STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
VANCOUVER ISLAND UNIVERSITY
900 FIFTH STREET
NANAIMO, BC
V9R 5S5 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
TABLE OF CONTENTS Management Report ...... page 3
Statement of Financial Information Approval ...... page 4
Schedule of Debts ...... page 5
Schedule of Guarantee and Indemnity Agreements ...... page 6
Statement of Severance Agreements ...... page 9
Schedule of Remuneration and Expenses, Board of Governors...... page 10
Schedule of Employee Remuneration and Expenses ...... page 11
Schedule of Suppliers of Goods and Services ...... page 27
Schedule of Grants and Contributions………………………………………………………...page 35
Reconciliation ...... page 36
Consolidated Financial Statements 2019-2020 ...... Appendix 1
2 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
MANAGEMENT REPORT
Prepared Under Financial Information Regulation, Schedule 1, Section 9
The financial statements of Vancouver Island University are prepared by management in accordance with generally accepted accounting principles, and the integrity and objectivity of these statements are management’s responsibility. Management is also responsible for all the statements and schedules prepared under the Financial Information Act, and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements.
Management depends upon a system of internal controls in order to provide reasonable assurance that financial information used in the preparation of financial statements is reliable. The Board of Governors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal control, and exercises this responsibility through the Audit and Finance Committees of the Board.
The external auditors, KPMG LLP, conduct an independent examination, in accordance with generally accepted auditing standards, and express their opinion on the consolidated financial statements. Their examination includes a review and evaluation of the system of internal control and appropriate tests and procedures to provide reasonable assurance that the consolidated financial statements are presented fairly. The external auditors have full and free access to the Audit Committee of the Board of Governors. Their examination does not relate to the other schedules and statements required by the Act.
On behalf of Vancouver Island University
______Marlene Kowalski Interim Chief Financial Officer and Vice-President Administration September 25, 2020
3 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
STATEMENT OF FINANCIAL INFORMATION APPROVAL
Prepared under the Financial Information Regulation Schedule 1, section 9
The undersigned represent Vancouver Island University and approve all statements and schedules included in this Statement of Financial Information, produced under the Financial Information Act:
September 24, 2020 ______6HSWHPEHU
MANLEYMANLEY MMCLACHLANCLACHLAN DATE CHAIR, BOARD OF GOVERNORS
September 25, 25, 2020 2020 ______
MARLENE KOWALSKI DATE INTERIM CHIEF FINANCIAL OFFICER AND VICE-PRESIDENT ADMINISTRATION
4 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF DEBTS
Prepared under the Financial Information Regulation, Schedule 1, Section 4
Vancouver Island University has not incurred any debt during the 2019-20 fiscal period
5 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS
Prepared Under Financial Information Regulation, Schedule 1, Section 5
List of Financial guarantee and indemnity agreements in force which required government approval prior to being given under the Financial Administration Act Guarantees and Indemnities Regulations (BC Reg.258/87):
ABE Factors Inc.
Allision Transmission Inc.
Aluma Systems Inc.
American Type Culture Collection, District of Columbia not-for-profit corporation
British Columbia Transportation Financing Authority and Her Majesty the Queen in Right of the Province of British Columbia as represented by the Minister of Transportation and Infrastructure
Canadian Collegiate Athletic Association
Canadian Mountain Network, Réseau canadien des montagnes
Capital Regional District
Cardtronics Canada ATM Processing Partnership
City of Nanaimo
College and Institutes Canada (CICan)
Douglas College
Environmental Careers Organization of Canada (ECO Canada)
Ergo Risk Management Group Inc.
6 Fearless Productions 7 Ltd.
Friesens Corporation (2)
FunctionFox Systems Inc.
George Weston Limited and Loblaw Companies Limited
Global Spectrum, L.P., doing business as Spectra Venue Management, as agent of the Corporation of the City of Nanaimo, operator and manager of the Vancouver Island Conference Centre (VICC)
Greater Vancouver Water District
Harlem Globetrotters International Inc.
Her Majesty the Queen in right of the Province of British Columbia as represented by the Minister of Agriculture, Innovation and Adaptation Services Branch
Her Majesty the Queen in Right of the Province of British Columbia as represented by the Minister of Children and Family Development
Her Majesty the Queen in Right of the Province of British Columbia as represented by the Minister of Fisheries and Oceans
Involvio LLC
Ivanhoe Cambridge II Inc. and Woodgrove Holdings Inc., by its Manager, Ivanhoe Cambridge Inc.
Meltwater News Canada Inc.
Mosaic Forest Management Corporation
Nanaimo Bastion Hotel Corp., doing business as Coast Bastion Hotel
National Research Council of Canada
NCI Ferry Service LP
Parksville Community Centre Society
Pattison Outdoor Advertising LP
Protect International Risk and Safety Services Inc.
Regional District of Nanaimo (2)
Spotify AB
Streamside Solutions, LLC
Striking Balance 2 Inc.
Superior Propane, a division of Superior Plus LP
Tableau Software Inc.
7 Telus
The Board of Education of School District No. 47 (Powell River)
The Board of Governors of Bow Valley College
The Royal British Columbia Museum
The University of Western Ontario
Tigh-Na-Mara Resorts Ltd. (2)
TimberWest Forest Company, a partnership of TimberWest Forest Corp. and TimberWest Holdings Ltd. and Mosaic Forest Corporation (3)
Trane Canada ULC
University of Northern British Columbia
Vancouver Coastal Health
Vancouver Island Health Authority (2)
Vancouver Island Master Gardeners Association
Versatile Leasing Incorporated
Volante Software Inc.
8 STATEMENT OF FINANCIAL INFORMATION
PREPARED UNDER THE FINANCIAL INFORMATION ACT
FOR THE YEAR ENDED MARCH 31, 2020
STATEMENT OF SEVERANCE AGREEMENTS
Prepared under the Financial Information Regulation, Schedule 1, Subsection 6(7)
There were two severance agreements under which payment commenced between Vancouver Island University and its non- unionized employees during fiscal year 2019/2020. These agreements represented 3 to 18 months of compensation.
9 STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF REMUNERATION AND EXPENSES BOARD OF GOVERNORS Prepared Under Financial Information Regulation, Schedule 1, Section 6
Board Member 2019-20 Total Expenses
Louise Mandell Chancellor $ 7,520.70 Manley McLachlan Chair 3,984.68 Makenzie Leine Past Chair 330.00 Jean Crowder Vice Chair 250.00 John Alan Jack Appointed Board Member 100.00 Rachel Dalton Appointed Board Member 741.18 Warren Erhart Appointed Board Member 752.40 Colin Gabelmann Appointed Board Member 2,408.23 Erralyn Thomas Appointed Board Member 300.00 Catherine Brazier Elected Employee 200.00 Sheila Davidson Past Elected Employee 100.00 Linda Derksen Elected Faculty 580.60 Eliza Gardiner Elected Faculty 300.00 Anouk Borris Elected Student 300.00 Kiera Brown Elected Student 200.00
$ 18,067.79
10 STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF EMPLOYEE REMUNERATION AND EXPENSES Prepared Under Financial Information Regulation, Schedule 1, Section 6
Employee Salary and Expenses $75,000 or more
Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses ABRAHAM, SARA$ - $ 75,869.01 $ 75,869.01 ACHARYA, ARCHNA - 95,650.20 95,650.20 ACOSTA, MALENA 164.80 95,650.20 95,815.00 AFFLECK, JOSLYNN - 96,207.30 96,207.30 AGYEKUM, ERIC 1,000.00 104,920.91 105,920.91 AIKMAN, ALLAN - 95,650.20 95,650.20 ALEXANDER, DON 1,000.00 95,723.90 96,723.90 ALEXANDER, SANDY 1,550.45 94,723.83 96,274.28 ALLBURY, LINDA - 83,990.80 83,990.80 ALLBURY, LYNDON 5,636.92 80,970.81 86,607.73 ALPHONSE, DANIELLE 1,730.20 95,039.27 96,769.47 ALTON, MICHAEL - 75,884.76 75,884.76 ALTON, RITA 3,834.43 149,039.70 152,874.13 AMARAL, JOHN 1,000.00 80,846.64 81,846.64 ANDERSON, ALLYSON 1,000.00 96,618.83 97,618.83 ANDERSON, GILLIAN 5,268.75 97,755.83 103,024.58 ANSELL, JIM 1,992.64 104,688.33 106,680.97 ANTONIADIS, ANASTASIA 126.88 98,827.21 98,954.09 ARKOS, GREGORY 1,000.00 99,462.21 100,462.21 ARMITAGE, KAREN 1,517.94 78,279.01 79,796.95 ARMOUR, ANDREW 5,054.51 97,327.17 102,381.68 ARMSTRONG, CLAY 1,283.92 100,591.31 101,875.23 ARMSTRONG, GEMMA 1,515.00 73,897.62 75,412.62 ARMSTRONG, MARIE 1,508.41 164,274.49 165,782.90 ARNOLD, SYLVIA - 89,232.67 89,232.67
