Financial Statements June 30, 2014
Independent Auditor s Report To the Board of Directors of Steinbach Christian Schools Inc. We have audited the accompanying financial statements of Steinbach Christian Schools Inc., which comprise the statements of financial position as at June 30, 2014, and the statements of operations, changes in fund balances 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 accounting standards for not-for-profit organizations, 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.
Basis for Qualified Opinion In common with many not-for-profit organizations, the organization derives revenues from donations and fundraising, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the organization, and we are not able to determine whether any adjustments might be necessary to revenues, assets, and fund balances. Qualified Opinion In our opinion, except for the effects, if any, which might have been determined necessary had we been able to satisfy ourselves with respect to the completeness of revenues, the financial statements present fairly, in all material respects, the financial position of Steinbach Christian Schools Inc. as at June 30, 2014, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Chartered Accountants Winnipeg, Manitoba October 25, 2014 I hereby certify that this report, financial statements and reports referenced herein have been presented to the members of the Board of Steinbach Christian Schools Inc. DATE CHAIRPERSON
Statement of Financial Position As at June 30 Statement of Financial Position Statement of Operations SBC SCHS Capital Total SBC SCHS Capital Total $ $ $ $ $ $ $ $ Assets Current Assets Cash 62,903 489-63,392 68,866 4,538-73,404 Accounts Receivable 66,807 88,626-155,433 145,405 51,988-197,393 Grant Receivable - 124,308-124,308-115,208-115,208 Inventory 23,969 8,423-32,392 24,047 11,473-35,520 Prepaid Expenses 27,023 34,532-61,555 18,200 10,469-28,669 Due From (To) Other Funds 179,577 214,652 (394,230) (1) 43,894 110,533 (154,427) - 360,279 471,030 (394,230) 437,079 300,412 304,209 (154,427) 450,194 Endowment Fund Cash 177,532 - - 177,532 174,438 - - 174,438 Capital Assets 3 - - 7,112,405 7,112,405 - - 6,996,906 6,996,906 Liabilities Current Liabilities June 30, 2014 June 30, 2013 177,532-7,112,405 7,289,937 174,438-6,996,906 7,171,344 537,811 471,030 6,718,175 7,727,016 474,850 304,209 6,842,479 7,621,538 Credit Facility 4 79,726 291,252-370,978 84,017 106,276-190,293 Accounts Payable 49,124 156,036-205,160 107,960 206,244-314,204 Unearned Student Fees - 79,252-79,252-56,006-56,006 Student Deposits 2,644 - - 2,644 1,808 - - 1,808 Current Portion of Capital Lease 7 - - 24,026 24,026 - - 26,596 26,596 Current Portion of Long-Term Debt 8 - - 143,204 143,204 - - 133,562 133,562 131,494 526,540 167,230 825,264 193,785 368,526 160,158 722,469 Other Liabilities 7 551-13,494 14,045 11,411-33,097 44,508 Long-Term Debt 8 - - 1,786,284 1,786,284 - - 1,933,246 1,933,246 132,045 526,540 1,967,008 2,625,593 205,196 368,526 2,126,501 2,700,223 Fund Balances 405,766 (55,510) 4,751,167 5,101,423 269,654 (64,317) 4,715,978 4,921,315 537,811 471,030 6,718,175 7,727,016 474,850 304,209 6,842,479 7,621,538 Approved by the Board of Directors
Statement of Operations For the Year Ended June 30, 2014 SBC SCHS Capital Total SBC SCHS Capital Total $ $ $ $ $ $ $ $ Revenue Tuition 688,256 977,239-1,665,495 643,384 922,725-1,566,109 Fees 420,030 15,608-435,638 366,601 5,494-372,095 Grants 230,000 1,243,078-1,473,078 230,000 1,153,030-1,383,030 Donations 807,451 321,719-1,129,170 859,972 299,347-1,159,319 Sales & Service 219,732 170,139-389,871 188,611 160,540-349,151 Interest & Miscellaneous 41,320 3,868-45,188 38,618 3,297 (847) 41,068 2,406,789 2,731,651-5,138,440 2,327,186 2,544,433 (847) 4,870,772 Expenses Instructional 549,938 1,514,151-2,064,089 538,238 1,304,705-1,842,943 Academic