357,916 - $11,731,189 $11,731,189
Fixed-income securities:
Government of Canada,
direct and gauranteed - - 1.25% 3,000,000 3,000,000
Total cash and temporary
investments $9,357,916 $9,357,916 1.25% $14,731,189 $14,731,189
4. Accounts receivable 2012 2011
Restated
Alberta Education $ 2,417,220 $ 17,531
Alberta Finance 100,791 125,674
Federal Government 184,016 105,803
Other Alberta School Jurisdictions 13,532 15,644
Other 170,005 227,735
$ 2,885,564 $ 492,387
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Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
5. Trust assets and liabilities 2012 2011
Restated
Scholarship trusts $ 172,940 $ 152,253
School Generated Fund trusts 6,023 7,534
Community Learning Council 86,913 53,420
$ 265,876 $ 213,207
These balances represent cash that is held in trust by the Regional Division.
6. Capital Assets
Land
Construction
In Progress
New Building
Buildings
Equipment-
Computer
Hardware &
Software
Other
Equipment
Vehicles
Total
Estimated Useful Life
Historical Cost
September 1, 2011 $242,290 $2,818,835 $58,309,598 $1,822,801 $1,323,454 $598,331 $65,115,309 Additions - 6,919,400 1,014,122 750,364 164,290 - 8,848,176 Transfers in (out) - (551,627) 551,627 - - - -
Less disposals including write-offs - - - - - - -
August 31, 2012 $242,290 $9,186,608 $59,875,347 $2,573,165 $1,487,744 $598,331 $73,963,485
Accumulated Amortization
September 1, 2011 $0 $0 $30,208,238 $745,065 $634,559 $280,984 $31,868,846
Amortization expense - - 1,581,337 285,649 124,842 56,211 2,048,040
Transfers in (out) - - - - - - -
Effect of disposals - - - - - - -
August 31, 2012 $0 $0 $31,789,575 $1,030,714 $759,402 $337,195 $33,916,886
Net Book Value at August 31, 2012 $242,290 $9,186,608 $28,085,772 $1,542,451 $728,343 $261,135 $40,046,599
7. Bank indebtedness
The Regional Division has negotiated a Line of Credit in the amount of $1,000,000 and a
Standby Letter of Credit for $300,000, each bear interest at the bank prime rate less
0.25%. Both are secured by a borrowing bylaw and a security agreement, covering all
revenue of the Regional Division. There was no balance outstanding on the Line of Credit
or the Standby Letter of Credit as at August 31, 2012.
8. Accounts payable and accrued liabilities 2012 2011
Restated
Alberta Finance $ 101,249 $ 126,786
Federal Government 278 27,438
Other Trade Payables and Accrued Liabilities 2,589,674 818,045
$ 2,691,201 $ 972,269
-
Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
9. Deferred revenue
SOURCE AND GRANT OR FUND TYPE
DEFERRED
REVENUE
as at
Aug. 31, 2011
Restated
ADD:
2011/2012
Restricted
Funds
Received/
Receivable
DEDUCT:
2011/2012
Restricted
Funds
Expended
(Paid/Payable)
DEFERRED
REVENUE
as at
Aug. 31, 2012
Alberta Education Restricted Operational Funding:
Infrastructure Maintenance Renewal $2,888,377 $773,196 $328,281 $3,333,292
Alberta Initiative for School Improvement 136,405 410,408 448,154 98,659 CTS Bridging Grant 18,000 68,000 43,000 43,000
IEPT Grant - 20,000 9,157 10,843
Other Government of Alberta Restricted Funding:
Child and Family Services Authority 62,630 116,517 159,512 19,635
Braillest 89,474 70,000 71,885 87,589
SCHEP 6,681 48,700 37,083 18,298
Other Deferred Revenue:
Supernet lease 4,780 4,768 4,780 4,768
Bus passes 16,240 20,900 16,240 20,900
School Generated Funds 730,616 - 76,926 653,690
TOTAL $3,953,203 $1,532,489 $1,195,018 $4,290,674
10. Deferred capital allocations
Deferred capital allocations represent externally restricted supported capital funds provided for a specific capital purpose that have been received or are receivable by the Regional Division, but the related expenditure has not yet been made at year-end. When expended, these deferred capital allocations are transferred to unamortized capital allocations.
11. Unamortized capital allocations
Unamortized capital allocations represent externally restricted supported capital funds that have been expended, but have yet to be amortized over the useful life of the related capital asset. The unamortized capital allocations account balance is increased by transfers of deferred capital allocations expended, as well as fully-supported debenture principal repayments.
