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7. Allocation of expenses:

Salaries, benefits, travel and administration expenses have been allocated as follows:

NextGen SD Tech Biofuels

Fund Fund 2012 2011

Governance $ 545 $ – $ 545 $ 593 Mandatory reporting 810 – 810 941 Project screening and evaluation 1,868 462 2,330 2,466 Project contracting and monitoring 1,049 52 1,101 1,114 Infrastructure development and

outreach 1,286 – 1,286 1,189 General and administration 638 – 638 625 $ 6,196 $ 514 $ 6,710 $ 6,928

8. Capital management:

The Foundation defines capital as its deferred contributions related to expenses of future periods.

The Foundation’s objectives in managing capital are to safeguard its ability to continue as a going concern and pursue its strategy of promoting sustainable development technology and next-generation renewable biofuels to eligible projects that meet the mandate and criteria of its funder, the Government of Canada, and benefits to other stakeholders. Management continually monitors the impact of changes in economic conditions on its investment portfolio and its funding commitments.

The Foundation is not subject to any externally imposed capital requirements and its overall strategy with respect to capital remains unchanged from the year ended December 31, 2011.

9. Commitments:

SD Tech Fund

During the year, the Foundation awarded grants for a maximum amount of $78 million (2011 - $77 million). Total disbursements to eligible recipients during the fiscal year were $68 million (2011 - $82 million). As of December 31, 2012, the Foundation has awarded grants for a maximum of $592 million of which $381 million has been disbursed. The balance of the awarded grants will be recorded as expense in subsequent years as funds are disbursed.

The Foundation has executed contracts for eligible projects through 2013 in the amount of $515 million (of which $174 million of projects have been completed), which are anticipated for disbursement over that period as recipients meet their pre-funding performance requirements. The Foundation also has commitments to lease office space as follows: 2013 - $937; 2014 - $759; and 2015 - $379.

NextGen Biofuels Fund:

During the year, the Foundation awarded grants from the NextGen Biofuels Fund for a maximum amount of $1.2 million (2011 - $0.13 million). Total disbursements to eligible recipients during the fiscal year were $0.1 million (2011 - $Nil).

34 SDTC 2012 Annual Report

Auditors’ Report & Financials

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