Support 248,883 35,350-284,233 221,042 31,147-252,189 Auxiliary 348,019 10,841-358,860 387,880 20,706-408,586 Financial Assistance 118,577 225,798-344,375 118,597 224,412-343,009 Facilities & Amortization 198,544 265,671 354,113 818,328 205,087 252,787 257,889 715,763 Executive 155,241 109,818-265,059 215,465 114,978-330,443 General Admin 488,159 335,229-823,388 439,823 327,583-767,406 2,107,361 2,496,858 354,113 4,958,332 2,126,132 2,276,319 257,889 4,660,340 Excess (Deficiency) of Revenue over Expenses 299,428 234,793 (354,113) 180,108 201,054 268,114 (258,736) 210,432 Statement of Changes in Fund Balanc Approved by the Board of Directors
Statement of Changes in Fund Balances For the Year Ended June 30, 2014 SBC SCHS Capital Total SBC SCHS Capital Total $ $ $ $ $ $ $ $ Balance - Beginning of Year 269,653 (64,316) 4,715,978 4,921,315 629,411 (74,521) 4,155,993 4,710,883 Excess (Deficiency) of Revenue over Expenses 299,428 234,793 (354,113) 180,108 201,054 268,114 (258,736) 210,432 Interfund Transfers 10 Inter-School Transfers 33,721 (33,721) - - (12,081) 12,081 - - Capital Purchases (25,946) (90,992) 116,938 - (10,526) (44,353) 54,879 - New Construction (47,733) (17,955) 65,688 - (480,705) (93,373) 574,078 - Mortgage (123,357) (83,319) 206,676 - (57,500) (132,264) 189,764 - (163,315) (225,987) 389,302 - (560,812) (257,909) 818,721 - Net Change in Fund Balance 136,113 8,806 35,189 180,108 (359,758) 10,205 559,985 210,432 Balance - End of Year 405,766 (55,510) 4,751,167 5,101,422 269,653 (64,316) 4,715,978 4,921,315
Statement of Cash Flows For the Year Ended June 30, 2014 Statement of Cash Flows SBC SCHS Capital Total SBC SCHS Capital Total $ $ $ $ $ $ $ $ Cash Provided By (Used In) Operating Activities Excess (Deficiency) of Revenue over Expenses 299,428 234,793 (354,113) 180,108 201,054 268,114 (258,736) 210,432 Amortization of Capital Assets - - 275,053 275,053 - - 225,197 225,197 299,428 234,793 (79,060) 455,161 201,054 268,114 (33,539) 435,629 Net Change in Non-Cash Working Capital 11,853 (93,713) - (81,860) (60,645) (50,934) 5,000 (106,579) Interfund Transfers (163,316) (225,986) 389,302 - (560,812) (257,910) 818,721 - Other Liabilities (10,860) - (19,603) (30,463) (7,404) (66,431) (26,596) (100,431) Due to / (from) Other Funds (135,683) (104,119) 239,803 1 168,747 9,761 (178,509) (1) 1,422 (189,025) 530,442 342,840 (259,060) (97,400) 585,078 228,618 Financing & Investing Activities Purchase of Capital Assets - - (390,852) (390,852) - - (1,669,810) (1,669,810) Proceeds from Sale of Capital Assets - - 300 300 - - 5,320 5,320 New Borrowing - - - - - - 1,216,233 1,216,233 Repayment of Long-Term Debt - - (137,320) (137,320) - - (136,822) (136,822) - - (527,872) (527,872) - - (585,079) (585,079) Increase / (Decrease) in Cash 1,422 (189,025) 2,570 (185,033) (259,060) (97,400) - (356,461) Cash balance - Beginning of year 159,287 (101,738) - 57,549 418,347 (4,337) - 414,010 Cash Balance - End of Year 160,709 (290,763) 2,570 (127,484) 159,287 (101,738) - 57,549 Cash Consists Of Cash 62,903 489-63,392 68,866 4,538-73,404 Endowment Fund Cash 177,532 - - 177,532 174,438 - - 174,438 Credit Facility (79,726) (291,252) - (370,978) (84,017) (106,276) - (190,293) 160,709 (290,763) - (130,054) 159,287 (101,738) - 57,549
Notes to Financial Statements June 30, 2014 1 Incorporation, Purpose and Structure Steinbach Christian Schools Inc. (the Organization ) is an organization without share capital, incorporated under the laws of Manitoba. It is a registered charity and is exempt from income taxes under the provisions of the Income Tax Act. The organization operates Steinbach Bible College ( SBC ) with the mission to educate college students from an Evangelical Anabaptist perspective by nurturing faith formation and developing ministry potential to the global mission of the church. In addition, it serves as a resource to the Constituency. The organization also operates Steinbach Christian High School ( SCHS ) as an independent secondary educational institution with the mission to provide quality high school education with a Christian perspective. The Cabinets of Steinbach Bible College and Steinbach Christian High School form a single Board of Directors for the Organization. A Partnership Agreement defines governance and operating parameters for both schools. 