annual-report-2016-2017

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NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY Consolidated Statement of Remeasurement Gains and Losses Year ended March 31, 2017, with comparative information for 2016 2017 2016 Accumulated remeasurement losses, beginning of year $ (1,512,904) $ (1,875,136) Unrealized gain attributable to: Derivatives – interest rate swaps 437,025 236,599 Foreign exchange gains on Niagara College KSA investment 81,680 125,633 Net remeasurement (losses) gains for the year 518,705 362,232 Accumulated remeasurement losses at end of year $ (994,199) $ (1,512,904) See accompanying notes to consolidated financial statements. 9
NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Consolidated Financial Statements Year ended March 31, 2017 Niagara College of Applied Arts and Technology (the “College”) is an Ontario College established as a Community College under The Department of Education Act of the Province of Ontario. The College is a registered charity and is exempt from income taxes under the Income Tax Act. The consolidated financial statements have been prepared by management in accordance with Canadian Public Sector Accounting Standards including the 4200 standards for government not-forprofit organizations. 1. Significant accounting policies and disclosure: (a) Basis of presentation: These consolidated financial statements reflect the assets, liabilities, revenues and expenses of the College, its wholly owned subsidiaries, Niagara College Learning Enterprise Corporation and Niagara College Foundation. All inter-organization assets, liabilities, revenue and expenses have been eliminated. Niagara College KSA is a for-profit subsidiary of Niagara College and Niagara College Learning Enterprise Corporation, which is accounted for on a modified equity method basis. Information concerning this entity is presented in note 5 to these financial statements. (b) Revenue recognition: The College follows the deferral method of accounting for contributions which include donations and government grants. Externally restricted contributions are recognized as revenue in the year in which the related expenses are recognized. Contributions restricted for the purchase of capital assets are deferred and amortized into revenue on a straight-line basis at a rate corresponding with the amortization rate for the related capital assets. Unrestricted contributions are recognized as revenue when received or receivable. Donations of assets are recorded at fair value when a fair value can be reasonably estimated. Long-term receivables for capital assets are recorded as an asset in the accompanying consolidated financial statements when the amount to be received can be reasonably estimated and collection is reasonably assured. Long-term receivables are commitment from students for capital assets. Tuition fees are recognized as revenue when earned through the provision of service. Ancillary revenue including residence, parking and other sundry revenues are recognized when products are delivered or services provided to the student or client, the sales price is fixed and determinable, and collection is reasonably assured. 10
Page 1: ANNUAL REPORT 2016-2017 niagaracoll
Page 4 and 5: MESSAGE FROM THE CHAIR OF THE BOARD
Page 6 and 7: 2016-2017 COLLEGE ACCOMPLISHMENTS N
Page 8 and 9: 2 students honoured for over 600 co
Page 10 and 11: STUDENT ACHIEVEMENTS Louise Rowe On
Page 12 and 13: Strategic Priority: Leading Innovat
Page 14 and 15: Strategic Priority: Operational Exc
Page 16 and 17: HIGHLIGHTS Capital Expansion 9 capi
Page 18 and 19: VISITOR HIGHLIGHTS Ambasadors from
Page 20 and 21: VISION Enriching lives and fulfilli
Page 22 and 23: 2016-2017 College Goals (Final Repo
Page 24 and 25: 1.2 Increase access and learning pa
Page 26 and 27: The next phase of renovations is sc
Page 28 and 29: 2.2 Innovation in applied education
Page 30 and 31: 2016-2017 College Goals - June 2017
Page 32 and 33: 2016-2017 College Goals - June 2017
Page 34 and 35: 3.4 Strategic Enrolment Management
Page 36 and 37: APPENDIX A NIAGARA COLLEGE KEY PERF
Page 38 and 39: NIAGARA COLLEGE OF APPLIED ARTS AND
Page 40 and 41: We believe that the audit evidence
Page 42 and 43: 5 NIAGARA COLLEGE OF APPLIED ARTS A
Page 68: 100 Niagara College Boulevard Welan

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