2001-2002 ANNUAL REPORT - AUTO21

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24 Driving innovation through research excellenceFINANCIALSAUTO21 Network of Centres of ExcellenceStatement of Cash FlowsFor the year ended March 31, 20022002 2001$ $(unaudited)Cash flows from operating activitiesNet income 447,072 —Adjustments for amortization 52,559 —499,631 —Net change in non-cash working capitalDecrease (increase) in prepaid expenses (19,352) —Increase (decrease) in accounts payable and accrued liabilities 36,367 —Deferred revenue (888,909) 3,951,000(372,263) 3,951,000Cash flows from investing activitiesAcquisition of computer equipment (27,178) —Acquisition of furniture and fixtures (41,500) —Acquisition of leasehold improvements (263,500) —(332,178) —Net (decrease) increase in cash (704,441) 3,951,000Cash - Beginning of year 3,951,000 —Cash - End of year 3,246,559 3,951,000
AUTO21 2001-2002 ANNUAL REPORT 25FINANCIALSAUTO21 Network of Centres of ExcellenceNotes to Financial StatementsFor the year ended March 31, 20021. Nature of OperationsAUTO21, one of the Federal Networks of Centres of Excellence, commenced operations in fiscal 2001/2002through an agreement with the Natural Sciences and Engineering Research Council ("NSERC") and the SocialSciences and Humanities Research Council ("SSHRC"). AUTO21 is in the first year of its initial seven-year researchcycle. AUTO21 will undergo its first midterm review in the third year of its initial research cycle.2. Significant Accounting PoliciesProperty, plant and equipmentProperty, plant and equipment assets are recorded at cost and amortized over their useful lives as follows:Computer equipmentFurniture and fixturesLeasehold improvements3 years straight-line7 years straight-line7 years straight-lineGovernment AssistanceAUTO21 follows the deferral method of accounting for government contributions. These restricted contributionsare recognized as revenue in the period in which the related expenses are incurred.Financial InstrumentsThe organization's financial instruments consist of cash, accounts receivable, accounts payable and deferredrevenue. It is management's opinion that the entity is not exposed to significant interest, currency or credit risksarising from these financial instruments.Use of EstimatesThe preparation of financial statements in conformity with Canadian generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date of the financial statements and thereported amounts of revenues and expenses during the reporting period. Actual results could differ fromthose estimates.3. CashCash represents amounts held in trust by the University of Windsor in accordance with the host agreement.2002 2001$ $(unaudited)Restricted cash 3,079,296 3,951,000Unrestricted cash 167,263 —3,246,559 3,951,000Restricted cash represents government assistance received, which is subject to NSERC and SSHRC expenditureeligibility requirements.
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2001-2002 ANNUAL REPORT - AUTO21

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