2 Significant Accounting Policies Fund Accounting Steinbach Bible College Fund (SBC Fund) The SBC Fund includes the assets, liabilities, revenues and expenses related to the operating and administrative activities of SBC. Auxiliary enterprises of the fund consist of the book store, music conservatory, residence, food services, facility rentals and catering activities. Steinbach Christian High School Fund (SCHS Fund) The SCHS Fund includes the assets, liabilities, revenues and expenses related to the operating and administrative activities of SCHS. Auxiliary enterprises of the fund consist of facility rentals and catering activities. Capital Fund The Capital Fund includes the assets, liabilities and amortization related to the Organization s capital assets. Notes Page 1 of 10
Notes to Financial Statements June 30, 2014 Endowment Fund The Endowment Fund is comprised of bursary, current and capital endowments, as detailed in note 6. Externally restricted funds are maintained in accordance with the wishes of the donor. Internally restricted funds are maintained in accordance with policies established by the Board of Directors. Revenue Recognition The Organization follows the restricted fund method of accounting for contributions. All revenue is recognized in the year received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Donations and bequests pledged are not recorded until received. Donated services provided to the Organization are not recorded in the accounts. Donations of food and products for use in the cafeteria and donations of equipment and other materials are recorded at fair market value when received. Donations in Kind Contributed materials which would otherwise be paid by the organization are recorded at fair market value when provided. Contributed Services Volunteers contribute approximately 100 hours per year to assist the Organization in its programs and activities. Because of the difficulty in determining the fair value, contributed services are not recognized in the financial statements. Cash Cash for Endowment Fund purposes is classified as long-term due to its restricted purpose, and consists of deposits with the Steinbach Credit Union Limited and Mennonite Foundation of Canada. Cash for Capital funds purposes is classified as shortterm or long-term depending on the nature of the cash. At June 30, 2014, the Capital Funds earned interest at the rate of 0.80% and the Endowment Funds earned interest at 1.60%. Inventory Inventory, which consists primarily of books, office supplies and food products is valued at the lower of cost and net realizable value. Notes Page 2 of 10
Notes to Financial Statements June 30, 2014 Capital Assets Capital assets are recorded at historical cost in the Capital Fund. Minor equipment purchases used in operations are expensed in the year acquired. Amortization is provided on a declining balance basis over the assets estimated useful lives at the following rates: Leases Landscaping and Parking 3% Buildings 3% - 15% Furniture and Fixtures 10% Computers 30% Vehicles 20% Equipment 5% - 25% A lease that transfers substantially all of the benefits and risks of ownership is classified as a capital lease. At the inception of a capital lease, an asset and a payment obligation is recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property's fair market value. Assets under capital lease are amortized on the declining balance basis, over their estimated useful lives. Other Liabilities Other liabilities include an accrual for committed sabbatical leaves (SBC), deferred salaries (SCHS), and capital lease obligations. Related Parties During the prior year a company controlled by a Director of the School provided construction services to the School in the amount of $58,850. These transactions were in the normal course of operations and were measured at the exchange value. Measurement Uncertainty The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of Notes Page 3 of 10