-
Wetaskiwin Regional Division No. 11
Notes to the Financial Statements August 31, 2012
12. Long-term debt 2012 2011
Restated
Debentures:
6.875% to 15.75% Alberta Capital Finance Authority
debentures maturing at various dates from 2009 to 2019.
Debenture debt is authorized by Alberta Treasury
and $1,662,996 is fully supported. Interest paid on $ 1,667,296 $ 2,071,277
long-term debt during 2011 – 2012 was $201,290.
Capital Lease: 246,283 -
1,913,579 2,071,277
Less: current portion 642,520 403,981
$ 1,271,059 $ 1,667,296
Debenture and capital loan repayments required in each of the next five years and beyond
are due as follows:
Principal Interest Total
2012 - 2013 $ 633,920 $ 162,266 $ 796,186
2013 - 2014 359,747 123,515 483,262
2014 - 2015 344,747 87,498 432,245
2015 - 2016 267,428 53,150 320,578
2016 - 2017 170,942 26,950 197,892
2017 to maturity 136,795 14,705 151,500
Total $ 1,913,579 $ 468,084 $ 2,381,663
The current portion of long-term debt includes $391,937 of amounts payable by Alberta
Finance on supported debt; therefore, the working capital (current assets minus current
liabilities) is understated by this amount.
13. Fees 2012 2011
Restated
Transportation fees* $ 28,260 $ 24,942
Fees charged for instructional material and supplies** 307,454 297,948
Other Fees 596,630 429,565
$ 932,344 $ 752,455
*Charged under School Act, Section 51 (3) **Charged under School Act, Section 60 (2) (j)
-
Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
14. School Generated Funds
Unexpended School Generated Revenues,
Opening Balance August 31, 2011 (A) $730,616
Current Year Activities – Gross Receipts:
Fees 555,128
Fundraising 290,322
Gifts and donations 71,296
Grants to schools -
Other sales and services 300,308
Total gross receipts (B) 1,217,054
Current Year Activities – Total Direct Costs
Including Cost of Goods Sold to Raise
Funds (C) 1,212,844
Current Year Activities – Uses of Funds (D) 81,136
Unexpended School Generated Revenues,
Closing Balance August 31, 2012 (E)* $653,690
*E=A+B-C-D
15. SIPP
The Regional Division is a member of the Supplemental Integrated Pension Plan. The plan
provides supplementary pension plan benefits to a prescribed class of employees in
addition to Local Authorities Pension Plan or Alberta Teacher Retirement Fund.
There are nine employees who are eligible to participate in the plan, one employee is
currently participating.
The current service contributions in 2012 were $nil (2011 - $nil) and past service costs
were $nil (2011 - $nil). The accrued benefit liability at August 31, 2012 is $nil (2011 - $nil).
16. Commitments
Operating leases
The Regional Division has entered into a number of operating leases, which have financial commitments as outlined below. These leases relate to photocopiers, facility rental, garbage removal and grounds maintenance.
2012-2013 $ 401,958
2013-2014 376,667
2014-2015 301,676
2015-2016 257,180
2016-2017 60,000
Total $ 1,397,481
-
Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
16. Commitments (continued)
Building Projects
The Regional Division is committed to capital expenditures for the construction of Griffiths
Scott Middle School of approximately $11,019,820. It is anticipated that these costs will be
fully funded by the capital allocations from Alberta Education.
17. Contingency
The Regional Division is a member of a reciprocal insurance exchange called ALARIE. A
portion of the premiums paid in past year’s represented equity contributions to the
insurance fund. The value of equity is subject to liability claims and is not an asset that the
Regional Division can liquidate.
18. Economic dependence on related third party
The Regional Division’s primary source of income is from the Government of Alberta. The
Regional Division’s ability to continue viable operations is dependent on this funding.
19. Budget amounts
The Regional Division management prepared the budget with Board of Trustees approval
given on May 31, 2011. It is presented for information purposes only and has not been
audited.
20. Comparative Figures
The comparative figures have been reclassified where necessary to conform to the 2012
presentation.
21. Prior Period Adjustments
Revenue from Government of Alberta and certificated benefits have been restated to
$44,250,346 (2011-$42,048,540) to reflect retroactive application of inclusion of
Government contributions to Alberta Teachers Retirement Fund in the statement of
revenues and expenses.
-
Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
22. Related Party Transactions
Effective 2005/2006, school jurisdictions are controlled by the Government of Alberta
according to criteria set out in Public Sector Accounting Board Handbook Section 1300. All
entities that are consolidated in the accounts of the Government of Alberta are now related
parties of school jurisdictions. These include government departments, health authorities,
post-secondary institutions and other school jurisdictions in Alberta. The Regional Division
had related party transactions for the year ended August 31, 2012 recorded in the
Statement of Revenues and Expenses and Statement of Financial Position, at the amount
of consideration agreed upon between the related parties.