11 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses ASSAF, TANYA$ 371.28 $ 95,650.20 $ 96,021.48 ATKINSON, ANNA 1,000.00 94,723.83 95,723.83 ATKINSON, JAMES 1,000.00 105,474.73 106,474.73 AUGUSTUS, CAMIE 1,320.00 84,247.81 85,567.81 AYERS, JIM 3,337.74 95,981.90 99,319.64 BAILDHAM, LORRIE - 85,768.52 85,768.52 BAJKOV, LESLIE - 90,759.49 90,759.49 BAKER, DAN 3,413.22 97,702.67 101,115.89 BALL, GEOFF 7,945.14 96,647.00 104,592.14 BALL, GREGORY 1,000.00 107,230.83 108,230.83 BALLAM, BRUCE 1,682.12 106,540.60 108,222.72 BARBER, TERRI 434.95 84,688.64 85,123.59 BARKER, DUANE 170.93 89,830.66 90,001.59 BARSBY, TODD 644.71 103,209.99 103,854.70 BASCOM, ERIN 1,767.11 84,698.01 86,465.12 BAUCHE, MIKE 10,474.10 76,925.46 87,399.56 BAUMEL, DALE 578.44 92,980.75 93,559.19 BECK, MATTHEW 675.14 76,070.92 76,746.06 BENISKY, BARRY 3,500.03 112,274.30 115,774.33 BEVIS, RICK 1,090.48 91,513.19 92,603.67 BIGELOW, DAVID 2,433.12 109,700.45 112,133.57 BISHOP BOWES, SHARI 5,903.26 79,264.12 85,167.38 BITTERBERG, ANTJE 1,187.73 85,481.69 86,669.42 BLACKBURN, JEAN 5,666.65 94,723.83 100,390.48 BLACKELL, MARK 8,066.92 105,627.02 113,693.94 BLAIN, JOE 558.20 82,264.63 82,822.83 BLANEY, LEIGH 2,528.53 94,723.83 97,252.36 BOQUIST, MICHAEL 1,467.00 80,575.06 82,042.06 BORTOLIN, KATHLEEN 5,281.79 94,723.83 100,005.62 BOTTERILL, PAM 9,633.43 80,918.79 90,552.22 BOWES, MATTHEW 1,096.00 98,695.67 99,791.67 BOXWELL, ROBIN 1,042.12 77,825.46 78,867.58 BOYCE, SHEILA 1,631.64 76,127.03 77,758.67 BRACK, NONA 1,613.38 94,723.83 96,337.21 BRADLEY, HOLLY 2,833.66 74,023.35 76,857.01 BRASE, GAYLE 2,448.88 79,276.74 81,725.62 BRAUN, MICHAEL 281.95 101,153.18 101,435.13 BRAZIER, CATHERINE 2,828.31 90,400.98 93,229.29 BRIMACOMBE, ELIZABETH 16,275.95 145,661.13 161,937.08
12 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses BRISCOE, PETER$ 3,549.38 $ 126,308.93 $ 129,858.31 BROCKLEBANK, JOANNE 997.50 139,927.96 140,925.46 BRODIE, SCOTT 1,771.68 110,808.32 112,580.00 BROOKS, TASHA 6,041.80 84,764.26 90,806.06 BROUDER, PATRICK 16,834.69 96,195.75 113,030.44 BROWN, PATRICIA 1,054.58 85,322.38 86,376.96 BRUCE, KYLA 38.50 75,869.07 75,907.57 BRYDGES, DAN 1,105.94 103,223.61 104,329.55 BURGOYNE, DANIEL 1,000.00 94,723.90 95,723.90 BURNLEY, CAROLINE 791.45 96,997.83 97,789.28 BURNLEY, CHRIS 2,891.64 95,481.83 98,373.47 BUSH, GREGORY 1,021.84 95,302.83 96,324.67 BUTLER, DAVID 10,536.15 101,483.02 112,019.17 BUTTERWORTH, CARL 1,683.46 99,492.73 101,176.19 CADIEUX, DEAN 6,161.19 95,650.28 101,811.47 CAKE, DAVE - 94,723.83 94,723.83 CAMERON, CATHY 490.20 97,327.17 97,817.37 CAMPBELL, MADELAINE - 89,151.09 89,151.09 CANDER, STEPHEN - 77,994.65 77,994.65 CARPENTER, MICHAEL 476.10 91,048.37 91,524.47 CARPENTIER, SALLY 1,110.24 125,164.74 126,274.98 CARROLL, ANITA 2,410.49 94,723.83 97,134.32 CARRUTHERS, SARAH 2,143.75 85,951.24 88,094.99 CATHERS, DEVON 425.00 80,564.32 80,989.32 CAVIN, ELIZABETH 1,914.00 89,242.41 91,156.41 CEBULIAK, JIM - 95,504.34 95,504.34 CHACON, ENRIQUE 2,118.51 104,445.66 106,564.17 CHAMPAGNE, IRENE 1,726.50 78,057.27 79,783.77 CHAPPELL, STACIE 27,563.28 71,323.89 98,887.17 CHASTER, WILLIAM 2,032.74 93,406.83 95,439.57 CHEUNG, STEVE - 95,650.20 95,650.20 CHILDRESS, KARL 2,514.64 99,308.66 101,823.30 CHRISTOFFERSEN, JENNIFER 1,565.44 94,723.83 96,289.27 CHUANKAMNERDKARN, PATRICK - 94,723.83 94,723.83 CHYPLYK, KRISTINE 348.23 86,527.60 86,875.83 CLEAVER, PAUL 1,640.44 89,482.68 91,123.12 CLEGG, JEREMY 1,625.82 107,123.66 108,749.48 CLEMENTS, STEPHEN 2,717.44 133,561.21 136,278.65 CLOWES, TARA 8,731.46 72,031.59 80,763.05
13 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses COATES, JASON$ 334.38 $ 98,811.53 $ 99,145.91 COLLETTE, DEBORAH 1,720.63 94,723.83 96,444.46 CONDIE, BRUCE 35,996.37 98,811.53 134,807.90 CONLIN, ARDITH - 124,994.17 124,994.17 COOPER, SHEILA 18,235.26 83,761.21 101,996.47 CORRIN, DOUG 2,315.38 96,618.83 98,934.21 COVEY, JAMIE 2,258.39 76,459.59 78,717.98 COWEN, GORDON - 95,650.20 95,650.20 COX, RIKI 1,000.00 99,015.24 100,015.24 CRAN, GREG 14,144.70 127,997.38 142,142.08 CROCKER, STEPHANIE 1,914.00 99,289.93 101,203.93 CROFT, DAVID 201.50 78,364.04 78,565.54 CRUICKSHANKS, NADINE 3,959.71 94,723.76 98,683.47 DALAGER, SHANE - 83,888.36 83,888.36 DALLAMORE, BRANDON 17,820.39 83,333.45 101,153.84 DAMES, SHANNON 7,906.60 84,953.16 92,859.76 DAOUST, MICHELLE 3,715.05 89,216.42 92,931.47 DAS, ANUPAM 1,371.00 139,580.35 140,951.35 DAVENOCK, JIM 6,565.37 73,043.34 79,608.71 DAVEY, NICK 416.93 78,210.51 78,627.44 DAVIDSON, BONITA 1,079.58 107,639.34 108,718.92 DAVIDSON, CINDY 2,805.84 104,704.36 107,510.20 DAVIDSON, SHARON 3,993.73 83,822.60 87,816.33 DAVIES, ROBIN 1,000.00 92,911.62 93,911.62 DAVIES, STEPHEN 1,117.08 101,992.32 103,109.40 DE JONG, FRANCOIS 90.00 87,682.61 87,772.61 DE LA BARRE, SUZANNE 12,535.45 96,195.75 108,731.20 DEAN, LAURIE 1,700.00 101,152.26 102,852.26 DELAMERE, TOM 643.74 105,921.65 106,565.39 DEMERS, ERIC 1,883.83 112,377.70 114,261.53 DENHOFF, DEBORAH 2,687.55 102,958.28 105,645.83 DEPAPE, RON 1,172.32 99,220.21 100,392.53 DERKSEN, TERI 2,391.03 107,397.29 109,788.32 DESILETS, CAROL - 85,959.31 85,959.31 DEVEREAUX, ALANA 2,173.31 86,650.69 88,824.00 DIAMENTE, PETER 1,005.00 75,322.12 76,327.12 DICK, BRIAN 6,537.04 117,589.54 124,126.58 DONAT, ANA MARIA 1,250.84 95,481.83 96,732.67 DOUGHTY, TERRI 4,066.73 96,997.89 101,064.62
14 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses DOUGLAS, DOUGLAS$ 230.95 $ 90,810.00 $ 91,040.95 DOWN, MICHAEL 2,201.00 112,901.82 115,102.82 DRURY, DAVID 1,429.24 95,650.20 97,079.44 EASTON, GINA 330.72 98,827.21 99,157.93 EBY, EIKO 4,071.82 100,499.70 104,571.52 ECCLES, LIZ 89.44 95,650.20 95,739.64 EDMONDSON, GORDON 465.08 81,666.83 82,131.91 EDMUNDS, JOLENE 968.08 75,135.99 76,104.07 EGAN, MARK 3,084.69 84,698.01 87,782.70 EGELAND, ERIN 6,504.04 109,247.41 115,751.45 ELLIOTT, PATRICIA 6,479.84 129,285.15 135,764.99 ENRICH, ANDRES 6,131.44 77,706.89 83,838.33 EPP, LORNE - 80,575.06 80,575.06 ERGASHEVA, MAK 7,532.50 83,848.47 91,380.97 EVANS, LORI 3,251.83 94,723.83 97,975.66 EVELEIGH, DARREN 13,273.45 137,490.87 150,764.32 FALVAI, JOANNE 3,728.45 110,808.34 114,536.79 FARRANT, SUSAN 1,007.57 86,864.61 87,872.18 FARRELL, TERESA 1,970.12 94,236.06 96,206.18 FERGUSON, ROB 7,614.16 134,672.83 142,286.99 FILGATE, LAURA 3,483.68 86,472.80 89,956.48 FINIGAN, THEO - 77,554.28 77,554.28 FISHER, PAIGE 9,501.08 97,723.82 107,224.90 FLEMING, ALLYSON 2,744.48 95,102.83 97,847.31 FORD, JENNIFER 3,971.91 123,713.05 127,684.96 FORRESTER, DAVID 2,066.19 85,544.27 87,610.46 FORRESTER, RUBY 221.00 75,994.15 76,215.15 FOSTER, JACQUELINE - 95,650.20 95,650.20 FOSTER, PATRICK 1,000.00 96,481.83 97,481.83 FRANSEN, LIZZ 1,850.50 97,265.45 99,115.95 FRASER, KIM 6,183.41 84,962.57 91,145.98 FRIESEN, DUANE - 94,723.83 94,723.83 FUNK, MARILYN 2,373.41 113,907.34 116,280.75 GABLER, JOERG - 95,650.20 95,650.20 GALLANT, MAURICE - 95,650.20 95,650.20 GARDINER, ELIZA 4,930.33 102,366.39 107,296.72 GEDDES, PATRICIA 4,203.72 75,484.29 79,688.01 GEMELLA, JESSICA 2,282.06 83,143.76 85,425.82 GEORGE, DOUGLAS - 87,497.60 87,497.60
15 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses GHANDHARI, SHAHAB$ 1,000.00 $ 84,262.28 $ 85,262.28 GIBLER, JULIE 1,370.45 94,723.83 96,094.28 GILCHRIST, ALAN 1,000.00 90,001.81 91,001.81 GILL, CHRIS 11,687.29 105,588.37 117,275.66 GILLIS, LIZ 1,842.55 104,042.61 105,885.16 GNENZ, BRETT 3,773.99 134,801.38 138,575.37 GOATER, TIM 1,618.48 98,129.51 99,747.99 GODLONTON, CHRISTINE 2,742.26 80,864.29 83,606.55 GORRELL, JAMIE 3,419.06 83,913.98 87,333.04 GOVER, LAURA 2,099.79 98,416.72 100,516.51 GOVOROV, MICHAEL 1,000.00 94,723.90 95,723.90 GOWER, RITA 4,250.58 89,451.19 93,701.77 GRAY, CAROLE 218.00 84,698.01 84,916.01 GRAY, GARY 111.80 86,838.30 86,950.10 GRAY, NELSON - 81,654.76 81,654.76 GREEN, TIMOTHY 4,180.85 94,723.90 98,904.75 GREENWAY, SARAH 1,065.80 82,254.28 83,320.08 GREGORY, JACQUELINE 3,907.74 86,839.12 90,746.86 GRESS, JASON 1,770.28 107,518.43 109,288.71 GRIEVE, SHEILA 5,592.30 103,738.32 109,330.62 GROOT, ERICK 1,133.40 99,201.00 100,334.40 GUGELER, JOY 1,603.96 91,312.73 92,916.69 GULBRANSON, BURKE 1,469.23 95,445.03 96,914.26 HAGAN, SANDRA 1,939.48 95,860.83 97,800.31 HAIME, COLIN 497.50 80,515.14 81,012.64 HALLAM, MICHAEL 7,567.97 95,650.28 103,218.25 HAMILTON, NANCY 2,656.85 96,485.99 99,142.84 HANNESSON, DARREN 625.00 116,380.57 117,005.57 HANNESSON, TERESA 2,057.52 109,960.91 112,018.43 HANSON, CRAIG 190.31 99,167.89 99,358.20 HANUSE, NOELLE 5,170.56 79,950.78 85,121.34 HARAPNUK, EILEEN 1,957.12 94,723.83 96,680.95 HARDER, MARTI 4,241.74 95,723.83 99,965.57 HARPER, KEN 5,824.55 95,650.20 101,474.75 HARVEY, DARRELL 10,715.01 65,797.75 76,512.76 HASAN, SHAHRIAR 250.00 111,652.64 111,902.64 HASSIB, ASHRAF 4,835.95 114,401.80 119,237.75 HAUGHTON, KAMALA 6,396.10 71,202.54 77,598.64 HAWAMDEH, MOHAMMED 3,548.70 94,723.83 98,272.53
16 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses HAYDEN, KATHLEEN$ 2,310.72 $ 105,123.41 $ 107,434.13 HEARN, DEBORAH 945.00 97,897.66 98,842.66 HEESE, BRIAN 190.39 94,976.50 95,166.89 HEITI, WARREN 4,755.30 79,836.14 84,591.44 HERNANDEZ, MERCEDES 1,000.00 96,949.07 97,949.07 HESKETH, JOANNA 2,606.52 110,135.52 112,742.04 HILL, JOHN 1,000.00 85,191.41 86,191.41 HINBEST, JERRY 3,874.98 91,166.64 95,041.62 HINDE, JOHN 1,000.00 95,102.83 96,102.83 HOBENSHIELD, SHARON 16,885.45 113,272.79 130,158.24 HOLDING, SARAH 1,000.00 105,575.16 106,575.16 HOLLENBERG, ANDREW 2,504.89 96,492.51 98,997.40 HOLLEY, ROSEMARY 68.89 95,650.20 95,719.09 HOLROYD, ANN 2,248.29 94,723.83 96,972.12 HOPWOOD, DAVID 2,645.76 95,481.83 98,127.59 HOPWOOD, MARIE 2,190.87 83,769.72 85,960.59 HOQUE, AHMED 2,315.00 125,677.07 127,992.07 HUML, MARGARET 1,594.88 75,103.58 76,698.46 HUNTER, BRUCE 2,018.40 95,481.83 97,500.23 HURLEY, DAN 5,927.05 120,509.04 126,436.09 HYDE, DANIELLE 4,481.98 87,833.81 92,315.79 HYMAN, BEN 11,484.09 138,145.13 149,629.22 JACKLIN, DEBRA 5,559.41 84,698.01 90,257.42 JACKLIN, FRED 6,208.00 130,553.65 136,761.65 JAEGER, CHRIS 2,096.16 107,595.84 109,692.00 JAMIESON, ADAM 3,456.31 82,158.01 85,614.32 JAMIESON, SHERRI 1,233.75 84,986.09 86,219.84 JANES, JASMINE 4,114.41 77,647.71 81,762.12 JANNAWAY, BRAD 1,544.46 78,373.12 79,917.58 JANZEN, HARRY 3,310.25 126,717.80 130,028.05 JAVORSKI, STEPHEN 1,252.20 92,669.94 93,922.14 JEAN LOUIS, ROSMY 1,560.00 108,569.79 110,129.79 JENKINS, ANNE 4,229.56 78,279.01 82,508.57 JENNINGS, KATE 12,850.06 96,292.11 109,142.17 JENSEN, KEITH 4,796.42 108,357.45 113,153.87 JENSEN-RICHARDS, JENNIFER 7,445.05 87,735.97 95,181.02 JIANG, ROGER - 84,545.80 84,545.80 JIRNIAGUINE, ALEXEI 666.25 93,754.26 94,420.51 JIWAJI, AAMERA 15,789.12 75,402.13 91,191.25
