Y.U.F.A. TRUSTFUND
FINANCIALSTATEMENTS
30 April 2003
Philip Creighton, Chartered Accountant page 1
|
Y.U.F.A. TRUST FUND
|
|
Statement of financial position
|
|
30 April 2003
|
|
2003
|
2002
|
|
ASSETS
|
|
Cash
|
$101,128
|
$46,530
|
|
Accounts receivable (note 3)
|
9,218
|
17,187
|
|
Investments (note 4)
|
350,598
|
315,706
|
|
$460,944
|
$379,423
|
|
LIABILITIES
|
|
Accounts payable
|
$1,201
|
$3,640
|
|
NET ASSETS
|
|
Net assets (note 5) - restricted
|
459,743
|
375,783
|
|
$460,944
|
$379,423
|
|
Approved upon behalf of the Trustees
|
|
Paul Evans
|
Tiit Kodar
|
|
Y.U.F.A.TRUSTFUND
|
|
Statement of revenue, expense, and changes in net assets
|
|
Year ended 30 April 2003
|
|
2003
|
2002
|
|
Revenue and expense
|
|
Interest
|
$20,858
|
$22,026
|
|
Gain (loss) on disposal of investments
|
6,993
|
(558)
|
|
Total revenue
|
$27,851
|
$21,468
|
|
Administration
|
1,031
|
3,570
|
|
Changes in net assets
|
|
Excess of revenue over expense
|
$26,820
|
$17,898
|
|
Net assets at beginning of year
|
375,783
|
426,843
|
|
Contribution to York University Retired Faculty and Librarian Benefit
|
|
Trust Fund
|
(100,000)
|
|
Contribution to Y.U.F.A. Foundation
|
(2,250)
|
(26,400)
|
|
Employment insurance premium rebates received during year
|
59,390
|
57,442
|
|
Net assets at end of year
|
$459,743
|
$375,783
|
Philip Creighton, Chartered Accountant page 2
Auditor's report
To the trustees of the Y.U.F.A. Trust Fund
I have audited the statement of financial position of the Y.U.F.A. Trust Fund as at 30 April 2003 and the statement of revenue, expense, and changes in net assets for the year then ended. These financial statements are the responsibility of the Trust Fund's management. My responsibility is to express an opinion on these financial statements, based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing standards. These standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
In my opinion these financial statements present fairly, in all material respects, the financial position of the Y.U.F.A. Trust Fund as at 30 April 2003 and the results of its operations and the changes in its cash flows for the year then ended, in accordance with Canadian generally accepted accounting principles.
Toronto
|
22 July 2003
|
Chartered accountant
|
|
|
Y.U.F.A.TRUSTFUND
|
Notes to financial statements
Year ended 30 April 2003
1. Purpose statement
The Trust was created on 16 March 1982, as a result of an agreement between the York University Faculty Association and the Trustees, to provide benefits of any kind whatsoever to or for the faculty members of York University.
2. Accounting policies
The Trust employs generally accepted accounting principles appropriate for a contractual trust. The major principles are described below:
Basis of accounting
The Trust follows the accrual basis of accounting, under which revenue and expense are reflected in the year in which they are earned or incurred without regard to the receipt or payment of cash.
Investments
Investments are valued at cost.
Tax status of the Trust
The trustees have determined, acting on the advice of counsel, that the Trust is a "labour organisation" within the meaning of section 149(1)(k) of the Income Tax Act and so is exempt from its provisions.
Statement of cash flows
The Trust has not provided a statement of cash flows because, as the assets are virtually all cash or its equivalent, the statement of revenues, expenses, and changes in equity discloses, adequately, the changes in financial position during the year.
Philip Creighton, Chartered Accountant page 3
|
Y.U.F.A.TRUSTFUND
|
Notes to financial statements (continued)
3. Accounts receivable
Accounts receivable consist of accrued interest, and cash at the broker's.
4. Investments
Investments are debt securities of Canadian governments and corporations maturing 15 September 2004 to 8March 2029 with interest rates of 5.05 to 7.25%. Market value was $365,500 (2002, $322,600).
5. Net assets
The Trust's original equity, in the amount of $87,651, came from the reductions in employment insurance premiums collected from the faculty members during the period 1 May 1978 to 16 March 1982, with interest thereon, as a consequence of an amendment to the collective agreement between York University Faculty Association and York University. Since the beginning of the Trust, continuing employment insurance premium rebates have been received in the amount of $955,298.
6. Related parties
Two of the trustees also act as directors of the Y.U.F.A. Foundation.
During the year the Trust paid $2,250 to the Foundation representing a $5,000 capital contribution less $2,750 for the Osgoode Hall contribution to the Foundation's graduate scholarship program. The Osgoode Hall contribution comes from its staff's share in the employment insurance savings flowing through the Trust. There were no other transactions between the Trust and the Foundation or the Association.
7. Benefits provided for faculty members
During the year the Trust contributed $2,250 to the Y.U.F.A. Foundation. In the prior the Trust contributed $100,000 to the York University Retired Faculty and Librarian Benefit Trust Fund and $26,400 to the Y.U.F.A. Foundation. During the prior year the Trust paid $20,000 for renovations to the Senior Common Room at Glendon College. To date the Trust has made payments in the amount of $1,335,022, $800,000 to endow scholarships, $140,000 for the purpose of establishing a Faculty Club, $74,624 for improvements to the Senior Common Room at Glendon College, $100,000 to the Retired Faculty Benefit Trust, with the balance to the Foundation.
8. Subsequent event
After the year end the Trust purchased $94,000 Province of British Columbia bonds due 1 December 2006 with interest at 5.25% for $99,662.
9. Future commitments
The Trust has agreed to support the Foundation's Ontario Graduate Scholarship in Science and Technology with $5,000 each year until May 2007.
The Trust has undertaken to contribute $5,000 to the Westview Advanced Placement Initiative in 2004. The Initiative will provide one half credit course at the University for up to 20 students from Westview Centennial Secondary School and Cardinal McGuigan High School. The Initiative is designed to support an effective choice by local high school students to attend university and be well prepared for this transition. Support for the Initiative maybe extended for a further four years subject to a progress report in February 2004, and an attempt to obtain matching funds from the University. The Trust's contribution to the Initiative will flow through the Foundation.
The Trust has agreed to contribute $15,000 to the final stages of the renovation of the Glendon College Senior Common Room during the summer/fall of 2003.
Philip Creighton, Chartered Accountant page 4
