NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Statement of Operations and Changes in Net Assets (Deficit) Year ended March 31, 2012 Equity in Restricted Current Employment- capital and operations related assets Endowment Total (Schedules) (Schedule) Revenue: Grants and reimbursements $ 28,796,990 - - - 28,796,990 Tuition fees 4,868,924 - - - 4,868,924 Ancillary sales and services 2,444,947 - - - 2,444,947 Other 5,034,380 - - - 5,034,380 Amortization of deferred capital contributions (note 10) - - 2,006,293 - 2,006,293 Restricted - - - 342,754 342,754 Investment income 97,003 - 368,511 103,619 569,133 41,242,244 - 2,374,804 446,373 44,063,421 Expenses: Academic 21,272,872 - - - 21,272,872 Administration 6,151,841 - - - 6,151,841 Student services 3,924,071 - - - 3,924,071 Plant and property 2,642,202 - - - 2,642,202 Community services 578,154 - - - 578,154 Employment training programs 2,967,721 - - - 2,967,721 Ancillary 2,532,802 - - - 2,532,802 Amortization of capital assets - - 2,422,888 - 2,422,888 Restricted - - - 767,519 767,519 Employee future benefit - (152,620) - - (152,620) 40,069,663 (152,620) 2,422,888 767,519 43,107,450 Excess (deficiency) of revenue over expenses 1,172,581 152,620 (48,084) (321,146) 955,971 Net assets (deficit), beginning of year 1,337,541 (4,055,565) 4,179,247 8,902,618 10,363,841 Ontario Trust for Student Support - - - 321,106 321,106 Transfer of capital assets (note 11) (755,262) - 1,466,923 (711,661) - Transfer to restricted funds (401,010) - - 401,010 - Net assets (deficit), end of year $ 1,353,850 (3,902,945) 5,598,086 8,591,927 11,640,918 See accompanying notes to financial statements. Operating 3