Notes to Financial Statements June 30, 2014 contingent liabilities at the date of the financial statements and the amounts of reported revenues and expenses during the period. Actual amounts could differ from those estimates. Accounts receivable are stated after evaluation as to their collectability and an appropriate allowance for doubtful accounts is provided where necessary. Provisions are made for slow moving and obsolete inventory. Provision is made for amortization of capital assets based on an estimate of their useful lives. These estimates and assumptions are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Financial instruments Financial assets and financial liabilities are initially recognized at fair value when the Organization becomes a party to the contractual provisions of the financial instrument. Subsequently, all financial instruments except investments are measured at amortized cost. Investments are measured at fair value. Transaction costs related to financial instruments measured at fair value are expensed as incurred. Transaction costs related to the other financial instruments are added to the carrying value of the asset or netted against the carrying value of the liability and are then recognized over the expected life of the instrument using the straight-line method. Any premium or discount related to an instrument measured at amortized cost is amortized over the expected life of the item using the straight-line method and recognized in the statement of operations. With respect to financial assets measured at cost or amortized cost, the Organization recognizes in the statement of operations of the respective fund, an impairment loss, if any, when it determines that a significant adverse change has occurred during the period in the expected timing or amount of future cash flows. When the extent of impairment of a previously written-down asset decreases and the decrease can be related to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed in the statements of operations and changes in fund balances of the respective fund in the period the reversal occurs. Notes Page 4 of 10
Notes to Financial Statements June 30, 2014 3 Capital Assets Cost Accumulated Amortization Net Cost Accumulated Amortization $ $ $ $ $ $ Land 10,000-10,000 10,000-10,000 Landscaping and Parking 162,206 24,802 137,404 159,456 20,595 138,861 Buildings 8,647,625 2,392,037 6,255,588 8,536,188 2,201,028 6,335,160 Furniture and Fixtures 654,208 331,734 322,474 446,975 308,167 138,808 Equipment and Computers 1,023,763 776,074 247,689 984,795 750,987 233,808 Equipment Under Capital Lease 101,083 23,300 77,783 101,083 14,657 86,426 Vehicles 182,051 120,584 61,467 161,614 107,771 53,843 10,780,936 3,668,531 7,112,405 10,400,111 3,403,205 6,996,906 4 Credit Facility The Organization has an operating line of credit of $260,000 with Steinbach Credit Union Limited which bears interest at prime plus 1.0%, 4.00% (2013: 4.00%). At June 30, 2014, the Organization had drawn on this credit facility in the amount of $166,785 (2013: $122,521) and written outstanding cheques net of outstanding deposits totaling $204,193 (2013: $67,772). The Organization has signed a general security agreement to secure its line of credit. Net Notes Page 5 of 10
