AUDITED FINANCIAL STATEMENTS FOR THE - educationalbertaca
322, 8627 - 91 Street, Edmonton, Alberta, T6C 3N1 Telephone: (780) 468-6440 and Fax: (780) 440-1631 The Greater North Central Francophone Education Region No 2
AUDITED FINANCIAL STATEMENTS FOR THE - Alberta Education
PHONE: (780) 422-0312 (Toll free 310-0000) FAX: (780) 422-6996 school jurisdiction's transactions The effectiveness of the control systems is supported by the selection and training The Greater North Central Francophone Education Region # 2 322, 8627 - 91 Street, Edmonton, Alberta, T6C 3N1 Telephone: (780) 468-6440 and Fax: (780) 440-1631
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School Jurisdiction Code: 8040
AUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2011
[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 REPORTINGThe financial statements of
Board of Trustees Res
ponsibilityof qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong
s ystem of budgetary control.The ultimate res
ponsibility for the financial statements lies with the Board of Trustees. The Board reviewed the audited
financial statements with mana gement in detail and approved the financial statements for release. 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
The Greater North Central Francophone Education Region No. 2322, 8627 - 91 Street, Edmonton, Alberta, T6C 3N1
Telephone: (780) 468-6440 and Fax: (780) 440-1631 The Greater North Central Francophone Education Region No. 2
to provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executed
in accordance with a ppropriate authorization and that accounting records may be relied upon to properly reflect the schooljurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training
with generally accepted accounting principles and follow format prescribed by Alberta Education.In fulfillin
g its reporting responsibilities, management has maintained internal control systems and procedures designed
External Auditors
Declaration of Mana
gement and Board Chairman "ORIGINAL SIGNED"NameSignature
"ORIGINAL SIGNED"NameSignature
"ORIGINAL SIGNED"NameSignature
Board-approved Release Date
c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5
EMAIL: Cindy.Wang@gov.ab.caPHONE: (780) 644-5672 (Toll free 310-0000)29-Nov-11
SECRETARY TREASURER OR TREASURERSUPERINTENDENT
To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position
and results of operations and cash flows for the year in accordance with generally accepted accounting principles and
Josée Devaney
BOARD CHAIR
Paul Dumont
Henri LemireThe 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. follow the financial re porting requirements prescribed by Alberta Education.School Jurisdiction Code: 8040
TABLE OF CONTENTS
PageAUDITOR'S REPORT3
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 2Independent Auditor's Report �
To the Board of Trustees,
The Greater North Central Francophone Education Region No. 2We have audited the accompanying financial statements of The Greater North Central Francophone Education
Region No.2, which comprise the statement of
financial position as at August 31, 2011, and the statements of operations, changes in net assets 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 StatementsManagement
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 isnecessary 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 auditin 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 statementsin order to design audit procedures that are appropriate in the circumstances. but not for the purpose of
expressingan 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 The Greater
North Central Francophone Education
Region No.2 at August 31, 2011, and the results of its operations and itscash flows for the year then ended in accordance with Canadian generally accepted accounting principles.
Edmonton. AS
November 29, 2011
School Jurisdiction Code:8040
STATEMENT OF FINANCIAL POSITION
as at August 31, 2011 (in dollars)2011 2010
Restated
ASSETS
Current assets
Cash and temporary investments $2,833,777 $2,676,256 Accounts receivable (net after allowances) (Note 3) $2,888,024 $3,450,180Prepaid expenses$179,854 $605,836
Other current assets$0 $0
Total current assets$5,901,655 $6,732,272
School generated assets$310,345 $306,079
Trust assets$0 $0
Long term accounts receivable$0 $0
Long term investments (Note 4) $112,166 $117,043
Capital assets (Note 5)
Land$5,809,000 $5,809,000
Construction in progress$0 $0
Buildings $35,236,894
Less: accumulated amortization ($16,805,930) $18,430,964 $19,786,493Equipment $3,170,879
Less: accumulated amortization ($2,333,432) $837,447 $593,568Vehicles $165,544
Less: accumulated amortization ($121,781) $43,763 $67,033Total capital assets$25,121,174 $26,256,094
TOTAL ASSETS$31,445,340 $33,411,488
LIABILITIES
Current liabilities
Bank indebtedness (Note 6) $0 $0
Accounts payable and accrued liabilities (Note 7) $1,509,504 $1,813,234Deferred revenue (Note 8) $2,123,372 $1,993,337
Deferred capital allocations$0 $0
Current portion of long term debt$0 $0
Total current liabilities$3,632,876 $3,806,571
School generated liabilities$310,345 $306,079
