NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Statement of Operations and Changes in Net Assets (Deficit) Year ended March 31, 2013 Equity in Restricted Employment- capital and Operating related assets Endowment Total (Schedules) (Schedule) Revenue: Grants and reimbursements $ 26,955,739 - - - 26,955,739 Tuition fees 4,886,960 - - - 4,886,960 Ancillary sales and services 2,686,920 - - - 2,686,920 Other 4,904,656 - - - 4,904,656 Amortization of deferred capital contributions (note 10) - - 2,120,198 - 2,120,198 Restricted - - - 338,717 338,717 Investment income 111,581 - 113,675 92,775 318,031 39,545,856 - 2,233,873 431,492 42,211,221 Expenses: Academic 20,773,898 - - - 20,773,898 Administration 6,560,565 - - - 6,560,565 Student services 3,848,926 - - - 3,848,926 Plant and property 2,241,332 - - - 2,241,332 Community services 514,336 - - - 514,336 Employment training programs 2,804,688 - - - 2,804,688 Ancillary 2,383,848 - - - 2,383,848 Amortization of capital assets - - 2,611,543 - 2,611,543 Restricted - - - 2,954,052 2,954,052 Employee future benefit and vacation - (183,028) - - (183,028) 39,127,593 (183,028) 2,611,543 2,954,052 44,510,160 Excess (deficiency) of revenue over expenses 418,263 183,028 (377,670) (2,522,560) (2,298,939) Net assets (deficit), beginning of year 1,353,850 (3,902,945) 5,598,086 8,591,927 11,640,918 Endowment contribution - - - 13,700 13,700 Transfer of capital assets (note 11) (273,791) - 963,286 (689,495) - Transfer to restricted funds (139,000) - - 139,000 - Net assets (deficit), end of year $ 1,359,322 (3,719,917) 6,183,702 5,532,572 9,355,679 See accompanying notes to financial statements. Unrestricted 2