Mcmaster University Ontario

“The university has a remuneration committee whose primary function is to recommend to the board policies regarding salaries, wages, benefits and other forms of remuneration and to provide advice, as necessary, to the university administration administering such policies.”

“The organization's financial statements are made available via the university's website or upon request from public.”

“Form 990 is provided to the controller of financial affairs for review prior to filing. The controller of financial affairs will review the return for accuracy and completeness.”

“No reportable compensation from related organizations. Certain officers are also officers/directors of related organizations by virtue of their respective positions at mcmaster university. The number of hours devoted to related organizations' affairs are undetermined as responsibilities are performed on a need basis.”

“Total Related Unrelated Excluded Description Revenue Exempt Rev Business Rev Revenue Investment 40,897,356 40,897,356 Income”

“Other program services include: Trust Funds - donations or bequests received by the University that have conditions and/or legal requirements for use agreed upon by the donor and the University. Endowment Fund - a fund where all unrestricted donations, bequests and other funds are included and endowed by thE Board of Governors. Capital Fund - sources of funding and expenditures related to capital projects associated with new construction and significant renovation costs. Investment Income - income earned from endowment funds provide sources of funding for scholarships & bursaries & endowed chair sponsorship of faculty positions.”

“The audit committee assists in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and the university's processes for monitoring compliance with laws and regulations.”

“External endowment contributions: contributions: $ 10,748,709 protections of capital: $ 2,216,428 remeasurement & other items: $(19,896,730) net asset changes: $ (7,021,593)”

“In the prior year, funding received from the Ministry of Advanced Education and Skills Development for the purchase of capital assets was recorded as an unrestricted contribution. It was subsequently determined the funding received was restricted for capital purposes. Correction of this error resulted in an increase in deferred contributions for future expenses of $10,033,641, an increase in deferred capital contributions of $3,389,141, a decrease in internally restricted net assets of $10,033,641 and a decrease in equity in capital assets of $3,389,141 as at April 30, 2017. In addition, for the year ended April 30, 2017, there was a decrease in donations and other grants of $13,804,569 and an increase in amortization of deferred capital contributions of $381,787, resulting in an overall decrease in excess of revenues over expenses of $13,422,782. Contributions for future expenses 10,033,641 Deferred capital contributions 3,389,141 Unrestricted net assets 10,033,641 Equity in net assets 3,389,141 Donations and other grants 13,804,569 Deferred capital contributions 381,787 Excess of revenues over expenses 13,422,782”