annual-report-2016-2017

NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY
Notes to Consolidated Financial Statements (continued)
Year ended March 31, 2017
8. Accrued vacation and employee future benefits:
Accrued vacation and employee future benefits comprise the following:
2017 2016
Vacation and deferred salaries $ 4,841,755 $ 4,561,143
Employee future benefits
Sick leave 3,334,000 3,341,000
Other post-employment benefits 892,000 923,000
4,226,000 4,264,000
$ 9,067,755 $ 8,825,143
Vacation and deferred salaries
The accrual for vacation and deferred salaries represents the liability for earned but unpaid vacation
entitlements and faculty salaries.
Employee future benefits
Vesting sick leave
The College has provided for vesting sick leave benefits during the year. Eligible employees, after
10 years of service, are entitled to receive 50% of their accumulated sick leave credit on termination
or retirement to a maximum of 6 monthsʼ salary. The program to accumulate sick leave credits
ceased for employees hired after March 31, 1991. The related benefit liability was determined by
independent actuaries on behalf of the Ontario College System as a whole.
Non-vesting sick leave
The College allocates to certain employee groups a specified number of days each year for use as
paid absences in the event of illness or injury. Employees are permitted to accumulate their unused
allocation each year, up to the allowable maximum provided in their employment agreements.
Accumulated days may be used in future years to the extent that the employeesʼ illness or injury
exceeds the current yearʼs allocation of days. Sick days are paid out at the salary in effect at the
time of usage. The related benefit liability was determined by independent actuaries on behalf of
the Ontario College System as a whole.
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