2013-14 Lakeland College Annual Report

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Table of

Contents

3 OUR MISSION, OUR VISION AND OUR VALUES 4 BOARD ACCOUNTABILITY STATEMENT Board of Governors

5 MANAGEMENT’S RESPONSIBILITY STATEMENT 6 MESSAGE FROM THE PRESIDENT 8 YEAR IN REVIEW Learner Success Relevant Programming and Research Connectivity

10 OPERATIONAL OVERVIEW Programming Enrolment Student Awards Program Facilities

Staffing

12 PERFORMANCE REVIEW Outcome 1 - Optimize Learner Success Outcome 2 - S trategically Provide Programs to Meet Student, Government and Industry Needs Outcome 3 - Connect with Stakeholders Outcome 4 - Achieve Sustainable Operations

15 FINANCIAL STATEMENT DISCUSSION AND ANALYSIS Operational Highlights Capital Planning Areas Of Significant Financial Risk

20 FINANCIAL STATEMENTS Auditor’s Report Statement of Financial Position Statement of Operations Statement of Cash Flows

Statement of Remeasurement Gains and Losses

Notes to the Financial Statements

40 DONORS 2

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

MISSION To inspire learner success and community development through innovative learning in an inclusive and diverse environment.

VISION Ever to excel in a global society.

VALUES We value learner achievement, academic excellence and personal growth founded on our longstanding principles of: - people-centred and respect - accountability and integrity - inclusiveness and collaboration - continuous self-improvement - innovation - pride

OUTCOMES - Learner success - Relevant programming and research - Connectivity - Sustainability

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Board Accountability

Statement The Lakeland College Annual Report for the year ended June 30, 2014 was prepared under the Board’s direction in accordance with the Fiscal Management Act and ministerial guidelines established pursuant to the Government Accountability Act. All material economic, environmental or fiscal implications of which we are aware have been considered in the preparation of this report.

[Original signed by Gary Moses]

[Original signed by Darrel Howell]

Vice Chair Lakeland College Board of Governors December 2014

Vice Chair Lakeland College Board of Governors December 2014

BOARD OF GOVERNORS (As of June 30, 2014)

Chairman

Public members

Milt Wakefield

Ken Baker

President

Jason Bazinet

Dr. Tracy Edwards

Linnea Goodhand

Academic staff member

Darrel Howell

Dr. Terri Rowat

Michael Kotelko

Non-academic staff member

Gary Moses

Carla Anderson

Bryan Perkins

Student member

Scott Webb

Luke Wrubleski

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Management’s Responsibility for

Reporting Lakeland College’s management is responsible for the preparation, accuracy, objectivity and integrity of the information contained in the Annual Report including the financial statements, performance results, and supporting management information. Systems of internal control are designed and maintained by management to produce reliable information to meet reporting requirements. The system is designed to provide management with reasonable assurance that transactions are properly authorized, are executed in accordance with all relevant legislation, regulations and policies, reliable financial records are maintained, and assets are properly accounted for and safeguarded.

The Annual Report has been developed under the oversight of the institution audit committee, as well as approved by the Board of Governors and is prepared in accordance with the Fiscal Management Act and the Post-secondary Learning Act. The Auditor General of the Province of Alberta, the institution’s external auditor appointed under the Auditor General Act, performs an annual independent audit of the financial statements in accordance with Canadian auditing standards.

[Original signed by Gillian Henderson] Vice President, Corporate Services Lakeland College

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Message from the

President

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

The 2013-2014 year was a momentous year for Lakeland College as we celebrated the 100th anniversary of the college’s first academic year.

After serving as a demonstration farm for two years, the Vermilion School of Agriculture (VSA) officially opened on Nov. 17, 1913.

Our college is the third oldest post-secondary institution in Alberta. We’ve weathered two world wars, a flu epidemic, the great depression, a fire and several economic recessions. But through it all we’ve not only persevered – we’ve flourished. The college has seen campus expansion, tremendous growth in enrolment, remarkable changes in programming and technology, and increased community engagement.

Students and alumni have enjoyed countless noteworthy accomplishments. This past year was no exception. Kyle Smith won the carpentry event at the Alberta Skills Canada Competition and advanced to nationals where he placed fourth. Our business students won the Alberta Deans of Business case competition, and seven interior design technology students placed or received honourable mentions in student design competitions.

Another student-centred milestone we celebrated was the growth of our awards program. Almost $1.2 million in awards, scholarships and bursaries were given to our students. Thank you to donors for giving to our awards program, donating gifts-in-kind, sponsoring events, and supporting capital projects such as the Energy Centre under construction at the Lloydminster campus. Lakeland received almost $3 million in donations during the year.

Collaboration with Campus Alberta partners, school divisions and organizations increased learning opportunities for high school students and adults in our region and beyond. For example, we worked with Fishing Lake Métis Settlement to offer an introductory heavy equipment technology course and signed agreements with local school divisions to offer more dual credit courses to high school students.

In applied research, Lakeland’s name is more recognizable every year particularly in environmental sustainability and agriculture.

This past year, we made the inaugural Top 50 Research Colleges list created by Research Infosource.

While we have many success stories to share, we also have our share of obstacles. One of the biggest difficulties we face is funding infrastructure maintenance and renewal. The average age of campus facilities is 35 years and many buildings and labs are in need of significant upgrades or replacement. Without regular preventative maintenance, many of the facilities will require replacement.

Staffing is another concern. Hiring qualified instructors and lab technicians in a region with very low unemployment rates is a challenge.

Although attracting new employees is not always easy, we have no reservations about the commitment and talent of the employees who work at Lakeland. Their dedicated service is our greatest strength. Our current and past employees have created the Lakeland community – a community that over the past 100 years has helped thousands and thousands of students achieve their educational goals.

In 1928 a student contest led to our college adopting the motto Ever to Excel and 86 years later, these words still hold true. I know Lakeland will continue to drive innovation and learning forward with a strong focus on learner success, relevant programming and research, connectivity and sustainability.

I assure you that we will never stop striving Ever to Excel.

[Original signed by Alice Wainwright-Stewart] Interim President and CEO

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Year in

Review LEARNER SUCCESS

Alumni excellence

Lakeland’s case competition team, featuring five students from different business majors, placed first in the 2014 Alberta Deans of Business competition. Callie Larson, Thomas Hussey, Susan Derroch, Nick Gulak, and Kirsten Wilkinson received $4,000 for the win. Brad Onofrychuk, chair of the business department, served as team facilitator. The competition was held at Red Deer College in March 2014.

During the 2014 convocation ceremonies, two alumni were inducted to Lakeland’s Alumni Wall of Distinction. In recognition of his extraordinary volunteer work in his hometown of Spruce Grove and with many organizations in Alberta, Allan Shenfield from the Class of 1949 received the Vermilion Campus Distinguished Alumni Award. Lloydminster Mayor Rob Saunders of the Class of 1983 received the Lloydminster Campus Distinguished Alumni Award. His leadership and community service as well as his extensive involvement in the oil and gas industry have helped make Lloydminster a better place.

Two third-place finishes and four honourable mentions during the 2013-2014 academic year extended the interior design technology winning streak in student design competitions to 11 years. Krista Savino placed third in the National Kitchen and Bath Association (NKBA) bathroom design competition and Megan MacNaughton received an honourable mention. Students from 39 colleges and universities throughout North America participated in the competition. Breanne Corey was third in the NKBA and GE Appliances Charette kitchen design competition. Honourable mentions went to MacNaughton, Erica Shaw, and Charles Kimball.

There were close to 200 competitors from 19 NKBA-accredited colleges and universities in the competition, and only 10 winning students were acknowledged.

Kyle Smith proved that he more than measures up with the top postsecondary carpentry students in Canada. The apprentice carpenter placed fourth in the Skills Canada National Competition in Toronto in June. He qualified for nationals after winning the carpentry event at the Alberta Skills Canada Competition in Edmonton in May. It was standing room only as crop technology students shared the Student Managed Farm (SMF) – Powered by New Holland story during Farm Tech Conference at Northlands in Edmonton in January 2014. Eight second-year students talked about their Lakeland experiences during two separate agriculture awareness sessions at the conference. The Lakeland presentations received the third highest audience ranking at the crop production and farm management conference. The SMF was also profiled on Global News throughout Alberta and Saskatchewan.

A photo finish meant a few tense moments for both racers and spectators, but the nail biting was rewarded with Lakeland Rustlers second consecutive novice women’s 8 gold medal at the Western Canadian University Rowing Championships. The crew defeated teams from University of British Columbia and University of Victoria in the gold medal race. In other sports news, the rodeo team won four Canadian National College Finals Rodeo championships and the men’s and women’s futsal teams both won silver at the Alberta Colleges Athletic Conference (ACAC) futsal finals. Two Rustlers were named Canadian Collegiate Athletic Association Academic All-Canadians.

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

University transfer alumnus Tyson Lancaster, Class of 2011, was one of six first-year teachers in Alberta to win an Edwin Parr Award for demonstrating exceptional and innovative teaching skills. Richard and Nicole Brosseau, grads in the late 1990s of Lakeland’s livestock production program, received the Outstanding Young Farmers award for the Alberta/NWT region.

Alumnus Michele (Genereux) Prince, Class of 1987, was inducted into the ACAC Hall of Fame along with former Lakeland coaches Les Parsons and Phil Allen.

RELEVANT PROGRAMMING AND RESEARCH The street rod technologies program kicked off in the fall of 2013.

A National Fire Protection Association 1001 firefighter program scheduled to start in St. Albert in June was postponed until 2015.

With the addition of a third class boiler in the steam lab at the Lloydminster campus, Lakeland offered steam time courses for people seeking steam time to complete their fourth class power engineering certification. From June 2013 to July 2014, 67 students from Ontario, British Columbia, Saskatchewan and Alberta completed the provincial requirement of 200 hours of steam time.

More opportunities on the horizon as Energy Centre nears completion Construction of the new Energy Centre at the Lloydminster campus continued. Throughout the year cutting-edge equipment arrived from places throughout North America and beyond. The Energy Centre will be equipped with a two-storey distillation tower and four types of boilers – once through, D-type water-tube, O-type water-tube and fire-tube. The lab will have six breakout training rooms which include a control room, water treatment technology, refrigeration equipment, pump repair and two working labs. Thanks to specialized computer software programs, students will be able to simulate complete heavy oil upgrading and steam assisted gravity drainage (SAGD) processes from beginning to end in the Energy Centre. Multiple heating systems will be used so students can study

different types of technology. It’s anticipated that construction of the Energy Centre will be completed during the next academic year.

The Energy Centre will make it possible for Lakeland to substantially increase its full-time and part-time heavy oil and power engineering programs and courses.

Dual credit and CTS options increase Lakeland and Buffalo Trail Public Schools announced in January that they will develop a dual credit carpentry program that will start in the fall of 2014. Lakeland also signed a Memorandum of Agreement with Northern Lights School Division to develop more career and technology studies (CTS) and dual credit course options with a focus on trades, power engineering, business entrepreneurship, environmental sciences, interior design and service rig worker.

Known for research Lakeland made the inaugural Top 50 Research Colleges list in 2013, placing 46th. The list was created by Research Infosource.

At Lakeland, applied research is focused primarily on the areas of environmental sustainability and agriculture, including a unique geothermal testing field, a renewable energy learning centre, thermal energy storage, livestock and crop research and development, and biochar development. Construction of a bio-energy centre began in the spring.

CONNECTIVITY Seeing The Upside The Upside, a wellness strategy developed at Lakeland to promote health and happiness, received national recognition. Wellness advisors Melissa Rothwell and Nadine Konyk developed the anonymous compliments campaign and did presentations about The Upside at the provincial student services conference in Edmonton and the national conference in Nova Scotia.

President retires After more than 30 years working at Lakeland, including seven years as president and chief executive officer, Glenn Charlesworth retired at the end of 2013. Charlesworth started his career at Lakeland College in 1982 as a business instructor. He became the president and chief executive officer on July 1, 2006.

