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Ontario Innovation Trust - Financial Statement Highlights - 2010
Summarized Balance Sheet as at March 31
ASSETS
2010
2009
 
Cash, accounts receivable and prepaid expenses $ 189,169 $444,156
Investments 47,535,216 64,097,277
Equipment 6,897 9,160
$ 47,731,282 $  64,550,593
LIABILITIES AND CAPITAL
Accounts payable and accrued liabilities
and due to Innovation Institute of Ontario
$ 184,547
$ 923,119
Capital
    Invested in equipment and unrestricted 8,539,155 10,033,260
    Restricted for approved grants (internally restricted) 39,007,580 53,594,214
47,546,735 63,627,474
$ 47,731,282 $  64,550,593
Summarized Statement of Operations and Changes in Capital
Year Ended March 31
2010
2009
Revenue
    Investment income $ 250,633 $  2,525,965
Expenses
    Consulting and management services and service fees paid to Innovation         Institute of Ontario 680,879 1,170,435
    Salaries and benefits 173,287 422,453
    Office and general 81,928 103,708
    Investment and custody services 50,875 79,383
    Travel 13,729 11,264
    Amortization 6,009 33,443
1,016,707
1,820,686
Excess of revenue over expenditures before undernoted items (766,074) 705,279
Eligible project disbursements 13,376,383 17,027,803
Final projects 1,938,282 2,041,936
Deficiency of revenue over expenses (16,080,739) (18,364,460)
Capital, beginning of year 63,627,474 81,991,934
Capital, end of year $47,546,735 $ 63,627,474
Summarized Statement of Changes in Capital
Year Ended March 31
2010
2009
Invested in equipment
Restricted for
approved grants
(internally restricted)
Unrestricted
Total
Total
Capital, beginning of year
$9,160
 $ 53,594,214 $ 10,024,100 $ 63,627,474 $ 81,991,934
Deficiency of revenue
    over expenses		 (6,009) (13,376,383) (2,698,347) (16,080,739) (18,364,460)
Purchase of equipment 3,746 - (3,746) - -
Transfer - unused
    project grants		 - (1,210,251) (1,210,251) - -
Capital, end of year $ 6,897 39,007,580 8,532,258 $ 47,546,735 $ 63,627,474
Summarized Notes to Financial Statements
Year ended March 31, 2010

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.
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