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Ontario Innovation Trust - Financial Statement Highlights - 2009
Summarized Balance Sheet as at March 31
ASSETS
2009
2008
 
Cash, accounts receivable and prepaid expenses $ 444,156 $ 156,957
Investments 64,097,277 82,249,145
Equipment 9,160 35,891
$ 64,550,593 $  82,441,993
LIABILITIES AND CAPITAL
Accounts payable and accrued liabilities
$ 787,077
$ 320,977
Due to Innovation Institute of Ontario
136,042
129,082
923,119
450,059
Capital
    Invested in equipment 35,891 35,891
    Restricted for approved grants (internally restricted) 53,594,214 66,620,973
    Unrestricted 10,024,100 15,335,070
63,627,474 81,991,934
$ 64,550,593 $  82,441,993
Summarized Statement of Operations and Changes in Capital
Year Ended March 31
2009
2008
Revenue
    Investment income $ 2,525,965 $  4,408,152
Expenses
    Consulting and management services 604,485 657,660
    Service fees paid to Innovation Institute of Ontario 565,950 568,406
    Salaries and benefits 422,453 380,080
    Office and general 103,708 84,370
    Investment and custody services 79,383 97,180
    Amortization 33,443 77,778
    Travel 11,264 11,130
1,820,686
1,876,604
Excess of revenue over expenditures before undernoted items 705,279 2,531,548
Eligible project disbursements 17,027,803 24,280,612
Final projects (note 2) 2,041,936 -
  (18,364,460) (21,749,064)
Capital, beginning of year
    As previously stated 81,991,934 104,137,305
    Change in accounting policy - (396,307)
    As restated
81,991,934
103,740,998
Capital, end of year $63,627,474 $ 104,137,305
Summarized Statement of Changes in Capital
Year Ended March 31
2009
2008
Invested
in Property and Equipment
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
$35,891
 $ 66,620,973 $ 15,335,070 $ 81,991,934 $ 103,740,998
 
Deficiency of revenue over expenditures (33,443) (17,027,803) (1,303,214) (18,364,460) (21,749,064)
Purchase of property and equipment 6,712 - (6,712) - -
Transfer (note 2) - 4,001,044 (4,001,044) - -
Capital, end of year $ 9,160 53,594,214 10,024,100 $ 63,627,474 $ 81,991,934

Summarized Notes to Financial Statements
Year ended March 31, 2009

1. Purpose and creation

Ontario Innovation Trust (the “Trust”), an inter-vivos trust, was created on March 31, 1999. The Trust was
sponsored by the Government of Ontario, Ministry of Energy, Science and Technology. However, as part of
the terms of the Trust agreement, the Government of Ontario is precluded from amending the agreement or
exercising control over the Trust. The object of the Trust is to grant funding for qualifying projects that
increase the capacity to conduct important, high quality research in Ontario. Eligible recipients are Ontario
hospitals, universities, community colleges, and non-profit organizations that carry on (or in the opinion of the
Board of Directors (the "Board") are capable of carrying on) research.

As at March 31, 2004, management determined that the sponsor did not intend to provide future funds. Since
then, new projects have been approved to the extent that they can be funded by residual unrestricted capital.
By virtue of the Trust agreement, the Trust was to cease to exist by its tenth anniversary, March 31, 2009.
However, in order to facilitate an orderly wind-up, during the year the Board approved amendments to the
Trust agreement, extending the termination date to March 31, 2011. No further viable activity is to be
completed subsequent to March 31, 2009 and subsequent activities of the Board are limited to fiduciary
responsibilities.

Management and the Board are currently assessing issues related to an orderly discontinuance of operations,
including monitoring of conditions attached to project disbursements and the distribution of residual capital.

The Trust retains sufficient operating funds for the period in which it is responsible for overseeing the projects
in progress.

Notwithstanding the expected discontinuance of operations after March 31, 2011, the Trust has continued to
use generally accepted accounting principles applicable to a going concern. Management believes that the
asset carrying values are realizable. Costs associated with the wind-down of the Trust will be recognized at
March 31, 2011.

2. Final projects

During the year, $5,500,000 was approved for commitment to various final projects. This amount was funded
by $1,498,956 of capital previously restricted for approved projects, which were finalized at less than the
approved amount, and a transfer of $4,001,044 from unrestricted capital.
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