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The financial highlights presented with the Departmental Performance Report are intended to serve as a general overview of LAC's financial position and operations. Financial statements are prepared in accordance with accrual accounting principles. The unaudited supplementary information presented in the financial tables in other sections of this report was prepared on a modified cash basis of accounting in order to be consistent with appropriations-based reporting.
Condensed Statement of Financial Position As at March 31, 2011 |
% Change | 2011 | 2010 |
---|---|---|---|
Assets | |||
Total Assets | -20.3% | 50,146 | 62,948 |
Total | -20.3% | 50,146 | 62,948 |
Liabilities | |||
Total Liabilities | -8.9% | 28,864 | 31,670 |
Equity | |||
Total Equity | -32.0% | 21,282 | 31,278 |
Total | -20.3% | 50,146 | 62,948 |
Condensed Statement of Financial Position For the year ended March 31, 2011 |
% Change | 2011 | 2010 |
---|---|---|---|
Expenses | |||
Total Expenses | 12.4% | 170,301 | 151,482 |
Revenues | |||
Total Revenues | -20.6% | 506 | 637 |
Net Cost of Operations | 12.6% | 169,795 | 150,845 |
Total assets were $50.146 million at the end of 2010–2011, a decrease of $12.802 million (20.3 percent) versus last year’s total assets. Capital assets continue to be the largest asset component, representing 83 percent of assets.
Total liabilities were $28.864 million at the end of 2010–2011, a decrease of $2.806 million (8.9 percent) versus last year’s total liabilities. Employee severance benefits and accounts payable continue to be the largest components of liabilities.
Total expenses were $170.301 million at the end of 2010–2011, an increase of $18.950 million (12.6 percent) versus last year’s total expenses. The major expense area is salary and employee benefits, which represents 52 percent of total expenses.
The organization's financial statements can be found on LAC's website at: www.collectionscanada.gc.ca/about-us/012-2003-e.html
All electronic supplementary information tables found in the 2010–2011 Departmental Performance Report can be found on the Treasury Board of Canada Secretariat’s website at: www.tbs-sct.gc.ca/dpr-rmr/2010-2011/index-eng.asp.