Distinguished citizen recipients Ed Stelmach, Alberta’s 13th premier, received a Distinguished Citizen Award from Lakeland during the Vermilion campus convocation ceremony. He urged the Class of 2014 to be critical thinkers, not just critics, and to recognize the difference between informed opinion and willful ignorance wrapped in simple sound bites. “Being first and loudest doesn’t make an opinion valuable,” he said.

Vic Juba, one of Lloydminster’s most involved citizens, received a Distinguished Citizen Award at the Lloydminster campus convocation ceremony. “I’ve received congratulatory letters, certificates, plaques and medals, but today I’ve received the most prestigious award of my life. Thank you for this honour,” said Juba.

Conclusion of centennial celebrations Lakeland’s yearlong centennial celebrations concluded in November with Green and Gold Weekend. Dr. Richard Starke, MLA for Vermilion-Lloydminster and one of the speakers at the finale, told guests that he’s very proud to be the MLA for a constituency with such an outstanding post-secondary institution within its boundaries. “Lakeland really understands the role of a post-secondary institution – to maximize the opportunity for our young people, to engage with the community and to be a part of the growth of our province and indeed Western Canada and the world.”

Lakeland adds great value to the region Through the spending of Lakeland, its employees and its students plus the impact of increased productivity of former students employed in the regional workforce, the college adds $168 million to the local economy in a year. That was one of the findings of an economic impact study completed in June by Economic Modeling Specialists Inc. using data from the 2012-2013 year. The study found that for every $1 students invest in a Lakeland education, they receive a cumulative $4.50 in higher future earnings over the course of their working careers. The study also noted that for every dollar Alberta taxpayers spent on Lakeland during the year, society will receive $6.60 in added provincial income and social savings related to the improved lifestyles of students. Education is statistically correlated with improved health, reduced crime and fewer demands for income assistance.

Dr.Tracy Edwards succeeded Charlesworth as president in January 2014.

Hansen a hit at President’s Gala Rick Hansen received two standing ovations from an appreciative and inspired crowd at the second annual President’s Gala. The Canadian hero shared stories of his Paralympic accomplishments, the Man in Motion World Tour, and life as a spinal cord research advocate.

Among those at the gala was Alberta Premier Dave Hancock.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Operational

Overview PROGRAMMING The following programs were offered by Lakeland during the 2013-2014 academic year.

Firefighting and emergency services short-term programming and pesticides courses are now counted as non-credit rather than credit and as such are no longer included in the full-load equivalent count. *Only returning students were enrolled in programs with an asterisk. New intakes were suspended to help address a reduction in Lakeland’s Campus Alberta grant.

Applied degree programs *Bachelor of applied business: emergency services Bachelor of applied science: environmental management

Apprenticeship technical training

University studies Popular transfer routes include: - Arts - Commerce - Education - Science

Emergency medical technician – ambulance

- Social work

Emergency medical technologist – paramedic

- Pre-dentistry

Emergency services technology Employment skills enhancement

- Pre-bachelor of science in nursing - Pre-medicine - Pre-pharmacy - Pre-veterinary medicine

Gasfitter

Environmental sciences (majors include conservation and restoration ecology, environmental conservation and reclamation, environmental monitoring and protection, and wildlife and fisheries conservation)

Heavy equipment technician

Esthetician

Instrument technician

Firefighter (NFPA 1001)

Credit continuing education

General agriculture Heavy oil operations technician

American Sign Language and Deaf culture studies

Automotive service technician Carpenter Electrician

Parts technician Steamfitter-pipefitter

Collaborative degree programs Athabasca University - Bachelor of commerce - Bachelor of general studies - Bachelor of management

Heavy oil power engineering

Emergency medical responder

Welder

Interior design technology

Fourth class power engineering

Certificate and diploma programs

*Office administration

Gas process operator

Accounting technician

Petroleum management

Health care aide

Agribusiness

*Practical nurse

Third class power engineering

Animal health technology

Pre-employment (automotive service/ heavy equipment technician, carpentry, electrician, hairstylist, instrument technician, welder)

Credit general studies

Renewable energy and conservation (certificate and diploma)

AutoCad operator

Animal science technology Business administration certificate Business administration diploma (majors include accounting, general business, marketing, small business and entrepreneurship, and real estate appraisal and assessment)

General skills training

Non-credit

(short-term or part-time courses)

Sign language interpretation

Firefighting and emergency services training

Street rod technologies (new)

Child and youth care

Introduction to heavy oil and gas

Tourism ready to work

Crop technology

Open studies – leisure and interest

Veterinary medical assistant

Early learning and child care (certificate and diploma)

Western ranch and cow horse

Pesticide applicator and pesticide dispenser certification

Educational assistant 10

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Truck driver training

ENROLMENT

FACILITIES

Full-load equivalents and the credit student headcount are down from previous years because of two factors. Firefighting and emergency services’ short-term programming and pesticide’s certification courses are now counted as non-credit rather than credit. In addition, Lakeland responded to reductions in its Campus Alberta grant by suspending new intakes to seven programs.

Construction of the new Energy Centre at the Lloydminster campus continued and is expected to be completed during the next academic year. The Energy Centre will make it possible for Lakeland to substantially increase its full-time and part-time heavy oil and power engineering programs and courses.

2011-2012

2012-2013

2013-2014

Credit full-load equivalents

2,216

2,303

1,913

Credit student total headcount

7,435

7,545

3,642

Full-time headcount

3,316

3,519

1,335

Part-time headcount

4,119

4,026

2,307

746

673

4,181

Vermilion campus Site area: 209.95 hectares Off site: 9.3 hectares Agricultural land: 649.4 hectares

Non-credit student total headcount

Non-residential building area: 53,704.61 sq. m Residence accommodation: Single beds – 544; family units – 17

Lloydminster campus Site area: 27.30 hectares Non-residential building area: 17,258 sq. m Residence accommodation: Single beds – 256; family units – 48

The 2013-2014 class included students from every province and territory in Canada but Prince Edward Island. There were also 95 international students enrolled in Lakeland, an increase from 55 international students the previous year. Lakeland welcomed international students from Australia, Bermuda, China, India, Jamaica, Mexico, Nigeria, Pakistan, the Philippines, Russia, and the United States.

Analysis of 2013-2014 enrolment by total headcount

STAFFING Including full-time, part-time, temporary, sessional, casual, student and government sponsored employees, the average number of employees at Lakeland each month was 570.

Permanent and continuing staff 2011-2012

2012-2013

2013-2014

48

48

46

114

117

104

5.6

2

0

ADMINISTRATION

Certificate – 2,035

Diploma – 943

Full-time

Degree – 103

Non-credential – 631

FACULTY

Age

Student headcount

Full-time

17 or under

165

Part or reduced time

18-24

2,220

AUPE

25-34

756

Full-time

161

178

164

35-44

310

Part-time

7

6

6

45-54

153

55+

38 Aboriginal status

Gender Female

1,458

Not reported

3,479

Male

2,184

Self-identified

163

STUDENT AWARDS PROGRAM Includes awards, scholarships and bursaries

Total value of awards Number of awards presented

2011-2012

2012-2013

$ 758,497

$ 1,055,577 $ 1,195,716

858

1,090

2013-2014

1,245

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Performance

Review In the 2013-2016 Comprehensive Institutional Plan, Lakeland outlined outcomes related to learner success, relevant programming and research, connectivity and sustainability. In the following pages, Lakeland reports on the progress made towards achieving these outcomes.

OUTCOME 1 – OPTIMIZE LEARNER SUCCESS Strategy: Optimize graduate employment Objective: Increase in industry satisfaction with Lakeland College graduates.

Result: Achieved.

In the spring of 2014, Insightrix Research conducted a quantitative research study with employers who have hired Lakeland graduates within the past three years. A similar survey was conducted in 2009.

Q. How do Lakeland graduates compare with graduates from other post-secondary institutions?

2009 A lot better

2014

In 2014 the School of Trades and Technology surveyed preemployment students who completed studies in the fall of 2013 and found 88% of respondents were employed in a related field.

Lakeland welcomes employers to recruit students on campus. During the 2013-2014 academic year, 81 employers participated in job and career fairs or individual events at Lakeland. Ten companies conducted interviews at the college. In addition, 782 jobs were posted on the student employment page on Lakeland’s website.

Strategy: Improve student retention Objective: 1% increase in retention from semester to semester.

Result:

Not achieved.

Average retention for two-year programs was 90%, a decrease of 2% from the previous year.

In August 2013 Lakeland launched College Prep 101, an online course to help new students prepare for college. The five-hour online course covers topics such as understanding assignments, communicating with instructors, preparing for exams, and dealing with stress. Eighty-seven students registered for the course and 73 successfully completed it before classes started.

6.8%

6.6%

Somewhat better

15.5%

21%

About the same

70.9%

65.9%

Somewhat worse

6.8%

6.0%

Result: Achieved.

A lot worse

0.0%

0.6%

100% of schools have mentoring programs in place.

Most commonly, respondents in 2014 believed Lakeland graduates are better than grads from other schools because they are well trained (26.1%) and have more practical experience (21.7%) Q. How likely are you to hire a Lakeland graduate in the future if you are in a position to do so?

2009 Likelihood of hiring a Lakeland graduate in the future

98.9%

2014 98.3%

Objective: Ensure 80% of schools have mentoring programs in place.

Strategy: Increase student financial support Objective: 5% increase in total dollar value of student awards.

Result: Achieved.

The total value of awards, scholarships and bursaries increased 13% from the previous year.

2012-2013 Total value of awards

$

1,055,577

Result:

Result:

Result: Achieved.

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

1,195,716

Unknown. Measurement under review.

Strategy: Increase alumni engagement

Current data is not available to measure college-wide progress for this objective. The last grad employment survey was conducted in 2012.

$

Objective: 2%

decrease in student withdrawals due to financial reasons.

Objective: 1 % increase in students employed in their field within 12 months of graduation Unknown.

2013-2014

Objective: 2% increase in number of alumni donations

There were 139 alumni who donated money to Lakeland, an increase of 36% from the previous year’s total of 102.

OUTCOME 2 – STRATEGICALLY PROVIDE PROGRAMS TO MEET STUDENT, GOVERNMENT AND INDUSTRY NEEDS Strategy: Satisfy students

Innovates -Technology Futures, Canada Foundation for Innovation, and Alberta Innovation and Advanced Education’s Research Capacity Program. That total was a substantial increase from the previous year’s total of $640,000. During the 2013-2014 academic year, Lakeland received $762,000 in funding.

Objective: One action taken in response to student satisfaction survey.

Objective: 1 .5 full-time equivalent (FTE) increase in faculty involved in funded applied research.

Result: Achieved.

Result:

Student surveys revealed that students wanted to know as soon as possible when they are not doing well in class. As a result, many programs now use an early alert and intervention system to help struggling students receive help sooner.

Faculty involvement did not increase. Involvement totaled 1.75 FTE.

From May to August when “traditional” full-time students are not on campus, access to computer labs and student study spaces was restricted. Firefighter and emergency services technology students indicated in surveys that they were not happy with the limited access. Lakeland responded by providing daytime and evening access to these spaces.

Another survey indicated that students considered the lighting unsafe in a parking lot near the Mead Building at the Vermilion campus. The lighting was improved during this reporting year.

Early learning and child care diploma students expressed concern that some of the second year courses were only available in an online format. In response, three courses previously offered only online will be delivered in a face-to-face format next year.

Strategy: Maintain enrolment Objective: 2% increase in number of applicants converted to enrolments.

Result: Achieved.

Lakeland realized a 3.8% increase in applicants to enrolments from 2012-2013 to 2013-2014.

Strategy: Align with government Objective: 2% increase in enrolment in government-identified target programming areas. These include trades, university transfer, heavy oil, agricultural sciences and environmental sciences.

Result:

Achieved.