17 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses JOHNSON, AMANDA$ - $ 106,494.91 $ 106,494.91 JOHNSON, DAWN - 76,010.16 76,010.16 JOHNSON, SAMUEL 2,166.03 95,650.20 97,816.23 JOHNSRUDE, DANIELLE 2,595.80 84,136.89 86,732.69 JOHNSRUDE, IAN 15,832.06 90,759.49 106,591.55 JOHNSTONE, SANDRA 1,086.50 95,953.10 97,039.60 JORDAN, MIKE 2,666.91 100,541.09 103,208.00 JOSEFSSON, CAROLINE 1,876.76 105,991.67 107,868.43 JUBY, SUSAN 1,541.89 93,174.06 94,715.95 JUNG, PIERA 2,271.68 96,223.83 98,495.51 JUURLINK, IMRE 3,467.84 83,977.90 87,445.74 KABIR, HUMAYUN 1,000.00 85,382.07 86,382.07 KAY, MONICA 323.30 106,321.82 106,645.12 KELLOW, MATT 6,418.94 78,635.08 85,054.02 KELLY, GEORGE 1,312.00 80,623.05 81,935.05 KELLY, SHARON 1,271.08 94,693.16 95,964.24 KEMP, JESSE 986.85 84,686.03 85,672.88 KEY, JESSIE 1,512.96 92,669.94 94,182.90 KIMOTO, STUART - 95,650.20 95,650.20 KING, JANET 28.29 93,095.79 93,124.08 KIRSON, RUTH 1,496.08 95,860.83 97,356.91 KLAASSEN, NIKKI 12,750.35 111,430.83 124,181.18 KNEELAND, OCEAN 1,480.75 91,472.03 92,952.78 KNIGHT, MONICA 1,264.35 92,005.90 93,270.25 KNOWLES, JONELLE 1,847.41 94,723.83 96,571.24 KOBAYASHI, RICHARD - 77,586.43 77,586.43 KOERBLER, SASHA 1,000.00 86,418.86 87,418.86 KRAUSE, ANDREW 1,000.00 80,098.21 81,098.21 KROEKER, ELISABETH 2,050.09 97,479.23 99,529.32 KROGH, ERIK 7,000.16 105,209.38 112,209.54 KUBOTA, SAYURI 684.67 95,650.20 96,334.87 L'ABBE, SONNET 1,000.00 94,601.39 95,601.39 LAFRENIERE, SYLVIE 7,722.62 78,753.43 86,476.05 LAMB, RACHEL 6,519.34 77,485.99 84,005.33 LANE, BRENDA 2,592.48 95,923.83 98,516.31 LANE, RICHARD 1,000.00 94,723.82 95,723.82 LANE, SARAH - 75,257.87 75,257.87 LANGE, PETER 1,000.00 82,405.58 83,405.58 LATULIPPE, JOHAN 584.71 107,054.52 107,639.23
18 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses LAVOIE, CARMEN$ 1,750.06 $ 95,102.83 $ 96,852.89 LE MASURIER, GUY 2,675.25 99,116.23 101,791.48 LEAF, SCOTT 1,000.00 98,769.65 99,769.65 LEAVITT, TOM - 95,650.20 95,650.20 LEEMAN, KAREN 1,415.83 99,871.43 101,287.26 LEGIN, SHELLEY 55,085.47 166,564.98 221,650.45 LEITH, HOPE 2,744.62 108,550.31 111,294.93 LESEMANN, JEROME 1,000.00 98,397.23 99,397.23 LEVINS, KEVIN 48.00 96,567.20 96,615.20 LEWIS, JEFF 1,000.00 110,671.40 111,671.40 LEWIS, LISA 691.68 84,765.48 85,457.16 LEWIS, RICHARD 7,567.67 136,938.28 144,505.95 LEWIS, TIMOTHY 2,007.29 98,892.83 100,900.12 LIN, ANDY 1,000.00 139,446.86 140,446.86 LITCHFIELD, WILLIAM 17,171.34 162,618.85 179,790.19 LIU, HUI (JOY) 3,261.32 95,860.83 99,122.15 LIU, HUIZHU 1,000.00 101,728.31 102,728.31 LIVINGSTONE, DAVID 1,000.00 95,102.83 96,102.83 LLOYD, JASON 7,342.27 91,732.04 99,074.31 LOPINTO, FRANK - 77,129.35 77,129.35 LORD, JOANNA - 95,650.20 95,650.20 MA, LING 628.97 81,773.04 82,402.01 MACCOLL, MICHAEL 500.00 110,045.91 110,545.91 MACKAY, DEANNA 2,554.00 75,673.31 78,227.31 MACKAY, ROSS 11,462.89 163,082.13 174,545.02 MACQUEEN, BARB - 95,650.20 95,650.20 MACSWEEN, NORMA 7,026.49 127,897.69 134,924.18 MADZIYA, PAULA - 93,806.36 93,806.36 MAGEE-CHALMERS, JESSIE 15,462.51 124,614.43 140,076.94 MAHIKWA, ROBERT 2,610.27 76,646.26 79,256.53 MALBON, LES 1,000.00 100,693.57 101,693.57 MALTESEN, JEAN 7,202.40 160,947.64 168,150.04 MANSON, GERALDINE 2,038.28 79,436.41 81,474.69 MARCHANT, ELLIOTT 50.65 103,152.23 103,202.88 MARK, JAMES 1,119.27 89,931.46 91,050.73 MARTENS, MARTIN 190.77 98,892.90 99,083.67 MARTIN, ANDREA 1,587.30 80,723.62 82,310.92 MARTIN, GEORGINA 8,666.40 92,630.54 101,296.94 MARTIN, SELENA 5,344.20 78,739.70 84,083.90
19 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses MARTINFLATT, ASHLEIGH$ 1,750.16 $ 95,323.90 $ 97,074.06 MASSON, CYNTHEA 2,149.80 94,723.89 96,873.69 MATHESON, DEBORAH 4,732.12 134,548.94 139,281.06 MATTAR, LOUIS 1,200.00 98,225.70 99,425.70 MATTICE, SHERRY 16,201.01 77,699.21 93,900.22 MAYES, LAUREN 4,622.18 92,820.44 97,442.62 MAYONA, LEMUEL 2,921.78 87,926.45 90,848.23 MAZUTINEC, KEVIN 1,000.00 91,064.63 92,064.63 MCCANDLESS, LINDA 283.92 85,274.20 85,558.12 MCCLUSKEY, ELLEN 1,000.00 112,496.39 113,496.39 MCCOMB, TINA 4,832.94 126,018.52 130,851.46 MCCUNN, LINDSAY 2,740.29 85,401.06 88,141.35 MCFARLAND, DANA 5,760.16 94,703.20 100,463.36 MCGARRIGLE, JENN 2,992.14 75,458.20 78,450.34 MCGRAIL, JUSTIN 1,000.00 96,997.83 97,997.83 MCKAY, BRENDA 6,474.95 140,631.66 147,106.61 MCKINNON, SHERRI - 95,650.20 95,650.20 MCLAY, ROBIN 21,599.86 142,022.32 163,622.18 MCLENNAN, CHERIE 210.00 76,113.04 76,323.04 MCLEOD, LUKE 4,184.85 74,489.07 78,673.92 MCLIN, ELIZABETH 1,000.00 89,739.48 90,739.48 MCVEIGH, COLLEEN 1,716.56 96,820.97 98,537.53 MCWHIRTER, JOY - 95,896.20 95,896.20 MEIJER DREES, LAURIE 1,814.93 99,351.83 101,166.76 MERNER, JENNIFER 2,060.45 100,815.31 102,875.76 METCALF, BARBARA 1,602.74 96,191.42 97,794.16 MEYER COOK, FIONA 1,815.50 95,102.90 96,918.40 MINICK, DARCY 2,081.75 78,168.16 80,249.91 MIZUNO, RITA - 95,650.20 95,650.20 MOGHIMEHFAR, FARHAD 9,720.98 83,960.12 93,681.10 MOHABEER, RAVINDRA 1,007.00 115,358.23 116,365.23 MOLFENTER, MARCUS 2,167.55 111,922.70 114,090.25 MOLL, RACHEL 6,210.80 120,137.08 126,347.88 MOLONEY, MARY ANNE 8,622.27 95,102.83 103,725.10 MOORE, WILLIAM - 76,172.56 76,172.56 MORESIDE, SANDRA - 95,650.20 95,650.20 MORGAN, CURTIS 6,708.79 78,744.32 85,453.11 MORGAN, JOHN 943.50 95,102.83 96,046.33 MORTON, LILLIAN 131.50 82,777.76 82,909.26
20 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses MOTTERSHEAD, PAUL$ 11,869.86 $ 124,614.42 $ 136,484.28 MULLIGAN, ROISIN 4,296.43 75,869.08 80,165.51 MURRAY, ROLANDA 10,543.34 66,619.58 77,162.92 MUSTAFA, SAMEER 3,389.23 105,201.45 108,590.68 NACHTSHEIM, SUZY - 95,650.20 95,650.20 NAESCHKE, RITA 43.00 93,665.68 93,708.68 NEILSON, LINDA - 95,149.07 95,149.07 NELSON, BRANDON 2,094.75 77,204.82 79,299.57 NETHERTON, ALEXANDER 990.70 85,949.41 86,940.11 NG, PATRICK 400.00 106,436.91 106,836.91 NICOL, JEFFREY 930.56 118,165.25 119,095.81 NILSON, RALPH 25,179.39 238,169.82 263,349.21 NILSON, SUZANNE 2,473.99 94,723.83 97,197.82 NKWETA, ZAA 30,036.90 67,736.31 97,773.21 NOLAN, DAVID 2,652.54 94,906.25 97,558.79 NOWAK, ALEX 1,021.05 81,369.28 82,390.33 NOYON, MARK 2,087.21 101,621.15 103,708.36 NYGAARD, VICKI - 76,463.24 76,463.24 O'CONNOR, MAUREEN 1,268.69 94,723.83 95,992.52 O'HAGAN, PATRICIA 3,307.42 148,702.22 152,009.64 OKASHIMO, ROBERT 18,374.35 115,913.27 134,287.62 OKUN, MAUREEN 1,000.00 88,440.84 89,440.84 O'NEILL, MARY 2,606.06 98,601.92 101,207.98 O'NEILL, MELANIE 4,140.00 105,940.63 110,080.63 ORTON, JANA 4,111.89 86,770.81 90,882.70 O'SHEA, MICHAEL 1,000.00 94,723.90 95,723.90 O'TOOLE, SHAWN 2,053.92 94,723.82 96,777.74 OXHORN, PHILIP 50,747.04 135,844.29 186,591.33 PAGE, NANCY 1,000.00 88,819.84 89,819.84 PALM, JUDY - 108,618.08 108,618.08 PAPROSKI, DARREN 3,336.35 150,988.68 154,325.03 PARKER, BRITTANY 7,820.15 84,446.12 92,266.27 PASTRO, HEATHER 5,379.73 94,723.90 100,103.63 PATERSON, DAVID 17,419.19 145,661.13 163,080.32 PATOLA, ELIZABETH 1,179.88 82,524.77 83,704.65 PATTERSON, LYNDA - 94,723.83 94,723.83 PATTERSON, MICHELE 4,067.80 89,356.69 93,424.49 PEARCE, BROOK 7,287.23 86,417.19 93,704.42 PELLEY, STEPHEN - 95,650.20 95,650.20
21 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses PENNER, RAYMOND$ 1,000.00 $ 105,169.88 $ 106,169.88 PEPPER-SMITH, ROBERT 1,000.00 95,102.90 96,102.90 PEREZA ROLLS, TINA 1,000.00 94,723.83 95,723.83 PEVEC, ALEXANDER 4,967.02 111,000.87 115,967.89 PHILLIPS, LYNDA 306.17 121,200.54 121,506.71 PHIPPS, ART 5,382.82 82,334.48 87,717.30 POLSON, JANETTE 6,655.17 79,524.58 86,179.75 PORTER, CORY 2,712.54 73,506.82 76,219.36 POTTER, LEON 1,543.42 95,102.83 96,646.25 PRAUD, JOCELYNE 1,000.00 78,279.01 79,279.01 PREDYK, JOHN 2,927.00 96,195.75 99,122.75 PRIBOJ, JERGUS 373.00 75,147.29 75,520.29 PRICE, COLLEEN 1,550.45 96,618.83 98,169.28 PRICE, IRLANDA 27,428.45 119,354.53 146,782.98 PRIESTMAN, SCOTT 1,000.00 107,907.83 108,907.83 PRUESSE, GARA 533.27 97,957.54 98,490.81 PUGH, GLEN 1,000.00 104,920.92 105,920.92 PURSE, STEVEN 1,000.00 112,236.43 113,236.43 PUSHOR, DARYL 575.29 95,650.21 96,225.50 PUTZ, DON 1,706.25 82,234.92 83,941.17 PYE, DEANNA 110.20 89,530.27 89,640.47 PYNN, DANA - 87,992.54 87,992.54 RAMEY, CAROL 607.05 95,750.20 96,357.25 RANDALL, CARLEIGH 941.41 108,287.32 109,228.73 RASMUSSEN, LEIF 2,066.90 90,827.80 92,894.70 REED, KATHLEEN 1,344.05 85,839.25 87,183.30 REIMER, BRAD 1,000.00 96,391.43 97,391.43 REIMERS, TINE 52.44 94,723.83 94,776.27 REMBOLD, DIANE - 91,071.43 91,071.43 RICHARDS, MARY ANN 1,894.60 103,723.83 105,618.43 RICHMOND, JANIS 19,308.70 66,064.90 85,373.60 RIEDEL, MARIAN 5,043.07 94,723.83 99,766.90 ROBERSON, BILL 52.44 94,723.83 94,776.27 ROBERTSON, TONY 1,000.00 98,892.83 99,892.83 ROBICHAUD, JEAN-GUY 4,393.73 100,970.37 105,364.10 ROBIN, JOAN 1,208.21 74,755.00 75,963.21 ROBINSON, LYNDA 3,736.54 86,072.60 89,809.14 RODEN, MARIANNE 604.21 95,650.20 96,254.41 ROLLISON, LYNN 1,403.52 96,618.83 98,022.35
