1. 2008 March Report Sangita Barman OASBO Finance Committee March 27, 2008

2. AREAS TO BE COVERED Objectives Changes Common Problem Areas

3. OBJECTIVES: Asset & Liability balances - March 31,2008 Revenues & Expenses - 7 month period (September 1, 2007-March 31, 2008) Calculate the Revenues & Expenses - 12 month period (April 1, 2007 – March 31, 2008) based on the 7 month information provided

4. OBJECTIVES (con’t): Collect other pieces of information required for consolidation: Inter-organizational assets & liabilities Inter-organizational revenues and expenses Selective Notes information

5. SUMMARY OF CHANGES New Deferred Revenue category and revised form layout Capital Loans & Leases Commitment Notes New GRE’s New Loan Categories Changes to Sch 22 – Capital Assets

6. DEFERRED REVENUE: Revised Layout Revised Layout on Statement of Financial Position and Sch 21E One total for ALL Deferred Revenues on SFP Automatically pulls from Sch 21E Any adjustments required to deferred revenue on the prescribed working paper (Col xx) must be flowed through 21E to be reflected in Schedule 19

7. DEFERRED REVENUE: New Category Government of Canada Now shown separately on Sch 21 E. Government of Canada should NOT be included on the Deferred Revenue: Other line. Will review other changes to Sch 21E later under common problems

8. Capital Loans & Leases: On Statement of Financial Position (Schedule 19) reported separately Line 2.15 – Capital Loans Line 2.15.1. – Capital Leases Need it separately for provincial note disclosure.

9. COMMITMENT CATEGORIES Sch 20 SUP Additional disclosure is required surrounding commitments/contractual obligations Column called, “Commitment Type” was added Construction Costs Operating and Capital Leases Transfer Payments Other Contracts Note: No change in materiality limit or amounts to be reported

10. NEW GRE’s: Local Health Integration Networks (LHINs) has been added to the list of Government Reporting Entities

11. NEW Loan Categories Schedule 21D The following amounts have been preloaded with balances owing to the OFA: Second part of GPL Stage 1 GPL Stage 2 PTR 1 and 2 PCS Capital Transitional Adjustment for French Language Boards Growth Schools Best Start

12. Schedule 22 – Capital Assets This is the summary form in EFIS reflecting your excel information Updated to mirror the summary page of the 7 month capital activity report Boards are now required to report any write offs/write downs.

13. COMMON PROBLEM AREAS: Payroll Rule Deferred Revenues/Schedule 21E Complete Submissions

14. PAYROLL RULE: Problem: Boards are not using 131 days as specified in the instructions Purpose: Ensures that the number of days reported in a government fiscal year is consistent from one year to the next

15. Example of Problem School Year 1 13361 School Year 2 13163 School Year 3 13361 192 196 7Months5 Months

16. CALCULATION OF PAYROLL EXPENSE: Salaries, wages, and benefits for the 7 month period should be calculated assuming 131 teaching days in the 7 month period regardless of the actual # of teaching days.

17. DEFERRED REVENUES Schedule 21E Problem: some boards were reporting EPO deferred revenues as Non-GRE. Should be part of Deferred Revenues – Ministry of Education – Within GRE. Schedule 21E – redesigned Line 1.1 now includes a more detailed description to address this issue. Total Deferred Revenue carries forward to Sch 19

18. COMPLETE SUBMISSIONS Electronic March report (via EFIS) 7-Month Capital Activity Report (Excel file e-mailed to reporting.entity@ontario.ca Hardcopy Specified Procedures Report Prescribed Working Paper Summary Page from 7-Month Capital Activity Report Hardcopy - SIGNED Management Representation Report (from EFIS) Cover Page from 7-Month Capital Activity Report