Lakeland trained 1,306 apprentices during the year, an increase of 15% from the previous year. Total full-time and part-time enrolment in the other targeted program areas was 799 as of Feb. 3, 2014 − four less than the totals tallied on Feb. 5, 2013.

Strategy: Engage in applied research Objective: 5% increase in funding received for research.

Result: Not achieved.

During the 2012-2013 year, Lakeland received $2.6 million in research funding thanks to investments from numerous partners, including Natural Sciences and Engineering Research Council of Canada, Western Economic Diversification Canada, Alberta

Not achieved.

Strategy: Respond to market with new programs Objective: P erform comprehensive program reviews on a rotational basis and/or if annual review performance indicators suggest an issue.

Result: Achieved.

Gas process operator and petroleum management programs were comprehensively reviewed. As a result, gas process operator will be offered in a blended delivery format in 2014-2015. Lakeland will collaborate with Grande Prairie Regional College to deliver the program via video conference. The petroleum management program is the only program of its kind in Canada; development of an online option will begin next year so more people can access the curriculum.

The School of Agricultural Sciences completed a self-imposed comprehensive review of the animal health technology program. The program team reviewed all courses, realigned content and updated learner outcomes. The program’s credit load was reduced from 72 to 60 which is consistent with other animal health technology programs in the province.

The comprehensive program review process is being revised, so additional program reviews were postponed. A new strategy for reviews will be presented to deans in the fall of 2014.

Street rod technologies launched in the fall of 2013. All five students in the program graduated.

New apprenticeship offerings at Lakeland included the first period of the online parts technician program, second period of the gasfitter program and third period of the instrument technician program.

Objective: Implement two changes in response to program reviews.

Result: Achieved.

The annual review of the crop technology program identified concerns about course and content repetitiveness and curriculum relevance. Several changes were made to address issues, including curriculum changes to soil science, applications in precision farming, agricultural communications and integrated crop management courses.

As a result of the annual review of the early learning and child care diploma program, the Play Program, a five-week hands-on practicum for diploma students, will be reinstated in the fall of 2014.

Feedback from the health care aide program advisory committee resulted in a home care component being added to the program in 2013-2014.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Strategy: Globalize Objective: 10% increase in number of international students on campus.

Result: Achieved.

There were 95 international students enrolled in Lakeland programs during the 2013-2014 academic year, an increase of 73% from the previous year’s total of 55.

OUTCOME 3 – CONNECT WITH STAKEHOLDERS Strategy: Involve the community Objective: Increase in market share of regional high school graduates.

Result: Not achieved.

According to data from the Government of Alberta, an increase was not realized.

2012

2013

Total high school graduates in region

384

433

Number attending post-secondary

152

154

Number attending Lakeland in fall

47

45

Note that this data does not include Lloydminster high school grads nor does it include students enrolled in apprenticeship training.

Objective: Two-event increase in number of on campus community events.

Result: Achieved.

Lakeland hosted an Employee Attraction and Retention Network (EARN) event at the Lloydminster campus in October 2013. The guest speaker was Frank O’Dea, who went from living on the streets of Toronto to co-founding Canadian business enterprises, including the Second Cup. The inaugural Band in the Sand live concert was held in November 2013 in the Equine Centre at the Vermilion campus. The successful concert featured Canadian recording artists High Valley.

Strategy: Secure financial contributions from region Objective: $20,000 increase in total regional dollars donated to Lakeland.

OUTCOME 4 – ACHIEVE SUSTAINABLE OPERATIONS Strategy: Achieve economic sustainability Objective: A chieve “Satisfactory Progress” or “Implemented” on previous year’s audit recommendations.

Result:

Not assessed.

Lakeland’s only outstanding recommendation was not assessed.

Objective: 5% increase in new revenue generation (enterprise).

Result: Not achieved. New revenue generated from enterprise activities increased 2% to $5,983,781.

Objective: 5% increase in new revenue generation (fundraising).

Result: Cash, gifts-in-kind, sponsorship, awards program and restricted donations totaled $2,972,652.20 for the fiscal year, an increase of 30% from the previous year.

Strategy: Achieve environmental sustainability Objective: Introduce one new environmental initiative as a result of environmental committee recommendations.

Result: Achieved.

Two new recycle bins were added to the Vermilion campus residence area. All dorms now have bins for cardboard, cans, plastics, paper and refundable beverage containers.

Strategy: Achieve social sustainability Objective: One point increase in “job satisfaction” section of employee feedback survey.

Result: Unknown.

An employee satisfaction survey was not conducted during the year.

Objective: Maintain percentage of staff members attending professional development.

Result: Achieved.

A total of 23% of AUPE and administrative employees participated in professional development activities, an increase of 1% from the previous year.

Result: Achieved.

Objective: Increase number of area and department in-house professional development sessions by one.

Regional donations equaled $446,817.52, an increase of $149,125.15 from the year before.

Result: Not achieved. There were 12 in-house professional development sessions, the same number as the year before.

Strategy: Develop corporate training

Objective: M ove forward with two major process improvement initiatives.

Objective: 10% increase in profit generated by corporate training.

Result:

Not achieved.

Profit generated by corporate training totaled $940,313.97, a decrease of 32% from the year before.

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Result:

Not achieved.

Financial Statement Discussion and

Analysis

The Financial Statement Discussion and Analysis (FSD&A) provides supplemental financial information and should be read in conjunction with Lakeland’s annual audited financial statements and accompanying notes. The FSD&A and audited financial statements are reviewed and approved by the Board of Governors on the recommendation of the Audit and Risk Committee. Lakeland’s financial statements have been prepared in accordance with Canadian Public Sector Accounting Standards and are expressed in Canadian dollars.

The FSD&A is an overview of the financial results Lakeland College achieved in the fiscal year ending June 30, 2014 and offers a detailed discussion and analysis of Lakeland’s:

1. Operational highlights

2. Capital planning

OPERATIONAL HIGHLIGHTS While 2013-2014 proved to be challenging for Lakeland in a number of ways, the college continued to demonstrate its fiscal strength and ended the fiscal year with a $3 million excess of revenue over expense, compared to a $2.1 million excess in 2012-2013.

Lakeland’s net assets position increased by $5.1 million, mainly due to the $3 million excess of revenue over expense and an increase of $1.3 million in accumulated remeasurement gains.

Statement of financial position

3. Areas of significant financial risk The $9.1 million increase in assets is primarily composed of increases in cash and cash equivalents, and investments in tangible capital assets. These increases are attributable to a draw-down of portfolio investments and the construction of the new Energy Centre respectively. Overall, there was little net change in accounts receivable and inventories and prepaid expenses.

The most significant change to liabilities is an increase in accounts payable and accrued liabilities. This $5.1 million increase is largely attributable to an increase in operating accounts payable.

The changes in Lakeland’s financial position from the previous fiscal year are detailed below.

Fiscal 2014 compared to Fiscal 2013 (amounts in thousands)

2014

2013

$ Change

ASSETS Cash and cash equivalents (note 5)

$

Portfolio investments (note 6)

17,548

$

13,205

$

4,343

23,707

25,997

(2,290)

Account receivable (note 8)

1,930

1,995

(65)

Inventories and prepaid expenses

2,852

3,087

(235)

80,031

72,661

7,370

Tangible capital assets (note 9) $

126,068

$

116,945

$

9,123

$

12,350

$

7,268

$

5,082

LIABILITIES Accounts payable and accrued liabilities Employee future benefit liabilities (note 10) Debt (note 11) Deferred revenue (note 12)

73

260

(187)

1,560

1,680

(120)

66,641

67,386

(745)

$

80,624

$

76,594

$

4,030

$

6,429

$

5,631

$

798

NET ASSETS Endowments (note 13) Accumulated operating surplus (note 14)

36,843

Accumulated remeasurement gains (losses)

33,809

2,172 $

126,068

3,034

911 $

116,945

1,261 $

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

9,123

15

STATEMENT OF OPERATIONS Revenue Lakeland’s revenue totaled $66.3 million in 2014, a decrease of $1.5 million from 2013.

Revenue is received from the following sources:

REVENUE BY SOURCE ($ millions)

Lakeland’s revenues were generally consistent with those from previous years. The most significant change was a $900,000 decrease in grants from the Government of Alberta.

REVENUE ($ thousands)

58% Government of Alberta Grants - $38.7

18% Student tuition and fees - $12.1

Government of Alberta grants

2014 $ 38,672

Federal and other government grants

2013

$ Change

$ 39,591 $ (919)

2,127

2,073

54

Student tuition and fees

12,112

12,719

(607)

Sales of services and products

11,112

11,530

(418)

Investment income

1,109

778

331

Donations and other grants

1,171

1,068

103

$ 66,303

$ 67,759 $(1,456)

Government of Alberta grants

17%

3%

Grants from the Government of Alberta continue to be the most significant funding source for Lakeland, generating $38.7 million in 2014, or 58% of all funding received. Grants from the Government of Alberta decreased by $900,000 or 2.3% from the previous year.

The reduction was attributed mainly to a reduction in Lakeland’s Campus Alberta operating grant.

Student tuition and fees

Sales of services and products - $11.1

Federal and other government grants - $2.1

Tuition and fees collected from students continue to be an important revenue source for Lakeland, generating $12.1 million in 2014, or 18% of all revenue.

Sales of services and products

16

2%

2%

Donations and other grants - $1.2

Investment income - $1.1

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Sales of services and products are an aggregate of Lakeland’s ancillary activities, including revenues from the bookstores, student residences, and contracts. These sales, which account for 17% of Lakeland’s revenue, declined 3.6% from the previous year.

STATEMENT OF OPERATIONS CONTINUED Expense Lakeland’s expenses totaled $63.3 million in 2014, a decline of $2.4 million from 2013.

EXPENSES BY FUNCTION ($ millions)

Budget

2014

2013

29.3

26.0

11.2

9.4

Instruction and training

25.7

10.3

Academic and student support

10.4

9.9

Facilities operations and maintenance

The most significant year-to-year variance is in instruction and training expenses. In this category, spending was 12% less than the previous year. This decline is a direct result of spending reductions Lakeland implemented to respond to a 7.3% cut to its Campus Alberta operating grant. Lakeland suspended intakes to several programs, causing the reduction in instruction and training costs.

9.0

12.3

8.6

Institutional support

7.9 5.4

0.8

Ancillary services

6.7

5.7

0.7

Sponsored research

1.1

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

17

EXPENSES BY OBJECT

Salaries and benefits

($ millions)

Salaries and benefits are the largest expenditure for Lakeland, comprising 57% of all spending. These expenses were 5% less than budgeted and 13% less than the previous year, primarily because positions were left vacant in response to funding reductions.

Budget

2014

2013

41.1

37.6

10.8

Materials, supplies and services

supplies 10.1 Materials, and services

Salaries and benefits

11.6

35.8

3.6

This group of expenses, the next largest area of spending for Lakeland, made up 18% of spending during 2014. These expenses came in 14% over budget and 7% more than the previous year. Additional expenses related to Lakeland’s ongoing projects resulted in the extra spending.

Repairs and maintenance These expenses made up 8% of all college spending, coming in at 64% over budget and 45% over the previous year. This spending was related to addressing some significant maintenance projects.

1.3

Utilities and cost of goods sold

3.2

Repairs and maintenance

5.2

1.8

1.1

2.0

2.0

0.6 0.4

Utilities

Scholarships and bursaries

2.3

0.7 6.3

6.4

Amortization of capital assets

6.6

18

Together, these expense categories made up 5% of all college spending. There were no significant changes in these expenses from the previous year.

Cost of goods sold

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Scholarships and bursaries Lakeland paid out $700,000 in scholarships and bursaries in 2014, an increase of 67% over the budgeted amount, and an increase of 15% from the previous year. Lakeland’s students also collected 574 scholarships worth $500,000 from the governments of Alberta, Saskatchewan and Canada which are not included in the financial statements.

