Lakeland’s long-term deferred contributions and deferred capital contributions amounted to $4.7 million and $11.1 million respectively for the year ended June 30, 2012. Deferred contributions increased by $4.4 million for the year ended June 30, 2012 due to Petroleum Centre funding received but not expended at June 30, 2012. These numbers reflect all funding and/or contributions received from external parties that remain unspent at June 30, 2012. The category differs from deferred revenues in that they are funds Lakeland received from an external party that are restricted for a specific purpose. Some examples of what is included in this category are unspent Infrastructure Maintenance Program (IMP) grant funding, unspent conditional funds from Alberta Enterprise and Advanced Education, unspent donated funds, and unspent interest earned deferred balances. Lakeland’s unrestricted net assets (inclusive of unrealized gains on investments) increased by $800,000 to $4.3 million in 2011-2012. The investment in capital assets increased by $2.1 million to a reported $22.5 million in 2011-2012 as a result of an increase in self-funded capital asset purchases. Statement of operations For the year ended June 30, 2012, Lakeland reported a $2.3 million excess of revenue over expense, as compared to a $2.8 million excess of revenue over expense for the year ended June 30, 2011. Revenue highlights Lakeland’s largest source of revenue is government grants which accounted for 58 per cent ($37.7 million) of Lakeland’s total revenue. Revenue Total revenue decreased in 2011-2012 due to a drop in grants and investment income. This is attributed to significant repairs and maintenance projects completed during the 2010-2011 year. The following table details Lakeland’s revenue sources as presented in the audited financial statements. Revenue by source 2009-2010 2010-11 2011-12
$ 41,577,521 $ 44,962,987 $ 37,685,479 Grants Tuition and related fees 11,688,823 12,719,945 12,408,902 Sales of services & products 5,266,339 5,570,552 5,985,754 Amortization of deferred capital contributions 3,508,731 3,575,638 2,903,880 Contract & other revenue 4,473,117 5,119,171 5,291,987 Investment income 654,848 1,464,248 657,822 Donations 229,407 111,182 304,241 (9,303) 115,307 44,092 Gain (loss) on disposal of assets Total revenue
$ 67,389,483
$ 73,639,030
$ 65,282,157
Government grants Grant revenue represented about 58 per cent of Lakeland’s total revenue in 2011-2012 which is a slight decrease from the 20102011 amount of 61 per cent. Grants received from Alberta Enterprise and Advanced Education include base operations grants of $31.3 million (2010-2011 – $30.5 million), infrastructure grants of $1.6 million (2010-2011 – $10.5 million), as well as conditional and enrolment planning funding of $2.7 million (2010-2011 – $2.5 million). Conditional funding received from the Government of Saskatchewan was $1.4 million which is a slight increase over the previous year’s total of $1.2 million. More federal funding was utilized during the year and Lakeland progressed on several research projects totaling $549,000 (2010-11 – $236,000). Tuition Lakeland’s full-load equivalents decreased two per cent from the previous year which resulted in a tuition revenue decrease of about $300,000. Credit tuition fees were increased by the maximum allowable amount of .035 per cent. Annual Report 2011-2012
Page 19