22 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses ROLLWAGEN, KATHARINE$ 1,647.28 $ 98,139.32 $ 99,786.60 RUELAS, OSCAR 1,788.20 124,528.80 126,317.00 RUSSELL, BONITA 3,413.71 139,373.47 142,787.18 RUSSELL, SPENCER 1,000.00 96,399.26 97,399.26 RUZESKY, JAY 2,708.72 95,481.91 98,190.63 SACKEY, HARRY 1,000.00 125,138.31 126,138.31 SAKAKI, GRAHAM 3,851.96 88,200.36 92,052.32 SANDERS, SUSAN 1,075.38 101,826.82 102,902.20 SANRUD, HEATHER 1,479.48 92,335.23 93,814.71 SAUCIER, DEBORAH 81,667.15 178,747.49 260,414.64 SCHELL, CHARLES - 110,829.83 110,829.83 SCHEWE, ARWEN 8,929.15 90,506.14 99,435.29 SCHEWE, ERIC 2,751.98 88,244.87 90,996.85 SCHMID, JEANETTE 4,885.07 95,102.83 99,987.90 SCHNARE, PAULA 3,147.28 77,562.45 80,709.73 SCHROEDER, JOANNE - 114,994.22 114,994.22 SCHULTZ, DEANNE 1,000.00 107,859.81 108,859.81 SCOW, SYLVIA 2,142.79 75,869.07 78,011.86 SEINEN, ALBERT 2,190.00 94,723.64 96,913.64 SHARPE, KIM 3,318.60 84,698.01 88,016.61 SHAW, PAM 17,387.80 111,278.40 128,666.20 SHEA, LINDA 1,667.97 94,723.83 96,391.80 SHEDLETZKY, FAYE 2,797.50 93,474.46 96,271.96 SIFTON, DANIEL 1,292.88 94,651.61 95,944.49 SIMMS, WENDY 6,170.16 95,374.68 101,544.84 SIMONS, DANIEL 1,738.16 107,595.80 109,333.96 SITTER, RON 282.75 105,200.73 105,483.48 SLOCUM, JOANNE 1,584.59 95,650.20 97,234.79 SLONOWSKY, DEAN 750.00 97,583.99 98,333.99 SMITH, KEITH 846.98 90,449.24 91,296.22 SMITH, TONI 1,000.00 100,970.32 101,970.32 SNOW, KATHRYN 10,941.95 96,879.79 107,821.74 SPASNIK, LEANNE 11,933.06 75,769.63 87,702.69 SPEED, ANDREW 25,754.17 128,198.84 153,953.01 SPEIGHT, PAMELA 1,096.95 121,253.83 122,350.78 SPENCE, KEVIN 471.00 78,322.61 78,793.61 STANLEY, MARNI 3,959.17 148,032.61 151,991.78 STASIUK, MARY 2,903.47 94,723.83 97,627.30 STEEL, MICHELLE 2,192.08 94,677.40 96,869.48
23 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses STEEN, GLYNIS$ 4,533.40 $ 148,676.71 $ 153,210.11 STERN, LOUISE 7,252.76 133,192.78 140,445.54 STETAR, DOUG 1,000.00 118,949.88 119,949.88 STEVENSON, MAXWELL 3,860.49 104,942.36 108,802.85 STEWART, CHARLENE - 102,141.46 102,141.46 STEWART, JANICE 900.45 94,723.83 95,624.28 STOKES, TIM 2,315.79 98,062.53 100,378.32 STONE, GARRETT 2,002.94 84,244.24 86,247.18 STRATTON, VANESSA 4,230.40 79,302.12 83,532.52 STREMMING, AL 1,000.00 81,153.38 82,153.38 STUART, CAROL 15,448.41 202,919.25 218,367.66 SUN, SHAUN 1,000.00 81,357.21 82,357.21 SUNDBY, LESLIE 6,165.54 106,366.23 112,531.77 SUSKI, LAURA 7,082.32 100,762.42 107,844.74 SUTTON, JASON 1,375.55 95,650.20 97,025.75 SWARTS, JACOBUS 1,000.00 95,481.83 96,481.83 SWORTS, LISA 1,550.45 78,279.01 79,829.46 TAPLAY, ALISON 4,973.46 86,057.26 91,030.72 TAYLOR, DREW 1,376.41 101,818.04 103,194.45 TAYLOR, KAREN - 97,284.14 97,284.14 TEREPOCKI, TRACEY 2,393.94 98,811.53 101,205.47 TESSIER, NATTALLE 4,041.86 83,948.93 87,990.79 THEUERKORN, FRANK 1,000.00 108,972.49 109,972.49 THIBAULT, PENNY 1,607.89 81,875.28 83,483.17 THIBODEAU, MIKE 2,121.13 84,509.39 86,630.52 THIESSEN, ILKA 1,000.00 101,386.18 102,386.18 THOMPSON, DAWN 1,085.48 91,419.93 92,505.41 TILLEY, CARLA 1,966.28 94,723.83 96,690.11 TIMBERS, TAMARA 1,177.10 92,198.48 93,375.58 TINLIN, BRYAN 2,654.78 108,008.34 110,663.12 TIONGSON, MARK 1,711.02 96,239.83 97,950.85 TOAL, SEAN 3,940.47 109,458.81 113,399.28 TONG, CHRISTINE 1,000.00 94,723.83 95,723.83 TORKKO, DEBORAH 1,000.00 100,591.31 101,591.31 TOWNSEND, MELISSA 3,747.32 80,128.73 83,876.05 TROOST, WILLIAM - 106,486.00 106,486.00 TUCKER, BILL 704.44 80,564.32 81,268.76 TURNER, CHRIS 6.29 80,524.99 80,531.28 TYSOWSKI, MONICA 26.00 74,985.99 75,011.99
24 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses UPPAL, MANJEET$ 3,099.06 $ 95,223.84 $ 98,322.90 VAILLANCOURT, DAN 298.35 82,590.04 82,888.39 VANDERSLUIS, DAN 9,493.84 162,618.85 172,112.69 VANHALDEREN, LEE 520.08 80,564.32 81,084.40 VAUGEOIS, NICOLE 16,811.18 163,618.91 180,430.09 VEZINA, KEN - 78,310.69 78,310.69 VIEIRA, ANA 1,531.06 90,332.47 91,863.53 VINDEN, SALLY 9,205.73 90,180.60 99,386.33 WAATAINEN, PAULA 4,354.24 82,491.42 86,845.66 WAGER, AMANDA 13,987.41 93,382.12 107,369.53 WALSH, PETER - 95,102.83 95,102.83 WAPPLE, LAUREN 2,214.49 78,487.56 80,702.05 WARSH, CHERYL 5,295.61 85,191.41 90,487.02 WATKINS, PAUL 2,301.44 86,650.76 88,952.20 WEAVER, DUANE 4,376.89 106,368.47 110,745.36 WEBBER, BRYAN 5,128.06 142,784.22 147,912.28 WEBER, KATHRYN 375.00 85,636.56 86,011.56 WEBSTER, MARK 2,519.82 90,962.05 93,481.87 WEIGHILL, AGGIE 14,878.60 105,415.73 120,294.33 WEIR, WARREN 12,741.52 119,717.21 132,458.73 WEISSFLOCH, ALEXANDRA 1,000.00 94,723.83 95,723.83 WENDLING, MARY 841.09 88,984.70 89,825.79 WESSELS, DAVID 1,000.00 97,376.83 98,376.83 WHITE, ALI 4,664.61 85,544.27 90,208.88 WHITE, DOUGLAS 810.00 110,622.97 111,432.97 WHITE, GRAHAM 159.12 84,644.12 84,803.24 WHITE, STEPHANIE 7,983.18 101,865.10 109,848.28 WHITEHOUSE, IAN 2,212.64 120,055.24 122,267.88 WHITELEY, SARAH 2,297.90 95,650.20 97,948.10 WILLIAMS, BELINDA 990.40 82,423.49 83,413.89 WILLIAMS, MARK 6,256.56 108,265.09 114,521.65 WILLIAMS, TAMMY 11,532.36 65,207.59 76,739.95 WILLIS, ROBERT 1,470.03 102,651.92 104,121.95 WILSON, HANNAH 1,000.00 102,955.78 103,955.78 WINKS, ALYSON 2,721.39 72,790.70 75,512.09 WODLINGER, JANE 1,000.00 75,373.71 76,373.71 WOOD, JAMIE 1,000.00 85,259.72 86,259.72 WOOD, WHITNEY 14,443.17 71,254.03 85,697.20 WOODCOCK, STUART 16,900.04 90,064.90 106,964.94
25 Total Salary & Employee Employee Employee Name Employee Expenses Salaries Expenses WOODS, DARRYL$ 4,208.75 $ 89,008.30 $ 93,217.05 WOODS, PAT 3,058.21 92,918.45 95,976.66 WOODWARD, DAVID 1,145.09 83,822.60 84,967.69 WOYCHUK, JOHN 5,820.15 84,075.26 89,895.41 WRIGHT, LARA 1,129.04 91,530.39 92,659.43 WYTENBROEK, LYNN 1,378.00 101,849.38 103,227.38 YAMASAKI, KELLI - 81,860.61 81,860.61 YOUNG, ANDREW 1,000.00 80,564.32 81,564.32 YOUNG, TRICIA 1,649.97 94,920.90 96,570.87 YOUNG, WENDY 9,123.96 166,212.16 175,336.12 ZAAL DELONGCHAMP, WILMA 7,470.32 91,271.08 98,741.40 ZANDBERGEN, PAUL - 94,723.89 94,723.89 ZANDEE, TRACY - 98,051.27 98,051.27 ZHU, BINGYI 3,035.65 72,481.26 75,516.91 ZIEMKIEWICZ, WOJCIECH 12,572.34 79,443.99 92,016.33
Total: Salaries and Employee Expenses $75,000 or more $ 2,122,460.06 $ 56,881,803.48 $ 59,004,263.54
Total: Salaries and Employee Expenses under $75,000 $ 915,030.08 $ 38,874,343.35 $ 39,789,373.43
Grand Total: Salaries and Employee Expenses $ 3,037,490.14 $ 95,756,146.83 $ 98,793,636.97
26 STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF SUPPLIERS OF GOODS AND SERVICES Prepared Under Financial Information Regulation, Schedule 1, Section 7
Suppliers of Goods and Services Over $25,000
Vendor Name Expenses 0696349 B.C.LTD. $ 82,717.17 1177826 B.C. LTD. 42,803.57 2130723 ALBERTA LTD. 75,630.55 341234 B.C.LTD. (MICROSERVE) 724,754.49 360 FARM FOOD DRINK INC. 50,046.25 462371 B.C. LTD. 58,436.52 ABBA FLOORCOVERINGS LTD. 204,295.13 ABE AVENDER 27,896.36 ACCESS COPYRIGHT 76,007.72 ACER LANDSCAPING LTD. 62,370.00 ADVANCED AUTOMATIC DOORS LTD. 110,327.50 ADVANCED PROFESSIONAL TRAINING CENTRE 219,728.98 AIR CANADA 57,734.22 AJ FORSYTH (DIV OF RUSSEL METALS INC.) 88,552.07 ALAN CUMBERS 27,540.00 ALLSTREAM BUSINESS INC. 59,774.46 ALPINE BUILDING MAINTENANCE INC. 403,752.21 ALSCO CANADA CORPORATION 98,285.10 AMAZON 98,272.04 APPLE CANADA INC. 121,270.44 APPLYBOARD INC. 55,426.35 AQUA LOGIC INC. 77,448.52 ARCHIE JOHNSTONE PLUMBING & HEATING LTD. 98,791.10 ARCWIFI CORPORATION 49,087.92 ART'S PLUMBING & HEATING (2018) LTD. 50,473.47 ASLAN VENTURES INC. 37,759.88 ATCO STRUCTURES & LOGISTICS LTD. 26,825.52
27 Vendor Name Expenses ATHECON PROJECTS INC.$ 119,365.91 AURORA ROOFING LTD. 414,487.50 AVI-SPL CANADA LTD. 130,437.08 B&C FOOD DISTRIBUTORS 26,070.67 B.C. FERRY CORPORATION 57,396.47 BARRY HAMEL EQUIPMENT LTD. 40,653.48 BC HYDRO & POWER AUTHORITY 1,426,517.38 BC LIBRARIES COOPERATIVE 25,107.83 BCNET 661,061.56 BEE-CLEAN BUILDING MAINTENANCE INC. 1,167,350.75 BENTO NOUVEAU LTD. 30,931.34 BLACK BOX NETWORK SERVICES 26,906.21 BLACK PRESS GROUP LTD 41,040.83 BLANCHET GRAPHICS 26,029.81 BLOOMBERG FINANCE LP 40,143.81 BROADVIEW PRESS 47,615.73 BRUCE CAMPBELL DRAINAGE PROFESSIONAL 60,958.80 BULLET SECURITY CAMERAS INC. 203,450.68 BUSINESS COUNCIL OF BRITISH COLUMBIA 31,656.25 CALEDONIA FIRE PROTECTION LTD. 43,540.39 CANADIAN ASSOCIATION OF UNIVERSITY BUSINESS OFFICERS 28,079.00 CANADIAN CHAMBER OF COMMERCE IN VIETNAM 25,469.89 CANADIAN COLLEGIATE ATHLETIC ASSOCIATION 44,132.75 CANADIAN EDUCATION PATHWAYS LTD. 93,592.55 CANADIAN RESEARCH KNOWLEDGE NETWORK 526,023.98 CANADIAN TIRE 32,784.34 CANAM CONSULTANTS LTD. 94,351.00 CANEM SYSTEMS LTD. 271,630.78 CENGAGE LEARNING INTERNATIONAL 63,833.44 CHECKWITCH POIRON ARCHITECTS INC. 85,839.94 CHRISTIE LITES SALES LTD. 46,113.69 CITY OF NANAIMO 432,127.28 CITY OF PARKSVILLE 55,410.65 CLARK WILSON LLP 88,319.68 CMF CONSTRUCTION LTD. 451,214.03 COCA-COLA CANADA BOTTLING LIMITED 124,178.04 COLLEGES AND INSTITUTES CANADA 37,566.00 COLLIERS PROJECT LEADERS INC. 63,490.35 COMPUGEN INC. 461,194.91 CONCISE SYSTEMS CORPORATION 49,702.95 CONSULAB EDUCATECH INC. 29,559.60
28 Vendor Name Expenses COPCAN CIVIL LTD.$ 84,572.79 CORAL CANADA WIDE LTD. 75,140.34 COSTCO 52,575.43 COUNCIL OF PRAIRIE AND PACIFIC UNIVERSITY LIBRARIES 96,255.95 COWICHAN TRIBES 269,123.00 DALCON CONSTRUCTION LTD. 394,349.79 DESIGNED AIR SYSTEMS LIMITED 82,212.38 DUBWEAR CLOTHING CO. 66,510.33 DYNACON CONTRACTING 51,131.55 EBSCO CANADA LTD. 28,783.03 EDWISE INTERNATIONAL L.L.P. 29,896.00 ENGINEERED AIR (DIV OF AIRTEX MANUFACTURING PARTNERSHIP) 88,201.91 ENVISION GLAZING INC. 61,122.63 EPPENDORF CANADA LTD. 58,295.61 ESC AUTOMATION INC. 513,925.90 FACEBOOK 30,481.12 FACILITIES APPLIED KNOWLEDGE AND TACTICS LTD. 38,215.42 FINELINE ROAD MARKING LTD. 47,232.13 FISHER SCIENTIFIC COMPANY 121,997.34 FLORENCE AND ABROAD S.R.L 33,538.27 FORTISBC - NATURAL GAS 286,797.00 FTS FOREST TECHNOLOGY SYSTEMS LTD. 26,455.52 GARDA CANADA SECURITY CORPORATION 627,636.86 GARDAWORLD CASH SERVICES CANADA CORPORATION 31,839.19 GEEBEE EDUCATION PVT. LTD. 30,535.00 GFL ENVIRONMENTAL INC. 133,061.22 GLACIER COMMUNICATIONS INC. 62,237.00 GORDON FOOD SERVICE CANADA LTD. 1,056,749.01 GRAND & TOY LTD. 145,961.28 GRAPHIC OFFICE INTERIORS LTD. 424,878.26 GRAYCO INVESTMENTS LTD. 30,528.88 GREAT BEAR INITIATIVE SOCIETY 153,227.72 GREGG DISTRIBUTORS LP 78,643.81 H B TRAVEL CORPORATION 53,680.99 HARBOUR ELECTRICAL SERVICES LTD. 102,018.53 HARRIS & COMPANY 310,598.93 HEILTSUK TRIBAL COUNCIL 27,071.00 HENRY SCHEIN CANADA INC. 51,485.89 HEROLD ENGINEERING LTD. 60,617.28 HOLDFAST METALWORKS LTD. 25,581.85 HOME DEPOT CANADA INC. 28,838.74
29 Vendor Name Expenses HOMEWOOD HEALTH INC.$ 70,454.15 HOSKIN SCIENTIFIC LTD. 58,635.55 HOULE ELECTRIC LIMITED 339,212.44 HUB CITY GLASS LTD. 79,654.05 IBM CANADA LIMITED 74,630.88 IDP EDUCATION PTY LTD. 237,333.45 IGNITE TECHNICAL RESOURCES INC. 25,834.62 IMPERIAL OIL 32,438.67 INDEED IRELAND OPERATIONS LIMITED 30,887.64 INDUSTRIAL PLANKTON INC. 79,029.13 INFO-TECH RESEARCH GROUP INC. 26,250.00 INNOVATIONS IN BUSINESS SYSTEMS INC. 310,106.26 INSURANCE CORPORATION OF BRITISH COLUMBIA 96,697.00 INTERNATIONAL EDUCATION COUNSELLING CENTRE LTD. 44,275.25 ISLAND HEALTH 33,544.52 ISLAND SOLAR FILMS LTD. 26,558.31 ITHAKA 45,714.84 JAZZ AVIATION LP 41,812.55 JEFFREY CONTRACTING LTD. 50,605.00 JEUNE BROS. TENT & AWNING LTD. 82,704.90 JOHN BLACK 25,888.22 JOHN WILEY & SONS CANADA LTD. 81,531.02 JOLINAIKO ECO TOURS 37,377.52 JONES & BARTLETT LEARNING LLC 46,835.37 JUDI KORBIN INC. 33,337.50 KAHUNAVERSE SPORTS GROUP INC. 98,079.13 KANAN INTERNATIONAL PVT. LTD. 50,313.00 KC OVERSEAS EDUCATION PVT. LTD. 28,651.00 KLAHOOSE FIRST NATION 30,117.85 KPMG LLP 84,835.50 KWAKIUTL BAND COUNCIL 34,000.00 LAFARGE CANADA INC. 25,443.63 LANTZVILLE PAINTING AND MAINTENANCE CO. 243,287.83 LEDCOR CONSTRUCTION LIMITED 689,066.98 LIFE TECHNOLOGIES INC. 29,913.20 LIL'WAT NATION 102,380.80 LINKEDIN IRELAND UNLIMITED COMPANY 42,498.34 LOGIN CANADA 190,399.18 LONG VIEW SYSTEMS CORPORATION 1,466,463.77 MALAHAT FIRST NATION 30,000.00 MAPLE LEAF EDUCONNECT PVT. 112,736.00
30 Vendor Name Expenses MATRIX VIDEO COMMUNICATION CORPORATION$ 98,190.64 MATT KUZMINSKI 32,045.30 MBS TEXTBOOK EXCHANGE LLC 47,376.53 MCCARTAN CONTRACTING LTD. 65,562.64 MCGRAW-HILL RYERSON LTD. 62,053.26 MCGREGOR & THOMPSON HARDWARE LTD. 33,419.69 MEGAMIND CONSULTANTS PVT. LTD. 37,321.25 MELTWATER NEWS CANADA INC. 38,227.42 METIS NATION BRITISH COLUMBIA 52,439.12 MID ISLAND FENCE PRODUCTS LTD. 38,071.01 MINISTER OF FINANCE 297,172.36 MNP LLP 570,008.06 MODERN BEAUTY SUPPLIES 26,420.31 MONERIS SOLUTIONS 393,700.86 MONK OFFICE SUPPLY LTD. 90,733.10 MOTIC INSTRUMENTS INC. 26,659.92 MOUNT BENSON MECHANICAL (1991) LTD. 39,070.80 MPS 70,242.37 NANAIMO BASTION HOTEL CORP. 76,754.51 NATIONAL CONTRACTING SOLUTIONS LTD. 60,987.15 NEBRASKA BOOK COMPANY 49,695.02 NELSON EDUCATION LTD. 484,023.23 NEW HORIZONS SCIENTIFIC SUPPLY INC. 32,741.76 NEWARK ELEMENT 14 PREMIER FARNELL CANADA LTD. 32,867.46 NUU-CHAH-NULTH TRIBAL COUNCIL 168,859.00 ORACLE CANADA ULC 120,988.25 ORGANIZATION FOR WORLDWIDE EDUCATION 313,321.35 OSBORNE ELECTRO-MECHANICS LTD. 50,553.86 OXFORD UNIVERSITY PRESS 132,788.51 PACWEST (PACIFIC WESTERN ATHLETIC ASSOCIATION) 32,540.00 PAMELA DALILA CISNEROS OVIEDO 41,027.40 PANAGO PIZZA INC. 28,479.98 PANGLOBAL TRAINING SYSTEMS LTD. 33,957.64 PANTHEON SYSTEMS INC. 44,626.60 PARADIGM PUBLISHING INC. 39,566.81 PARKLAND REFINING (B.C.) LTD. 30,625.58 PARKSVILLE HEAVY EQUIPMENT (DIVISION OF T.B.C HOLDINGS LTD.) 67,322.54 PAT EAGAR 97,571.26 PATTISON OUTDOOR ADVERTISING 31,016.32 PEARLMAN LINDHOLM LAW CORPORATION 30,598.85 PEARSON CANADA INC. 151,632.29
31 Vendor Name Expenses PENELAKUT TRIBE$ 51,125.50 PENGUIN RANDOM HOUSE CANADA LIMITED 32,799.09 PERKINS & WILL CANADA ARCHITECTS CO. 88,305.00 PRAXAIR CANADA INC. 79,399.69 PRECISION DECORATING LTD. 114,985.09 PRICE'S ALARM SYSTEMS (2009) LTD. 108,651.02 PRISMRBS LLC 34,901.71 PROJECT EXECUTION GROUP INC. 65,447.72 PROQUEST LLC 187,715.36 PROSCI CANADA, ULC 164,014.20 PROTECT INTERNATIONAL RISK AND SAFETY 38,858.96 PROVIDENCE FARM 35,306.18 PROVINCE OF BRITISH COLUMBIA 79,740.40 QUADIENT CANADA LTD. 124,186.84 RAYACOM PREMIUM PRINT 40,954.49 RB ENGINEERING LTD. 51,939.59 RICOH CANADA INC. 242,353.32 ROBERT HALF MANAGEMENT RESOURCES 132,825.09 ROBERTSON SURRETTE GROUP LTD. 53,008.69 ROGERS WIRELESS INC. 170,688.98 RUSSELL HENDRIX FOODSERVICE EQUIPMENT 36,847.24 SABRETOOTH TECHNOLOGIES LLC 27,856.85 SALT SPRING COFFEE COMPANY 57,584.32 SCHINDLER ELEVATOR CORPORATION 121,832.25 SCHOOL DISTRICT 68 33,402.51 SECURCO SERVICES INC. 49,242.42 SFU - BC ELECTRONIC LIBRARY NETWORK 179,796.17 SHANDONG INSTITUTE OF BUSINESS 26,500.00 SHANE HYDE 25,284.00 SHANGHAI JINRONG INTERNATIONAL HOTEL CO. LTD. 28,132.04 SHARPER MARKETING INC. 32,804.14 SHATEX MANUFACTURING CORP. 25,360.90 SHELL ENERGY NORTH AMERICA (CANADA) INC. 95,874.66 SIGMA-ALDRICH CANADA CO. 34,373.29 SIMON FRASER UNIVERSITY 69,273.73 SIRSIDYNIX 27,377.53 SIX MORE VENTURES LTD. 65,944.68 SKIDEGATE BAND COUNCIL 44,900.00 SMITH TRANSPORTATION LTD. 47,667.98 SNOW CAP ENTERPRISES LTD. 70,323.89 SNUNEYMUXW FIRST NATION 216,773.82
32 Vendor Name Expenses SOFTCHOICE LP$ 29,724.73 SPICERS CANADA ULC 49,477.38 STAPLES BUSINESS ADVANTAGE CANADA 320,507.67 STARBUCKS COFFEE CANADA INC. 412,228.78 STARGARDEN CORPORATION 45,538.50 STARREZ INC. 36,837.60 STINT CONSTRUCTION LTD. 38,610.60 STRONG NATIONS PUBLISHING INC. 26,591.87 STZ'UMINUS FIRST NATION 130,183.66 SUNCOR ENERGY PRODUCTS PARTNERSHIP 65,041.34 SYNERGY PRODUCTS INC. 31,735.20 TECTONICA MANAGEMENT INC. 140,185.18 TELUS COMMUNICATIONS 128,175.78 TENLINE SALES LTD. 33,308.15 TEVAN ENTERPRISES LTD. 27,714.72 THOMPSON AHERN & CO. LIMITED 27,813.49 TIGH-NA-MARA SEASIDE SPA RESORT 33,077.03 TILLICUM LELUM ABORIGINAL FRIENDSHIP CENTRE 40,810.00 TLA'AMIN COMMUNITY HEALTH SERVICES 163,125.00 TONY BRYCE 32,697.36 TRAVEL HEALTHCARE INSURANCE SOLUTIONS INC. 591,749.40 UNI SELECT PACIFIC INC. 39,142.90 UNIFIED FLOORCOVERING LTD. 32,922.94 UNIT4 BUSINESS SOFTWARE CORPORATION 1,535,233.95 UNIVERSITIES CANADA 64,026.00 UNIVERSITY OF BRITISH COLUMBIA 44,216.83 UNIVERSITY OF HERTFORDSHIRE 67,132.70 UNIVERSITY OF THE FRASER VALLEY 62,823.00 UNIVERSITY, COLLEGE & INSTITUTE PROTECTION PROGRAM 152,763.74 VANCOUVER ISLAND AUTO SALES LTD. 39,096.96 VANCOUVER ISLAND CONFERENCE CENTRE 74,414.10 VIKING FIRE PROTECTION INC. 79,969.62 VIU FOUNDATION 2,923,671.25 VIU STUDENTS' UNION 65,556.73 VIUFA - VANCOUVER ISLAND UNIVERSITY FACULTY ASSOCIATION 105,227.83 VOLANTE SOFTWARE INC. 46,171.25 VWR INTERNATIONAL CO. 50,806.77 WAYWEST MECHANICAL LTD. 42,944.60 WELL-ADVISED CONSULTING INC. 31,500.01 WENDY PARRY 48,000.00 WEST BAY MECHANICAL LTD. 59,778.68
33 Vendor Name Expenses WESTCOAST ROOF INSPECTION SERVICES LTD.$ 86,425.50 WESTERN FINANCIAL GROUP 29,409.54 WESTPARK PARKING SERVICES (2015) 444,936.31 WHEATON PONTIAC BUICK GMC (NANAIMO) LTD. 52,508.62 WILD ROVER ENTERPRISES LTD. 45,263.25 WINDSOR PLYWOOD LTD. 58,864.98 YANTAI YOUTU NETWORK TECHNOLOGY LIMITED 85,370.03 ZACHARY JOSEPH JOHN LAMOUREUX 83,132.99
Total: Suppliers of Goods and Services over $25,000$ 38,294,948.67
Total: Suppliers of Goods and Services under $25,000$ 9,634,402.20
Total: Suppliers of Goods and Services$ 47,929,350.87
Total Paid to Receiver General For Canada 4,632,571.24 Total Paid for Other Fringe Benefits 17,433,662.67
Grand Total: Suppliers of Goods and Services$ 69,995,584.78
34 STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
SCHEDULE OF GRANTS AND CONTRIBUTIONS Prepared Under Financial Information Regulation, Schedule 1, Subsection 7(2)(b)
Payments of Grants and Contributions
Amount CVI JOBS / PARKSVILLE CAREER CENTRE $ 34,500.00 LITERACY CENTRAL VANCOUVER ISLAND 90,500.00 LITERACY NOW COWICHAN SOCIETY 34,500.00 MALAHAT FIRST NATION 23,000.00 NANAIMO COMMUNITY ARCHIVES 10,000.00 NORTH ISLAND COLLEGE 360,964.50 POWELL RIVER EMPLOYMENT PROGRAM SOCIETY 69,000.00
Grand Total: Grants and Contributions $ 622,464.50
35 STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT FOR THE YEAR ENDED MARCH 31, 2020
RECONCILIATION Prepared Under Financial Information Regulation, Schedule 1, Section 6 and 7
Total Schedule of Board Expenses $ 18,068 Total Schedule of Employee Remuneration and Expenses 98,793,637 Total Schedule of Suppliers of Goods and Services 69,995,585 Total Schedule of Grants and Contributions 622,465
Total Financial Information Act Submission $ 169,429,754
Capital fund amortization 10,239,030 Capital fund expenditures not included in Statement of Operations (13,650,858) Consolidation adjustments - related entities 368,234 GST rebates (796,296) Other adjustments 1,403,536 $ 166,993,400
Total Statement of Operations, Consolidated Financial Statements $ 166,993,400
36
Appendix1 VANCOUVER ISLAND UNIVERSITY
CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2020 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
Statement of Administrative Responsibility for Financial Statements
Administrative management is responsible for the preparation and presentation of the accompanying consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with the financial reporting provisions of Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.