Notes to Financial Statements June 30, 2014 5 Restricted Fund Balances Unaudited financial statements for the SBC Fund, SCHS Fund and Capital Fund are included in Appendix A. Year-end restricted fund balances are shown in the following table. SBC Fund SCHS Fund Capital Fund Total SBC Fund SCHS Fund Capital Fund $ $ $ $ $ $ $ $ Development 23,395 - - 23,395 18,156 - - 18,156 Bursaries - 6,375-6,375-3,774-3,774 Student Council 18,777 - - 18,777 16,417 - - 16,417 Contingency 739 - - 739 - - - - Capital 125,097 5,189 4,751,167 4,881,453 22,139-4,715,978 4,738,117 168,009 11,564 4,751,167 4,930,740 56,712 3,774 4,715,978 4,776,464 Endowment 192,756 - - 192,756 193,796 - - 193,796 360,765 11,564 4,751,167 5,123,497 250,508 3,774 4,715,978 4,970,260 6 Endowment Funds Total Total $ $ Betty Reimer Leadership Training Bursary 30,764 26,947 Dr. Archie & Elvira Penner Bursary 9,852 9,725 Harvey Plett Bursary Fund 33,855 32,099 Jacob T. & Margaret Loewen Family Bursary 13,981 13,800 SBC Memorial Fund 72,694 71,410 John P. & Katherine Enns Bursary 9,336 9,363 Ben D Reimer Scholarship Fund 16,446 16,234 Summer Ministries Scholarship Fund 5,830 14,218 Fund Balance 192,757 193,796 Total Notes Page 6 of 10
Notes to Financial Statements June 30, 2014 7 Capital Lease Obligations Royal Bank of Canada lease, interest rate 5.64%, monthly payments of $2,216, due December 1, 2016 $ 37,520 Less: Current Portion (24,026) 13,494 The Organization has entered into lease agreements which require the following minimum annual lease payments. $ 2015 26,596 2016 9,784 2017 4,892 41,272 Less: Imputed Interest (3,752) 37,520 Notes Page 7 of 10
Notes to Financial Statements June 30, 2014 8 Long-Term Debt Mortgage for campus improvement in 2004, due in November 2029, bearing interest at prime, 3.00%, with blended monthly principal and interest payments of $6,420 secured by the organization's assets. Mortgage for Dorm constructed in 2012, due in February 2029, bearing interest at prime plus 0.75%, 3.75%, with blended monthly principal and interest payments of $6,695 secured by the organization's assets. Mortgage for bungalow renovations in 2012, due in September 2032, bearing interest at prime plus 0.75%, 3.75%, with blended monthly principal and interest payments of $423 secured by the organization's assets. $ $ 889,604 939,144 901,438 946,232 66,674 69,197 Term loan for gym renovations in 2013, due in April 2017, bearing interest at prime 71,772 112,235 plus 1.0%, 4.0%, with blended monthly principal and interest payments of $3,685 secured by the organization's assets. 1,929,488 2,066,808 Less: Current Portion of Long-Term Debt (143,204) (133,562) 1,786,284 1,933,246 Estimated principal repayment requirements for the next five years are as follows: SCS Campus Expansion SBC Dorm Construction SBC Bungalow 95 Campus Dr. SCHS Gym Renovation Total $ $ $ $ $ 2015 51,133 47,339 2,620 42,112 143,204 2016 52,617 49,058 2,714 29,660 134,049 2017 54,278 51,016 2,824-108,118 2018 55,924 52,962 2,931-111,817 2019 57,619 54,983 3,043-115,645 Notes Page 8 of 10
Notes to Financial Statements June 30, 2014 9 Capital Campaign Pledges The Organization had obtained pledges at year-end for capital projects. Pledge payments are expected as follows. SBC SCHS $ $ 2015 1,150 13,125 2016 150 1,000 Notes Page 9 of 10
Notes to Financial Statements June 30, 2014 10 Interfund Transfers During the year, the Organization made the following interfund transfers: The SBC and SCHS funds transferred $37,941 and $39,099 respectively to the Capital Fund to apply against mortgage payments. The SBC and SCHS restricted funds transferred $80,340 and $44,220 respectively to the Capital Fund to apply against mortgage payments. The SBC and SCHS funds transferred $10,947 and $66,362 respectively to the Capital fund to apply against capital purchases. The SBC and SCHS restricted funds transferred $47,733 and $17,955 respectively to the