2000 (70KB) - Algonquin College
2000 (70KB) - Algonquin College 2000 (70KB) - Algonquin College
THE ALGONQUIN COLLEGE OF APPLIED ARTSAND TECHNOLOGYNotes to Financial Statements, continuedYear ended March 31, 200016. Contingencies:The College is involved with pending litigation and claims which arose in the normal course ofoperations. In the opinion of the administration, any liability that may arise from suchcontingencies would not have a significant adverse effect on the financial statements of theCollege. Losses, if any, arising from these matters will be accounted for in the year in which theyare resolved.17. Change in non-cash working capital:2000 1999Decrease (increase) in accounts receivable $ 1,783,950 $ (5,602,172)Increase in inventory (46,380) (128,781)Decrease in prepaid expenses 37,323 106,707Increase (decrease) in accounts payable and accrued liabilities (433,256) 711,431Increase (decrease) in accrued salaries and employeedeductions payable (2,652,538) 667,919Increase in deferred revenue 2,490,825 781,177$ 1,179,924 $ (3,463,719)18. Senior management salaries:Under the Public Sector Salary Disclosure Act, 1996, the College is required to disclose the name,position, salary and taxable benefits of each employee with an annual salary of $100,000 or more.For the calendar year ending December 31, 1999, the individuals who met the requirements fordisclosure were:TaxableEmployee Position Salary benefitsW. Conrod VP Development $ 103,428 $ 5,376R. Gillett President 147,293 11,311J. Hamilton VP Finance & Administration 113,891 5,434R. Hanson VP Academic 117,512 5,455R. Reid Director Hospitality & Tourism 102,559 491C. Warburton VP Student Life & Human Resources 102,231 5,36415
THE ALGONQUIN COLLEGE OF APPLIED ARTSAND TECHNOLOGYNotes to Financial Statements, continuedYear ended March 31, 200019. Ontario Student Opportunity Trust Fund:The externally restricted endowments include monies provided by the Government of Ontariofrom the Ontario Student Opportunity Trust Fund matching program to award student aid as aresult of raising an equal amount of endowed donations.The College has recorded the following amounts under the program:2000 1999Opening balance $ 708,794 $ 563,894Donations received 138,000 72,450Matching funds:Received from Government of Ontario 108,000 –Receivable from Government of Ontario 30,000 72,450$ 984,794 $ 708,794Expendable funds available for awards, beginning of year $ 26,905 $ 11,629Investment income 827 16,108Awards issued (2,179) (832)Expendable funds available for awards in future years $ 25,553 $ 26,90520. Comparative figures:Certain of the 1999 comparative figures have been reclassified to conform with the financialstatement presentation adopted in 2000.16
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THE ALGONQUIN COLLEGE OF APPLIED ARTSAND TECHNOLOGYNotes to Financial Statements, continuedYear ended March 31, <strong>2000</strong>16. Contingencies:The <strong>College</strong> is involved with pending litigation and claims which arose in the normal course ofoperations. In the opinion of the administration, any liability that may arise from suchcontingencies would not have a significant adverse effect on the financial statements of the<strong>College</strong>. Losses, if any, arising from these matters will be accounted for in the year in which theyare resolved.17. Change in non-cash working capital:<strong>2000</strong> 1999Decrease (increase) in accounts receivable $ 1,783,950 $ (5,602,172)Increase in inventory (46,380) (128,781)Decrease in prepaid expenses 37,323 106,707Increase (decrease) in accounts payable and accrued liabilities (433,256) 711,431Increase (decrease) in accrued salaries and employeedeductions payable (2,652,538) 667,919Increase in deferred revenue 2,490,825 781,177$ 1,179,924 $ (3,463,719)18. Senior management salaries:Under the Public Sector Salary Disclosure Act, 1996, the <strong>College</strong> is required to disclose the name,position, salary and taxable benefits of each employee with an annual salary of $100,000 or more.For the calendar year ending December 31, 1999, the individuals who met the requirements fordisclosure were:TaxableEmployee Position Salary benefitsW. Conrod VP Development $ 103,428 $ 5,376R. Gillett President 147,293 11,311J. Hamilton VP Finance & Administration 113,891 5,434R. Hanson VP Academic 117,512 5,455R. Reid Director Hospitality & Tourism 102,559 491C. Warburton VP Student Life & Human Resources 102,231 5,36415
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