CAPITAL PLANNING

Predictable funding

As detailed in note 7 of the financial statements, Lakeland continued to invest in its facilities, spending $11.2 million on buildings, and a further $2 million on equipment. Much of this spending was connected to construction of the Energy Centre at the Lloydminster campus.

While Lakeland is committed to fiscal prudence and sustainable operations, the recent volatility in government funding presents a significant risk. With indications that operating grants will remain static and direction that tuition and fees must remain frozen, it will be difficult for Lakeland to maintain a balanced budget.

AREAS OF SIGNIFICANT FINANCIAL RISK

The budget process for the 2015-2016 fiscal year has begun and Lakeland is demonstrating fiscal prudence by identifying sustainable solutions, creating new revenue streams and sourcing operating efficiencies. Lakeland is committed to sustaining its operating position to create exceptional learning experiences for students, and will continue to work with government to develop and implement long-term strategies that address the financial challenges facing the post-secondary system.

Deferred maintenance While Lakeland has several exciting building projects underway, annual infrastructure maintenance grants are insufficient to adequately maintain the existing facilities. The average age of campus buildings is 35 years, and with age maintenance requirements increase. Note 14 identifies Lakeland’s commitments to capital spending within the next year, but without more regular preventative maintenance, many of the facilities will simply require replacement.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

19

Independent Auditor’s Report

To the Board of Governors of Lakeland College

Report on the Financial Statements I have audited the accompanying financial statements of Lakeland College, which comprise the statement of financial position as at June 30, 2014, and the statements of operations, remeasurement gains and losses, and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, 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.

Auditor’s Responsibility My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion In my opinion, the financial statements present fairly, in all material respects, the financial position of Lakeland College as at June 30, 2014, and the results of its operations, its remeasurement gains and losses, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

[Original signed by Merwan N. Saher, FCA] Auditor General October 29, 2014 Edmonton, Alberta

20

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Statement of

Financial Position

AS AT JUNE 30

2014

2013

ASSETS Cash and cash equivalents (note 3)

$

17,547,621

$

13,204,854

Portfolio investments (note 4)

23,706,746

25,997,159

Accounts receivable (note 6)

1,930,102

1,994,521

Inventories and prepaid expenses

2,851,637

3,086,863

80,031,773

72,660,564

$ 126,067,879

$ 116,943,961

$

$

Tangible capital assets (note 7)

LIABILITIES Accounts payable and accrued liabilities Employee future benefit liabilities (note 8) Debt (note 9) Deferred revenue (note 10)

12,350,361

7,266,881

72,750

260,000

1,560,000

1,680,000

66,640,981

67,385,797

80,624,092

76,592,678

NET ASSETS Endowments (note 11) Accumulated operating surplus (note 12) Accumulated remeasurement gains

6,429,111

5,631,103

36,842,796

33,808,914

2,171,880

911,266

$ 126,067,879

$ 116,943,961

Contingent liabilities and contractual obligations (note 13 and 14) Approved by the Board of Governors

[Original signed by Gary Moses]

[Original signed by Jason Bazinet]

Vice Chair, Board of Governors

Chair, Audit & Rick Committee

The accompanying notes are part of these financial statements.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

21

Statement of

Operations

FOR THE YEAR ENDED JUNE 30

Budget

Actual

Actual

2014

2014

2013

(Note 19)

REVENUE Government of Alberta grants

$

Federal and other government grants

36,055,045

$

38,672,160

$

39,591,049

1,886,143

2,127,035

2,073,333

Student tuition and fees

11,050,982

12,111,939

12,718,713

Sales of services and products

10,705,506

11,111,520

11,530,371

Investment income (note 15)

432,000

1,109,401

777,849

Donations and other grants

625,032

1,170,766

1,067,699

$

60,754,708

$

$

25,944,470

$

66,302,821

$

25,764,751

$

67,759,014

EXPENSE (Note 16) Instruction and training Academic and student support

10,411,515

11,243,012

10,291,735

12,289,534

9,857,756

Institutional support

8,595,586

7,984,412

9,030,477

Ancillary services

6,699,748

5,733,386

5,393,778

671,099

1,085,341

842,406

Facilities operation and maintenance

Sponsored research $ Operating surplus / (deficit) A ccumulated operating surplus, beginning of year A ccumulated operating surplus, end of year (note 12)

$

The accompanying notes are part of these financial statements.

22

29,310,284

9,329,070

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

61,531,708

$

63,268,939

$

65,677,714

(777,000)

3,033,882

2,081,300

33,808,914

33,808,914

31,727,614

33,031,914

$

36,842,796

$

33,808,914

Statement of

Cash Flows

FOR THE YEAR ENDED JUNE 30

2014

2013

OPERATING TRANSACTIONS Operating surplus

$

3,033,882

$

2,081,300

Add (deduct) non-cash items: Amortization of tangible capital assets Expended capital recognized as revenue Gain on disposal of tangible capital assets Change in employee future benefit liabilities Decrease in accounts receivable (Increase) decrease in inventories and prepaid expenses

6,582,956

6,300,407

(3,545,688)

(3,431,860)

(51,580)

(63,180)

(187,250)

(33,000)

64,419

562,359

235,226

(411,012)

Increase in accounts payable and accrued liabilities

5,083,480

586,591

Increase in deferred revenue

2,800,872

3,498,456

14,016,317

9,090,061

(13,255,560)

(6,433,631)

117,504

106,831

(13,138,056)

(6,326,800)

Proceeds of investments (net of sales)

3,042,581

(1,265,273)

Cash provided by (applied to) investing transactions

3,042,581

(1,265,273)

541,925

330,432

(120,000)

(120,000)

421,925

210,432

Cash provided by operating transactions

CAPITAL TRANSACTIONS Acquisition of tangible capital assets Proceeds on disposal of capital assets Cash provided by (applied to) capital transactions

INVESTING TRANSACTIONS

FINANCING TRANSACTIONS Endowment contributions Debt repayment Cash provided by financing transactions Increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year (note 3)

$

4,342,767

1,708,420

13,204,854

11,496,433

17,547,621

$

13,204,854

The accompanying notes are part of these financial statements.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

23

Statement of Remeasurement

Gains and Losses FOR THE YEAR ENDED JUNE 30

2014 Accumulated remeasurement gains at beginning of year

$

Adoption of PS3450

2013 911,266

$

-

-

346,083

1,387,474

602,349

(126,860)

(37,166)

Unrealized gains attributable to: Portfolio investments Amounts reclassified to statement of operations: Portfolio investments Accumulated remeasurement gains at end of year

The accompanying notes are part of these financial statements.

24

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

$

2,171,880

$

911,266

Notes to the Financial

Statements 1 AUTHORITY AND PURPOSE The Board of Governors of Lakeland College is a corporation which manages and operates Lakeland College (“the College”) under the Postsecondary Learning Act (Alberta). All members of the Board of Governors are appointed by either the Lieutenant Governor in Council or the Minister of Innovation and Advanced Education, with the exception of the President, who is an ex officio member. Under the Post-secondary Learning Act, Campus Alberta Sector Regulation, the College is a comprehensive community institution offering diploma and certificate programs as well as a full range of continuing education programs and activities. The College is a registered charity, and under section 149 of the Income Tax Act (Canada), is exempt from the payment of income tax.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES {a} General – Public Sector Accounting Standards and Use of Estimates These financial statements have been prepared in accordance with Canadian public sector accounting standards. The measurement of certain assets and liabilities is contingent upon future events; therefore, the preparation of these financial statements requires the use of estimates, which may vary from actual results. College management uses judgment to determine such estimates. Amortization of tangible capital assets and the revenue recognition for expended capital are the most significant items based on estimates. In management’s opinion, the resulting estimates are within reasonable limits of materiality and are in accordance with the significant accounting policies summarized below. These significant accounting policies are presented to assist the reader in evaluating these financial statements and, together with the following notes, should be considered an integral part of the financial statements.

{b} Non-use of Net Debt Model Format Canadian public sector accounting standards require a net debt presentation for the statement of financial position in the summary financial statements of governments. Net debt presentation reports the difference between financial assets and liabilities as net debt or net financial assets as an indicator of future revenues required to pay for past transactions and events. The College operates within the government reporting entity, and does not finance all its expenditures by independently raising revenues. Accordingly, these financial statements do not report a net debt indicator.

{c} Valuation of Financial Assets and Liabilities The College’s financial assets and liabilities are generally measured as follows: Financial Statement Component

Measurement

Cash and cash equivalents

Amortized Cost

Portfolio investments

Fair Value

Fixed income investments

Amortized Cost

Accounts receivable

Amortized Cost

Accounts payable and accrued liabilities

Amortized Cost

Debt

Amortized Cost

Unrealized gains and losses from changes in the fair value of financial instruments are recognized in the statement of remeasurement gains and losses. Upon settlement, the cumulative gain or loss is reclassified from the statement of remeasurement gains and losses and recognized in the statement of operations.

Unrealized gains and losses from changes in the fair value of restricted financial instruments are recognized as a liability under deferred revenue or endowments.

All financial assets are tested annually for impairment. When financial assets are impaired, impairment losses are recorded in the statement of operations. A write-down of a portfolio investment to reflect a loss in value is not reversed for a subsequent increase in value.

For financial instruments measured using amortized cost, the effective interest rate method is used to determine interest revenue or LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

25

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED] expense. Transaction costs are a component of cost for financial instruments measured using cost or amortized cost. Transaction costs are expensed for financial instruments measured at fair value. Investment management fees are expensed as incurred. The purchase and sale of cash and cash equivalents and portfolio investments are accounted for using trade-date accounting.

The College does not use foreign currency contracts or any other type of derivative financial instruments for trading or speculative purposes.

Management evaluates contractual obligations for the existence of embedded derivatives, and has determined that no embedded derivatives are present for the year ending June 30, 2014. When derivatives are identified, management elects to either designate the entire contract for fair value measurement or separately measure the value of the derivative component when characteristics of the derivative are not closely related to the economic characteristics and risks of the contract itself. Contracts to buy or sell non-financial items for the College’s normal purchase, sale or usage requirements are not recognized as financial assets or financial liabilities.

{d} Revenue Recognition All revenues are reported on the accrual basis of accounting. Cash received for which goods or services have not been provided by year end is recorded as deferred revenue.

i) Government Grants, Non-government Grants and Donations The College recognizes government grants, donations and other contributions as follows:

Government Transfers Government transfers are referred to as government grants.

Government transfers and the associated externally restricted investment income are recorded as deferred revenue if the terms for use of the transfer, or the terms along with the College’s actions and communications as to the use of the transfer, create a liability. These transfers are recognized as revenue as the terms are met and, when applicable, the College complies with its communicated use of the transfer.

Government transfers without terms for the use of the transfer are recorded as revenue when the College is eligible to receive the funds.

Donations and Non-government Contributions Donations and non-government contributions are received from individuals, corporations, and private sector not-for-profit organizations.

Donations and non-government contributions may be unrestricted or restricted for operating or capital purposes or research purposes.

Unrestricted donations and non-government contributions are recorded as revenue in the year received or in the year the funds are committed to the College if the amount can be reasonably estimated and collection is reasonably assured.

Restricted donations, non-government contributions, realized and unrealized gains and losses for the associated externally restricted investment income are recorded as deferred revenue if the terms for their use, or the terms along with the College’s actions and communications as to the use, create a liability. These resources are recognized as revenue as the terms are met and, when applicable, the College complies with its communicated use.

In-kind donations of services and materials are recorded at fair value when such value can reasonably be determined. While volunteers contribute a significant amount of time each year to assist the College, the value of their services are not recognized as revenue and expenses in the financial statements because fair value cannot be reasonably determined.

ii) Grants and Donations Related to Land The College recognizes transfers and donations to buy land as a liability when received and as revenue when the College buys the land.

The College recognizes in-kind contributions of land as revenue at the fair value of the land when a fair value can be reasonably determined.

When the College cannot determine the fair value, it records such in-kind contributions at nominal value.

iii) Endowments Donations that must be maintained in perpetuity are recognized as a direct increase in endowment net assets when received. Investment income that also must be maintained in perpetuity is recognized as endowment net assets when received or receivable.

iv) Investment Income Investment income includes dividend and interest income, and realized gains or losses on the sale of portfolio investments. Unrealized gains and losses on portfolio investments that are from unrestricted grants and donations are recognized in the statement of accumulated remeasurement gains and losses until the related investments are sold. Once realized, these gains or losses are recognized in the statement of operations.

Investment income from restricted grants and donations is recognized as deferred revenue when the terms for use create a liability, and is recognized as investment income when the terms of the grant or donation are met.

{e} Inventories Inventories held for resale are valued at the lower of cost and expected net realizable value and are determined using the FIFO method.

Inventories held for consumption are valued at cost.

26

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED] NOTE 2 CONTINUED {f} Tangible Capital Assets Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets. Cost includes overhead directly attributable to construction and development, and interest costs that are directly attributable to the acquisition or construction of the asset.

Work in progress, which includes facilities and improvement projects and development of information systems, is not amortized until after the project is complete and the asset is in service.

Capital lease obligations are recorded at the present value of the minimum lease payments excluding executor costs (e.g. insurance, maintenance costs, etc.). The discount rate used to determine the present value of the lease payments is the lower of the College’s rate for incremental borrowing or the interest rate implicit in the lease.

The cost, less residual value, of the tangible capital assets, excluding land, is amortized on a straight-line basis over the estimated useful lives as follows: Building & site improvements

3-40 years

Furniture and equipment

5-10 years

Computer hardware and software

5 years

Learning resources

10 years

Tangible capital assets are written down when conditions indicate that they no longer contribute to the College’s ability to provide goods and services, or when the value of future economic benefits associated with the tangible capital assets are less than their net book value.

The net write-downs are accounted for as expenses in the statement of operations.

Contributed capital assets are recorded as revenues at their fair market value on the date of donation, except in circumstances where fair value cannot be reasonably determined, which are then recognized at nominal value. Transfers of capital assets from related parties are recorded at the carrying value.

Intangible assets, works of art, historical treasures and collections are expensed when acquired and not recognized as tangible capital assets.

{g} Foreign Currency Translation Financial assets and liabilities recorded in foreign currencies are translated to Canadian dollars at the year-end exchange rate. Revenues and expenses are translated at the actual exchange rates on the date of each transaction. In the period of settlement realized gains or losses from these translations are included in investment income. Unrealized gains and losses are recognized in the statement of remeasurement gains and losses.

{h} Employee Future Benefits Pension The College participates with other employers in the Local Authorities Pension Plan (LAPP). This pension plan is a multi-employer defined benefit pension plan that provides pensions for the College’s participating employees based on years of service and earnings.

The College does not have sufficient plan information on the LAPP to follow the standards for defined benefit accounting, and therefore follows the standards for defined contribution accounting. Accordingly, pension expense recorded for the LAPP is comprised of employer contributions to the plan that are required for its employees during the year; which are calculated based on actuarially pre-determined amounts that are expected to provide the plan’s future benefits.

Other Employee Future Benefits The College provides other employment benefits to eligible employees; namely, self-insured short-term disability and other post-employment benefits. These benefits are recorded as a liability and expense when the event obligating the College occurs, and value is determined by actual costs incurred.

{i} Funds & Reserves Certain amounts, as approved by the Board of Governors, are set aside in accumulated surplus for future operating and capital purposes.

Transfers to / from funds and reserves are an adjustment to the respective fund when approved.

{j} Future Accounting Changes Liability for Contaminated Sites In June 2010 the Public Sector Accounting Board issued this accounting standard effective for fiscal years starting on or after April 1, 2014. Contaminated sites are a result of contamination being introduced into air, soil, water, or sediment of a chemical, organic, or radioactive material, or live organism that exceeds an environmental standard. Lakeland College would recognize a liability related to the remediation of such contaminated sites subject to certain recognition criteria. Management does not expect the implementation of this standard to have a significant impact on the financial statements in the next fiscal period.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

27

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

3 CASH AND CASH EQUIVALENTS Cash and cash equivalents is composed of:

Cash

2014

2013

$17,547,621

$13,204,854

$17,547,621

$13,204,854

Cash equivalents include short-term investments with a short maturity less than three months from the date of acquisition.

4 PORTFOLIO INVESTMENTS The composition, fair value, and annual market yields on portfolio investments are as follows:

2014 Level 1

Level 2

Level 3

Total

INVESTMENTS AT COST OR AMORTIZED COST: GICs

$

-

INVESTMENTS AT FAIR VALUE: Bonds Canadian bonds

$

5,040,618

Foreign bonds

$

7,837,786

$

-

$

12,878,404

-

324,508

-

324,508

Canadian equities

1,610,712

2,318,989

-

3,929,701

Foreign equities

1,595,534

4,531,929

-

6,127,463

-

446,670

-

446,670

8,246,864

15,459,882

-

23,706,746

Equities

Money Market

Total Investments

$

8,246,864

$

15,459,882

$

-

$

23,706,746

2013 Level 1

Level 2

Level 3

Total

INVESTMENTS AT COST OR AMORTIZED COST: GICs

$

5,320,896 5,320,896

INVESTMENTS AT FAIR VALUE: Bonds Canadian bonds

$

Foreign bonds

-

$

11,147,844

$

-

$

-

11,147,844

-

302,244

302,244

Canadian equities

-

4,727,663

Foreign equities

-

4,056,806

-

4,056,806

-

441,706

-

441,706

-

20,676,263

-

20,676,263

Equities

Money Market

Total Investments

28

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

$

-

$

20,676,263

4,727,663

$

-

$

25,997,159

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED] NOTE 4 CONTINUED The fair value measurements are those derived from: Level 1 – Quoted prices in active markets for identical assets or liabilities; Level 2 – M arket-based inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; Level 3 – I nputs for the asset or liability that are not based on observable market data; assumptions are based on the best internal and external information available and are most suitable and appropriate based on the type of financial instrument being valued in order to establish what the transaction price would have been on the measurement date in an arm’s length transaction.

The average effective yields and the terms to maturity are as follows: • Money market funds: 1.29% (2013 - 1.30%); average term to maturity not more than 90 days (2013 - not more than 90 days) • Canadian bonds: 2.46% (2013 - 2.73%); average term to maturity of 7.87 years (2013 - 6.93 years) • International bonds: 2.25% (2013 - 2.32%); average term to maturity of 4.26 years (2013 - 5.73 years) The College has policies and procedures in place governing asset mix, diversification, exposure limits, credit quality and performance measurement. The College’s Sustainability Committee, a subcommittee of the Board of Governors, has delegated authority for oversight of the College’s investments. The Sustainability Committee meets regularly to monitor investments, to review investment manager performance, to ensure compliance with the College’s investment policy and to evaluate the continued appropriateness of the College’s investment policy.

Unrealized gains and losses on endowment funds Net unrealized gains, beginning of year

$

2014

2013

388,321 $

246,921

Unrealized gains / losses attributable to: Portfolio investments

(134,991)

215,642

(124,558)

(74,241)

(259,549)

141,401

128,772

388,321

Amounts reclassified to statement of operations Portfolio investments Change in unrealized gains / losses

Net unrealized gains, end of year Unrealized gains allocated to deferred revenue

$

128,772

$

388,321

5 FINANCIAL RISK MANAGEMENT The College is exposed to a variety of financial risks, including market risks (price risk, currency risk and interest rate risk), credit risk, and liquidity risk. To manage these risks, the College invests in a diversified portfolio of investments that is guided by established investment policies that outline risk and return objectives. The long term objective of the College’s investment policies is to achieve a long term real rate of return in excess of fees and expenses and maintain the real value of the fund.

The College is exposed to the following risks:

Market Risk The College is exposed to market risk - the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, its issuer or general market factors affecting all securities.

To manage this risk, the College has established an investment policy with a target asset mix that is diversified by asset class with individual issuer limits and is designed to achieve a long-term rate of return that in real terms equals or exceeds total endowment expenditures with an acceptable level of risk.

The following details the College’s portfolio sensitivity to a 2.5% increase or decrease in the market prices. The sensitivity rate is determined using the historical standard deviation for the total fund as determined by the investment advisor. At June 30, 2014, if market prices had a 2.5% (2013 - 2.5%) increase or decrease with all other variables held constant, the increase or decrease in remeasurement gains and losses and endowment net assets - externally restricted contributions for the year would have been a total of $6,563 (2013 - $4,716).

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

29

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED] NOTE 5 CONTINUED Foreign Currency Risk The College does not use foreign currency forward contracts or any other type of derivative financial instruments for trading or speculative purposes.The College’s exposure to foreign exchange risk is very low due to minimal business activities conducted in a foreign currency.

Credit Risk The College is exposed to credit risk on investments arising from the potential failure of a counterparty, debtor or issuer to honour its contractual obligations. To manage this risk the College has established an investment policy with required minimum credit quality standards and issuer limits. The credit risk from accounts receivable is low as the majority of balances are due from government agencies and corporate sponsors.

The credit risks on investments held are as follows: Credit rating

2014

2013

AAA

20.29%

-

AA

24.27%

44.22%

AA-

8.54%

-

A+

5.64%

-

37.67%

55.78%

3.59%

-

100.00%

100.00%

A A-

Interest Rate Risk Interest rate risk is the risk to the College’s earnings that arise from the fluctuations in interest rates and the degree of volatility of these rates. This risk is managed by investment policies that limit the term to maturity of certain fixed income securities that the College holds.

Interest risk on the College’s long-term liabilities is managed through fixed-risk agreements with Alberta Capital Finance Authority (note 9).

The maturity of interest bearing investments are as follows: Less than 1 year Cash and cash equivalents Canadian government and corporate bonds

1 to 5 years

Greater than 5 years

Average effective market yield

100.0%

-

-

1.5%

2.4%

41.2%

56.4%

1.6%

Liquidity Risk The College maintains a portfolio of short-term investments to manage short-term cash requirements.

6 ACCOUNTS RECEIVABLE 2014 Accounts receivable Accrued interest Less: Allowance for doubtful accounts

2013

$ 2,016,291 $ 2,006,259 -

17,674

(86,189)

(29,412)

$ 1,930,102 $ 1,994,521

Accounts receivable are unsecured and non-interest bearing.

