University of Saskatchewan releases 2012/13 financial statements
The University of Saskatchewan released its 2012/13 annual financial report today, and can report that the Saskatchewan Provincial Auditor's review of the university's 2012/13 financial statements resulted in a clean audit and no audit recommendations for improvement.
By Jennifer Thoma
The university reported total revenue of $935.4 million and total expenses of $834.3 million. The net increase in fund balances of $101.1 million largely relates to restricted funds that cannot be used for day-to-day operations. Restricted funds include those used for research, endowments, student financial aid and capital projects. The university's operating fund also includes restricted revenue targeted to areas like clinical services and clinical practice in the College of Medicine, Northern Medical Services and subsidiary companies of the U of S like the Canadian Light Source and the Prairie Swine Centre.
"Receiving no audit recommendations is very good, and we are certainly pleased with this result," said Greg Fowler, vice president finance and resources. "For the university and its stakeholders, this further underscores that we are fiscally well managed and our financial statements are sound. A number of indicators of financial health are highlighted in the annual report. Although donation revenue and investment revenue were positive, and significant progress made on major capital projects, we continue to face a projected gap between expenditures and revenues in our operating budget. In 2012, that gap was projected to reach $44.5 million by 2016. We have so far closed one-third of that gap and continue to work on solutions leading to the long-term financial sustainability of our operating budget, and will be sharing our progress in that regard at a town hall meeting tomorrow."
The annual financial report was tabled on October 30 in the Saskatchewan Legislature. The University of Saskatchewan 2012/13 Annual Financial Report is now available at www.usask.ca/reporting.
The report release coincides with a financial town hall the university is holding on November 5. This town hall is part of a series of meetings being held at the university to discuss progress towards financial sustainability. An update will be provided on current budget adjustment initiatives underway, with a focus on TransformUS, the university's program prioritization initiative. There will also be an opportunity for questions and discussion.
Operating Budget Adjustments Financial Town Hall #6
Tuesday, November 5, 2013
12:30-1:30 pm
Convocation Hall
For more information please contact:
Kate Blau
Communications Advisor
Financial Services Division
306-966-6092
kate.blau@usask.ca
"Receiving no audit recommendations is very good, and we are certainly pleased with this result," said Greg Fowler, vice president finance and resources. "For the university and its stakeholders, this further underscores that we are fiscally well managed and our financial statements are sound. A number of indicators of financial health are highlighted in the annual report. Although donation revenue and investment revenue were positive, and significant progress made on major capital projects, we continue to face a projected gap between expenditures and revenues in our operating budget. In 2012, that gap was projected to reach $44.5 million by 2016. We have so far closed one-third of that gap and continue to work on solutions leading to the long-term financial sustainability of our operating budget, and will be sharing our progress in that regard at a town hall meeting tomorrow."
The annual financial report was tabled on October 30 in the Saskatchewan Legislature. The University of Saskatchewan 2012/13 Annual Financial Report is now available at www.usask.ca/reporting.
The report release coincides with a financial town hall the university is holding on November 5. This town hall is part of a series of meetings being held at the university to discuss progress towards financial sustainability. An update will be provided on current budget adjustment initiatives underway, with a focus on TransformUS, the university's program prioritization initiative. There will also be an opportunity for questions and discussion.
Operating Budget Adjustments Financial Town Hall #6
Tuesday, November 5, 2013
12:30-1:30 pm
Convocation Hall
- 30 -
For more information please contact:
Kate Blau
Communications Advisor
Financial Services Division
306-966-6092
kate.blau@usask.ca