Page 54 - 2012-01-20

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F I NANC I A L S
FINANCIALS
MANAGEMENT DISCUSSION AND ANALYSIS OF
FINANCIAL RESULTS
RESULTS
OF
OPERATIONS
The 2011 fiscal year saw Perimeter Institute continue to make good progress on all initiatives in
its Five Year Plan, with investment in its core mission areas of research, training, and outreach
continuing to be the largest area of expenditure at 76%.
Scientific research costs (52%) incurred during the year supported the growing complement of
research staff and related activities, while research training costs (9%) reflect a growing body of
students enrolled in the Perimeter Scholars International and PhD programs. Outreach activities
(14%) included the delivery of educational programs and development of pedagogical material.
In alignment with the Five Year Plan, certain outreach initiatives (such as the production of a
festival) are executed on a biennial basis, which is portrayed in the reduced costs of the current
year compared to the past year.
Indirect research and operations expenses continued to be closely monitored and kept at 24%
of the total operating expenditures of the Institute, covering the costs of core support areas
including administration, information technology, and facilities. Costs pertaining to the Institute’s
advancement activities (which yielded over $4.9 million in donations and pledges over the
course of the year) were also included in this category. In accordance with Perimeter’s revenue
recognition policy, only donations received are included as revenue in the financial statements.
Continued public support was demonstrated in the 2011 fiscal year through funding by the
Governments of Canada and Ontario of both operational activities as well as construction and
infrastructure costs of the Stephen Hawking Centre at Perimeter Institute.
Renewed ongoing funding commitments were secured in 2011 with announcements of
commitments by both the federal and provincial governments for a combined multi-year
investment of $100 million, reinforcing the strong public-private partnership dedicated to
supporting Perimeter’s scientific research, training, and outreach.