30

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

7 TANGIBLE CAPITAL ASSETS 2014 Land

COST

Building & site improvements

Furniture & equipment(1)

Computer hardware & software

Learning resources

Total

$18,227,347

$ 3,539,015

$ 175,509,904

(a)

Beginning of year Acquisitions

$ 5,580,712

$ 122,852,977 $ 25,309,853

-

11,221,648

1,999,312

730,257

70,357

14,021,574

-

-

(262,589)

(360,418)

(10,120)

(633,127)

$ 5,580,712

$ 134,074,625

$ 27,046,576 $18,597,186

$ 3,599,252

$ 188,898,351

(b)

Disposals, including write-downs

ACCUMULATED AMORTIZATION Beginning of year

$

-

69,099,175

16,112,586

14,509,950

3,127,630

$ 102,849,341

Amortization

-

3,024,638

2,188,737

1,300,592

68,989

6,582,956

Effects on disposals, including write-downs

-

-

(195,180)

(360,419)

(10,120)

(565,719)

-

$ 72,123,813 $ 18,106,143

$15,450,123

$ 3,186,499

$ 108,866,578

$5,580,712

$ 61,950,812 $ 8,940,433

$ 3,147,063

$

$ 80,031,773

$ Net Book Value at June 30, 2014

412,753

2013 Land

COST

Building & site improvements

Furniture & equipment(1)

Computer hardware & software

Learning resources

Total

$17,452,423

$ 3,538,780

$ 169,569,027

(a)

Beginning of year

$5,580,712

$ 119,719,132 $ 23,277,980

Acquisitions

-

3,133,846

2,364,688

870,848

68,595

6,437,977

Disposals, including write-downs

-

-

(332,815)

(95,924)

(68,360)

(497,099)

$5,580,712

$ 122,852,977 $ 25,309,853

$18,227,347

$ 3,539,015

$ 175,509,905

$

$ 66,093,967 $ 14,392,355

$13,364,805

$ 3,129,994

$ 96,981,122

(b)

ACCUMULATED AMORTIZATION Beginning of year

-

Amortization

-

3,005,209

1,988,127

1,240,713

65,996

6,300,045

Effects on disposals, including write-downs

-

-

(267,897)

(95,569)

(68,360)

(431,826)

-

$ 69,099,175 $ 16,112,586

$14,509,950

$3,127,630

$ 102,849,341

$5,580,712

$ 53,753,802 $ 9,197,267

$ 3,717,398

$ 411,385

$ 72,660,564

$ Net Book Value at June 30, 2013

No interest was capitalized by the College in the 2013/14 year (2012/13 - $0). (a) Cost includes work in progress at June 30, 2014 totalling $14,318,710 (2013 - $3,997,207) comprised of $14,247,515 in buildings and site improvements (2013 - $3,656,154) and $71,195 in equipment (2013 - $341,103). These assets are not amortized as the assets are not yet available for use. (b) Acquisitions during the year include in-kind contributions of software ($415,000), equipment ($321,314) and vehicles ($29,700). Inkind acquisitions in 2013 consisted of equipment ($4,346).

(1) Equipment includes vehicles, office equipment and furniture, and other equipment.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

31

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

8 EMPLOYEE FUTURE BENEFIT LIABILITIES Employee future benefit liabilities are comprised of the following:

2014 Academic staff Post-employment benefit

2013

Support staff

Total

Academic staff

Support staff

Total

$

-

$

72,750

$

72,750

$

-

$

260,000

$

260,000

$

-

$

72,750

$

72,750

$

-

$

260,000

$

260,000

A. Defined Benefit Plan Accounted for on a Defined Contribution Basis

Local Authorities Pension Plan (LAPP)

The LAPP is a multi-employer contributory defined benefit pension plan for support staff members and is accounted for on a defined contribution basis. At December 31, 2013, the LAPP reported an actuarial deficiency of $4,861,516,000 (2012 - $4,977,303,000 deficiency). An actuarial valuation of the LAPP was carried out as at December 31, 2012 and was then extrapolated to December 31, 2013. The pension expense recorded in these financial statements is $2,594,740 (2013 - $2,745,733). Other than the requirement to make additional contributions, the College does not bear any risk related to the LAPP deficiency.

B. Defined Contribution The College provides other employment benefits to eligible employees which vest but do not accumulate; namely self-insured short-term disability and other post-employment benefits. Post-employment benefits consist of contractually-obligated termination benefits for senior management. These benefits are recorded as a liability when the event obligating the College occurs. The College’s total defined contribution expense for self-insured short-term disability and post-employment benefits was $72,750 (2013 - $260,000).

9 DEBT Debt is measured at amortized cost and is comprised of the following:

2014 Collateral Debentures payable to Alberta Capital Finance Authority

Residences

Maturity

2013 Interest rate

2026

6.5%

Amortized cost $ 1,560,000

$ 1,680,000

$ 1,560,000

$ 1,680,000

Principal repayments in each of the next five years and thereafter are as follows: 2015

$120,000

2016

120,000

2017

120,000

2018

120,000

2019

120,000

Thereafter

960,000 $ 1,560,000

Interest expense on debt is $102,050 (2013 - $117,650) and is included in the statement of operations.

32

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Amortized cost

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

10 DEFERRED REVENUE Deferred revenues are set aside for specific purposes as required either by legislation, regulation or agreement:

2014 Restricted

Balance, beginning of year

Deferred research and special purpose

Unspent capital contributions

$

$

Grants, tuition, donations received Restricted investment income

6,200,701

9,424,274

Spent capital contributions $

Tuition and other fees

49,054,137

$

Total

2,706,685 $

67,385,797

8,721,864

2,374,803

-

13,913,568

25,010,235

715,438

77,955

-

-

793,393

Change in unrealized gains

(259,550)

-

-

-

(259,550)

Unearned capital acquisition transfers

(853,618)

(11,405,365)

12,258,983

-

-

(7,914,139)

(107,447)

(3,545,688)

(14,455,367)

(26,022,641)

(261,083)

-

-

-

(261,083)

(5,170)

-

-

-

(5,170)

Recognized as revenue Transfers from/to endowments (Note 11) Other Balance, end of year

$

6,344,443

$

364,220

$

57,767,432

$

2,164,886 $

66,640,981

2013 (Note 20) Restricted Deferred research and special purpose Balance, beginning of year

$

Unspent capital contributions

Spent capital contributions

$ 11,127,709

7,839,985

1,244,031

-

15,604,941

Restricted investment income

220,713

191,463

-

-

412,176

Change in unrealized gains

141,401

-

-

-

141,401

(646,069)

(2,983,595)

3,629,663

-

-

(6,002,266)

(155,334)

(3,431,860)

(15,546,095)

(25,135,555)

-

-

-

-

-

Unearned capital acquisition transfers Recognized as revenue Transfers from/to endowments (Note 11) Balance, end of year

$

6,200,701

$

9,424,274

$

48,856,334

49,054,137

$

Total

4,646,937

Grants, tuition, donations received

$

Tuition and other fees

$

2,647,839 $

2,706,685 $

67,278,819 24,688,956

67,385,797

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

33

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

11 ENDOWMENTS Endowments consist of externally restricted donations received by the College and internal allocations by the College’s Board of Governors, the principal of which is required to be maintained intact in perpetuity.

Investment income earned on endowments must be used in accordance with the various purposes established by the donors or the Board of Governors. Benefactors as well as College policy stipulate that the economic value of the endowments must be protected by limiting the amount of income that may be expended and reinvesting unexpended income.

Under the Post-secondary Learning Act, the College has the authority to alter the terms and conditions of endowments to enable: • income earned by the endowment to be withheld from distribution to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment.

• encroachment on the capital of the endowment to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment if, in the opinion of the Board of Governors, the encroachment benefits the College and does not impair the long-term value of the fund.

In any year, if the investment income earned on endowments is insufficient to fund the spending allocation, the spending allocation is funded from the cumulative capitalized investment income. However, for individual endowment funds without sufficient cumulative capitalized income, endowment principal is used in that year. This amount is expected to be recovered by future investment income.

The composition of endowments is as follows: 2014 Balance, beginning of year

$

5,631,103

2013 $

5,300,921

Endowment contributions

200,812

329,740

Transfer from deferred revenue (note 10)

261,083

-

Investment gain - realized

341,113

692

(5,000)

(250)

Other transfers from endowments Balance, end of year

$

Cumulative contributions

6,429,111

34

5,631,103

6,079,288

5,629,764

349,823

1,339

Cumulative capitalized income $

$

6,429,111

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

$

5,631,103

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

12 ACCUMULATED OPERATING SURPLUS The composition of accumulated surplus is as follows: Unrestricted surplus

Balance as at July 1, 2012

$

3,984,934

Reserves for future purpose

Surplus invested in tangible capital assets

Total accumulated operating surplus (note 20)

$

5,823,867

$ 21,918,813

$ 31,727,614

Operating surplus

2,081,300

-

-

2,081,300

Amortization of internally funded tangible capital assets

2,868,547

-

(2,868,547)

-

65,273

-

(65,273)

-

Net book value of assets disposals Debt repayment

(120,000)

-

120,000

-

(1,613,489)

-

1,613,489

-

781,225

(781,225)

-

-

(5,477,550)

5,477,550

-

-

2,570,240

$ 10,520,192

$ 20,718,482

$ 33,808,914

Operating surplus

3,033,882

-

-

3,033,882

Amortization of internally funded tangible capital assets

3,037,268

-

(3,037,268)

-

67,408

-

(67,408)

-

(120,000)

-

120,000

-

(1,928,046)

-

1,928,046

-

1,617,332

(1,617,332)

-

-

(5,762,927)

5,762,927

-

-

2,515,157

$ 14,665,787

$ 19,661,852

$ 36,842,796

Internally funded acquisition of tangible capital assets Operating expenses funded from internally restricted surplus Net Board appropriation to internally restricted surplus Balance as at June 30, 2013

$

Net book value of assets disposals Debt repayment Internally funded acquisition of tangible capital assets Operating expenses funded from internally restricted surplus Net Board appropriation to internally restricted surplus Balance as at June 30, 2014

$

Investment in tangible capital assets represents the amount of the institution’s accumulated operating surplus that has been invested in the institution’s capital assets.

Reserves for future purpose represent amounts set aside or appropriated by the College’s Board of Governors. Those amounts are not available for other purposes without the approval of the Board and do not have interest allocated to them. Reserves for future purposes are summarized as follows: Balance at beginning of year

Appropriations from (returned to) unrestricted net assets

Net additions (or disbursements) during the year

Balance at end of year

APPROPRIATIONS FOR CAPITAL ACTIVITIES Academic equipment

$

67,687 $

-

$

(26,284)

$

41,403

Heavy oil petroleum facility

6,400,000

-

(284,096)

6,115,904

Small Animal Clinic facility

1,700,000

-

-

1,700,000

-

1,850,000

-

1,850,000

(310,380)

$ 9,707,307

$(1,247,752)

$4,296,895

Emerging capital needs

$ 8,167,687 $

1,850,000

$ 2,256,720 $

3,287,927

$

APPROPRIATIONS FOR OPERATING ACTIVITIES Major maintenance Delivery initiatives Total appropriations

625,000

(59,200)

661,584

$ 2,352,504 $

95,784

3,912,927

$ (1,306,952)

$4,958,479

$10,520,191 $

5,762,927

$ (1,617,332)

$14,665,786

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

35

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

13 CONTINGENT LIABILITIES (a) The College is a defendant in a number of legal proceedings. While the ultimate outcome and liability of these proceedings cannot be reasonably estimated at this time, the College believes that any settlement will not have a material adverse effect on the financial position or the results of operations of the College. Administration has concluded that none of the claims meet the criteria for being recorded under PSAS. (b) The College has identified potential asset retirement obligations related to the existence of asbestos in a number of its facilities.

Although not a current health hazard, upon renovation or demolition of these facilities, the College may be required to take appropriate remediation procedures to remove the asbestos. As the College has no legal obligation to remove the asbestos in these facilities as long as the asbestos is contained and does not pose a public health risk, the fair value of the obligation cannot be reasonably estimated due to the indeterminate timing and scope of the removal. The asset retirement obligations for these assets will be recorded in the period in which there is certainty that the capital project will proceed and there is sufficient information to estimate fair value of the obligation.

14 CONTRACTUAL OBLIGATIONS The College has contractual obligations which are commitments that will become liabilities in the future when the terms of the contracts or agreements are met.

2014 Service contracts

$

Capital projects Information systems and technology Long-term leases Total

2013

999,218 $ 925,967

10,477,189

788,657

1,282,632

1,981,611

107,964

51,100

$12,867,003 $3,747,335

The estimated aggregate amounts payable for the unexpired terms of these contractual obligations are as follows: Service contracts

2015

$

Capital projects

634,946 $

Information systems and technology

10,477,189 $

Long-term leases

671,706 $

26,991

Total

$

11,810,832

2016

166,320

-

347,352

26,991

540,663

2017

98,052

-

263,574

26,991

388,617

2018

99,900

-

-

26,991

126,891

-

-

-

-

-

Thereafter $

999,218 $

10,477,189 $

1,282,632 $

107,964

$

12,867,003

Included in service contracts are electricity contracts in order to manage its exposure to the volatility in the electrical industry. The College has entered into a contract to fix a portion of its electrical cost at an average of $56.63 per megawatt hour that expires on December 31, 2015.