Capital Fund to apply against construction and renovation costs. The SCHS fund transferred $41,900 to the SCHS gym renovation project restricted fund. The SCHS restricted fund transferred $9,629 to the Capital Fund related to the K-4 project. The SBC restricted fund released $20,000 to the SBC fund to find library renovations. This amount was temporarily restricted in the prior year for this purpose. The SCHS fund transferred $18,105 to the SBC fund for library support. The SCHS fund transferred $16,366 to the SBC fund for donor development support. The SBC Student Council restricted fund transferred $2,000 to the SBC fund to assist with student lounge relocation costs. The SBC fund transferred $750 to the SCHS fund for use of gym equipment. Notes Page 10 of 10
Appendix A Statements by Fund (Unaudited) Appendix A Statements by Fund (Unaudited) Steinbach Bible College Statement of Financial Position As at June 30 June 30, 2014 June 30, 2013 Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total $ $ $ $ $ $ $ $ Assets Current Assets Cash 42,670 20,233-62,903 50,854 18,012-68,866 Accounts Receivable 65,495-1,312 66,807 70,571 73,029 1,805 145,405 Inventory 23,969 - - 23,969 24,047 - - 24,047 Prepaid Expenses 27,023 - - 27,023 18,200 - - 18,200 Due From (To) Other Funds 17,888 147,776 13,913 179,577 60,669 (34,328) 17,553 43,894 177,045 168,009 15,225 360,279 224,341 56,713 19,358 300,412 Endowment Fund Cash - - 177,532 177,532 - - 174,438 174,438 - - 177,532 177,532 - - 174,438 174,438 177,045 168,009 192,757 537,811 224,341 56,713 193,796 474,850 Liabilities Current Liabilities Credit Facility 79,726 - - 79,726 84,017 - - 84,017 Accounts Payable 49,124 - - 49,124 107,960 - - 107,960 Student Deposits 2,644 - - 2,644 1,808 - - 1,808 131,494 - - 131,494 193,785 - - 193,785 Other Liabilities 551 - - 551 11,411 - - 11,411 132,045 - - 132,045 205,196 - - 205,196 Fund Balances 45,000 168,009 192,757 405,766 19,145 56,713 193,796 269,654 177,045 168,009 192,757 537,811 224,341 56,713 193,796 474,850 Appendix A Page 1 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Bible College Statement of Operations For the Year Ended June 30, 2014 Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total $ $ $ $ $ $ $ $ Revenue Tuition 688,256 - - 688,256 643,384 - - 643,384 Fees 407,074 12,956-420,030 356,302 10,299-366,601 Grants 230,000 - - 230,000 230,000 - - 230,000 Donations 504,461 273,230 29,760 807,451 519,193 290,876 49,903 859,972 Sales & Service 219,732 - - 219,732 188,611 - - 188,611 Interest & Miscellaneous 38,199 345 2,776 41,320 35,017 211 3,390 38,618 2,087,722 286,531 32,536 2,406,789 1,972,507 301,386 53,293 2,327,186 Expenses Instructional 549,938 - - 549,938 538,238 - - 538,238 Academic Support 248,883 - - 248,883 221,042 - - 221,042 Auxiliary 348,019 - - 348,019 387,880 - - 387,880 Financial Assistance 85,002-33,575 118,577 85,262-33,335 118,597 Facilities & Amortization 198,544 - - 198,544 205,087 - - 205,087 Executive 153,675 1,566-155,241 182,437 33,028-215,465 General Admin 479,563 8,596-488,159 429,524 10,300-439,823 2,063,624 10,162 33,575 2,107,361 2,049,469 43,328 33,335 2,126,132 Excess (Deficiency) of Revenue over Expenses 24,098 276,369 (1,039) 299,428 (76,962) 258,058 19,958 201,054 Appendix A Page 2 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Bible College Statement of Changes in Fund Balances For the Year Ended June 30, 2014 Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total $ $ $ $ $ $ $ $ Balance - Beginning of Year 19,145 56,713 193,796 269,654 71,206 384,367 173,838 629,411 Excess (Deficiency) of Revenue over Expenses 24,098 276,369 (1,039) 299,428 (76,962) 258,058 19,958 201,054 Interfund Transfers Inter-Fund Transfers 22,000 (22,000) - - 45,964 (45,964) - - Inter-School Transfers 33,721 - - 33,721 30,419 (42,500) - (12,081) Capital Purchases (10,947) (15,000) - (25,947) (10,526) - - (10,526) New Construction - (47,733) - (47,733) - (480,705) - (480,705) Mortgage (43,017) (80,340) - (123,357) (40,956) (16,544) - (57,500) 1,757 (165,073) - (163,316) 24,901 (585,713) - (560,812) Net Change in Fund Balance 25,855 111,296 (1,039) 136,112 (52,061) (327,655) 19,958 (359,758) Balance - End of Year 45,000 168,009 192,757 405,766 19,145 56,713 193,796 269,654 Appendix A Page 3 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Bible College Statement of Cash Flows For the Year Ended June 30, 2014 Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total $ $ $ $ $ $ $ $ Cash Provided By (Used In) Operating Activities Excess (Deficiency) of Revenue over Expenses 24,098 276,369 (1,039) 299,428 (76,962) 258,058 19,958 201,054 Net Change in Non-Cash Working Capital (61,669) 73,029 493 11,853 81 (73,029) 12,304 (60,644) Interfund Transfers 1,757 (165,073) - (163,316) 24,901 (585,713) - (560,812) Other Liabilities (10,860) - - (10,860) (7,404) - - (7,404) Due to / (from) Other Funds 42,781 (182,104) 3,640 (135,683) 6,313 221,004 (58,567) 168,750 (3,893) 2,221 3,094 1,422 (53,071) (179,680) (26,305) (259,056) Increase / (Decrease) in Cash (3,893) 2,221 3,094 1,422 (53,071) (179,680) (26,305) (259,055) Cash balance - Beginning of year (33,161) 18,014 174,438 159,291 19,910 197,694 200,743 418,347 Cash Balance - End of Year (37,054) 20,235 177,532 160,713 (33,161) 18,014 174,438 159,291 Appendix A Page 4 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian High School Statement of Financial Position As at June 30 June 30, 2014 June 30, 2013 Unrestricted Restricted Total Unrestricted Restricted Total $ $ $ $ $ $ Assets Current Assets Cash 489-489 4,538-4,538 Accounts Receivable 88,626-88,626 50,318 1,670 51,988 Grant Receivable 124,308-124,308 115,208-115,208 Inventory 8,423-8,423 11,473-11,473 Prepaid Expenses 34,532-34,532 10,469-10,469 Due From (To) Other Funds 203,088 11,564 214,652 108,429 2,104 110,533 459,466 11,564 471,030 300,435 3,774 304,209 459,466 11,564 471,030 300,435 3,774 304,209 Liabilities Current Liabilities Credit Facility 291,252-291,252 106,276-106,276 Accounts Payable 156,036-156,036 206,244-206,244 Unearned Student Fees 79,252-79,252 56,006-56,006 526,540-526,540 368,526-368,526 Other Liabilities - - - - - - 526,540-526,540 368,526-368,526 Fund Balances (67,074) 11,564 (55,510) (68,091) 3,774 (64,317) 459,466 11,564 471,030 300,435 3,774 304,209 Appendix A Page 5 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian High School Statement of Operations For the Year Ended June 30, 2014 Unrestricted Restricted Total Unrestricted Restricted Total $ $ $ $ $ $ Revenue Tuition 977,239-977,239 922,725-922,725 Fees 15,608-15,608 5,494-5,494 Grants 1,243,078-1,243,078 1,153,030-1,153,030 Donations 261,494 60,225 321,719 161,345 138,002 299,347 Sales & Service 169,139 1,000 170,139 158,799 1,741 160,540 Interest & Miscellaneous 3,868-3,868 3,297-3,297 2,670,426 61,225 2,731,651 2,404,690 139,743 2,544,433 Expenses Instructional 1,514,151-1,514,151 1,304,705-1,304,705 Academic Support 35,350-35,350 31,147-31,147 Auxiliary 10,841-10,841 20,706-20,706 Financial Assistance 217,267 8,531 225,798 216,312 8,100 224,412 Facilities & Amortization 265,671-265,671 252,787-252,787 Executive 109,818-109,818 114,978-114,978 General Admin 335,229-335,229 321,351 6,232 327,583 2,488,327 8,531 2,496,858 2,261,987 14,332 2,276,318 Excess (Deficiency) of Revenue over Expenses 182,099 52,694 234,793 142,703 125,411 268,114 Appendix A Page 6 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian High School Statement of Changes in Fund Balances For the Year Ended June 30, 2014 Unrestricted Restricted Total Unrestricted Restricted Total $ $ $ $ $ $ Balance - Beginning of Year (68,091) 3,774 (64,317) (96,923) 22,401 (74,521) Excess (Deficiency) of Revenue over Expenses 182,099 