Balances Transactions
2011-2012 Assets Liabilities Revenue
Government of Alberta:
Education $ 2,402,380 $ 3,485,794 $44,396,649
Finance 100,791 1,764,246 176,407
Other departments 46,730 125,522 395,674
Other:
Alberta school jurisdictions 13,532 - 13,532
Total 2011-2012 $ 2,563,433 $ 5,375,562 $44,982,262
Total 2010-2011 $ 203,291 $10,271,889 $42,051,195
-
Wetaskiwin Regional Division No. 11 Notes to the Financial Statements
August 31, 2012
23. Remuneration and Monetary Incentives
Wetaskiwin Regional Division No. 11 has paid or accrued expenses for the year ended
August 31, 2012 to or on behalf of the following positions and persons in groups as
follows:
Board Members
FTE
Remuneration
Benefits*
Totals
Expenses
Mr. Ed Zacharko 1.0 20,560 5,381 25,941 4,905
Ms. Barb Johnson 1.0 25,007 2,896 27,903 10,786
Mrs. Donna Hogg 1.0 21,142 2,682 23,824 6,057
Mr. Clint Neis 1.0 21,572 5,504 27,076 8,477
Mr. Glen Norby 1.0 19,786 4,385 24,171 5,856
Mrs.Deanna Specht
(Chair)
1.0 29,053 5,751 34,804 9,121
Mr. Stanley Harsch 1.0 19,162 5,395 24,557 3,425
Mrs. Shauna Bruno 1.0 18,612 5,407 24,019 4,296
Subtotal 8.0 174,894 37,401 212,295 52,923
Superintendent:
Dr. Terry Pearson 1.0 187,088 32,418 219,506 19,849
Secretary/Treasurer
Ms. Sherri Senger 1.0 147,501 34,946 182,447 10,084
Certificated
Teachers
235.6 22,924,069 4,764,596 27,688,665
Non-certificated -
Other
225.3 9,727,423 2,676,350 12,403,773
TOTALS 33,160,975 7,545,711 40,706,686
*Benefits include government portion of the current service contribution to the Alberta
Teachers Pension Fund on behalf of the school jurisdiction.
-
School Jurisdiction Code: 2115
UNAUDITED SCHEDULES
TO THEFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2012[School Act, Section 276]
Legal Name of School Jurisdiction
Mailing Address
Telephone and Fax Numbers
Declaration of Secretary-Treasurer / Chief Financial Officer
reporting requirements for Alberta school jurisdictions. These schedules were submitted to the board for information
"ORIGINAL SIGNED"Name Signature
Dated
c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 427-3855 FAX: (780) 422-6996
Wetaskiwin Regional Division No.11
Box 6171, Wetaskiwin, AB T9A 3S3
Telephone:780-352-6018 Fax:780-352-7886
27-Nov-12
To the best of my knowledge and belief, these unaudited schedules have been prepared following Alberta Education's
purposes.
SECRETARY TREASURER OR TREASURER
Ms. Sherri Senger
-
School Jurisdiction Code: 2115
TABLE OF CONTENTS
Page
SCHEDULE A 3
SCHEDULE B 4
Allocation of Revenues and Expenses to Programs
Operations and Maintenance Program Expense Details
page 2 of 4
-
S
CH
EDU
LE A
Sc
hool
Jur
isdi
ctio
n C
ode:
2115
ALLO
CAT
ION
OF
REV
ENU
ES A
ND
EXP
ENSE
S TO
PR
OG
RAM
S - 2
011/
2012
Ope
ratio
ns a
ndM
aint
enan
ce o
fB
oard
&R
EVEN
UES
ECS
-Gra
de 1
2Sc
hool
s &
Syst
em
Exte
rnal
In
stru
ctio
nM
aint
enan
ce S
hops
Tran
spor
tatio
nAd
min
istr
atio
nSe
rvic
esTO
TAL
(1)
Alb
erta
Edu
catio
n$3
5,29
8,32
0$4
,349
,765
$2,8
77,4
34$1
,871
,130
$0$4
4,39
6,64
9
(2)
Oth
er -
Gov
ernm
ent o
f Alb
erta
$305
,268
$180
,702
$0$0
$86,
036
$572
,005
(3)
Fede
ral G
over
nmen
t and
Firs
t Nat
ions
$3,1
32,0
62$5
72,4
78$0
$157
,912
$0$3
,862
,452
(4)
Oth
er A
lber
ta s
choo
l aut
horit
ies
$0$0
$13,
532
$0$0
$13,
532
(5)
Out
of p
rovi
nce
auth
oriti
es$0
$0$0
$0$0
$0
(6)
Alb
erta
Mun
icip
aliti
es-s
peci
al ta
x le
vies
$0$0
$0$0
$0$0
(7)
Fees
$904
,084
$28,
260
$932
,344
(8)
Oth
er s
ales
and
ser
vice
s$7
15,6
67$4
09$0
$57,
412
$12,
984
$786
,472
(9)
Inve
stm
ent i
ncom
e$0
$0$0
$136
,483
$0$1
36,4
83
(10)
Gift
s an
d do
natio
ns$2
4,33
1$0
$0$0
$0$2
4,33
1
(11)
Fund
rais
ing
$211
,757
$0$0
$0$0
$211
,757
(12)
Ren
tal o
f fac
ilitie
s$0
$24,
949
$0$0
$0$2
4,94
9
(13)
Gai
ns o
n di
spos
al o
f cap
ital a
sset
s$0
$0$0
$0$0
$0
(14)
Am
ortiz
atio
n of
cap
ital a
lloca
tions
$98,
955
$1,4
41,0
84$0
$0$1
,540
,039
(15)
Oth
er re
venu
e$0
$0$0
$0$0
$0
(16)
TOTA
L R
EVEN
UES
$40,
690,
444
$6,5
69,3
87$2
,919
,226
$2,2
22,9
37$9
9,02
0$5
2,50
1,01
4
EXPE
NSE
S(1
7)C
ertif
icat
ed s
alar
ies
$22,
525,
648
$585
,509
$0$2
3,11
1,15
7
(18)
Cer
tific
ated
ben
efits
$4,6
89,5
34$1
07,4
80$0
$4,7
97,0
14
(19)
Non
-cer
tific
ated
sal
arie
s an
d w
ages
$6
,805
,656
$2,2
52,0
03$1
83,5
01$7
46,1
17$6
2,54
1$1
0,04
9,81
8
(20)
Non
-cer
tific
ated
ben
efits
$1,9
01,4
10$5
99,9
40$4
0,07
5$1
96,3
62$1
0,91
0$2
,748
,697
(21)
SUB
- TO
TAL
$35,
922,
248
$2,8
51,9
43$2
23,5
76$1
,635
,469
$73,
451
$40,
706,
687
(22)
Serv
ices
, con
trac
ts a
nd s
uppl
ies
$3,9
68,7
34$1
,790
,225
$2,5
63,6
01$4
03,1
35$2
5,56
9$8
,751
,264
(23)
Am
ortiz
atio
n of
cap
ital a
sset
s$4
42,4
34$1
,567
,190
$0$3
8,41
6$0
$2,0
48,0
40(2
4)In
tere
st a
nd c
harg
es$0
$177
,047
$895
$324
$0$1
78,2
66
(25)
Loss
es o
n di
spos
al o
f cap
ital a
sset
s$0
$0$0
$0$0
$0
(26)
Oth
er e
xpen
se$0
$0$0
$0$0
$0
(27)
TOTA
L EX
PEN
SES
$40,
333,
416
$6,3
86,4
05$2
,788
,071
$2,0
77,3
44$9
9,02
0$5
1,68
4,25
6
(28)
$357
,028
$182
,982
$131
,155
$145
,593
$0$8
16,7
58
EXC
ESS
(DEF
ICIE
NC
Y) O
F R
EVEN
UES
O
VER
EXP
ENSE
S
page
3 o
f 4
-
Scho
ol J
uris
dict
ion
Cod
e:21
15
Expe
nsed
U
nsup
port
edU
tiliti
es
IMR
&Am
ortiz
atio
n Su
ppor
ted
TOTA
LEX
PEN
SES
Cus
todi
alM
aint
enan
cean
dM
odul
ar U
nit
& O
ther
C
apita
l & D
ebt
Ope
ratio
ns a
ndTe
leco
mm
unic
atio
nsR
eloc
atio
nsEx
pens
esSe
rvic
esM
aint
enan
ceU
ncer
tific
ated
sal
arie
s an
d w
ages
$1
,412
,110
$543
,502
$0$0
$296
,391
$2,2
52,0
03$2
,252
,003
Unc
ertif
icat
ed b
enef
its$3
87,1
23$1
33,3
59$0
$0$7
9,45
8$5
99,9
40$5
99,9
40Su
b-to
tal R
emun
erat
ion
$1,7
99,2
33$6
76,8
61$0