36

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

15 INVESTMENT INCOME 2014

2013 (Note 20)

RESTRICTED FUNDS Investment earning on cash, cash equivalents and portfolio investments held for endowments and other restricted purposes

$

1,053,892

$

211,306

Transferred to deferred revenue

(712,779)

Transferred to endowment net assets (note 11)

(341,113)

(692)

328,293

209,943

Add deferred revenue recognized as investment income Restricted funds recognized as investment income

(209,943)

$

328,293

$

210,614

$

861,721

$

769,468

UNRESTRICTED FUNDS Investment earnings on unrestricted cash, cash equivalents and portfolio investments Transferred to deferred revenue Unrestricted funds recognized as investment income Total investment income

$

(80,613)

(202,233)

781,108

567,235

1,109,401

$

777,849

16 EXPENSE BY OBJECT The following is a summary of expense by object:

2014 Budget Salaries and benefits

$

Material, supplies and services

2013 Actual

37,622,619

$

(Note 20)

35,838,495 $

41,123,142

10,104,785

11,581,763

10,833,712

Repairs & maintenance

3,163,289

5,191,298

3,573,005

Cost of goods sold

1,830,516

1,106,617

1,252,458

Amortization of capital assets

6,434,363

6,582,956

6,300,407

Utilities

1,956,976

2,266,151

1,985,534

Scholarships and bursaries

419,160 $

61,531,708

701,659 $

63,268,939 $

609,455 65,677,714

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

37

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

17 RELATED PARTY TRANSACTIONS The College operates under the authority and statutes of the Province of Alberta. Transactions and balances between the College and the Government of Alberta (GOA) are measured at the exchange amount and summarized below.

2014

2013

GRANTS FROM GOVERNMENT OF ALBERTA Innovation and Advanced Education Operating

$

Capital Alberta Innovates - Technology Futures Other

30,568,396

$

32,307,055

3,116,300

3,018,774

-

100,000

4,042,267

5,318,222

Total Innovation and Advanced Education

$

37,726,963

Other Post-secondary Institutions

$

-

$

500

$ $

40,744,050 -

Other Government of Alberta departments and agencies Alberta Agriculture

$

500

Alberta Health

-

201,398

Alberta Culture and Community Spirit

-

41,452

-

19,360

64,651

-

Alberta Human Services Alberta Sport, Recreation, Parks and Wildlife Total other GOA departments and agencies Total contributions received

$

65,151

$

327,361

$

37,792,115

$

41,006,760

$

38,672,161

$

39,591,049

$

974

$

-

Add (less): deferred revenue

880,046

(1,415,711)

ACCOUNTS RECEIVABLE Innovation and Advanced Education Other Post-secondary Institutions Other Government of Alberta departments and agencies

-

33,147

77,147

73,090

$

78,121

$

106,237

$

14,235

$

19,076

$

14,235

$

20,297

ACCOUNTS PAYABLE Other Post-secondary Institutions Other Government of Alberta departments and agencies

The College has liabilities with Alberta Capital Finance Authority as described in Note 9.

38

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

-

1,221

NOTES TO THE FINANCIAL STATEMENTS [CONTINUED]

18 SALARY AND EMPLOYEE BENEFITS Under the authority of the Fiscal Management Act, the President of Treasury Board and Minister of Finance requires the disclosure of certain salary and employee benefits information.

2014 Base salary

Other cash benefits (2)

(1)

2013

Other non-cash benefits (3)

Total

Total

GOVERNANCE Chair of Board of Governors

$

-

$

Members of Board of Governors

15,448 $

-

$

15,448 $

20,620

23,383

492

23,875

22,802

-

38,831

492

39,323

43,422

272,337

312,343

24,294

608,974

289,533

EXECUTIVE President

(4)

Vice-Presidents

-

VP Academic, Research and Innovation

186,495

-

31,708

218,203

216,075

VP Enterprise and Sustainability

168,780

-

31,719

200,499

51,240

VP Student and College Services

(5) (6)

VP Student Services and Advancement

(7)

$

-

-

-

-

321,856

168,780

-

4,335

173,115

182,735

796,392

312,343

92,056

1,200,791

1,061,439

351,174 $

92,548

1,240,114 $

1,104,861

796,392

$

$

(1) Base salary includes pensionable base pay.

(2) Other cash benefits includes honoraria and other non-salary payments.

(3) Employer’s share of all employee benefits and contributions or payments made on behalf of employees including pension, health care, dental coverage, vision coverage, out of country medical benefits, group life insurance, accidental disability and dismemberment insurance, long and short term disability plan, professional memberships and tuition.

(4) This position was occupied by two different individuals during the year. Other cash benefits include payment of post-employment benefits for outgoing president.

(5) Position created April 2013 (6) Position ended January 2013 (7) Position title changed from VP Advancement to VP Student Services and Advancement in January 2013.

19 BUDGET FIGURES Budgeted figures have been provided for comparison purposes and have been derived from the College’s Comprehensive Institutional Plan as approved by the Board of Governors.

20 COMPARATIVE FIGURES Certain 2013 figures have been reclassified to conform to the presentation adopted in the 2014 financial statements.

21 COMPLIANCE WITH THE CHARITABLE FUNDRAISING ACT AND REGULATION The following disclosure is prepared in accordance with the Charitable Fundraising Act and Charitable Fundraising Regulation of the Province of Alberta. The total non-personnel expenses incurred for the purpose of soliciting contributions was $343,475 (2013 $267,041). The total amount paid as remuneration to employees of the College whose principal duties involve fundraising was $434,164 (2013 - $546,008).

22 APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Governors of Lakeland College.

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

39

Donors

Lakeland College thanks the following supporters for their donations to the college between July 1, 2013 and June 30, 2014. Our thanks also to the many donors who chose to make their contribution anonymously. Our apologies to anyone whose name we may have inadvertently missed.

2014 SLIP Program Cohort

Apple Drugs (Vermilion)

Boston Pizza Vermilion

Cecelia & Don Foster

3 Star Trucking Ltd.

Aramark Canada Ltd.

Boundary Ford Sales Ltd.

Cecil & Pam King

Aabari Zoranen

Art & Soul Framing & Gallery

Brad & Norma Hauber

Cenovus Energy Inc.

Aaron & Trisha Rawlake

Art Boggs

Brene Enterprises Ltd.

Century 21 Twin Realty

ABRI-Tech Inc.

Arthur & Gladys McGinnis

Brent McKerlie

Cervus Equipment Peterbilt

ACL Manufacturing Inc.

ATB Financial

Brian & Julie Smith

Charlene Bonnar

Acron Roofing Systems Inc.

ATCO Electric

Brian & Marju Hagborg

Chaylene & Derek Wilkins

Affinity Credit Union

ATCO Gas

Brian Budenski

Cheryl McDonald

Agnes Schmidt

Austin & Riley Starko

Brian D. Larson Consulting Inc.

Chris Faye

Agriculture Financial Services Corporation

B & R Eckel’s Transport Ltd.

Brian Honeker

Chris Jost

Baddock’s Power Products Ltd.

Brian Webster

Chris MacDuff

Bank of Montreal

Brixton Shoes

Chris McQuid

Bar Engineering Co. Ltd.

Bryan Stefaniuk

Chris Senaratne

Barbara & Barry Gordey

Bulldog Vacuum Service Ltd.

Christine Muyres

Barbara Nelson

Bury Farms Ltd.

Christopher & Carol Grant

Barchard Engineering Ltd.

Butch & Audrey Twerdun

Battle River Community Foundation

Bykowski Sand and Gravel Inc.

Canadian Imperial Bank of Commerce

Al & Joanne MacLauchlan Alan & Denise Rogan Alberta Automotive Recyclers and Dismantlers Association Alberta Assessors’ Association Alberta Association of Animal Health Technologists Alberta Beef Producers - Zone 8 Alberta Blue Cross Alberta Branch Canadian Seed Growers Association (1993) Alice Wainwright-Stewart & Dr. Alex Stewart Allan & Olive Zwierschke Allan’s Backhoe Service Ltd.

BBNS Holdings Ltd. Benjamin Acquaye Benoit Oilfield Construction (1997) Ltd. Bernard & Marlene Whitten Beth Ronaghan & Bruce Hinman Bill & Myrna Fox

C.M. Wolters C5 Bar Ranch Inc. Cale Whiston Canaccord Genuity Wealth Management

Clarabell Thalheimer

Canadian Association of Petroleum Producers

Codey Boehm

Bill Makichuk

Carmel Barnes

Blair Hill

Carmen Stredwick

Andre & Norah Rouault

Blair Worb

Carol Beckie

Animal Nutrition Association of Canada - Alberta Division

Boardom

Carol Masse

Bob & Shirley Cameron

Carol McKay

Anne Willard

Border Brewers

Carole Thibeault

Anthony Neilson

Border Logistics Inc.

Cavalier Agrow Ltd.

AMIK Oilfield Equipment Rentals

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

Citadel Mechanical Ltd. Claires Uptown Salon and Spa Ltd.

Bill Bocock

Amanda & Jason Stepanick

Cinnamon Twist

Cameron & Cynthia Seidle

Canadian Natural Resources Limited

Alva Andersen

Cinco Developments Ltd.

Clayton & Connie Jackson Colchester & District Agricultural Society Cole Ambrock - Molson Coors Colin & Evelyn Lang Colin & Patricia Minish Colleen & Mike Symes College Park Motors Compliant Environmental Services Ltd. Connie Dubyk

Convergint Technologies Ltd.

Devon McNabb

Fang Liu

Herzog Autobody Ltd.

Cook & Cooke Insurance Brokers

Diane Andrukow

Farm Credit Canada

Hess Accounting

Dogpound Hoops Academy Inc.

Fat Boy Restaurant

Highland Feeders Limited

Dominion Creek Ranch

Faye Stevens

Hot Peppers Clothing Co.

Don & Sherry Des-Cotes

First General Services Lloydminster 2009 Ltd.

Homes To Go Mfg. Ltd.

First Truck Centre Lloydminster Inc.

Howard & Rita Austin

Cooper Concrete Construction Ltd. Corlane Holstein Ltd. Cornerstone Liquor Store County of Vermilion River Craig & Barbara Whitehead Craig & Bonita Brown Craig Hougen Craig’s Vermilion Ltd. Creative Glass & Aluminum Crosswinds Landscaping and Concrete Ltd. Crown Investment Corporation of Saskatchewan

Don Lutzak Donna & Norman Horpestad Doug Elliott Douglas Des-Cotes Dr. Frank I. Hohn Dr. Tracy Edwards & Les Ostrowski Dr. Trenton Wennekamp Duane Jansen Dustyn Newman E. Margaret Taylor

Crystal & Tyler Gilbertson

Eastalta Co-op Ltd.

Dabane Trucking Ltd.

Eddie’s Men’s Wear Ltd.

Dane McKay

Edmonton Association of the Deaf

Daniel & Treva Veilleux Darla & Kevin Stepanick Darla Yonkman Darmac Appraisals Ltd. Darrel & Elizabeth Howell

Edmonton Kenworth Ltd. Edson Telephone Answering Service (1996) Ltd. Elaine Gottfried

Florence & Norman Hafso FOCUS Formula Powell LP Fortress Windows & Doors Ltd. Forum Energy Technologies Fountain Tire Ltd.

George & Ivy McMillan and Family

Ireland Farm Equipment Ltd.

Geretta & Arch Partington Glaslyn Agencies Inc. Glen & Jennifer Ungar Glen & Marion Cottrell Glenn Nielsen

Elizabeth Giebelhaus

Gordon Barrett

Dave & Debbie Neigum

Ellen (Jo) Berglund

Government of Alberta

David & Joy Loxam

Ellis & Donna Treffry

Dave Tate

Endress + Hauer

Gower & Co. Vegetation Management Inc.

