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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







AUDITED FINANCIAL STATEMENTS FOR THE YEAR - openalbertaca

322, 8627 - 91 Street, Edmonton, Alberta, T6C 3N1 Telephone: (780) 468-6440 and Fax: (780) 440-1631 Board-approved Release Date Signature Signature Name Signature Name Name SUPERINTENDENT Henri Lemire SECRETARY-TREASURER OR TREASURER Josée Devaney December 9, 2014 "Original Signed" "Original Signed" 1



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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 REPORTING

The financial statements of

Board of Trustees Res

ponsibility

of 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 for

their preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordance

The Greater North Central Francophone Education Region No. 2

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

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 school

jurisdiction'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 Branch

8th 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 o

perations 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

Page

AUDITOR'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 2

Independent Auditor's Report �

To the Board of Trustees,

The Greater North Central Francophone Education Region No. 2

We 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 Statements

Management

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 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 The Greater

North Central Francophone Education

Region No.2 at August 31, 2011, and the results of its operations and its

cash 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 $3,450,180

Prepaid 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 $19,786,493

Equipment $3,170,879

Less: accumulated amortization ($2,333,432) $837,447 $593,568

Vehicles $165,544

Less: accumulated amortization ($121,781) $43,763 $67,033

Total 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 $1,813,234

Deferred 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 $164,300

Long term debt

Supported: Debentures and other supported debt $0 $0

Less: 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 $19,195,403

TOTAL 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 $2,848,445

Investment in capital assets$7,870,658 $7,531,069

Capital reserves

$30,000 $30,000

Total 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 4

School Jurisdiction Code:8040

BudgetActual

Actual

2011 2010

2011

REVENUES

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 $290,965

Out of province authorities$0 $0 $0

Alberta Municipalities-special tax levies$0 $0 $0

Instruction resource fees$177,409 $200,000 $252,090

Transportation 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 $909,041

Gains on disposal of capital assets$0 $0 $0

Amortization of capital allocations$1,474,509 $1,348,709 $1,306,049

Other 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 $909,041

Capital 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 $1,616,880

Interest 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 BEFORE

EXTRAORDINARY ITEM

page 5 8040
for 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 $22,300

Other (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 $0

Other (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 $2,676,256

Note: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:

STATEMENT OF CASH FLOWS

page 6

School Jurisdiction Code:8040

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) TOTAL

INVESTMENT UNRESTRICTED TOTAL TOTAL

NET IN CAPITAL

NET OPERATING CAPITAL

ASSETS ASSETS ASSETS

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