TFS - Canada's International School

FINANCIAL SUMMARY Laura Dottori-Attanasio Chair, TFS Audit and Finance Committee For the year ending June 30, 2019, TFS was able to meet all of its capital and operating requirements, continuing its commitment to accountability and fiscal responsibility. While tuition fees cover basic operating costs, it is through our community's philanthropic support that TFS is able to enrich the educational program, enhance facilities and provide life-changing scholarships. Bert Powell Chair, TFS Foundation Investment and Finance Committee The TFS Foundation ended the year with an asset base of $6.3M, up modestly from $6.2M last year. Revenue from current and prior year commitments along with investment income totalled over $2.0M, up modestly year over year. The Foundation was able to support its investments in operating infrastructure, increase its contributions to the school by 16%, and generate a small surplus. With its mandate to focus on fundraising activities and professional management the TFS Foundation is well positioned to support the future development plans of the school, allowing TFS to continue to offer the best for our current and future students. 2019 2018 2019 2018 TFS Highlights of the Statement of Financial Position ($000s) Total Current Assets $ 13,590 $ 18,465 Capital Assets $ 52,242 $ 51,562 Total Assets $ 65,832 $ 70,027 Total Current Liabilities $ 34,674 $ 38,785 Long-Term Debt $ 1,281 $ 3,538 Deferred Capital Contributions $ 13,652 $ 13,101 Total Liabilities $ 49,607 $ 55,424 Net Assets $ 16,225 $ 14,603 Highlights of the Statement of Operations ($000s) Tuition and Instructional Fees $ 46,582 $ 43,824 Other Income $ 3,503 $ 3,220 Total Revenue $ 50,085 $ 47,044 Educational Expenses $ 33,730 $ 31,599 Administration and General Expenses $ 13,472 $ 13,505 Amortization Expenses, Net $ 1,262 $ 1,116 Total Expenses $ 48,464 $ 46,220 Excess of Revenue Over Expenses $ 1,621 $ 824 TFS FOUNDATION Highlights of the Statement of Financial Position ($000s) Total Current Assets $ 624 $ 573 Investments $ 5,790 $ 5,628 Total Assets $ 6,414 $ 6,201 Total Liabilities $ 142 $ 53 Net Assets $ 6,272 $ 6,148 Total Revenue $ 2,031 $ 1,995 Fundraising $ 92 $ 36 Program and Administration Costs $ 506 $ 240 Total Expenses $ 598 $ 276 Contributions to TFS $ 1,310 $ 1,130 Excess (Deficiency) of Revenue Over Expense $ 123 $ 589 Highlights of the Statement of Operations ($000s) Donations and Special Events $ 1,859 $ 1,714 Investment Income $ 172 $ 281 10 TFS

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