Tourism Saskatchewan - IndustryMatters.com
Tourism Saskatchewan - IndustryMatters.com
Tourism Saskatchewan - IndustryMatters.com
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YEAR ENDED SEPTEMBER 30, 2011<br />
c) Education and Training Fund<br />
In 2005, the Authority’s Board of Directors set up a<br />
restricted fund for operational purposes for<br />
expenditures with the <strong>Saskatchewan</strong> <strong>Tourism</strong><br />
Education Council (STEC). During the year, the<br />
Authority’s Board of Directors internally restricted<br />
$120,924 (2010 - $8,606) for education and training.<br />
Changes to the net assets restricted for the<br />
Education and Training fund are as follows:<br />
2011 2010<br />
Beginning balance $8,606 $400,000<br />
Less expenditures incurred during year (8,606) (391,394)<br />
Add internally imposed restrictions during the year 120,924 -<br />
Ending balance $120,924 $8,606<br />
11. COMMITMENTS<br />
Leases<br />
The Authority has entered into leases for office<br />
premises in Regina and Saskatoon and Visitor<br />
Reception Centres at various locations in the province.<br />
The future minimum lease payments are as follows:<br />
2011 $806,080<br />
2012 $805,514<br />
2013 $805,670<br />
2014 $649,604<br />
2015 $664,676<br />
2016 thereafter $5,755,621<br />
12. CHANGES IN NON-CASH WORKING<br />
CAPITAL ITEMS<br />
d) Initiatives Fund<br />
The Authority’s Board of Directors has internally<br />
restricted funds to be used for certain initiatives.<br />
During the year, the Authority’s Board of Directors<br />
internally restricted $245,123 (2010 - $nil) for other<br />
initiatives.<br />
Changes to the net assets restricted for the initiatives<br />
fund are as follows:<br />
2011 2010<br />
Beginning balance - $44,469<br />
Internally imposed restrictions during the year $245,123 -<br />
Less expenditures incurred during year - (44,469)<br />
Ending balance $245,123 -<br />
2011 2010<br />
Accounts receivable $228,390 $70,693<br />
GST receivable 195,984 (135,180)<br />
Inventory 3,279 6,858<br />
Prepaid expenses (33,875) 4,475<br />
Accounts payable and accrued liabilities 187,001 (700,789)<br />
Deferred grant contribution (288,125) 1<br />
Unearned revenue 21,146 (48,489)<br />
Change in working capital $313,800 ($802,431)<br />
13. ECONOMIC DEPENDENCE<br />
The Authority receives approximately 79% of its<br />
revenue from the Ministry of <strong>Tourism</strong>, Parks, Culture<br />
and Sport. The Authority is dependent on the funding<br />
from the Ministry in order to maintain operations at the<br />
current level.<br />
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