David’s Tea

Eric Maldiney

Deanna Carter

Estate of Elizabeth Welter

Deborah Holden

Estate of Thomas Makepeace

Debbie Maddex

Estate of Walter Jenkins

Deborah Larry

Eugene Danko

Del Lloyd Corporation (Motion Fitness)

Evan Chalut

Denmax Energy Services Ltd. Dennis Hobman & Audrey Lalonde Dennis Turner Designer’s Choice (Lloyd) Ltd.

Exhaust Masters Lloydminster F & K Hotel Holdings Ltd. Fabutan Suntan Studio Factory Sports Excellence Family Pharmacy

Image Orthodontics

Inside Education

Dave & Beth Cowan

Denham Chrysler Ltd.

Idella Matthews

Geo. C. Webb & Sons (1980) Ltd.

Gordon & Sharon Newman

Evergreen Oilfield Services

Ideal Office Solutions

Ina McLean-Lawrence

Eli Ulan

Dena Klein

Husky Group of Companies

Furniture Clinic

Darryl Kublik

Everest Trucking Ltd.

Hugh & Helen Banks

Imperial Oil, Cold Lake Operations

Darren McLarty

Delia Morgan-Tetz

Hugh & Elsie Fleming

Fulkerth Services Ltd.

Electrical Contractors Assocation of Alberta

Evelyn Austin

Hotstove Automotive Ltd.

Goji Sabata

Interior Designers of Alberta Isabelle & Gary Moses Ivor & Lorna Schledewitz J. Milton Ltd. Jacee Hawk Jacinda Kitt Jack & Eleanor Ward Jack Kemp Community School Jack Lewis Jackie Weisgerber James & Denise Calderwood James Tally

Graeme Anderson

Janice Heit

Greenlee

Jared Fehr

Greg Plant

Jason Whiting

Grit Industries Inc.

JC’z Trend

Hal (Harley) Lappin

Jean McGuckin

Hall & Revering

Jeff & Amber Kappes

Halpenny Agencies 1989

Jeff Dustow

Hanna Chiropractic Clinic

Jeremy Hatt

Harp’s Family Foods

Jerome Weiland

Hawkings Epp Dumont LLP

Joanne & Glenn Charlesworth

Hazel Irving

Joe & Marilia Soto

Heather Conacher

Johan Breytenbach Enterprises Orthokinetics

Heavy Crude Hauling LP Heidi Braithwaite

John & Barbara Fleming John & Jenny Bocock

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

41

John Cross

Lakeland College SOS

Mannville Truck Wash

MTM Energy Services Inc.

Johnson Inc.

Lakeland College Staff Association

Marcus & Mary Caines

Murray Coburn

Marcel & Michelle Plourde

Nadine Walker-Perry

Margaret Harcus

Nedeljko Savic

Margaret Page

Neil & Gail Carruthers

Maria-Lise & Tom May

Newcap Radio Inc.

Josephia Van Lent Joyce Loraas Judy & Christopher Sarsons

Lakeland College Stock Dog Club

Judy Eyben

Lakeland College Student Association

Julia Hrapko

Lakeland Country Florists

Marie & Paul Therriault

Nick Porozni

Just Kruzin

Lakeland Rowing Club

Marjorie & David Locke

Nickolaus Cote

Justin Mahussier

Lalit & Manju Kilam

Mark & Deborah Okrainetz

Justina & Jeffrey Christopherson

Lammle’s Western Wear & Tack

Mark & Kristine Alexander

Nick’s Family Restaurant Vermilion

Lange’s Country Meats

Mark Dupperon

Larry & Barbara Bright

MARSH Canada Limited

Larry & Bonnie Speers

Martin & Mary Krupa

Larry & Sharon Bilben

Martin Fiesel

Larry Stefanishen

Mary & James Callander

Laura & Sheldon Baker

Mary Daigneault

Laura Kassian

Mary Harrish

Laurie Rasmussen

Mary McQueen

Layne & Lonnie Boothman

Mary Mercer

Leanne Griffiths

Maurice & Heather MacMillan

Leckie & Associates LLP

May Theatres (1984) Limited

Lee Cormier

May-britt Feist

Lee Crosson

McMinis & Company

Lee J. Moneo Professional Corporation

Medi Drugs R2

Kerri Sinclair

Legacy Building Contractors Inc.

Melissa Hofstra

Kevin & Marilyn Sommer

Lewis Farms Ltd.

Kevin Gannon

Linda Werklund

Khursten Bullock Kimberly Balsillie

Linnea Goodhand & Dale Beaudry

Kirk & Pam McInroy

Lions Club Lloydminster

Michael Quwek

Kittle Farms Ltd.

Lisa Sader

Michelle Oswell

Knight Seeds

Lisa Tschetter

Midwest Floorcovering

Powell Cats Ltd.

Kondro Electric (1980) Ltd.

Lloydminster & District Cooperative Limited

Midwest Furniture & Appliances

Prairie Fire Volleyball

Miles Schiller Financial Planning Services Ltd.

Progressive Tool Design Inc.

K & S Power Tongs Ltd. K. Kenn Industries Ltd. Karen & Neil Snelgrove Karla & Doug White Kasian Architecture Interior Design & Planning Ltd. Kathy Teetaert Kelly Lavoie Kelvin McGrew Ken & Debbie Smith Ken MacKinnon Kenilworth Combustion Ltd. Kenneth & Jessie Hoffman Kenneth Frankish KFC Lloydminster

Kramerica Restaurant Group Inc. (Original Joe’s Lloydminster)

Lloydminster Chamber of Commerce

Mel & Margaret Benham Michael & Denise Kotelko Michael & Kathy Crowe Michael Carey Michael Moroz

Milt & Carrol Wakefield

Nigel Kalyniak Nikki Bosnak NKBA Prairie Provinces Noralta Technologies Inc. Norm Wilson North Battleford Carpet One Northwind Radio Ltd. One Tooth Activewear Orest & Patricia Yackimec Orvis Schneider Overflow Energy Paul Richer Pauline Banks Peggy Smith Pembina Pipeline Corporation Pentacon Energy Services Inc. Perma Earth Consulting Ltd. Pet Planet Peter & Bonnie Walsh Phil & Denise Allen PIC Investment Group Inc. Pincher Creek Veterinary Clinic PMP Powerline Construction

Quinn Contracting Ltd. Quinn Hawk

Lloydminster Economic Development Corporation

Mitchell Derkach

Kyla Graham

Lloydminster Golf & Curling Centre

MNP LLP

R.C.S. Insurance Consultants Inc.

Ladybug Scrapbook

Lopaschuk Investments Ltd.

Modern Country Interiors

Ranch and Feedlot Rider Club

Lorena Donkin

Monfilame Papy

Randall Sonnenberg

Lorraine Bryan & Philip Griebel

Monty & Lynn Wilkins

Randy & Brenda Dancey

Lupi Luxury Homes Inc.

Morris & Paulette Erickson

Randy Fines

Kurt Henry Kurtis Jansen

Lakeland College A.H.T. Club Lakeland College Alumni Association

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

CNH America LLC

R. Snelgrove & Sons Ltd.

RBC Royal Bank

Veterinary Technologists

Talisman Energy Inc.

Truly Amish Inc.

RE/MAX Prairie Realty (Vermilion & Vegreville)

Scotiabank

Target Safety Services Ltd.

Scott Isbister

Tarpon Energy Services Ltd.

UCG Universal Consulting Group Ltd.

Scott Land & Lease

Taylor Dyer

SDMC AG Inc.

TD Bank Financial Group

Sean Kingston

TD Insurance Meloche Monnex

Seidle Seed Farm

Terry & Kathleen Bocock

Sellers RV Centre Ltd.

Terry & Leanne Lupul

Servus Credit Union Ltd.

Terry West

Vermilion & District Chamber of Commerce

Sharie Cousins

Tervita Corporation

Vermilion Chrysler Ltd.

Shaw Cable

TFJM Construction Ltd.

Vermilion Credit Union

Sheepskin Loft

The Bea Fisher Centre Inc.

Vermilion Jr. B. Tigers

Sheray Thomas

The Berg Family

Vermilion Liquor Store

Sheresse Josephson

The Calgary Foundation

Shirley Williams

The Cat Rental Store

Vermilion Veterinary Clinic (1977) Ltd.

Shoreline Solutions Inc.

The Child & Youth Care Association

Redhead Equipment Limited Reid Daley Reid Signs Ltd. Rene Arts Waterwell Ltd. Resch & Company Ltd. Rex & Joyce Cunningham Richard & Frances Pfeiffer Richard & Georgina Nordstrom Richard & Joyce McBain Ricoh Canada Inc. Robert & Anita Boos Robert & Ann Hall Rock Solid Nitrogen Services Ltd. Roderick & Janet Carlyon

Signs ‘N More Ltd.

Roger Jones Roger Rushigira

Society of Petroleum Engineers - Lloydminster Section

Ron & Judy Plett

Solstice Canada Corp.

Rona (Too-Lads Building Supplies Ltd.)

Southview Trucking Ltd.

Rosemary von Schilling Ross & Eleanor Wallace Rotary Club of Vermilion Roy Galloway Roy Kubica Royal Canadian Legion Br. 11 Royal Canadian Legion Br. 39 Royal Canadian Legion, AlbertaNWT Command Roy’s Courier Service

Spartan Consulting Spartan Controls Spicers Canada Spiro’s Steak & Pizza Sportaken Holdings Ltd. Staden Farms Stantec Consulting Ltd. Standard General Inc. Stanley & Sharleen Chevraux Stefan Cukovic

Ruby Bauer

Stephen Washington

Russel Manary

Stetson Casing Service Ltd.

S5 Farms Ltd.

Steven & Alberta Mak

Sage Brush Holdings

Steven Chinn & Brandi Matters

Sandpiper Truck Services Ltd.

Strathcona Vintage Tractor Association

Sandra Bernes Sandra Hunter Saskatchewan Assessment Management Agency Saskatchewan Association for Community Living Saskatchewan Association of

Sub-Arc Systems Inc. Sule & Margaret Garba Sunlife Financial Swan Industrial

Val Smith Vera & Robert Fielding Vermeer’s Dairy Ltd. Vermilion & Area Volunteer Crisis Line

Vermilion Voice Ltd. VetStrategy Alberta Inc.

The Filter Shop at BGE

Vic & Ann Juba

The Garth Sweet Simmental Foundation

Victoria Bera

The Kohel Family The Lefebvre Family The Old Liquor Store Ltd. The Root

VVASF - c/o Viterra Vermilion Walter & Myrtle McNary Walter & Rheta Prill Walter & Sylvie Romaniuk Walter Skripitsky

The Second Cup The Sling Sisters Inc. The Zoo Tim & Wendy Hines Tim Dyck Financial Services Inc. Tom Chrisp Top Grade Construction Ltd. Torsti Hauhia Tourism Saskatchewan Town of Vermilion Tradewinds Enterprises Ltd. (Booster Juice) Tram Sales Ltd. Travis Hagel Trevor Ollen Tri Jet Services Inc.

Synergy Credit Union

Triovest Realty Advisors Inc. (LloydMall)

T.J. & Georgina Altman

Troy & Angela Speers

Warren Still & Johnstone Ltd. Wayne & Joan Cholak Wayne & Susan Brazeau Wendy Plandowski West Harvest Inn Western Builders Inc. Wild Rose Ranch Wilkinson Livingston Stevens LLP William & Myrtle Robinson William & Theresa McIldoon Wollaston Lake Lodge Woodwynn Farm Ltd. WPD Ambulance WRW Chartered Accountant Xiaoning Yang Xsited Oilfield Consulting Services

LAKELAND COLLEGE // ANNUAL REPORT 2013-2014

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Vermilion Campus 5707 College Drive, Vermilion, Alberta T9X 1K5 Lloydminster Campus 2602 59 Avenue, Lloydminster, Alberta T9V 3N7 1 800 661 6490 // www.lakelandcollege.ca

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LAKELAND COLLEGE // ANNUAL REPORT 2013-2014