In discharging its responsibilities for the integrity and fairness of the consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of financial statements.
The Board of Governors carries out its responsibility for review of the financial statements principally through its Audit Committee. The members of the Audit Committee include employees of the University. The Audit Committee meets with management and with the external auditors to discuss the results of audit examinations and financial reporting matters.
KPMG LLP, an independent firm of Chartered Professional Accountants, is appointed by the Board to audit the consolidated financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically with, both the Audit Committee and management to discuss their audit findings.
On behalf of the University:
ManleyManley McLachlanMcLachlanan Board CChairhair
Marlene Kowalski Interim Chief Financial Officer and Vice President Administration
i KPMG LLP St. Andrew’s Square II 800-730 View Street Victoria BC V8W 3Y7 Canada Telephone 250-480-3500 Fax 250-480-3539
INDEPENDENT AUDITORS’ REPORT To the Board of Governors of Vancouver Island University, and To the Minister of the Ministry of Advanced Education, Skills and Training, Province of British Columbia
Opinion We have audited the consolidated financial statements of Vancouver Island University (the Entity), which comprise: • the consolidated statement of financial position as at March 31, 2020 • the consolidated statement of operations and accumulated operating surplus for the year then ended • the consolidated statement of changes in net debt for the year then ended • the consolidated statement of cash flows for the year then ended • the consolidated statement of remeasurement gains and losses for the year then ended • and notes to the consolidated financial statements, including a summary of significant accounting policies (hereinafter referred to as the “financial statements”). In our opinion, the accompanying financial statements as at and for the year ended March 31, 2020 of the Entity are prepared, in all material respects, in accordance with the financial reporting provisions of Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “Auditors’ Responsibilities for the Audit of the Financial Statements” section of our auditors’ report. We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP. Vancouver Island University
Emphasis of Matter – Financial Reporting Framework We draw attention to note 1(a) to the financial statements which describes the applicable financial reporting framework and the significant differences between that financial reporting framework and Canadian public sector accounting standards. Our opinion is not modified in respect of this matter. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statements in accordance with the financial reporting provisions of Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Entity’s financial reporting process. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control. Vancouver Island University
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Entity to cease to continue as a going concern. • Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group Entity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
Chartered Professional Accountants
Victoria, Canada May 28, 2020 VANCOUVER ISLAND UNIVERSITY Consolidated Statement of Financial Position As at March 31, 2020, with comparative information for March 31, 2019
2020 2019
Financial assets Cash and cash equivalents$ 25,528,619 $ 37,143,849 Accounts receivable (note 3) 5,101,754 12,149,286 Inventories for resale 912,241 972,045 Portfolio investments (note 4) 38,205,639 30,139,815 Loan receivable (note 5) 460,383 150,102 70,208,636 80,555,097
Liabilities Accounts payable and accrued liabilities (note 6) 25,515,620 23,779,486 Employee future benefits (note 7) 5,711,050 5,795,929 Deferred revenue (note 8) 19,098,433 23,757,399 Deferred contributions (note 9) 5,345,959 6,356,038 Deferred capital contributions (note 10) 165,781,752 166,348,143 221,452,814 226,036,995
Net debt (151,244,178) (145,481,898)
Non-financial assets Tangible capital assets (note 11) 213,989,210 210,592,729 Restricted endowment investments (note 4) 4,018,389 4,018,389 Prepaid expenses 2,214,662 2,106,385 220,222,261 216,717,503
Accumulated surplus$ 68,978,083 $ 71,235,605
Accumulated surplus is comprised of: Accumulated operating surplus (note 12)$ 68,479,468 $ 70,767,315 Accumulated remeasurement gains 498,615 468,290 $68,978,083 $ 71,235,605
Contractual obligations (note 13) Contingencies (note 14) Subsequent events (note 21)
See accompanying notes to consolidated financial statements.
On behalf of the Board:
Board ChairChaia r Interim Chief Financial Officer and Vice President Administration
1 VANCOUVER ISLAND UNIVERSITY Consolidated Statement of Operations and Accumulated Operating Surplus For the year ended March 31, 2020, with comparative information for March 31, 2019
Budget 2020 2019 (Notes 1(k) and 18)
Revenue Province of British Columbia grants$ 61,241,173 $ 67,968,920 $ 66,426,650 Government of Canada grants 961,346 1,188,157 948,401 Other grants and contracts 5,441,666 5,897,072 5,531,300 Tuition and student fees 65,360,379 67,218,188 65,781,438 Sales of goods and services 9,947,607 8,456,981 8,982,201 Rental income 2,934,831 3,011,353 3,114,318 Revenue recognized from deferred capital contributions (note 10) 6,602,000 6,968,708 5,886,388 Investment income 962,544 1,680,504 1,516,261 Gifts, grants and bequests 419,600 879,019 1,117,712 Actuarial plan benefit continuation gain (note 7(a)) - 19,900 935,400 Gain on sale of tangible capital assets - 15,141 7,681 Other 1,222,965 1,401,610 1,793,333 155,094,111 164,705,553 162,041,083
Expenses (note 16) Instruction and student support 141,817,863 152,271,351 142,103,232 Ancillary 13,213,148 14,722,049 13,264,636 155,031,011 166,993,400 155,367,868
Annual surplus (deficit) 63,100 (2,287,847) 6,673,215
Accumulated operating surplus, beginning of year 70,767,315 70,767,315 64,094,100
Accumulated operating surplus, end of year$ 70,830,415 $ 68,479,468 $ 70,767,315
See accompanying notes to consolidated financial statements.
2 VANCOUVER ISLAND UNIVERSITY
Consolidated Statement of Changes in Net Debt For the year ended March 31, 2020, with comparative information for March 31, 2019
Budget 2020 2019 (note 1(k) and 18)
Annual surplus$ 63,100 $ (2,287,847) $ 6,673,215
Acquisition of tangible capital assets - (13,635,511) (35,198,937) Amortization of tangible capital assets 10,711,500 10,239,030 9,318,958 Proceeds on sale of tangible capital assets - 15,141 7,681 Write-off of tangible capital assets - 42,992 Gain on sale of tangible capital assets - (15,141) (7,681) 10,711,500 (3,396,481) (25,836,987)
Acquisition of prepaid expense - (108,277) (48,502) Net effect of remeasurement gains - 30,325 304,316 - (77,952) 255,814
Decrease (increase) in net debt 10,774,600 (5,762,280) (18,907,958)
Net debt, beginning of year (145,481,898) (145,481,898) (126,573,940)
Net debt, end of year$ (134,707,298) $ (151,244,178) $ (145,481,898)
See accompanying notes to consolidated financial statements.
3 VANCOUVER ISLAND UNIVERSITY Consolidated Statement of Cash Flows For the year ended March 31, 2020, with comparative information for March 31, 2019
2020 2019
Cash provided by (used in): Operations: Annual surplus$ (2,287,847) $ 6,673,215 Items not involving cash: Amortization of tangible capital assets 10,239,030 9,318,958 Revenue recognized from deferred capital contributions (6,968,708) (5,886,388) Change in employee future benefits (84,879) (942,313) Gain on sale of tangible capital assets (15,141) (7,681) Write-off of tangible capital assets - 42,992 Change in non-cash operating working capital: Increase (decrease) in accounts receivable 7,047,532 (8,450,072) Increase in prepaid expenses (108,277) (48,502) Decrease in inventories for resale 59,804 429 Increase (decrease) in accounts payable and accrued liabilities 1,736,134 (3,506,153) Increase (decrease) in deferred contributions (1,010,079) 838,579 Increase (decrease) in deferred revenue (4,658,966) 1,270,129 3,948,603 (696,807)
Capital activities: Cash used to acquire tangible capital assets (13,635,511) (34,771,759) Proceeds on sale of tangible capital assets 15,141 7,681 (13,620,370) (34,764,078)
Financing activities: Loan receivable (310,281) (150,102) Receipt of deferred capital contributions 6,402,317 38,091,202 6,092,036 37,941,100 Investing activities: Net purchase of investments (8,035,499) (855,096)
Net change in cash and cash equivalents (11,615,230) 1,625,119
Cash and cash equivalents, beginning of year 37,143,849 35,518,730
Cash and cash equivalents, end of year$ 25,528,619 $ 37,143,849
See accompanying notes to consolidated financial statements.
4 VANCOUVER ISLAND UNIVERSITY Consolidated Statement of Remeasurement Gains and Losses For the year ended March 31, 2020, with comparative information for March 31, 2019
2020 2019
Unrealized gains (losses) attributed to: Long term bonds$ 150,976 $ 307,096 Equity investments (120,651) (2,780)
Net remeasurement gains for the year 30,325 304,316
Accumulated remeasurement gains, beginning of year 468,290 163,974
Accumulated remeasurement gains, end of year$ 498,615 $ 468,290
See accompanying notes to consolidated financial statements.
5 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
Vancouver Island University (the "University") is a post-secondary educational institution incorporated under the University Act. The University is a registered charity, governed by a Board of Governors, the majority of which are appointed by the Provincial Government of British Columbia. The University offers a broad range of program options including undergraduate and graduate degrees, career diplomas, and trades training at its Nanaimo, Cowichan, Parksville and Powell River campuses.
1. Significant accounting policies
These consolidated financial statements are prepared in accordance with the following principles:
(a) Basis of accounting
Budget Transparency and Accountability Act
These consolidated financial statements have been prepared in accordance with Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia supplemented by certain regulations (257/2010 and 198/2011) issued by the Province of British Columbia Treasury Board.
The Budget Transparency and Accountability Act requires that the consolidated financial statements be prepared in accordance with the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada, or if the Treasury Board makes a regulation, the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada as modified by the alternate standard or guideline or part thereof adopted in the regulation.
The issued regulations require all taxpayer supported organizations in the school, university, college and hospital sectors to adopt Canadian public sector accounting standards without any PS4200 elections, effective their first fiscal year commencing after January 1, 2012.
The regulations require that restricted contributions received or receivable are to be reported as revenue depending on the nature of the restrictions on the use of the funds by the contributors as follows:
(i) Contributions for the purpose of acquiring or developing a depreciable tangible capital asset or contributions in the form of a depreciable tangible capital asset are recorded and, referred to as deferred capital contributions, recognized in revenue at the same rate that amortization of the related tangible capital asset is recorded. The reduction of the deferred capital contributions and the recognition of the revenue are accounted for in the fiscal period during which the tangible capital asset is used to provide services.
(ii) Contributions restricted for specific purposes other than those for the acquisition or development of a depreciable tangible capital asset are recorded as deferred contributions and recognized in revenue in the year in which the stipulation or restriction on the contributions have been met.
For British Columbia taxpayer supported organizations, these contributions include government transfers and externally restricted contributions.
6 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
1. Significant accounting policies (continued)
(a) Basis of accounting (continued)
Public sector accounting standards
The accounting policy requirements under the regulations are significantly different from the requirements of Canadian public sector accounting standards which require that:
(i) Government transfers, which do not contain a stipulation that creates a liability, be recognized as revenue by the recipient when approved by the transferor and certain eligibility criteria have been met, and
(ii) Externally restricted contributions be recognized as revenue in the period in which the resources are used for the purpose or purposes specified.
As a result, revenue recognized in the Consolidated Statement of Operations and certain related deferred capital contributions would be recorded differently under Canadian public sector accounting standards.
