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Financial Highlights
The information on this page represents a short summary of the operations of Memorial University during 2001-2002. For more data, please consult the university's complete audited financial statements.
NOTE: The financial statements on this page include the financial operations of Memorial University, research funds, special purpose and trust funds, and the separately-incorporated entities C-CORE, Canadian Centre for Marine Communications, Canadian Centre for Fisheries Innovation, Genesis Group, Art Gallery of Newfoundland and Labrador, Botanical Garden, and the Memorial University Recreation Complex.
The Consolidated Statement of Operations reports an excess of expenditure over revenue of $8.6 million, compared to an excess of expenditure over revenue of $938,000 in the fiscal year ended 2001. This difference is largely attributable to expenditure of approved prior year carryovers of approximately $4.7 million and a significant increase in employee future benefits of approximately $2 million. After excluding the impact of the results of the related entities, ancillary operations, research, special purpose and trust funds, and government approved exclusion of the employee future benefits, the university reported a budget deficit of $515,000, which was within the parameters approved by the Board of Regents and the
provincial government.
| STATEMENT 1 |
| Consolidated statement of financial position (see note below) |
Year ended March 31, 2002, with comparative figures for 2001
(Thousands of dollars) |
| |
|
2002 |
|
2001 |
Assets
Current assets: |
| Cash and cash equivalents |
$ |
15,293 |
$ |
12,103 |
| Short-term investments |
|
9,845 |
|
22,329 |
| Accounts receivable |
|
30,430 |
|
23,927 |
| Inventory and prepaids |
|
3,444 |
|
5,449 |
| Accrued interest receivable |
|
1,145 |
|
2,307 |
| |
|
60,157 |
|
66,115 |
| Mortgage receivable |
|
715 |
|
772 |
| Investments |
|
45,788 |
|
37,854 |
| Capital assets |
|
145,598 |
|
135,459 |
| |
$ |
252,258 |
$ |
240,200 |
| Liabilities, Deferred Contributions and Net Assets |
| Current liabilities: |
| Bank indebtedness |
$ |
6,744 |
|
|
| Accounts payable and accrued liabilities |
$ |
26,971 |
$ |
26,292 |
|
$ |
33,715 |
$ |
26,292 |
| Long term liabilities: |
| Employee benefits obligations |
|
44,273 |
|
40,484 |
| Other |
|
2,691 |
|
1,244 |
| |
|
46,964 |
|
41,728 |
| Deferred contributions |
|
167,679 |
|
163,427 |
| Net assets: |
| Net assets invested in capital assets |
|
1,861 |
|
684 |
| Net assets restricted for endowment purposes |
|
44,617 |
|
42,388 |
| Unrestricted net assets |
|
(42,578) |
|
(34,319) |
| |
|
3,900 |
|
8,753 |
| |
$ |
252,258 |
$ |
240,200 |
|
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| STATEMENT 2 |
| Consolidated statement of operations (see note below) |
Year ended March 31, 2001, with comparative figures for 2000
(Thousands of dollars) |
| |
|
2002 |
|
2001 |
| REVENUE: |
| Government grants |
$ |
165,272 |
$ |
150,038 |
| Student fees |
|
47,639 |
|
49,954 |
| Sales and services |
|
12,956 |
|
12,246 |
| Amortization of deferred capital contributions |
|
18,327 |
|
16,889 |
| Investment income |
|
4,090 |
|
5,914 |
| Other income |
|
18,719 |
|
15,017 |
| |
|
267,003 |
|
250,058 |
| EXPENDITURES: |
| Salaries and employee benefits |
|
182,647 |
|
164,070 |
| Travel and hosting |
|
10,181 |
|
9,669 |
| Materials and supplies |
|
24,707 |
|
23,318 |
| Renovations |
|
5,692 |
|
4,897 |
| Books |
|
390 |
|
466 |
| Scholarships and bursaries |
|
13,048 |
|
12,342 |
| Amortization |
|
18,308 |
|
16,754 |
| Utilities |
|
13,926 |
|
14,226 |
| Equipment rentals |
|
2,323 |
|
2,460 |
| Externally contracted services |
|
11,379 |
|
9,828 |
| Professional fees |
|
4,236 |
|
4,589 |
| Other |
|
1,828 |
|
1,830 |
| External cost recoveries |
|
(17,435) |
|
(15,983) |
| |
|
271,230 |
|
248,466 |
| Excess (deficiency) of revenue over expenditures for the year |
$ |
(4,227) |
$ |
1,592 |
| Vacation pay expense |
|
943 |
|
471 |
| Employee future benefits obligations |
|
3,508 |
|
2,059 |
| |
|
(8,678) |
|
(938) |
|
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| Operating Revenue |
Operating Expenditures |
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