Saltus's cash position increased over the year by $528,021,
propped up again this year by collections on past accounts
receivable. Cash flows from operating activities resulted in a
positive effect of $1,583,990 on cash. School fees receivable
net of allowance for doubtful accounts decreased $51,802
from 2011 to $134,505, while allowance for doubtful accounts
decreased a further $70,110 year over year. other receivables
were insignificant at year end, while prepaid assets, comprised
of prepaid insurance and prepaid curriculum expenses, were
$535,289.
in an asset base decrease of $244,685 at year end. Net capital
assets were $19,255,009 at year end.
the operating Fund, $5,445 in the Bursary and Endowment
Fund and accrued interest on the Centennial Trust in the
Building Fund which again increased in the current year,
ending the year at $1,901,123. Prepaid student accounts were
in line with the prior year at $1,218,870.
balance, therefore any donations received during the year in
this fund were immediately recognised in revenue to partially
offset the interest and depreciation which continue to be
incurred on the buildings. This resulted in a $746,551 loss in
the Building Fund in the current year and will continue to
have a significant effect on operating results in future years as
interest and depreciation continue to be incurred on the assets.
Saltus continuously strives to offer the best education for
money on the Island and, as an accredited member of CAIS
(Canadian Accredited Independent Schools), Saltus has the
opportunity to take part in a benchmark study annually. The
comparison schools are Canadian institutions, which will
account for some of the variance in results, but on the whole,
the results help Saltus gain on its strengths and focus on areas
in need of improvement.
per student, however, are slightly higher than the median.
Salaries compose 78 percent of operating costs and therefore it
stands to reason that Saltus's operating costs would exceed the
median based on the higher cost of living in Bermuda and the
accompanying higher salary scale. When looking at fees, in