(b) Basis of consolidation
The consolidated financial statements include the accounts of the University, and its controlled entities: The International High School at Vancouver Island University Association and The High School at Vancouver Island University Association – (collectively “the High Schools”), Milner Gardens and Woodland Society (“Milner Gardens”), Vancouver Island University Initiatives Corporation (“VIUIC”) and Vancouver Island University Initiatives Trust (“VIUIT”).
The High Schools are registered charities incorporated under the Societies Act (British Columbia). They jointly operate a private high school for local and international students. The High Schools’ fiscal year-end of June 30, 2019 have been consolidated into these financial statements. No material transactions or events have occurred between July 1, 2019 and March 31, 2020.
Milner Gardens manages donated funds and operates fundraising events specifically in support of Milner Gardens.
VIUIC is incorporated under the Business Corporations Act of the Province of British Columbia and is 100% owned by the University. Its sole purpose is to act as trustee of VIUIT- an entity in the startup stage with as of yet no significant transactions. VIUIC’s fiscal year-end of Dec 31, 2019 has been consolidated into these financial statements. No material transactions or events have occurred between Jan 1, 2020 and March 31, 2020.
The VIUIT was established on August 1, 2018 as a vehicle to undertake business ventures that are planned to generate income. VIUIT is a taxable business trust and must pay income taxes on any taxable income not allocated to beneficiaries. The beneficiaries of VIUIT are the University and the Vancouver Island University Foundation. Activity in VIUIT is planned to cease in 2020 but may subsequently resume at a later date.
7 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
(c) Revenue recognition
Revenue is recognized when amounts can be reasonably estimated and when collection is reasonably assured as follows:
Operating government grants with or without eligibility criteria stipulations are recognized when received or receivable. Operating government grants, containing stipulations as to their use, are recognized as revenue in the period the transfer is authorized and all eligibility criteria have been met, except when and to the extent that the transfer gives rise to an obligation and meets the definition of a liability.
Externally restricted non-capital contributions are deferred and recognized as revenue in the period in which the related expenses are incurred.
Other revenue, including student fees, interest, and sales of goods and services, are reported as revenue at the time the services or products are provided.
As discussed above, contributions restricted for the purpose of acquiring or developing a depreciable tangible capital asset are recorded as deferred capital contributions and amortized over the remaining useful life of the related tangible capital assets.
Investment income includes interest recorded on an accrual basis and dividends recorded as declared and realized gains and losses on the sale of investments.
Endowment contributions are recognized in the statement of operations in the period in which they are received or earned. Investment income earned on externally restricted endowment contributions is deferred until used for the specific purpose.
Gifts-in-kind are only recorded if the University would have otherwise have paid for them. Gifts-in- kind are recorded at fair market value on the date of the donation or at a nominal value when fair value cannot be reasonably determined.
Unrestricted donations and grants are recorded as revenue when receivable if the amounts can be estimated and collection is reasonable assured. Pledges from donors are recorded when payment is received or when the transfer of property is complete.
Volunteers contribute service to assist the University in carrying out its mission. Such contributions of services are not recognized in these financial statements.
(d) Cash and cash equivalents
Cash and cash equivalents include highly liquid investments with a maturity of 90 days or less at the date of purchase.
(e) Inventories for resale Inventories held for resale, including books, food, and school supplies are recorded at the lower of cost and net realizable value using the weighted average cost method. Cost includes the original purchase cost, plus shipping and applicable duties. Net realizable value is the estimated selling price less any costs to sell.
8 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
1. Significant accounting policies (continued)
(f) Employee future benefits
The University and its employees make contributions to two multi-employer joint trustee plans. These plans are defined benefit plans, providing a pension on retirement based on the member’s age at retirement, length of service and highest earnings averaged over five years. Inflation adjustments are contingent upon available funding. As the assets and liabilities of the plans are not segregated by institution, the plans are accounted for as defined contribution plans and any contributions of the University to the plans are expensed as incurred.
Sick leave benefits and retirement severance benefits are also available to the University’s employees. The costs of these benefits are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. The obligation under these benefit plans are accrued based on projected benefits method as the employees render services necessary to earn the future benefits. Actuarial gains and losses are amortized over the expected average remaining service life of the employees except gains and losses associated with event driven benefits which are recognized immediately.
Vacation entitlements earned by employees for future use are valued at the fiscal year end and accrued as a liability.
(g) Non-financial assets
Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations.
(i) Tangible capital assets
Tangible capital asset acquisitions are initially recorded at cost which includes amounts that are directly attributable to acquisition, construction, development or betterment of the asset. Interest is not capitalized whenever external debt is issued to finance the construction of tangible capital assets. Donated assets are recorded at fair value as of the date of donation. Amortization of capital assets is recorded on a straight line basis over the estimated life of the asset, as shown below. Land is not amortized as it is deemed to have a permanent value:
Asset Years
Buildings 5-60 Library books 10 Site improvements 5 - 20 Computing equipment and software 5 Furniture and equipment 5 -15 Vehicles 5 Leasehold improvements Term of Lease
Work in progress is not amortized until the asset is available for productive use. Land use rights are not recognized as assets in these financial statements. Works of art and historic treasures are not recognized as assets in these financial statements.
9 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
1. Significant accounting policies (continued)
(h) Foreign currency translation
Transaction amounts denominated in foreign currencies are translated into their Canadian dollar equivalents at exchange rates prevailing at the transaction dates. Carrying values of monetary assets and liabilities denominated in a foreign currency are translated using the exchange rates at the Statement of Financial Position date. Any gain or loss resulting from a change in rates between the transaction date and Statement of Financial Position date is recognized in the Statement of Remeasurement Gains and Losses. In the period of settlement, the related cumulative remeasurement gain or loss is reversed in the Statement of Remeasurement Gains and Losses and the exchange gain or loss in relation to the exchange rate at the date of the item’s initial recognition is recognized in the Statement of Operations and Accumulated Operating Surplus.
(i) Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant areas requiring the use of management estimates include the impairment of assets (provisions are made for slow moving and obsolete inventory), provision for doubtful accounts, amortization period for tangible capital assets and deferred capital contributions, and actuarial assumptions for employee future benefits. Actual results could differ from management’s best estimates as additional information becomes available in future years. As adjustments to estimates become necessary they are reported in earnings in the period in which they become known.
(j) Financial instruments
Financial instruments are classified into two categories: fair value or cost.
(i) Fair value category: Cash and cash equivalents are recorded at fair value due to the short term nature of the instrument. Investments that are managed and evaluated as a group and derivative instruments are reflected at fair value as at the reporting date. Sales and purchases of investments are recorded on the trade date. Transaction costs related to the acquisition of investments are recorded as an expense. Unrealized gains and losses on financial assets are recognized in the Statement of Remeasurement Gains and Losses until such time that the financial asset is derecognized due to disposal or impairment. At the time of derecognition, the related realized gains and losses are recognized in the Statement of Operations and Accumulated Operating Surplus and related balances reversed from the Statement of Remeasurement Gains and Losses.
(ii) Cost category: Gains and losses are recognized in the Statement of Operations and Accumulated Operating Surplus when the financial asset is derecognized due to disposal or impairment. (a) Accounts receivable are measured at amortized cost using the effective interest method. (b) Accounts payable and accrued liabilities are measured at amortized cost. Any gains, losses or interest expense is recorded on the Statement of Operations and Accumulated Operating Surplus depending on the nature of the financial liability that gave rise to the gain, loss or expense.
10 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
1. Significant accounting policies (continued)
(k) Budget figures
The original budget was approved by the Board of Governors of the University on March 28, 2019. The budget reflected in the Statement of Operations and Accumulated Operating Surplus and the Statement of Changes in Net Debt has been restated to remove the budgetary impact of a 2018 prior period adjustment described in Note 18.
Note 18 reconciles the approved budget to the budget information presented in these financial statements.
2. Financial instruments
(a) Fair value of financial instruments
Public Sector Accounting Standards define the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The University uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which the carrying amounts are included in the Statement of Financial Position:
(i) Cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments (ii) The Standards require an organization to classify fair value measurements using a fair value hierarchy, which includes three levels of information that may be used to measure fair value:
Level 1 - Unadjusted quoted market prices in an active market for identical assets or liabilities,
Level 2 - Observable or corroborated inputs, other than level 1, such as quoted prices for similar assets or liabilities in inactive markets or market data for substantially the full term of the assets or liabilities; and
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.
Bonds and fixed term instruments and pooled funds are classified as level 2 in the fair value hierarchy.
(b) Financial asset impairment
At each year-end date, the University is required to evaluate and record any other-than-temporary impairment of its financial assets, other than those carried at fair value. Accordingly, the University has compared the carrying value of each of these financial assets to its fair value as at March 31, 2020. No provision for impairment was recorded in the current year, as the fair value of all financial assets exceeded or did not differ significantly from their carrying value.
11 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
2. Financial instruments (continued)
(c) Risk management policy
The University, as part of its operations, has established objectives to mitigate risk related to financial instruments as risk management objectives.
All significant financial assets and financial liabilities of the University are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk.
Financial instruments are exposed to risk through the normal course of operation. These risks are managed through the University’s collection procedures, investment guidelines and other internal policies and procedures. These risks include:
(i) Foreign currency risk
Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign currency rates. The University has no material exposure to changes in foreign currency rates.
(ii) Credit risk
Financial instruments that potentially subject the University to concentrations of credit risk include cash and cash equivalents, accounts receivable, and investments in other than equity investments. The maximum credit risk exposure is $63,540,547 (2019 - $73,639,494).
The University’s credit exposure is limited due to the large customer base, regular monitoring of the receivables and providing allowances for potentially uncollectable amounts.
Total financial instruments that are past-due, but not considered to be impaired, are $203,680 (2019 - $39,547).
The University believes there is minimal credit risk associated with its marketable securities and accounts receivable as the University expects that its counterparties will meet their obligations.
(iii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument might be adversely affected by a change in interest rates. Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. In seeking to minimize the risks from interest rate fluctuations, the University manages exposure on its marketable securities, short term investments, and endowment and other investments which have fixed interest rates by varying the maturity dates. The University manages exposure on the interest-bearing investments by investing in a widely diversified portfolio with varying interest rates and maturity dates.
12 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
2. Financial instruments (continued)
(c) Risk management policy (continued)
(iv) Liquidity risk
Liquidity risk is the risk that the University will encounter difficulty in meeting obligations associated with financial liabilities. The University enters into transactions to purchase goods and services, lease premises and to borrow funds from financial institutions to finance capital projects for which payments are required at various dates. Liquidity risk is measured by reviewing the University’s future net cash flows for the possibility of a negative net cash flow.
(v) Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The University enters into transactions to purchase investments, for which the market price fluctuates. The University manages this risk through its investment policy which prescribes the maximum amount of investments that can be made in any one investment type. Additional exposure due to COVID-19 is unknown.
3. Accounts receivable
2020 2019
Trade accounts receivable $ 3,667,459 $ 4,069,356 Due from Federal government 25,649 2,984,407 Due from Provincial government 1,119,335 4,864,088 Due from other government organizations 289,311 231,435
$ 5,101,754 $ 12,149,286
13 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
4. Investments
2020 2019
Cash and cash equivalents $ 314,916 $ 212,840 Bonds and fixed term instruments – at fair value 25,621,201 24,088,448 Pooled funds – at fair value 16,287,911 9,856,916
$ 42,224,028 $ 34,158,204 Classified as: Portfolio investments $ 38,205,639 $ 30,139,815 Restricted endowment investments 4,018,389 4,018,389
$ 42,224,028 $ 34,158,204
Fixed term investments mature between Nov 2020 and May 2028 (2019 – June 2019 and May 2028) and have a total maturity/face value of $22,755,870 (2019 - $23,733,294). Interest rates range between 1.15% and 4.89% (2019 – 1.15% and 5.0%).
5. Loan receivable
The University has entered into a capital financing loan agreement with VIUIT. This agreement was amended Dec 2, 2019. The loan bears interest at 3.95% per annum to Dec 2, 2019 (Bank of Canada prime lending rate plus 1 percent per annum) and 3.20% per annum thereafter (Bank of Canada prime lending rate plus 0.25% per annum) calculated yearly, not in advance, beginning March 31, 2020 and adjusted annually on the anniversary date. No interim payments are required and the loan is required to be repaid in full by March 11, 2024. The loan is unsecured, drawn to a maximum of $1,000,000, and is repayable March 11, 2024. $450,000 has been drawn against this agreement.
6. Accounts payable and accrued liabilities
2020 2019
Accounts payables and accrued liabilities $ 10,105,923 $ 11,731,434 Salaries and benefits payable 7,850,607 4,857,450 Accrued vacation pay 7,559,090 7,190,602
$ 25,515,620 $ 23,779,486
14 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
7. Employee future benefits
(a) Termination benefits, and compensated absences
Employees with ten or more years of service are entitled to receive special payments upon retirement or termination as specified by collective and administrator agreements. These payments are based upon accumulated sick credits and entitlements for each year of service.
2020 2019
Accrued benefit obligation, beginning of year $ 4,955,100 $ 5,591,600 Unamortized actuarial gains, beginning of year 840,829 1,146,642 5,795,929 6,738,242
Current service cost 642,446 673,417 Interest cost 155,000 155,400 Benefits paid (778,342) (721,066) Gain on event driven liabilities (19,900) (935,400) Amortization of actuarial gain (84,083) (114,664)
Accrued benefit obligation, end of year $ 5,711,050 $ 5,795,929
Accrued benefit obligation, end of year consists of:
2020 2019
Accrued liability, end of year $ 4,857,000 $ 4,955,100 Unamortized actuarial gains, end of year 854,050 840,829
Accrued benefit obligation, end of year $ 5,711,050 $ 5,795,929
Actuarial gains and losses are amortized over 10 years (2019 – 10 years), being the expected average remaining service life of the employees. The total net expense (recovery) recorded in the financial statements in respect of obligations under this plan amounts to $693,463 (2019 – ($221,247)).