$0$3
75,8
49$2
,851
,943
$2,8
51,9
43Su
pplie
s an
d se
rvic
es$1
11,4
98$3
59,4
37$6
3,56
7$8
5,45
4$1
10,8
60$7
30,8
17$7
30,8
17El
ectr
icity
$487
,184
$487
,184
$487
,184
Nat
ural
gas
/hea
ting
fuel
$331
,785
$331
,785
$331
,785
Sew
er a
nd w
ater
$112
,497
$112
,497
$112
,497
Tele
com
mun
icat
ions
$0$0
$0In
sura
nce
$126
,816
$126
,816
$126
,816
Amor
tizat
ion
of c
apita
l ass
ets
Sup
porte
d$1
,540
,039
$1,5
40,0
39U
nsup
porte
d$0
$27,
151
$27,
151
$27,
151
Tota
l Am
ortiz
atio
n$0
$27,
151
$27,
151
$1,5
40,0
39$1
,567
,190
Inte
rest
on
capi
tal d
ebt
Sup
porte
d$1
76,4
07$1
76,4
07U
nsup
porte
d$0
$640
$640
$640
Leas
e pa
ymen
ts fo
r fac
ilitie
s$0
$1,1
25$1
,125
$1,1
25O
ther
inte
rest
cha
rges
$0$0
$0Lo
sses
on
disp
osal
of c
apita
l ass
ets
$0$0
$0
TOTA
L EX
PEN
SES
$1,9
10,7
31$1
,036
,298
$995
,034
$85,
454
$613
,526
$28,
916
$4,6
69,9
59$1
,716
,446
$6,3
86,4
05
SC
HED
ULE
BO
PER
ATIO
NS
AND
MAI
NTE
NAN
CE
OF
SCH
OO
LS &
MAI
NTE
NAN
CE
SHO
PS P
RO
GR
AM E
XPEN
SE D
ETAI
LS -
2011
/201
2
Faci
lity
Plan
ning
&
Ope
ratio
ns
Adm
inis
trat
ion
SUB
-TO
TAL
Ope
ratio
ns &
M
aint
enan
ce
Sch
ool b
uild
ings
65,6
90.2
Non
sch
ool b
uild
ings
2,12
9.0
Not
e: Cus
todi
al:
All
expe
nses
rela
ted
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.
Mai
nten
ance
: A
ll ex
pens
es a
ssoc
iate
d w
ith th
e re
pair,
repl
acem
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 re
gula
r and
pre
vent
ativ
em
aint
enan
ce u
nder
take
n to
ens
ure
com
pone
nts
reac
h or
exc
eed
thei
r life
cyc
le a
nd 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
rela
ted
toex
pens
ed IM
R &
Mod
ular
Uni
t rel
ocat
ions
, as
they
are
repo
rted
on s
epar
atel
y.U
tiliti
es &
Tel
ecom
mun
icat
ions
: A
ll ex
pens
es re
late
d to
ele
ctric
ity, n
atur
al g
as a
nd o
ther
hea
ting
fuel
s, s
ewer
and
wat
er a
nd a
ll fo
rms
of te
leco
mm
unic
atio
ns.
Expe
nsed
IMR
& M
odul
ar U
nit R
eloc
atio
ns:
All
oper
atio
nal e
xpen
ses
asso
ciat
ed w
ith n
on-c
apita
lized
Infra
stru
ctur
e M
aint
enan
ce R
enew
al p
roje
cts
(AK
A IM
P a
nd B
QR
P) a
nd m
odul
ar u
nit (
porta
ble)
relo
catio
ns.
Faci
lity
Plan
ning
& O
pera
tions
Adm
inis
trat
ion:
A
ll ex
pens
es re
late
d to
the
adm
inis
tratio
n of
ope
ratio
ns a
nd m
aint
enan
ce in
clud
ing
(but
not
lim
ited
to) c
ontra
ct a
dmin
istra
tion,
cle
rical
func
tions
, neg
otia
tions
, sup
ervi
sion
of e
mpl
oyee
s&
con
tract
ors,
sch
ool f
acilit
y pl
anni
ng &
pro
ject
'adm
inis
tratio
n', a
dmin
istra
tion
of jo
int-u
se a
gree
men
ts, a
nd a
ll ex
pens
es re
late
d 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
.Su
ppor
ted
Cap
ital &
Deb
t Ser
vice
s:
All
expe
nses
rela
ted
to s
uppo
rted
capi
tal a
sset
s am
ortiz
atio
n an
d in
tere
st o
n su
ppor
ted
capi
tal d
ebt.
SQU
ARE
MET
RES
page
4 o
f 4