2 2 T F S F O U N D AT I O N
FINANCIAL
SUMMARY
Arnaud Soupa
Chair, TFS Audit and
Finance Committee
It has been my privilege to return for a
second year as Chair of the TFS Audit
and Finance Committee.
During the year ending June 30,
2021, TFS deployed exceptional
measures to ensure the safety of
the community and the continuity
of a first-class e ucational program.
These bold management decisions
included signifi ant pandemic-
related expenses, while at the same
time ancillary income could not be
sustained at its usual level.
TFS was nevertheless able to weather
the first ull year of the pandemic,
thanks to its fi cal responsibility.
The school managed to balance its
revenue and operating expenses and
remain debt free.
TFS
Highlights of the Statement of
Operations ($000s)
Tuition and Instructional Fees $47,871 $47,376 $46,582
Other Income $2,043 $3,259 $3,503
Total Revenue $49,914 $50,635 $50,085
Educational Expenses $35,977 $33,912 $33,716
Administration and General Expenses $12,234 $12,668 $13,486
Amortization Expenses, Net $1,623 $1,314 $1,262
Total Expenses $49,834 $47,894 $48,464
Excess of Revenue Over Expenses $80 $2,741 $1,621
Highlights of the Statement of
Financial Position ($000s)
2021 2020 2019
Total Current Assets $17,739 $15,245 $13,590
Capital Assets $51,532 $52,469 $52,242
Total Assets $69,271 $67,714 $65,832
Total Current Liabilities $36,803 $34,858 $34,674
Long-Term Debt $ - $ - $1,281
Deferred Capital Contributions $13,423 $13,892 $13,652
Total Liabilities $50,226 $48,750 $49,607
Net Assets $19,045 $18,964 $16,225