The significant actuarial assumptions adopted in measuring the University’s accrued benefit obligation are as follows:
2020 2019
Discount rate for termination benefits 3.50% 3.00% Expected future inflation rate 2.20% 2.20%
15 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
7. Employee future benefits (continued)
(b) Pension liability
The University and its employees contribute to the College Pension Plan and Municipal Pension Plan (jointly trusteed pension plans). The boards of trustees for these plans, representing plan members and employers, are responsible for administering the pension plans, including investing assets and administering benefits. The plans are multi-employer defined benefit pension plans. Basic pension benefits provided are based on a formula. As at August 31, 2019, the College Pension Plan has about 15,000 active members, and approximately 8,000 retired members. As at December 31, 2018, the Municipal Pension Plan has about 205,000 active members, including approximately 6,000 from colleges and universities.
Every three years, an actuarial valuation is performed to assess the financial position of the plans and adequacy of plan funding. The actuary determines an appropriate combined employer and member contribution rate to fund the plans. The actuary’s calculated contribution rate is based on the entry-age normal cost method, which produces the long-term rate of member and employer contributions sufficient to provide benefits for average future entrants to the plans. This rate may be adjusted for the amortization of any actuarial funding surplus and will be adjusted for the amortization of any unfunded actuarial liability.
The most recent actuarial valuation for the College Pension Plan as at August 31, 2018, indicated a $303 million surplus for basic pension benefits on a going concern basis.
The most recent valuation for the Municipal Pension Plan as at December 31, 2018, indicated a $2,866 million funding surplus for basic pension benefits on a going concern basis.
The University paid $8,548,824 (2019 - $8,207,258) for employer contributions to the plans in fiscal 2019-20.
The next valuation for the College Pension Plan will be as at August 31, 2021, with results available in 2022. The next valuation for the Municipal Pension Plan will be December 31, 2021, with results available in 2022.
Employers participating in the plans record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the plans record accrued liabilities and accrued assets for each plan in aggregate, resulting in no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the plans.
16 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
8. Deferred revenue
Deferred revenue includes unspent funds externally restricted for non-capital purposes from all sources except Federal and Provincial government reporting entities. The main components are tuition, grant and contract service funding as listed below.
2020 2019
Tuition $ 14,126,491 $ 17,389,299 Grant and contract service funding 4,938,636 5,997,241 Other 33,306 370,859 $ 19,098,433 $ 23,757,399
9. Deferred contributions
Deferred contributions include unspent grant and contract services contributions externally restricted for non-capital purposes from Federal and Provincial government reporting entities. Changes in deferred contributions are as follows:
2020 2019
Balance, beginning of year $ 6,356,038 $ 5,371,940 Contributions received during the year 13,396,976 16,677,525 Revenue recognized from deferred contributions (14,407,055) (15,693,427) Balance, end of year $ 5,345,959 $ 6,356,038
10. Deferred capital contributions
Contributions restricted for the purpose of acquiring or developing depreciable tangible capital assets are recorded as deferred capital contributions. Amounts are recognized into revenue over the useful life of the related tangible capital asset. Treasury Board provided direction on accounting treatment as disclosed in note 1. Changes in the deferred capital contributions balance are as follows:
2020 2019
Balance, beginning of year $ 166,348,143 $ 133,716,151 Contributions received during the year – cash 6,402,317 38,091,202 Contributions received during the year – in kind - 427,178 Revenue recognized from deferred capital contributions (6,968,708) (5,886,388) Balance, end of year $ 165,781,752 $ 166,348,143
Deferred capital contributions as at March 31, 2020 include $5,795,620 (2019 - $8,567,342) of contributions used to purchase assets that have yet to commence being amortized and contributions that have yet to be spent of $4,239,911 (2019 - $2,714,948).
17 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
11. Tangible capital assets
Balance at Balance at Additions & WIP Disposals & March 31, Cost March 31, 2019 Transfers Write-offs 2020
Land $ 12,090,647 $ - $ - $ 12,090,647 Buildings 262,243,601 4,084,976 - 266,328,577 Work In Progress (“WIP”) 9,095,514 3,523,210 - 12,618,724 Site improvements 7,178,824 479,506 389,394 7,268,936 Leasehold improvements 400,236 102,054 - 502,290 Furniture and equipment 26,693,563 1,676,342 1,952,402 26,417,503 Computing equipment and software 5,567,989 3,486,488 465,195 8,589,282 Library books 2,138,439 155,442 371,378 1,922,503 Vehicles 1,362,055 127,493 - 1,489,548
$ 326,770,868 $ 13,635,511 $ 3,178,369 $ 337,228,010
Balance at Accumulated Balance at Disposals and Amortization March 31, amortization March 31, 2019 Write-offs expense 2020
Buildings $ 87,008,853 $ - $ 6,477,534 $ 93,486,387
Site improvements 5,915,605 389,394 144,116 5,670,327 Leasehold improvements 220,132 - 42,576 262,708 Furniture and equipment 16,153,650 1,952,402 2,541,589 16,742,837 Computing equipment and software 4,652,177 465,195 702,450 4,889,432 Library books 1,248,561 371,378 175,425 1,052,608 Vehicles 979,161 - 155,340 1,134,501
$ 116,178,139 $ 3,178,369 $ 10,239,030 $ 123,238,800
18 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
11. Tangible capital assets (continued)
Net book value Net book value March 31, 2020 March 31, 2019
Land $ 12,090,647 $ 12,090,647 Buildings 172,842,190 175,234,748 Work In Progress 12,618,724 9,095,514 Site improvements 1,598,609 1,263,219 Leasehold Improvements 239,582 180,104 Furniture and equipment 9,674,666 10,539,913 Computing equipment and software 3,699,850 915,812 Library books 869,895 889,878 Vehicles 355,047 382,894
$ 213,989,210 $ 210,592,729
(a) Contributed tangible capital assets
During the year there were no contributions of equipment included in tangible capital asset additions (2019 - $427,178).
(b) Works of art and historical treasures
The University manages and controls various works of art and non-operational historical cultural assets including artifacts, paintings and sculptures located at University sites and public display areas. These assets are not recorded as tangible capital assets and are not amortized.
(c) Write-off of tangible capital assets
During the year, fully amortized tangible capital assets with an original cost of $3,178,369 (2019 - $4,123,771) were written off. These writedowns were applied to fully depreciated tangible capital assets that have reached pre-established age thresholds set beyond their useful lives. No work in progress was written off (2019 - $42,992).
The University has no direct insurance coverage against loss on any of its capital assets except vehicles. The insurance on University property is the responsibility of the Province of British Columbia. Claims for loss are submitted to the Province of British Columbia for consideration for compensation.
During the year ending March 31, 1999, a building was constructed by the Malaspina Students' Union Society on the campus owned by the University in Nanaimo. The cost of this building has been financed by the Student Union, however, title to the building remains with the University. The University has entered into a lease agreement with the Student Union in the amount of $1 per annum for a period of 50 years. The building is not recorded as an asset in the financial statements of the University.
19 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
12. Accumulated operating surplus
The accumulated operating surplus is comprised of the following:
2020 2019
Investment in tangible capital assets $ 52,447,369 $ 46,959,534 Endowments (note 15) 4,018,389 4,018,389 Internally restricted 12,013,710 19,789,392 $ 68,479,468 $ 70,767,315
13. Contractual obligations
The nature of the University’s activities can result in multiyear contracts and obligations whereby the University will be committed to make future payments. Currently the University has $11,216,101 in contractual obligations related to operations that extend beyond the 2019-20 fiscal year.
14. Contingencies
(a) Letters of credit
The University had a total of $322,311 in letters of credit outstanding at March 31, 2020 for a bond posted on behalf of the High Schools to the Ministry of Finance. These letters of credit can be drawn upon to refund tuition to students if the High Schools fail to provide or complete the related academic program. No provision has been made for this contingency in the financial statements.
(b) Legal claims
The nature of the University’s activities is such that there is usually litigation pending or in process at any time. Liabilities on any litigation are recognized in the consolidated financial statements when the outcome becomes reasonably determinable. With respect to unsettled claims at March 31, 2020, management believes the University has valid defenses and appropriate insurance coverage in place. In the event any claims are successful, management believes that such claims are not expected to have a material effect on the University’s financial position.
20 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
15. Endowments
Endowments form part of the accumulated surplus balance and consist of externally restricted donations, the principal of which is required to be maintained in perpetuity. The endowment fund balance is restricted to support two BC Regional Innovation Chairs (Tourism and Sustainable Rural Development & Aboriginal and Early Childhood Education). Investments are managed by an external fund management company. On March 15, 2012, the University Board of Governors passed policy 42.11 granting full authority to the Foundation to manage the University’s endowment funds consistent with the Foundation policy.
16. Expenses by object
The following is a summary of expenses by object:
2020 2019
Salaries and benefits $ 118,707,112 $ 108,367,869 Fees and purchased services 12,849,136 12,709,007 Travel and training 3,488,407 3,280,006 Scholarships and bursaries 3,822,223 3,617,826 Equipment rental and maintenance 1,499,438 1,351,708 Utilities, insurance and taxes 3,095,934 3,220,970 Materials and supplies 8,933,488 8,964,894 Amortization of tangible capital assets 10,239,030 9,318,958 Cost of goods sold 4,358,632 4,536,630
$ 166,993,400 $ 155,367,868
Under the University Act, the University has been designated a special purpose teaching university. As such, the University’s primary purpose is the delivery of educational services. Segmented reporting has not been provided as it would not provide additional material information to users of the financial statements.
17. Contractual rights
The University has entered into a multi-year contract to partner in the delivery of services related to increasing the numbers of Indigenous youth enrolling in and completing tertiary education, and successfully transitioning to employment with a total contract value over 5 years of $13,415,800. The contract commenced on August 1, 2017 and the final quarterly payment will be received on May 1, 2022.
21 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
18. Budget
In 2018, the control relationship between the University and the Foundation was assessed. The assessment found that University does not control the Foundation and that the Foundation does not meet the criteria to be consolidated in the University’s financial statements. The University’s budget approved by the Board of Governors and amounts disclosed in these statements has been revised to remove the impact of the Foundation as follows:
Internal 2020 Approved Deconsolidation of transfers Budget Foundation reclassified 2020 Budget
Revenue
Province of British Columbia grants $ 61,446,173 $ (205,000) $ - $ 61,241,173 Government of Canada grants 961,346 - - 961,346 Other grants and contracts 5,441,666 - - 5,441,666 Tuition and student fees 65,360,379 - - 65,360,379 Sales of goods and services 9,947,607 - - 9,947,607 Rental income 2,934,831 - - 2,934,831 Deferred capital contributions 6,602,000 - - 6,602,000 Investment income 1,609,844 (647,300) - 962,544 Gifts, grants and bequests 3,274,100 (3,104,200) 249,700 419,600 Other 1,222,965 - - 1,222,965
158,800,911 (3,956,500) 249,700 155,094,111
Expenses
Salaries and benefits 110,805,452 - - 110,805,452 Fees and purchased services 11,039,733 (92,000) - 10,947,733 Travel and training 2,688,720 - - 2,688,720 Scholarships and bursaries 5,949,769 (4,664,000) 1,024,100 2,309,869 Equipment rental and 1,337,276 - - 1,337,276 maintenance Utilities, insurance and taxes 3,009,061 - - 3,009,061 Materials and supplies 8,314,924 (38,000) - 8,276,924 Amortization of capital assets 10,711,500 - - 10,711,500 Cost of goods sold 4,944,476 - - 4,944,476 158,800,911 (4,794,000) 1,024,100 155,031,011
Annual surplus (deficit) - 837,500 (774,400) 63,100
Internal Transfers - (774,400) 774,400 -
$ - $ 63,100 $ - $ 63,100
22 VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements
Year ended March 31, 2020
19. Related party transactions
(a) Other Provincial entities:
The University is related through common control to all Province of British Columbia ministries, agencies, Crown corporations, school districts, health authorities, hospital societies, universities and colleges that are included in the provincial government reporting entity. Transactions with these entities, unless disclosed otherwise, are recorded at the exchange amount, which is the amount of consideration established and agreed to by the related parties.
(b) Vancouver Island University Foundation:
The University has an “economic interest” in the Vancouver Island University Foundation (the “Foundation”). The fund balances and results of operations of the Foundation have not been included in these financial statements. The Foundation is incorporated under the Societies Act (British Columbia), is a registered charity and its purpose is to help the University with its student programs and services by developing strong ties to the communities and by raising funds. The University provides services of administration, personnel, supplies and facilities and equipment to the Foundation at no charge. Included in scholarships and bursaries expense is $2,922,405 (2019 - $2,497,314) paid to the Foundation. The University received $774,401 (2019 - $1,468,448) in contributions from the Foundation. As at March 31, 2020, the Foundation owed the University $681,247 (2019 - $1,643,900).
(c) Key management personnel:
During the year ended March 31, 2020, there have been no material transactions between the University and its key management personnel, Board of Governors or their close family members.
20. Comparative figures
Certain comparative figures have been reclassified to conform to current year presentation.
21. Subsequent events
In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on the University is not known at this time. This situation presents uncertainty over the University’s future cash flows, and may have a significant impact on the University’s future operations. Potential impacts on the University’s operations could include future decreases in revenue, future increases in expenses, impairment of receivables, or impairment of investments.
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