AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2017 [School Act, Sections 147(2)(a), 148, 151(1) and 276]

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1 4130WDK1 School Jurisdiction Code: 4130 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2017 [School Act, Sections 147(2)(a), 148, 151(1) and 276] Grande Prairie Roman Catholic Separate School District No. 28 Legal Name of School Jurisdiction ST Grande Prairie AB T8V 2P4 Mailing Address (780) (780) Telephone & Fax Numbers, and Address SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements of Grande Prairie Roman Catholic Separate School District No. 28 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 with Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Education. In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed to provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executed in accordance with appropriate 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 of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control. Board of Trustees Responsibility The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the audited financial statements with management in detail and approved the financial statements for release. External Auditors The 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. Declaration of Management and Board Chair To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position, results of operations, remeasurement gains and losses, changes in net financial assets (debt), and cash flows for the year in accordance with Canadian Public Sector Accounting Standards. BOARD CHAIR Michael Ouellette Name ORIGINAL SIGNED Signature SUPERINTENDENT Mr. Karl Germann Name ORIGINAL SIGNED Signature SECRETARYTREASURER OR TREASURER Ms. Jeanne Fontaine Name ORIGINAL SIGNED Signature November 27, 2017 Boardapproved Release Date c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch 8th Floor Commerce Place, Street, Edmonton AB T5J 4L5 EDC.FRA@gov.ab.ca PHONE: MeiLing: (780) ; Robert: (780) FAX: (780) Version

2 School Jurisdiction Code: 4130 TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL POSITION STATEMENT OF OPERATIONS STATEMENT OF CASH FLOWS STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT) STATEMENT OF REMEASUREMENT GAINS AND LOSSES Schedule 1: SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS Schedule 2: SCHEDULE OF CAPITAL REVENUE Schedule 3: SCHEDULE OF PROGRAM OPERATIONS Schedule 4: SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES Schedule 5: SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS Schedule 6: SCHEDULE OF CAPITAL ASSETS Schedule 7: SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES Schedule 8: UNAUDITED SCHEDULE OF FEE REVENUES Schedule 9: UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING Schedule 10: UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES NOTES TO THE FINANCIAL STATEMENTS

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4 STATEMENT OF FINANCIAL POSITION As at August 31, 2017 (in dollars) School Jurisdiction Code: FINANCIAL ASSETS Cash and cash equivalents (Schedule 5) $ 17,788,673 $ 14,944,241 Accounts receivable (net after allowances) (Note 2) $ 1,199,913 $ 956,712 Portfolio investments (Schedule 5) $ 3,234,359 $ 4,406,026 Other financial assets (Note 3) $ 98,822 $ 58,240 Total financial assets $ 22,321,767 $ 20,365,219 LIABILITIES Bank indebtedness (Note 4) $ $ Accounts payable and accrued liabilities (Note 5) $ 6,538,385 $ 4,457,390 Deferred revenue (Note 6) $ 115,533,847 $ 101,467,279 Employee future benefits liabilities $ $ Liability for contaminated sites $ $ Other liabilities $ $ Debt Supported: Debentures and other supported debt $ $ Unsupported: Debentures and capital loans $ $ Mortgages $ $ Capital leases $ $ Total liabilities $ 122,072,232 $ 105,924,669 Net financial assets (debt) $ (99,750,465) $ (85,559,450) NONFINANCIAL ASSETS Tangible capital assets (Schedule 6) Land $ 173,200 $ 173,200 Construction in progress $ 19,489,023 $ 23,553,182 Buildings $ 145,610,461 Less: Accumulated amortization $ (42,683,662) $ 102,926,799 $ 82,516,617 Equipment $ 2,489,240 Less: Accumulated amortization $ (1,242,370) $ 1,246,870 $ 183,160 Vehicles $ 929,390 Less: Accumulated amortization $ (657,908) $ 271,482 $ 208,134 Computer Equipment $ 914,646 Less: Accumulated amortization $ (727,240) $ 187,406 $ 38,357 Total tangible capital assets $ 124,294,780 $ 106,672,650 Prepaid expenses $ 370,193 $ 347,840 Other nonfinancial assets $ $ Total nonfinancial assets $ 124,664,973 $ 107,020,490 Accumulated surplus (Schedule 1; Note 7) $ 24,914,508 $ 21,461,040 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) $ 24,914,508 $ 21,461,040 Accumulated remeasurement gains (losses) $ $ $ 24,914,508 $ 21,461,040 Contractual obligations (Note 8) Contingent liabilities (Note 9) The accompanying notes and schedules are part of these financial statements. 4

5 STATEMENT OF OPERATIONS For the Year Ended August 31, 2017 (in dollars) School Jurisdiction Code: 4130 Budget Actual Actual REVENUES Alberta Education Other Government of Alberta Federal Government and First Nations Other Alberta school authorities Out of province authorities Alberta municipalitiesspecial tax levies Property taxes Fees (Schedule 8) Other sales and services Investment income Gifts and donations Rental of facilities Fundraising Gains on disposal of capital assets Other revenue $ 50,526,962 $ 53,145,500 $ 50,621,896 $ $ 3,975 $ 1,691 $ $ 24,817 $ 10,111 $ $ $ $ $ $ $ $ $ $ 4,450,000 $ 4,745,765 $ 4,745,765 $ 1,685,000 $ 1,730,800 $ 1,321,259 $ 366,500 $ 693,988 $ 639,456 $ 100,000 $ 218,579 $ 189,092 $ 200,000 $ 86,417 $ 69,841 $ 180,000 $ 199,094 $ 200,135 $ 400,000 $ 460,898 $ 520,886 $ $ $ $ 150,000 $ 326,927 $ 427,380 Total revenues $ 58,058,462 $ 61,636,761 $ 58,747,512 EXPENSES Instruction ECS $ 3,519,504 $ 4,108,260 $ 2,888,868 Instruction Grades 1 12 $ 41,191,424 $ 39,698,526 $ 39,007,421 Plant operations and maintenance $ 8,158,274 $ 9,139,107 $ 8,974,932 Transportation $ 2,277,922 $ 2,517,907 $ 2,151,868 Board & system administration $ 2,870,610 $ 2,268,773 $ 1,645,860 External services $ $ 450,720 $ Total expenses $ 58,017,734 $ 58,183,293 $ 54,668,949 Operating surplus (deficit) $ 40,728 $ 3,453,468 $ 4,078,563 The accompanying notes and schedules are part of these financial statements. 5