52,694 234,793 142,703 125,411 268,114 Interfund Transfers Inter-Fund Transfers (41,900) 41,900 - - - - Inter-School Transfers (33,721) - (33,721) (30,419) 42,500 12,081 Capital Purchases (66,362) (24,629) (90,991) (44,353) - (44,353) New Construction - (17,955) (17,955) - (93,373) (93,373) Mortgage (39,099) (44,220) (83,319) (39,099) (93,165) (132,264) (181,082) (44,904) (225,986) (113,872) (144,038) (257,910) Net Change in Fund Balance 1,017 7,790 8,807 28,831 (18,627) 10,204 Balance - End of Year (67,074) 11,564 (55,510) (68,091) 3,774 (64,317) Appendix A Page 7 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian High School Statement of Cash Flows For the Year Ended June 30, 2014 Unrestricted Restricted Total Unrestricted Restricted Total $ $ $ $ $ $ Cash Provided By (Used In) Operating Activities Excess (Deficiency) of Revenue over Expenses 182,099 52,694 234,793 142,703 125,411 268,115 Net Change in Non-Cash Working Capital (95,383) 1,670 (93,713) (49,265) (1,670) (50,935) Interfund Transfers (181,082) (44,904) (225,986) (113,872) (144,038) (257,910) Other Liabilities - - - (66,431) - (66,431) Due to / (from) Other Funds (94,659) (9,460) (104,119) 15,734 (5,973) 9,760 (189,025) - (189,025) (71,131) (26,270) (97,401) Increase / (Decrease) in Cash (189,025) - (189,025) (71,131) (26,270) (97,401) Cash balance - Beginning of year (101,738) - (101,738) (30,607) 26,270 (4,337) Cash Balance - End of Year (290,763) - (290,763) (101,738) - (101,738) Appendix A Page 8 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian Schools Inc. - Capital Fund Statement of Financial Position As at June 30 June 30, 2014 June 30, 2013 Restricted Restricted $ $ Assets Current Assets Accounts Receivable - - Due From (To) Other Funds (394,230) (154,427) (394,230) (154,427) Capital Assets 7,112,405 6,996,906 7,112,405 6,996,906 6,718,175 6,842,479 Liabilities Current Liabilities Current Portion of Capital Lease 24,026 26,596 Current Portion of Long-Term Debt 143,204 133,562 167,230 160,158 Other Liabilities 13,494 33,097 Long-Term Debt 1,786,284 1,933,246 1,967,008 2,126,501 Steinbach Christian Schools Inc. - Capital Fund Statement of Operations For the Year Ended June 30, 2014 Restricted Restricted $ $ Revenue Interest & Miscellaneous - (847) - (847) Expenses Facilities & Amortization 354,113 257,889 354,113 257,889 Excess (Deficiency) of Revenue over Expenses (354,113) (258,736) Fund Balances 4,751,167 4,715,978 6,718,175 6,842,479 Appendix A Page 9 of 10
Appendix A Statements by Fund (Unaudited) Steinbach Christian Schools Inc. - Capital Fund Statement of Changes in Fund Balances For the Year Ended June 30, 2014 Restricted Restricted $ $ Balance - Beginning of Year 4,715,978 4,155,994 Excess (Deficiency) of Revenue over Expenses (354,113) (258,736) Interfund Transfers Capital Purchases 116,938 54,879 New Construction 65,688 574,078 Mortgage 206,676 189,764 389,302 818,721 Net Change in Fund Balance 35,189 559,985 Balance - End of Year 4,751,167 4,715,978 Steinbach Christian Schools Inc. - Capital Fund Statement of Cash Flows For the Year Ended June 30, 2014 Restricted Restricted $ $ Cash Provided By (Used In) Operating Activities Excess (Deficiency) of Revenue over Expenses (354,113) (258,736) Amortization of Capital Assets 275,053 225,197 Loss on Sale of Capital Assets - - (79,059) (33,539) Net Change in Non-Cash Working Capital - 5,000 Interfund Transfers 389,302 818,721 Other Liabilities (19,603) (26,596) Due to / (from) Other Funds 239,803 (178,508) 530,443 585,079 Financing & Investing Activities Purchase of Capital Assets (390,552) (1,669,808) Proceeds from Sale of Capital Assets 300 5,318 New Borrowing - 1,216,233 Repayment of Long-Term Debt (137,620) (136,822) (527,873) (585,079) Increase / (Decrease) in Cash 2,570 - Cash balance - Beginning of year - - Cash Balance - End of Year 2,570 - Appendix A Page 10 of 10