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Ontario Innovation Trust - Financial Statements - 2002
Balance Sheet as at March 31
ASSETS
2002
2001
Current assets
    Cash $ 259,887 21,745
    Accrued interest receivable - 4,407,399
    Accounts receivable 83,923 195,451
    Prepaid expenses 5,560 233,536
    Short-term investments 576,606,751 670,108,424
    Current portion of due from Innovation Institute of Ontario 80,000 -
577,036,121
674,966,555
Due from Innovation Institute of Ontario
320,000
-
Capital assets
81,878
140,816
$577,437,999 $675,107,371
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable and accrued liabilities
$ 115,391
$ 402,019
Due to Innovation Institute of Ontario
481,955
597,346
402,019
Capital
    Invested in capital assets 81,878 140,816
    Restricted for approved grants (internally restricted) 204,311,548 245,990,763
    Unrestricted 372,447,227 428,573,773
576,840,653 674,705,352
$ 577,437,999 $ 675,107,371
Non-Consolidated Statement of Operations and Capital
Year Ended March 31
2002
2001
Revenue
    Interest income $ 25,561,058 $ 34,932,495
    Rental income
-
12,000
25,561,058
34,944,495
Expenses
    Consulting and management services 1,019,366 805,947
    Service fees paid to Innovation Institute of Ontario 436,078 -
    Investment and custody services 399,504 501,039
    Salaries and benefits 365,933 216,269
    Contribution to Innovation Institute of Ontario 250,000 -
    Office and general 135,638 128,828
Rent 123,379 62,260
    Professional fees 74,862 57,788
    Amortization 66,073 63,964
    Travel 43,336 62,740
2,914,169
1,898,835
Excess of revenue over expenses 22,646,889 33,045,660
Sponsor contribution from the Government of Ontario,
    Ministry of Energy, Science and Technology		 - 500,000,000
Eligible project disbursements (120,511,588) (116,597,201)
Increase (decrease) in capital during the year (97,864,699) 416,448,459
Capital, beginning of year 674,705,352 258,256,893
Capital, end of year $576,840,653 $674,705,352
Non-Consolidated Statement of Changes in Capital
Year Ended March 31
2002
2001
Invested
in Capital Assets
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
$140,816
 245,990,763 428,573,773 $674,705,352 $258,256,893
Excess (deficiency) of revenue over expenses (66,073) - 22,712,962 22,646,889 33,045,660
Sponsor contribution - - - - 500,000,000
Purchase of capital assets 7,135 - (7,135) - -
Grants approved - 78,832,373 (78,832,373) - -
Eligible project disbursements - (120,511,588) - (120,511,588) (116,597,201)
Capital, end of year $ 81,878 204,311,548 372,447,227 $576,840,653 $674,705,352
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