Financial Statements
Auditors' Report
To the Board of Governors of the Nova Scotia Community College
We have audited the statement of financial position of the Nova Scotia Community College as at March 31, 2007 and the statements of revenue and expenditures, cash flows and changes in net assets for the year then ended. These financial statements are the responsibility of the College's management. 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 plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
In our opinion, these financial statements present fairly, in all material respects, the financial position of the College as at March 31, 2007 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants
Halifax, Nova Scotia
June 1, 2007
Nova Scotia Community College
Complete financial statements are available in PDF (68KB)
NSCC Statement of Financial Position
March 31, 2007
| 2007 | 2006 | |
| ASSETS | ||
| Current | ||
| Cash | $ 28,674,159 | $ 17,791,972 |
| Accounts receivable (Note 3) | 19,532,933 | 15,608,400 |
| Inventory | 752,044 | 754,990 |
| Prepaids | 254,096 | 802,500 |
| 49,213,232 | 34,957,862 | |
| Capital assets (Note 4) | 4,394,810 | 5,096,893 |
| Foundation assets (Note 5) | 2,323,720 | 1,556,674 |
| Pensionable advance (Note 13) | 555,557 | 595,120 |
| $ 56,487,319 | $ 42,206,549 | |
| LIABILITIES | ||
| Current | ||
| Accounts payable and accrued liabilities | $ 27,359,948 | $ 17,852,826 |
| Deferred revenue (Note 6) | 5,760,777 | 6,010,890 |
| 33,120,725 | 23,863,716 | |
| Deferred revenue related to capital assets (Note 7) |
3,012,738 | 3,688,438 |
| Employee future benefit obligation (Note 16) | 8,246,548 | 3,677,000 |
| 44,380,011 | 31,229,154 | |
| Commitments (Note 14) | ||
| NET ASSETS | ||
| Invested in capital assets (Note 8) | 1,382,072 | 1,408,455 |
| Unrestricted | 3,678,593 | 3,289,343 |
| Restricted for Foundation purposes (Note 5) | 2,323,720 | 1,556,674 |
| Restricted for College development (Note 12) | 4,722,923 | 4,722,923 |
| 12,107,308 | 10,977,395 | |
| $ 56,487,319 | $ 42,206,549 | |
NSCC Statement of Revenue and Expenditures
Year ended March 31, 2007
| 2007 | 2006 | |
| Revenue | ||
| Province of Nova Scotia (Note 9) | $ 94,822,000 | $ 83,967,000 |
| Government of Canada | 9,050,000 | 9,050,000 |
| Tuition and fees | 18,393,940 | 18,190,350 |
| Customized training | 13,047,343 | 12,227,354 |
| Amortization of deferred revenue related to capital assets |
1,920,604 | 2,211,607 |
| Other (Note 10) | 20,349,790 | 18,795,823 |
| $ 157,583,677 | $ 144,442,134 | |
| Expenditures | ||
| Salaries and benefits | 105,229,009 | 94,244,685 |
| Operating supplies and services | 28,079,706 | 26,345,037 |
| Equipment, rentals and other administration | 12,148,922 | 10,920,853 |
| Utilities and maintenance | 9,040,948 | 8,831,635 |
| Amortization | 2,722,225 | 3,879,163 |
| 157,220,810 | 144,221,373 | |
| Excess of revenue over expenditures | $ 362,867 | $ 220,761 |
NSCC Statement of Cash Flows
Year ended March 31, 2007
| 2007 | 2006 | |
| NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES |
||
| Operating | ||
| Excess of revenue over expenditures | $ 362,867 | $ 220,761 |
| Items not affecting cash Amortization of deferred revenue related to capital assets |
(1,920,604) | (2,211,607) |
| Amortization | 2,722,225 | 3,879,163 |
| Employee future benefit obligation | 4,569,548 | 896,000 |
| Changes in non-cash working capital items (Note 11) |
5,883,826 | (3,420,050) |
| 11,617,862 | (635,733) | |
| Investing | ||
| Purchase of capital assets | (2,020,142) | (3,414,505) |
| Financing | ||
| Pensionable advance | 39,563 | 27,284 |
| Contributions related to capital assets | 1,244,904 | 1,787,989 |
| 1,284,467 | 1,815,273 | |
| NET CASH INFLOW (OUTFLOW) | 10,882,187 | (2,234,965) |
| CASH POSITION, BEGINNING OF YEAR | 17,791,972 | 20,026,937 |
| CASH POSITION, END OF YEAR | $ 28,674,159 | $ 17,791,972 |
Statement of Changes in Net Assets
Year ended March 31, 2007
| Invested in Capital Assets |
Unrestricted | Restricted for Foundation Purposes (Note 5) |
Restricted for College Development (Note 12) |
2007 Total |
2006 Total |
|
| Balance, beginning of year |
$ 1,408,455 | $ 3,289,343 | $ 1,556,674 | $ 4,722,923 | $ 10,977,395 | $ 10,294,257 |
| Excess (deficiency) of revenue over expenditures |
(801,621) | 1,164,488 | - | - | 362,867 | 220,761 |
| Investment in capital assets | 775,238 | (775,238) | - | - | - | - |
| Endowment contributions and interest |
- | - | 1,490,964 | - | 1,490,964 | 1,226,520 |
| Endowment disbursements |
- | - | (723,918) | - | (723,918) | (764,143) |
| Balance, end of year | $ 1,382,072 | $ 3,678,593 | $ 2,323,720 | $ 4,722,923 | $ 12,107,308 | $ 10,977,395 |