6 School Jurisdiction Code: 4130 STATEMENT OF CASH FLOWS For the Year Ended August 31, 2017 (in dollars) CASH FLOWS FROM: A. OPERATING TRANSACTIONS Operating surplus (deficit) $ 3,453,468 $ 4,078,563 Add (Deduct) items not affecting cash: Total amortization expense $ 3,926,739 $ 3,313,469 Gains on disposal of tangible capital assets $ $ Losses on disposal of tangible capital assets $ $ Expended deferred capital revenue recognition $ (3,588,750) $ (2,951,806) Deferred capital revenue writedown / adjustment $ 171,111 $ 308,054 Donations in kind $ $ Changes in: Accounts receivable $ (243,201) $ 1,588,520 Prepaids $ (22,353) $ (67,527) Other financial assets $ (40,582) $ 7,837 Nonfinancial assets $ $ Accounts payable, accrued and other liabilities $ 2,080,995 $ 583,674 Deferred revenue (excluding EDCR) $ 17,442,418 $ 30,877,123 Employee future benefit liabilities $ $ Other (describe) $ $ Total cash flows from operating transactions $ 23,179,845 $ 37,737,907 B. CAPITAL TRANSACTIONS Purchases of tangible capital assets Land $ $ Buildings $ (20,637,767) $ (33,590,759) Equipment $ (682,315) $ (49,457) Vehicles $ (127,480) $ Computer equipment $ (59,518) $ Net proceeds from disposal of unsupported capital assets $ $ Other (describe) $ $ Total cash flows from capital transactions $ (21,507,080) $ (33,640,216) C. INVESTING TRANSACTIONS Purchases of portfolio investments $ (532,573) $ (1,855,317) Dispositions of portfolio investments $ 1,704,240 $ 2,158,000 Remeasurement (gains) losses reclassified to the statement of operations $ $ Other (Describe) Other (describe) $ $ $ $ Total cash flows from investing transactions $ 1,171,667 $ 302,683 D. FINANCING TRANSACTIONS Issue of debt $ $ Repayment of debt $ $ (15,200) Other factors affecting debt (describe) $ $ Issuance of capital leases $ $ Repayment of capital leases $ $ Other (describe) Other (describe) $ $ $ $ Total cash flows from financing transactions $ $ (15,200) Increase (decrease) in cash and cash equivalents $ 2,844,432 $ 4,385,174 Cash and cash equivalents, at beginning of year $ 14,944,241 $ 10,559,067 Cash and cash equivalents, at end of year $ 17,788,673 $ 14,944,241 The accompanying notes and schedules are part of these financial statements. 6

7 School Jurisdiction Code: 4130 STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT) For the Year Ended August 31, 2017 (in dollars) Budget Operating surplus (deficit) $ 40,278 $ 3,453,468 $ 4,078,563 Effect of changes in tangible capital assets Acquisition of tangible capital assets $ $ (21,601,676) $ (33,640,216) Amortization of tangible capital assets $ 3,313,473 $ 3,926,739 $ 3,313,469 Net carrying value of tangible capital assets disposed of $ $ 52,807 $ 308,054 Writedown carrying value of tangible capital assets $ $ $ Other changes $ $ $ Total effect of changes in tangible capital assets $ 3,313,473 $ (17,622,130) $ (30,018,693) Changes in: Prepaid expenses $ $ (22,353) $ (67,527) Other nonfinancial assets $ $ $ Net remeasurement gains and (losses) $ $ $ Endowments $ $ $ Increase (decrease) in net financial assets (net debt) $ 3,353,751 $ (14,191,015) $ (26,007,657) Net financial assets (net debt) at beginning of year $ $ (85,559,450) $ (59,551,793) Net financial assets (net debt) at end of year $ 3,353,751 $ (99,750,465) $ (85,559,450) The accompanying notes and schedules are part of these financial statements. 7

8 School Jurisdiction Code: 4130 STATEMENT OF REMEASUREMENT GAINS AND LOSSES For the Year Ended August 31, 2017 (in dollars) Accumulated remeasurement gains (losses) at beginning of year $ $ Prior Period Adj. (Explain) Linked to Sch. 1 Prior Period Adjustment (Explain) $ $ $ $ Unrealized gains (losses) attributable to: Portfolio investments $ $ Other $ $ Amounts reclassified to the statement of operations: Portfolio investments $ $ Other $ $ Net remeasurement gains (losses) for the year $ $ Accumulated remeasurement gains (losses) at end of year $ $ The accompanying notes and schedules are part of these financial statements. 8

9 SCHEDULE 1 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2017 (in dollars) School Jurisdiction Code: 4130 INTERNALLY RESTRICTED ACCUMULATED ACCUMULATED ACCUMULATED INVESTMENT ENDOWMENTS UNRESTRICTED TOTAL TOTAL SURPLUS REMEASUREMENT OPERATING IN TANGIBLE SURPLUS OPERATING CAPITAL GAINS (LOSSES) SURPLUS CAPITAL RESERVES RESERVES ASSETS Balance at August 31, 2016 $ 21,461,040 $ $ 21,461,040 $ 8,081,637 $ $ 0 $ 12,386,200 $ 993,203 Prior period adjustments: $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Adjusted Balance, August 31, 2016 $ 21,461,040 $ $ 21,461,040 $ 8,081,637 $ $ 0 $ 12,386,200 $ 993,203 Operating surplus (deficit) $ 3,453,468 $ 3,453,468 $ 3,453,468 Board funded tangible capital asset additions $ 4,609,416 $ (487,716) $ (3,128,497) $ (993,203) Disposal of unsupported tangible capital assets or board funded portion of supported $ $ $ $ $ Writedown of unsupported tangible capital assets or board funded portion of supported $ $ $ $ $ Net remeasurement gains (losses) for the year Endowment expenses & disbursements Endowment contributions $ $ $ $ $ $ $ $ $ $ Reinvested endowment income $ $ $ $ Direct credits to accumulated surplus (Describe) $ $ $ $ $ $ $ Amortization of tangible capital assets Capital revenue recognized Debt principal repayments (unsupported) Additional capital debt or capital leases Net transfers to operating reserves Net transfers from operating reserves Net transfers to capital reserves $ $ (3,926,739) $ 3,926,739 $ $ 3,588,750 $ (3,588,750) $ $ $ $ $ $ $ $ (1,720,608) $ 1,720,608 $ $ 3,257,862 $ (3,257,862) $ $ (4,487,262) $ 4,487,262 Net transfers from capital reserves $ $ $ Assumption/transfer of other operations' surplus $ $ $ $ $ $ $ Other Changes $ $ $ $ $ $ $ Balance at August 31, 2017 $ 24,914,508 $ $ 24,914,508 $ 12,353,064 $ $ 353,733 $ 7,720,449 $ 4,487,262 9

10 SCHEDULE 1 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2017 (in dollars) School Jurisdiction Code: 4130 INTERNALLY RESTRICTED RESERVES BY PROGRAM School & Instruction Related Operations & Maintenance Board & System Administration Transportation External Services Balance at August 31, 2016 Prior period adjustments: Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves $ 11,037,931 $ 993,203 $ 1,348,269 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Adjusted Balance, August 31, 2016 Operating surplus (deficit) Board funded tangible capital asset additions Disposal of unsupported tangible capital assets or board funded portion of supported Writedown of unsupported tangible capital assets or board funded portion of supported Net remeasurement gains (losses) for the year $ 11,037,931 $ 993,203 $ 1,348,269 $ $ $ $ $ $ $ $ (3,128,497) $ (993,203) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Endowment expenses & disbursements Endowment contributions Reinvested endowment income Direct credits to accumulated surplus (Describe) Amortization of tangible capital assets $ $ $ $ $ $ $ $ $ $ Capital revenue recognized Debt principal repayments (unsupported) Additional capital debt or capital leases Net transfers to operating reserves Net transfers from operating reserves Net transfers to capital reserves Net transfers from capital reserves Assumption/transfer of other operations' surplus Other Changes Balance at August 31, 2017 $ $ 1,020,608 $ 500,000 $ 125,000 $ 75,000 $ (2,888,985) $ (368,877) $ $ $ $ 4,487,262 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,020,449 $ $ 2,000,000 $ 4,487,262 $ 500,000 $ $ 125,000 $ $ 75,000 $ 10

11 SCHEDULE 2 SCHEDULE OF CAPITAL REVENUE (EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY) for the Year Ended August 31, 2017 (in dollars) 4130 Unexpended Deferred Capital Revenue Proceeds on Unexpended Disposal of Deferred Provincially Surplus from Provincially Capital Expended Approved Provincially Funded Revenue from Deferred & Funded Approved Tangible Capital Other Capital Projects (A) Projects (B) Assets (C) Sources (D) Revenue Balance at August 31, 2016 $ 1,723,126 $ $ $ 254,500 $ 98,591,011 Prior period adjustments $ $ $ $ $ Adjusted balance, August 31, 2016 $ 1,723,126 $ $ $ 254,500 $ 98,591,011 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) $ 16,634,872 Infrastructure Maintenance & Renewal capital related to school facilities $ 363,743 Other sources: City of Grande Prairie $ 50,000 $ Other sources: $ $ Unexpended capital revenue receivable from: Alberta Education school building & modular (excl. IMR) $ 92,273 Other sources: $ $ Other sources: $ $ Interest earned on unexpended capital revenue $ $ $ $ Other unexpended capital revenue: $ Proceeds on disposition of supported capital $ $ Insurance proceeds (and related interest) $ $ Donated tangible capital assets: GP and District Catholic School Education Fo $ 94,596 Alberta Infrastructure managed projects Transferred in (out) tangible capital assets net book value) $ Expended capital revenue current year $ (17,015,970) $ $ $ 17,015,970 Surplus funds approved for future project(s) $ $ Other adjustments: $ $ $ $ Deduct: Net book value of supported tangible capital dispositions or writeoffs $ 52,807 Other adjustments: Prior year IMR disallowed $ $ $ $ $ 118,304 Capital revenue recognized Alberta Education $ 3,588,750 Capital revenue recognized Other Government of Alberta $ Capital revenue recognized Other revenue $ Balance at August 31, 2017 $ 1,848,044 $ $ $ 254,500 $ 111,941,716 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at August 31, 2017 (A) + (B) + (C) + (D) $ 2,102,544 Unexpended Deferred Capital Revenue (A) Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only. Please specify department if funds received from a source other than Alberta Education. (B) Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only. (C) Represents proceeds on disposal of provincially funded restricteduse capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010. (D) Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricteduse tangible capital assets. 11

12 SCHEDULE 3 School Jurisdiction Code: 4130 SCHEDULE OF PROGRAM OPERATIONS for the Year Ended August 31, 2017 (in dollars) Plant Operations Board & REVENUES Instruction and System External ECS Grades 1 12 Maintenance Transportation Administration Services TOTAL TOTAL (1) Alberta Education $ 4,077,460 $ 36,090,959 $ 7,673,015 $ 3,174,549 $ 2,129,517 $ 53,145,500 $ 50,621,896 (2) Other Government of Alberta $ $ $ 3,975 $ $ $ 3,975 $ 1,691 (3) Federal Government and First Nations $ $ 24,817 $ $ $ $ $ 24,817 $ 10,111 (4) Other Alberta school authorities $ $ $ $ $ $ $ $ (5) Out of province authorities $ $ $ $ $ $ $ $ (6) Alberta municipalitiesspecial tax levies $ $ $ $ $ $ $ $ (7) Property taxes $ $ 4,745,765 $ $ $ $ $ 4,745,765 $ 4,745,765 (8) Fees $ 16,103 $ 1,696,150 $ 18,547 $ $ 1,730,800 $ 1,321,259 (9) Other sales and services $ $ 236,037 $ $ $ $ 457,951 $ 693,988 $ 639,456 (10) Investment income $ $ $ $ $ 218,579 $ $ 218,579 $ 189,092 (11) Gifts and donations $ $ 86,417 $ $ $ $ $ 86,417 $ 69,841 (12) Rental of facilities $ $ 147,479 $ 51,615 $ $ $ $ 199,094 $ 200,135 (13) Fundraising $ $ 460,898 $ $ $ $ $ 460,898 $ 520,886 (14) Gains on disposal of tangible capital assets $ $ $ $ $ $ $ $ (15) Other revenue $ $ 326,927 $ $ $ $ $ 326,927 $ 427,380 (16) TOTAL REVENUES $ 4,093,564 $ 43,815,449 $ 7,728,606 $ 3,193,096 $ 2,348,096 $ 457,951 $ 61,636,761 $ 58,747,512 EXPENSES (17) Certificated salaries $ 1,820,922 $ 23,553,972 $ 467,157 $ $ 25,842,051 $ 25,274,064 (18) Certificated benefits $ 425,704 $ 5,506,538 $ 93,683 $ $ 6,025,925 $ 5,880,952 (19) Noncertificated salaries and wages $ 745,277 $ 3,806,080 $ 2,081,886 $ 114,780 $ 878,115 $ 356,300 $ 7,982,438 $ 7,592,408 (20) Noncertificated benefits $ 248,143 $ 1,187,617 $ 492,236 $ 26,012 $ 182,044 $ 94,420 $ 2,230,472 $ 2,074,868 (21) SUB TOTAL $ 3,240,046 $ 34,054,207 $ 2,574,122 $ 140,792 $ 1,621,000 $ 450,720 $ 42,080,886 $ 40,822,292 (22) Services, contracts and supplies $ 868,214 $ 5,644,319 $ 2,668,402 $ 2,346,959 $ 647,774 $ $ 12,175,668 $ 10,526,426 (23) Amortization of supported tangible capital assets $ $ $ 3,588,750 $ $ $ $ 3,588,750 $ 2,951,806 (24) Amortization of unsupported tangible capital assets $ $ $ 307,833 $ 30,156 $ $ $ 337,989 $ 361,663 (25) Supported interest on capital debt $ $ $ $ $ $ $ $ 1,691 (26) Unsupported interest on capital debt $ $ $ $ $ $ $ $ (27) Other interest and finance charges $ $ $ $ $ $ $ $ 5,071 (28) Losses on disposal of tangible capital assets $ $ $ $ $ $ $ $ (29) Other expense $ $ $ $ $ $ $ $ (30) TOTAL EXPENSES $ 4,108,260 $ 39,698,526 $ 9,139,107 $ 2,517,907 $ 2,268,773 $ 450,720 $ 58,183,293 $ 54,668,949 (31) OPERATING SURPLUS (DEFICIT) $ (14,696) $ 4,116,922 $ (1,410,501) $ 675,189 $ 79,323 $ 7,231 $ 3,453,468 $ 4,078,563 12

13 SCHEDULE 4 School Jurisdiction Code: 4130 Expensed IMR, Unsupported TOTAL Utilities Modular Unit Facility Planning & Amortization Supported TOTAL Operations and EXPENSES Custodial Maintenance and Relocations & Operations & Other Capital & Debt Operations and Maintenance Telecomm. Lease Payments Administration Expenses Services Maintenance Uncertificated salaries and wages $ 1,620,632 $ 461,254 $ $ $ $ 2,081,886 $ 1,999,488 Uncertificated benefits $ 393,163 $ 99,073 $ $ $ $ 492,236 $ 474,943 Subtotal Remuneration $ 2,013,795 $ 560,327 $ $ $ $ 2,574,122 $ 2,474,431 Supplies and services $ 198,195 $ 530,356 $ 105,192 $ 307,817 $ 99,885 $ 1,241,445 $ 1,943,646 Electricity $ 582,605 $ 582,605 $ 556,294 Natural gas/heating fuel $ 252,499 $ 252,499 $ 179,575 Sewer and water $ 144,371 $ 144,371 $ 112,903 Telecommunications $ 255,021 $ 255,021 $ 233,420 Insurance $ 162,305 $ 162,305 $ 159,503 ASAP maintenance & renewal payments Amortization of tangible capital assets $ $ $ Supported $ 3,588,750 $ 3,588,750 $ 2,974,177 Unsupported $ 337,989 $ 337,989 $ 339,292 Total Amortization $ 337,989 $ 3,588,750 $ 3,926,739 $ 3,313,469 Interest on capital debt Supported $ $ $ 1,691 Unsupported $ $ $ Lease payments for facilities $ $ $ Other interest charges Losses on disposal of capital assets SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES for the Year Ended August 31, 2017 (in dollars) $ $ $ $ $ $ TOTAL EXPENSES $ 2,211,990 $ 1,090,683 $ 1,339,688 $ 307,817 $ 262,190 $ 337,989 $ 3,588,750 $ 9,139,107 $ 8,974,932 SQUARE METRES School buildings 63, ,591.3 Non school buildings 1, Note: Custodial: All expenses related to activities undertaken to keep the school environment and maintenance shops clean and safe. Maintenance: All expenses associated with the repair, replacement, enhancement and minor construction of buildings, grounds and equipment components. This includes regular and preventative maintenance undertaken to ensure components reach or exceed their life cycle and the repair of broken components. Maintenance expenses exclude operational costs related to expensed IMR & Modular Unit relocations, as they are reported on separately. Utilities & Telecommunications: All expenses related to electricity, natural gas and other heating fuels, sewer and water and all forms of telecommunications. Expensed IMR & Modular Unit Relocation & Lease Pmts: All operational expenses associated with noncapitalized Infrastructure Maintenance Renewal projects, modular unit (portable) relocation, and payments on leased facilities. Facility Planning & Operations Administration: All expenses related to the administration of operations and maintenance including (but not limited to) contract administration, clerical functions, negotiations, supervision of employees & contractors, school facility planning & project 'administration', administration of jointuse agreements, and all expenses related to ensuring compliance with health and safety standards, codes and government regulations. Unsupported Amortization & Other Expenses: All expenses related to unsupported capital assets amortization and interest on unsupported capital debt. Supported Capital & Debt Services: All expenses related to supported capital assets amortization and interest on supported capital debt. 13

14 SCHEDULE 5 School Jurisdiction Code: 4130 SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS for the Year Ended August 31, 2017 (in dollars) Cash & Cash Equivalents Average Effective (Market) Yield Cost Amortized Cost Amortized Cost Cash $ 17,788,673 $ 17,788,673 $ 14,944,241 Cash equivalents Government of Canada, direct and guaranteed 0.00% Provincial, direct and guaranteed 0.00% Corporate 0.00% Municipal 0.00% Pooled investment funds 0.00% Other, including GIC's 0.00% Total cash and cash equivalents 0.00% $ 17,788,673 $ 17,788,673 $ 14,944,241 Portfolio Investments Average Effective (Market) Yield Cost Fair Value Balance Balance Long term deposits 0.00% $ $ $ $ Guaranteed investment certificates 1.86% 2,675,888 2,795,468 2,795,468 3,594,193 Fixed income securities Government of Canada, direct and guaranteed 0.00% $ $ $ $ Provincial, direct and guaranteed 2.98% 446, , , ,668 Municipal 0.00% Corporate 0.00% 364,165 Pooled investment funds 0.00% Total fixed income securities 2.98% 446, , , ,833 Equities Canadian 0.00% $ $ $ $ Foreign 0.00% Total equities 0.00% Supplemental integrated pension plan assets 0.00% $ $ $ $ Restricted investments 0.00% Other (Specify) 0.00% Other (Specify) 0.00% Total portfolio investments 2.01% $ 3,122,004 $ 3,234,359 $ 3,234,359 $ 4,406,026 The following represents the maturity structure for portfolio investments based on principal amount: Under 1 year 44.4% 50.0% 1 to 5 years 55.6% 50.0% 6 to 10 years 0.0% 0.0% 11 to 20 years 0.0% 0.0% Over 20 years 0.0% 0.0% 100.0% 100.0% 14

15 SCHEDULE 6 School Jurisdiction Code: 4130 SCHEDULE OF CAPITAL ASSETS for the Year Ended August 31, 2017 (in dollars) Tangible Capital Assets Computer Construction In Hardware & Total Total Land Progress Buildings Equipment Vehicles Software Estimated useful life 2550 Years 510 Years 510 Years 35 Years Historical cost Beginning of year $ 173,200 $ 23,553,182 $ 121,724,948 $ 1,089,302 $ 801,910 $ 714,549 $ 148,057,091 $ 115,903,433 Prior period adjustments Additions 20,732, , ,480 59,517 21,601,676 33,640,216 Transfers in (out) (24,796,523) 23,885, , ,580 Less disposals including writeoffs (52,807) (52,807) (1,486,558) Historical cost, August 31, 2017 $ 173,200 $ 19,489,023 $ 145,610,461 $ 2,489,240 $ 929,390 $ 914,646 $ 169,605,960 $ 148,057,091 Accumulated amortization Beginning of year $ $ $ 39,208,331 $ 906,142 $ 593,776 $ 676,192 $ 41,384,441 $ 39,249,476 Prior period adjustments Amortization 3,475, ,228 64,132 51,048 3,926,739 3,313,469 Other additions Transfers in (out) Less disposals including writeoffs (1,178,504) Accumulated amortization, August 31, 2017 $ $ $ 42,683,662 $ 1,242,370 $ 657,908 $ 727,240 $ 45,311,180 $ 41,384,441 Net Book Value at August 31, 2017 $ 173,200 $ 19,489,023 $ 102,926,799 $ 1,246,870 $ 271,482 $ 187,406 $ 124,294,780 Net Book Value at August 31, 2016 $ 173,200 $ 23,553,182 $ 82,516,617 $ 183,160 $ 208,134 $ 38,357 $ 106,672,650 Total cost of assets under capital lease Total amortization of assets under capital lease $ $ $ $ 15

16 SCHEDULE 7 School Jurisdiction Code: 4130 SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES for the Year Ended August 31, 2017 (in dollars) Negotiated Performance Other Accrued Board Members: FTE Remuneration Benefits Allowances Bonuses ERIP's / Other Paid Unpaid Benefits Expenses Wyant, Chair 1.00 $24,943 $4,372 $0 $0 $7,613 Ouellette, Vice Chair 1.00 $22,781 $4,320 $0 $0 $8,918 Fingerhut, Trustee 1.00 $17,173 $4,072 $0 $0 $8,179 Golden, Trustee 1.00 $15,429 $3,976 $0 $0 $0 Schoorlemmer, Trustee 1.00 $18,725 $4,149 $0 $0 $8,056 SilvesterDegen, Trustee 1.00 $20,852 $4,244 $0 $0 $11,387 Wohlgemuth, Trustee 1.00 $20,672 $4,236 $0 $0 $4,597 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal 7.00 $140,574 $29,368 $0 $0 $48,751 Karl Germann, Superintendent 1.00 $205,385 $13,617 $117,143 $0 $0 $0 $25,467 Bryan Turner, Secretary/Treasurer 0.25 $168,549 $7,504 $765 $0 $0 $0 $3,866 Chelsea Nestibo, Secretary/Treasurer 0.50 $41,626 $11,845 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Certificated teachers $25,519,523 $6,012,308 $0 $0 $0 $0 Noncertificated other $7,630, $2,181,755 $0 $0 $0 $0 TOTALS $33,706,581 $8,256,397 $117,908 $0 $0 $0 $78,084 16

17 SCHEDULE 8 School Jurisdiction Code: 4130 Basic Instruction Fees Basic instruction supplies $264,200 $367,848 $0 $505,281 $0 Fees to Enhance Basic Instruction Technology user fees $800 $0 $0 $0 $0 Alternative program fees $240,000 $441,962 $0 $427,619 $14,343 Fees for optional courses $170,000 $203,192 $0 $197,240 $5,952 Activity fees $235,000 $207,607 $0 $153,869 $53,738 Early childhood services $230,000 $0 $0 $0 $0 Other fees to enhance education $0 $0 $0 $0 $0 Other Enhancement fees (describe) $0 $0 $0 $0 $0 Other Enhancement fees (describe) $0 $0 $0 $0 $0 NonCurricular fees Extracurricular fees $350,000 $289,453 $0 $313,439 $0 Noncurricular travel $35,000 $169,352 $0 $155,084 $14,268 Lunch supervision and noon hour activity fees $0 $0 $0 $0 $0 Noncurricular goods and services $25,000 $32,840 $0 $77,983 $0 Includes staff coffee/social/clothes, etc.; interest reven Other Fees (describe) UNAUDITED SCHEDULE OF FEES for the Year Ending August 31, 2017 (in dollars) Budgeted Fee Unexpended Actual Fee Unexpended Revenues Actual Fees Balance at Expenditures Balance at August 2016/2017 Collected 2016/2017 September 1, 2016* 2016/ , 2017* Transportation Fees $35,000 $18,547 $0 $62,068 $0 $100,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL FEES $1,685,000 $1,730,800 $0 $1,892,583 $88,301 *Unexpended balances cannot be less than $0 Please disclose amounts paid by parents of students that are recorded as "Other sales and services", "Fundraising", or "Other revenue" (rather than fee revenue): Actual Actual Cafeteria sales, hot lunch, milk programs $28,612 $72,670 Special events, graduation, tickets $116,722 $115,168 International and out of province student revenue $0 $0 Sales or rentals of other supplies/services (clothing, agendas, yearbooks) $31,148 $95,916 Adult education revenue $0 $0 Preschool $0 $0 Child care & before and after school care $0 $0 Lost item replacement fee $0 $0 Other (Describe) Other (Describe) Other (Describe) $0 $0 $0 $0 $0 $0 TOTAL $176,481 $283,754 17

18 SCHEDULE UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING for the Year Ended August 31, 2017 (in dollars) PROGRAM AREA English as a First Nations, Metis ECS Program Unit Second Language & Inuit (FNMI) Funding (PUF) (ESL) Inclusive Education Funded Students in Program Federally Funded Students REVENUES Alberta Education allocated funding $ 742,203 $ 1,604,237 $ 407,917 4,406,070 Other funding allocated by the board to the program $ $ $ TOTAL REVENUES $ 742,203 $ 1,604,237 $ 407,917 4,406,070 $ $ 662,478 $ $ $ $ 662,478 EXPENSES (Not allocated from BASE, Transportation, or other funding) Instructional certificated salaries & benefits $ 707,782 $ 161,293 $ 489,344 $ 3,273,176 Instructional noncertificated salaries & benefits $ $ 982,154 $ $ 673,082 SUB TOTAL $ 707,782 $ 1,143,447 $ 489,344 $ 3,946,258 Supplies, contracts and services $ 147,233 $ 333,668 $ 101,794 $ 680,891 Program planning, monitoring & evaluation $ $ $ Facilities (required specifically for program area) $ $ $ $ Administration (administrative salaries & services) $ $ 139,200 $ $ Professional development $ $ 67,200 $ $ Other (please describe) $ $ $ $ TOTAL EXPENSES $ 855,015 $ 1,683,515 $ 591,138 $ 4,627,149 NET FUNDING SURPLUS (SHORTFALL) $ (112,812) $ (79,278) $ (183,221) $ (221,079) Small Schools by Necessity (Revenue only) 18

19 SCHEDULE 10 School Jurisdiction Code: 4130 UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES for the Year Ended August 31, 2017 (in dollars) Allocated to Board & System Administration Allocated to Other Programs Salaries & Supplies & Salaries & Supplies & EXPENSES Benefits Services Other TOTAL Benefits Services Other TOTAL Office of the superintendent $ 477,308 $ 6,444 $ $ 483,752 $ $ $ $ 483,752 Educational administration (excluding superintendent) $ 147,279 $ 10,586 $ $ 157,865 $ $ $ $ 157,865 Business administration $ 381,709 $ 503,763 $ $ 885,472 $ $ $ $ 885,472 Board governance (Board of Trustees) $ 169,942 $ 52,480 $ $ 222,422 $ $ $ $ 222,422 Information technology $ $ $ $ $ $ $ $ Human resources $ 226,362 $ 36,480 $ $ 262,842 $ $ $ $ 262,842 Central purchasing, communications, marketing $ 35,965 $ 5,249 $ $ 41,214 $ $ $ $ 41,214 Payroll $ 182,434 $ 32,772 $ $ 215,206 $ $ $ $ 215,206 Administration insurance $ $ $ $ Administration amortization $ $ $ $ Administration other (admin building, interest) $ $ $ $ Other (describe) $ $ $ $ $ $ $ $ Other (describe) $ $ $ $ $ $ $ $ Other (describe) $ $ $ $ $ $ $ $ TOTAL EXPENSES $ 1,620,999 $ 647,774 $ $ 2,268,773 $ $ $ $ 2,268,773 19

20 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, 2017 AUTHORITY AND PURPOSE The School District delivers education programs under the authority of the School Act, Revised Statutes of Alberta, 2000, Chapter S3. The School District receives instruction and support allocations under Education Grants Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of grant monies. The School District is limited on certain funding allocations and administration expenses. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of presentation These audited financial statements are prepared in accordance with CPA Handbook Canadian public sector accounting standards (PSAS) without not for profit provisions. The audited financial statements have, in management s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below: b) Cash and cash equivalents Cash and cash equivalents include cash and investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. These shortterm investments have a maturity of three months or less at acquisition and are held for the purpose of meeting shortterm cash commitments rather than for investing. c) Portfolio investments The School District has investments in Guaranteed Investment Certificates (GICs) and bonds that have a maturity of greater than three months. GICs and other investments not quoted in an active market are reported at cost or amortized cost. Portfolio investments in equity instruments that are quoted in an active market are recorded at fair value and the associated transaction costs are expensed upon initial recognition. The change in fair value is recognized in the Statement of Remeasurement Gains and Losses as a remeasurement gain or loss until the portfolio investments are derecognized. Upon derecognition, the accumulated remeasurement gains or losses associated with the derecognized portfolio investments are reversed and reclassified to the Statement of Operations. Impairment is defined as a loss in value of a portfolio investment that is other than a temporary decline and is included in the Statement of Operations. In case of an item in the fair value category, a reversal of any net remeasurement gains recognized in previous reporting periods up to the amount of the writedown is reported in the Statement of Remeasurement Gains and Losses. A subsequent increase in value would be recognized on the Statement of Operations only when sold. (continues) 20

21 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) d) Tangible capital assets The following criteria applies: Tangible capital assets acquired or constructed are recorded at cost which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the asset. Cost also includes overhead directly attributable to construction, as well as interest costs that are directly attributable to the acquisition or construction of the asset. Donated tangible capital assets are recorded at their fair market value at the date of donation, except in circumstances where fair value cannot be reasonably determined, when they are then recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization. Constructioninprogress is recorded as an acquisition to the applicable asset class at substantial completion. Sites and buildings are written down to residual value when conditions indicate they no longer contribute to the ability of the School District to provide services or when the value of future economic benefits associated with the sites and buildings are less than their net book value. For supported assets, the writedowns are accounted for as reductions to Expended Deferred Capital Revenue. Buildings that are demolished or destroyed are writtenoff. Tangible capital assets with costs in excess of $5,000 are capitalized. Tangible capital assets are amortized over their estimated useful lives on a straightline basis, at the following rates: Buildings Equipment Vehicles Computer equipment 10 to 50 years 5 to 10 years 5 to 10 years 3 to 5 years (continues) 21

22 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) e) Deferred revenue Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Public Sector Accounting Standard (PSAS) PS These contributions are recognized by the School District once it has met all eligibility criteria to receive the contributions. When stipulations are met, deferred revenue is recognized as revenue in the fiscal year in a manner consistent with the circumstances and evidence used to support the initial recognition of the contributions received as a liability. Deferred revenue also include contributions for capital expenditures, unexpended and expended: Unexpended Deferred Capital Revenue Unexpended Deferred Capital Revenue represent externally restricted supported capital funds provided for a specific capital purpose received or receivable by the jurisdiction, but the related expenditure has not been made at yearend. These contributions must also have stipulations that meet the definition of a liability per PS 3200 when expended. Expended Deferred Capital Revenue Expended Deferred Capital Revenue represent externally restricted supported capital funds that have been expended but have yet to be amortized over the useful life of the related capital asset. Amortization over the useful life of the related capital asset is due to certain stipulations related to the contributions that require that the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset. f) Operating and capital reserves Certain amounts are internally or externally restricted for future operating or capital purposes. Transfers to and from reserves are recorded when approved by the Board of Trustees. Capital reserves are restricted to capital purposes and may only be used for operating purposes with approval by the Minister of Education. Reserves are disclosed in the Schedule of Changes in Accumulated Surplus. (continues) 22

23 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) g) Revenue recognition Revenues are recorded on an accrual basis. Instruction and support allocations are recognized in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered. Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Contributed services are not recognized in the financial statements. Eligibility criteria are criteria that the School District has to meet in order to receive certain contributions. Stipulations describe what the School District must perform in order to keep the contributions. Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met. Contributions with stipulations are recognized as revenue in the period the stipulations are met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability in accordance with Section PS Such liabilities are recorded as deferred revenue. The following items fall under this category: Noncapital contributions for specific purposes are recorded as deferred revenue and recognized as revenue in the year the stipulated related expenses are incurred; Unexpended Deferred Capital Revenue; or Expended Deferred Capital Revenue. h) Expenses Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Allocation of Costs Actual salaries of personnel assigned to two or more programs are allocated based on the time spent in each program. Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individual s salary. Supplies and services are allocated based on actual program identification. (continues) 23

24 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) i) Pensions Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. The current and past service costs of the Alberta Teacher Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, the Grande Prairie Roman Catholic Separate School District No. 28 does not make pension contributions for certificated staff. The Government portion of the current service contribution to the Alberta Teachers Retirement Fund on behalf of the School District is included in both revenues and expenses. For the school year ended August 31, 2017, the amount contributed by the government was $2,998,670 (2016 $3,007,501). The School District participates in the multiemployer pension plan, Local Authorities Pension Plan, and does not report any unfunded liabilities. The expense for this pension plan is equivalent to the annual employer contributions of $770,177 (2016 $747,891) for the year ended August 31, At December 31, 2016, the Local Authorities Pension Plan reported an actuarial deficiency of $637 million (2015 deficiency of $923 million). j) Program reporting The School District s operations have been segmented as follows: ECS Instruction: The provision of Early Childhood Services education instructional services that fall under the basic public education mandate. Grade 112 Instruction: The provision of instructional services for grades 112 that fall under the basic public education mandate. Plant Operations and Maintenance: The operation and maintenance of all school buildings and maintenance shop facilities. Transportation: The provision of regular and special education bus services (to and from school), whether contracted or board operated, including transportation facilities. Board & System Administration: The provision of board governance and systembased / central office administration. External Services: All projects, activities, and services offered outside the public education mandate for ECS children and students in grades 112. Services offered beyond the mandate for public education are to be selfsupporting, and Alberta Education funding may not be utilized to support these programs. The allocation of revenues and expenses are reported by program, source, and object on the Schedule of Program Operations. (continues) 24

25 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) k) Trust under administration The School District has property that has been transferred or assigned to it to be administered or directed by a trust agreement or statute. The School District holds title to the property for the benefit of the beneficiary. Trusts under administration have been excluded from the financial reporting of the School District. Trust balances can be found in Note 10. l) Financial instruments A contract establishing a financial instrument created, at its inception, rights and obligations to receive or deliver economic benefits. The financial asset and financial liabilities portray these rights and obligations in the financial statements. The School District recognizes a financial instrument when it becomes a party to a financial instrument contract. Financial instruments consist of cash and cash equivalents, accounts receivable, portfolio investments, and accounts payable and accrued liabilities. Unless it is otherwise noted, it is management s opinion that the School District is not exposed to significant credit and liquidity risks, or market risks, which include currency, interest rate and other price risks. Portfolio investments in equity instruments quoted in an active market and derivatives are recorded at fair value. All other financial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value of items in the cost or amortized cost upon initial recognition. The gain of loss arising from derecognition of a financial instrument is recognized in the Statement of Operations. Impairment losses such as writedowns or writeoffs are reported in the Statement of Operations. m) Measurement uncertainty The precise determination of many assets and liabilities is dependent on future events. As a result, the preparation of financial statements for a period involves the use of estimates and approximations, which have been made using careful judgment. Actual results could differ from those estimates. Significant areas requiring the use of management estimates relate to the potential impairment of assets, rates for amortization and estimated employee future benefits. n) Future accounting changes The Public Sector Accounting Board has issued the following accounting standards: PS 2200 Related Party Disclosures and PS 3420 InterEntity Transactions (effective April 1, 2017) PS 2200 defines a related party and establishes disclosures required for related party transactions. PS 3420 establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective. 25

26 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, 2017 (continues) PS 3210 Assets, PS 3320 Contingent Assets and PS 3380 Contractual Rights (effective April 1, 2017) PS 321 O provides guidance for applying the definition of assets set out in FINANCIAL STATEMENT CONCEPTS, Section PS 1000, and establishes general disclosure standards for assets; PS 3320 defines and establishes disclosure standards on contingent assets; and PS 3380 defines and establishes disclosure standards on contractual rights. PS 3430 Restructuring Transactions (effective April 1, 2018) This standard provides guidance on how to account for and report restructuring transactions by both transferors and recipients of assets and/or liabilities, together with related program or operating responsibilities. PS 3450 Financial Instruments (effective April 1, 2019) Adoption of this standard requires corresponding adoption of PS 2601 Foreign Currency Translation, PS 1201 Financial Statement Presentation, and PS 3401 Portfolio Investments in the same fiscal period. These standards provide guidance on: recognition, measurement and disclosure of financial instruments; standards on how to account for and report transactions that are denominated in a foreign currency; general reporting principles and standards for the disclosure of information in financial statements; and how to account for and report portfolio investments. Management is currently assessing the impact of these standards on the financial statements. 26

27 GRANDE PRAIRIE ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT NO. 28 Notes to Financial Statements Year Ended August 31, ACCOUNTS RECEIVABLE Gross Amount Allowance for Doubtful Accounts Net Realizable Value 2016 Net Realizable Value Alberta Education Grants $ $ $ $ 74,812 Alberta Education Capital 109, ,494 12,943 Federal government 109, , ,161 Municipalities 708, , ,338 Other 272, ,654 95,458 Total $ 1,199,913 $ $ 1,199,913 $ 956, OTHER FINANCIAL ASSETS Urban School Insurance Consortium 98,822 58,240 Total $ 98,822 $ 58, BANK INDEBTEDNESS The School District has an available operating line of credit in the amount of $1,500,000 that bears interest at the bank prime rate less 0.25%. This line of credit is secured by a borrowing bylaw and a security agreement covering all revenue of the School District. There was no balance outstanding on the line of credit as at August 31, ACCOUNTS PAYABLE AND LIABILITIES Alberta Education $ 5,621,418 $ 2,167,771 Federal government 515,051 Accrued vacation pay liability 229, ,431 Other salaries & benefit costs 8, ,501 Other trade payables and accrued liabilities 679,316 1,200,636 Total $ 6,538,385 $ 4,457,390 27