Issue link: https://publications.tfs.ca/i/871409
TFS continues to be committed to the highest standards of accountability. Results for TFS for the year ended June 30, 2016 remain strong, allowing the school to meet capital and operating requirements. While tuition covers most of the school's basic operating expenses, it is the philanthropic support that provides for an enhanced educational experience – everything from technology, program and facility enhancements to scholarships. These additional resources would not be possible without the generosity of our community. The Foundation had strong results for 2016 and delivered full support of campaign priorities across all branches. As highlighted throughout this report, these priorities help deliver an educational experience for our students that is unique and outstanding. With our new Strategic Plan, we look forward to your continued support and generosity, which has a significant impact on both our current and future students. Financial Summary Sonia Baxendale Chair, TFS Audit & Finance Committee Roger Poirier Chair, TFS Foundation TFS Foundation Highlights of the Statement of Financial Position ($000's) 2016 2015 Total Current Assets $1,952 $2,063 Investments 4,410 4,435 Total Assets $6,362 $6,498 Total Current Liabilities 488 576 Deferred Restricted Contributions 2,966 2,877 Total Liabilities $3,454 $3,453 Net Assets $2,908 $3,044 Highlights of the Statement of Operations ($000's) 2016 2015 Donations & Special Events $1,778 $425 Investment Income -20 80 Total Revenue $1,758 $505 Fundraising 64 183 Other Expenses 57 63 Total Expenses $121 $246 Net Expenses $1,637 $259 Contribution to TFS 1,741 456 Excess (Deficiency) of Revenue Over Expenses $(104) $(197) TFS Highlights of the Statement of Financial Position ($000's) 2016 2015 Total Current Assets $14,814 $12,988 Capital Assets 38,777 37,092 Total Assets $53,591 $50,080 Total Current Liabilities 30,466 29,428 Deferred Capital Contributions 10,740 9,361 Total Liabilities $41,206 $38,789 Net Assets $12,385 $11,291 Highlights of the Statement of Operations ($000's) 2016 2015 Tuition and Instructional Fees $40,261 $39,164 Other Income 3,017 2,942 Total Revenue $43,278 $42,106 Educational Expenses 27,120 25,499 Administration & General Expenses 13,989 13,850 Amortization Expenses, Net 1,074 951 Total Expenses $42,183 $40,300 Excess of Revenue Over Expenses $1,095 $1,806 19 2015 – 2016 Report to Our Community