Trust liabilities$0 $0
Employee future benefit liabilities (Note 9)$190,500 $164,300Long term debt
Supported: Debentures and other supported debt $0 $0Less: Current portion $0 $0
Unsupported: Debentures and capital loans $0 $0
Capital leases$0 $0
Mortgages$0 $0
Less: Current portion$0 $0
Other long term liabilities$0 $0
Unamortized capital allocations (Note 10) $17,250,515 $18,725,024 Total long term liabilities$17,751,360 $19,195,403TOTAL LIABILITIES$21,384,236 $23,001,974
NET ASSETS
Unrestricted net assets$2,016,503 $2,637,582
Operating reserves$143,943 $210,863
Accumulated operating surplus (deficit)
$2,160,446 $2,848,445Investment in capital assets$7,870,658 $7,531,069
Capital reserves
$30,000 $30,000Total capital funds$7,900,658 $7,561,069
Total net assets$10,061,104 $10,409,514
TOTAL LIABILITIES AND NET ASSETS$31,445,340 $33,411,488 Note:Please input "(Restated)" in 2010 column heading where comparatives are not taken from the finalized 2009/2010 Audited Financial Statements
filed with Alberta Education. page 4School Jurisdiction Code:8040
BudgetActual
Actual
2011 2010
2011REVENUES
Government of Alberta$34,900,516 $33,851,716 $32,572,422 Federal Government and First Nations$1,326,025 $1,289,062 $1,271,990 Other Alberta school authorities$256,487 $275,000 $290,965Out of province authorities$0 $0 $0
Alberta Municipalities-special tax levies$0 $0 $0
Instruction resource fees$177,409 $200,000 $252,090Transportation fees$0 $0 $0
Other sales and services$31,337 $46,000 $46,654
Investment income$54,490 $40,000 $11,699
Gifts and donations$6,673 $8,000 $15,777
Rental of facilities$126,041 $123,720 $138,893
Gross school generated funds$783,313 $700,000 $909,041Gains on disposal of capital assets$0 $0 $0
Amortization of capital allocations$1,474,509 $1,348,709 $1,306,049Other revenue$0 $0 $20,985
Total Revenues$39,136,800 $37,882,207 $36,836,565
Certificated salaries(Note 15) $16,928,747 $16,688,312 $16,309,317 Certificated benefits(Note 15) $1,828,676 $1,895,012 $1,766,353 Non-certificated salaries and wages(Note 15) $4,709,688 $4,283,104 $4,518,545 Non-certificated benefits(Note 15) $988,388 $941,604 $906,754 Services, contracts and supplies$12,411,872 $11,713,522 $11,726,979 Gross school generated funds$783,313 $700,000 $909,041Capital and debt services
Amortization of capital assets
Supported $1,474,509 $1,348,709 $1,306,049
Unsupported$353,030 $483,708 $310,831
Total Amortization of capital assets $1,827,539 $1,832,417 $1,616,880Interest on capital debt
Supported $0 $0 $1,064
Unsupported$0 $0 $0
Total Interest on capital debt $0 $0 $1,064
Other interest and charges $2,110 $0 $2,388
Losses on disposal of capital assets $0 $0 $2,045
Other expense$4,877 $0 $4,877
Total Expenses$39,485,210 $38,053,971 $37,764,243
($348,410) ($171,764) ($927,678)Extraordinary Item$0 $0 $0
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES($348,410) ($171,764) ($927,678)Please input "(Restated)" where Actual 2010 comparatives are not as presented in the finalized 2009/2010 Audited Financial Statements filed with
Alberta Education. Budget 2011 comparatives presented are final budget amounts formally approved by the Board.
STATEMENT OF REVENUES AND EXPENSES
for the Year Ended August 31, 2011 (in dollars) Note:EXPENSES
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES BEFOREEXTRAORDINARY ITEM
page 5 8040for the Year Ended August 31, 2011 (in dollars)
2011 2010
CASH FLOWS FROM:
A. OPERATIONS
Excess (deficiency) of revenues over expenses ($348,410) ($927,678)Add (Deduct) items not affecting cash:
Amortization of capital allocations revenue ($1,474,509) ($1,306,049)Total amortization expense $1,827,539 $1,616,880
Gains on disposal of capital assets $0 $0
Losses on disposal of capital assets $0 $2,045
Changes in:
Accounts receivable$562,156 ($752,987)
Prepaids and other current assets $425,982 ($44,589)Long term accounts receivable $0 $0
Long term investments$4,877 $4,877
Accounts payable and accrued liabilities ($303,730) ($935,568)Deferred revenue$130,035 $366,516
Employee future benefit liabilitiies $26,200 $22,300Other (describe)$0 $0
Total cash flows from Operations$850,140 ($1,954,253)B. INVESTING ACTIVITIES
Purchases of capital assets
Land $0 $0
Buildings($210,343) ($734,379)
Equipment($482,276) ($207,700)
Vehicles$0 ($47,895)
Net proceeds from disposal of capital assets $0 $0Other (describe)$0 $0
Total cash flows from Investing activities($692,619) ($989,974)C. FINANCING ACTIVITIES
Capital allocations$0 $8,179
Issue of long term debt$0 $0
Repayment of long term debt$0 ($14,720)
Add back: supported portion$0 $14,720
Other (describe)$0 $0
Total cash flows from financing activities$0 $8,179 Net cash flows from during the year$157,521 ($2,936,048) Cash and temporary investments, net of bank indebtedness, at Aug. 31/10$2,676,256 $5,612,304 Cash and temporary investments, net of bank indebtedness, at Aug. 31/11$2,833,777 $2,676,256Note:Please input "(Restated)" where Actual 2010 comparatives are not as presented in the finalized 2009/2010 Audited Financial Statements
filed with Alberta Education. School Jurisdiction Code: