Page 1

Annual Report July 1, 2014 - June 30, 2015


2

Lakeland College

Annual Report 2014-2015


Table of Contents 4 Mission, Vision, Values & Outcomes 5 Board Accountability Statement • Board of Governors

6 Management’s Responsibility for Reporting 7 Message from the President 8 Year in Review

• • • •

Learner Success Relevant Programming and Research Connectivity Sustainability

13 Operational Overview 14 Goals, Priority Initiatives, Expected Outcomes and Performance Measures

• • • •

Strategic Outcomes Access and Quality Enrolment Plan Research, Applied Research and Scholarly Activities

21 Internationalization 23 Information Technology 24 Capital Plan • Expansion Capital • New Capital • Preservation Capital

25 Financial Statement Discussion and Analysis 30 Financial Statements

• • • • • • •

Statement of Management’s Responsibility Auditor’s Report Statement of Financial Position Statement of Operations Statement of Remeasurement Gains and Losses Statement of Cash Flows Notes to the Financial Statements

54 Appendix • Program Full Load Equivalents • Donors

Lakeland College

Annual Report 2014-2015

3


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

• Continuous self-improvement

• Accountability and integrity

• Innovation

• Inclusiveness and collaboration

• Pride

Outcomes

4

Lakeland College

• Learner success

• Connectivity

• Relevant programming and research

• Sustainability

Annual Report 2014-2015


Board Accountability Statement The Lakeland College Annual Report for the year ended June 30, 2015, was prepared under the Board’s direction in accordance with the Fiscal Management Act and ministerial guidelines established pursuant to the Post-secondary Learning 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 Darrel Howell] Chair Lakeland Board of Governors December 2015

Board of Governors

As of June 30, 2015

Chair

Student Members

Public Members

Darrel Howell

Don Shaw

Ken Baker

Vice Chair

Greg Sutherland

Jason Bazinet

Gary Moses

Academic Staff Member

Linnea Goodhand

President & CEO

Wanjiku Kaai

Michael Kotelko

Alice Wainwright-Stewart

Non-academic Staff Member

Bryan Perkins

Debbie Maddex

Scott Webb

Lakeland College

Annual Report 2014-2015

5


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 institutions audit and risk 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 which are prepared in accordance with Canadian public sector accounting standards.

[Original signed by Heather Nanninga] Chief Financial Officer Lakeland College

6

Lakeland College

Annual Report 2014-2015


Message from the President On behalf of my colleagues and the Board of Governors, I am pleased to present Lakeland’s 2014-2015 annual report. It records our work towards achieving the goals set forth in the Lakeland College Comprehensive Institutional Plan 2014-2017. The annual report highlights the accomplishments of our students, faculty and staff. It also includes the college’s work to expand access, improve learner outcomes, increase program and service efficiency, and advance our research priorities. Our work is always Ever to Excel and throughout the 2014-2015 academic year the college, our students and faculty accomplished much. Enrolment increased slightly from the previous year and our students excelled in their studies. Three interior design technology students placed in the 2014-2015 National Kitchen & Bath Association (NKBA) student kitchen design and charette competitions. This brings Lakeland’s winning streak in interior design competitions to 12 years. Agribusiness students organized the sold-out success that was the 2014 Band in the Sand, with 1,800 tickets sold. All proceeds raised supported agriculture clubs. Steamfitter-pipefitter apprentice Hunter Weatherly won gold in the 2015 Alberta Skills Canada Competition and also placed fifth at nationals. From winning buckles to rowing for gold, celebrating double futsal silver medals and making history as All-Canadians, Rustlers Athletics also achieved many milestones in 2014-2015. A record sum of $1.2 million in awards, scholarships and bursaries from external and internal sources was awarded to our students during the year. We joined forces with the Métis Education Foundation to create a special purpose fund – the Métis Scholar Awards Fund – for Métis students attending the college. The third annual President’s Gala united more than 400 industry leaders, community members and friends of the college in support of students. A mobile app to bring campus and academic life together in one place was launched with overwhelming success. Our Student Managed Farm – Powered by New Holland celebrated its 25th anniversary at our Vermilion campus, and in applied research we ranked 20th on the list of Canada’s Top 50 Research Colleges that was released in October 2014. Though it was quite a momentous year for the college, we also faced a number of challenges that we are proactively working to address and overcome. Infrastructure maintenance and renewal remains the largest obstacle for the college. While we completed construction of the Energy Centre – a 2,500 sq. metre integrated power plant featuring a oncethrough steam generator (OTSG) for heavy oil training – other facilities are in need of upgrades or replacement. With the completion of the Energy Centre at the Lloydminster campus, our focus is shifting to the Vermilion campus where aging infrastructure needs to be replaced with modern facilities with high-tech equipment to ensure our students get the most relevant training possible. As a member of the Lakeland team for more than 30 years, I was honoured to be appointed president and chief executive officer of the college on May 4, 2015, a position I had filled on an interim-basis since fall 2014. I am confident the college will continue to overcome the challenges it encounters while inspiring learner success and community development.

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

Lakeland College

Annual Report 2014-2015

7


Year in Review LEARNER SUCCESS Interior design students excel Three students in Lakeland’s interior design technology program won in the 2014-2015 National Kitchen & Bath Association (NKBA) student kitchen design and charette competitions. Laura Cobb placed first in the NKBA/General Electric Charette Competition and won a $5,000 scholarship. Bree-Anne Hubick finished third and received a $3,000 scholarship. Kayla Soto won the NKBA Student Kitchen Design Competition and earned a $2,500 scholarship. Cobb also finished third in the NKBA Student Kitchen Design Competition and collected a $1,000 scholarship. This is the 12th year in a row that at least one Lakeland student has placed in a design competition.

Rustlers Athletics 2014-2015 recap Two student-athletes distinguished themselves as All-Canadians in 2014-2015 sports season. Stefan Cukovic and Savana Walkingbear made history as the first Rustlers to earn that honour in men’s soccer and men’s volleyball. Other Alberta Colleges Athletic Conference (ACAC) and Canadian Collegiate Athletic Association (CCAA) highlights from 2014-2015 include: •2  gold medals at Western Canadian University Rowing Championships • 2 silver medals at ACAC futsal championships •1  bronze medal and fair play award at the ACAC men’s soccer championships • 2 ACAC Rookies of the Year

Competing at Skills Canada

• 2 Academic All-Canadians

Steamfitter-pipefitter apprentice Hunter Weatherly won gold in the 2015 Alberta Skills Canada Competition and placed fifth at nationals. Weatherly was one of three Lakeland students to win a medal in the Alberta Skills Canada Competition. For the second consecutive year, Jeremy Blanchette of St. Paul won silver in the auto service event. Blake Robley of Metiskow won the bronze medal for carpentry.

• 2 All-Canadians

Sold-out success

• 184 student-athletes

Agribusiness students organized and hosted the second annual Band in the Sand at the Vermilion campus on Oct. 25, 2014. The sold-out show saw 1,800 attendees dance in the dirt in the Equine Centre to Dallas Smith and several local opening acts. Proceeds from the event support student agriculture clubs at the college.

High ABSA pass rate At the end of the fall semester, energy and petroleum technology faculty announced that of the 156 students who wrote Alberta Boilers Safety Authority (ABSA) exams, 88.5 per cent passed. “This is pretty phenomenal when you consider the provincial pass rate is 68 per cent. We are pretty excited,” says Kara Johnston, dean of energy, entrepreneurship and Aboriginal programming. Power engineering programming expanded in 2014-2015 thanks to additional funding from Alberta Innovation and Advanced Education.

• 2 ACAC Coach of the Year Recipients • 1 CCAA Coach of the Year •4  championship buckles at the Canadian College Finals Rodeo • 22 ACAC All-Conference Athletes • 18 National Scholar Award recipients

Top spot for percussion Josh Sandercock snared top spot in a class at the Saskatchewan Music Festival Association (SMFA) Provincial Finals Competition in June. Sandercock, a percussion student at Lakeland, competed at both the provincial and the provincial national level during the competition in Saskatoon. He played three pieces for the national class and a snare drum piece for the provincial class. Sandercock won his provincial class and did very well at the national level.

Alumni excellence An alumnus of Lakeland’s university transfer program was accepted into Harvard University. Maria Sarcauga moved to Cambridge, Mass., in January 2015 to begin the Master of Liberal Arts in Psychology program which consists of nine courses and a thesis. Leroy Fontaine, firefighter and Lakeland alumnus, competed at the Scott Firefighter Combat Challenge in

8

Lakeland College

Annual Report 2014-2015


Phoenix, Ariz. in November 2014. Fontaine won in several categories at the world championship and his team Shell Canada, a combination of members from Shell Albian Sands Emergency Services and Shell Scotford, placed seventh overall. As a first-time competitor who made the top 10 at various regional combat firefighting events, Fontaine won the 2014 Rookie of the Year Award and was also inducted into the Lion’s Den during the world challenge. Lee Laskosky, Class of 1977, was named to the Canadian Pro Rodeo Hall of Fame in October 2014. Laskosky’s achievements in the rodeo ring are extensive. He competed for 15 years, during which he won the Canadian Steer Wrestling Championship twice (1984 and 1986), won the $50,000 prize at the Calgary Stampede (1986) and qualified four times for steer wrestling at the National Finals Rodeo. Brianne Bors, Class of 2011 and Class of 2013, was recognized as Candidate Member of the Year by the Canadian National Association of Real Estate Appraisers (CNAREA) for her diligence and professionalism.

Distinguished alumni Albert Miller, Class of 1949, was honoured with the Distinguished Alumni Award (Vermilion campus) for his professional accomplishments and community service. An avid farmer and accomplished businessman, Miller continues to farm near Westlock today – 66 years after he graduated from college. In addition to farming, Miller owned a successful John Deere dealership in Westlock for 29 years, as well as a Chrysler dealership and service centre store. As a charter member, Miller actively volunteered his time with the Rotary Club of Westlock and served as the president and district governor. Wendy Plandowski, Class of 1991, was recognized as a Distinguished Alumni (Lloydminster campus). She was a student in the college’s university transfer program and after earning a Bachelor of Arts degree at the University of Alberta in 1993, she returned to Lakeland to work. She served successfully in many different roles including director of alumni and corporate development, director of community relations, and Lloydminster campus principal. In 2013 Plandowski joined the Lloydminster Region Health Foundation as its chief executive officer.

RELEVANT PROGRAMMING AND RESEARCH French-language Early Learning and Child Care program developed

learning and child care (ELCC) program in French. Three 10-week online courses started on Sept. 15, 2014. This program was made possible thanks to the CanadaAlberta Official Languages in Education Protocol on French Minority-Language and French-Second-Language Instruction.

1st Lakeland MOOC Lakeland offered its first massive open online course (MOOC) in September 2014. MH 200 Introduction to Mental Health is the first course in mental health practitioner, a new continuing education certificate program. Of the 102 people who registered, 36 successfully completed the free course.

Alberta School for the Deaf home to Lakeland’s sign language programming Following a successful trial run with the American Sign Language and Deaf culture studies certificate program, Lakeland’s sign language programs are now based at the Alberta School for the Deaf (ASD) in Edmonton. Fourteen students started the full-time sign language interpretation diploma program in fall 2014.

Fourth Excellence in Education award Lakeland’s interior design technology program was recognized in October 2014 for demonstrating the highest standards of kitchen and bath instruction. For the fourth time in five years, the program earned an Excellence in Education award from the NKBA.

High ranking for research In October 2014 Research Infosource Inc. released its list of Canada’s Top 50 Research Colleges. Lakeland was ranked 20th on the list. Using data from the 2013 fiscal year, Research Infosource Inc. analyzed research funding and the number of faculty involved in research to compile the list. Much of the funding was used to support renewable energy and agriculture research projects at the Vermilion campus including: • the Alberta Biochar Initiative • construction of a bio-energy centre at the Centre for Sustainable Innovation • t he development and launch of trials related to livestock feed intake • crop input intensity • Jerusalem artichokes (JART)

Lakeland partnered with the Centre collégial de l’Alberta of the University of Alberta to develop and offer the early

Lakeland College

Annual Report 2014-2015

9


International nod for SMF Lakeland’s commitment to involving industry in the Student Managed Farm (SMF) – Powered by New Holland earned the college an international award. Lakeland received a silver Award of Excellence in the collegeindustry partnership category from the World Federation of Colleges and Polytechnics. The college was among 11 post-secondary institutions recognized for initiatives that strengthen applied learning and research outcomes. Thanks to a partnership with New Holland’s North American office, students have access to the latest line of New Holland farm machinery to use on the SMF. On a global scale, Lakeland has collaborated with partners on international projects in Tanzania and Belize. 2015 marks the 25th anniversary of the SMF.

Online interest explodes Online registration for human services programs increased substantially in the 2015 winter term. The number of registrations for five areas of human services – including child and youth care, educational assistant and mental health practitioner, as well as both the early learning and child care certificate and diploma programs – totalled 311. During the 2014 winter term course registrations totalled 122 and in the 2014 fall term registrations totalled 244.

Dual credit programming grows year-to-year The number of Alberta high school students enrolled in Lakeland’s dual credit courses rose. The 2015 winter intake of dual credit students totalled 189 marking a significant increase compared to the 2014 winter term, which had 95 high school students registered. The number of dual credit courses Lakeland offered also increased with the following four new courses: introduction to soil and science, health care aide, power engineering and the French language delivery of play. The other dual credit courses available to students include two human services classes – play and exploring exceptionalities – as well as introduction to esthetics, environmental sustainability and introduction to heavy oil and gas, which was the most popular with 65 students enrolled. In addition to the 189 students in grades 10 to 12 enrolled in the dual credit program, there were also eight high school students in the Buffalo Trail Public School Division who completed a pre-employment carpentry dual credit program.

Research reaches new heights Lakeland received $67,085 in federal funding to purchase a research tool that has applications in agriculture, energy, environmental sciences and fire and emergency services. 10 Lakeland College

Annual Report 2014-2015

The new funding came from the Natural Sciences and Engineering Research Council of Canada’s (NSERC) College and Community Innovation (CCI) program. The Applied Research Tools and Instruments Grant allowed the college to purchase an unmanned aerial vehicle system (UAS) equipped with image acquisition and processing technologies. A UAS is the combination of an unmanned aerial vehicle (UAV) plus camera payload and image processing software. Lakeland’s applied research team is evaluating the practical use of the UAS within local framing practices. This research tool adds an important dimension of data to the college’s multi-year economic evaluation of crop management intensities project with industry partners, along with many other agriculture research projects. A public presentation and demonstration was held on June 3 at the Centre for Sustainable Innovation at the Vermilion campus.

Advanced officer training In April 2015, Lakeland announced new training opportunities for fire officers. Thanks to collaboration between Lakeland and the Ontario Fire College, levels three and four of National Fire Protection Association (NFPA) 1021 Fire Officer will be offered in Vermilion at the Emergency Training Centre in August and November 2015. The college has successfully offered levels one and two for many years.

Energy Centre complete Construction of the Energy Centre attracted the attention of students, industry, and community members because of the diversity of the technologies within the lab and the modern design of the facility including the slanted glass exterior wall. Inspired by the prairie sunset, the glass is glazed yellow, orange and red. When the sun shines through the glass, the colours of the sun float across the floor and over the state-of-the-art equipment including a once-through steam generator for heavy oil training. Construction of the facility was substantially completed during the 2014-2015 year and the Energy Centre will officially open in August 2015.

New program: international development International development, a new one-year post-credential certificate program, began in fall 2014 at the college’s Vermilion campus. The program was created to provide students with an opportunity to develop international experience in the area of study in which they earned their credential.


CONNECTIVITY New president, familiar face Lakeland Board of Governors announced on May 4, 2015, the appointment of Alice Wainwright-Stewart as president and chief executive officer of Lakeland. WainwrightStewart had served as the interim president following Dr. Tracy Edwards’ resignation as president on Oct. 27, 2014.

New board chair Darrel Howell was designated chair of the board for a three-year term effective Dec. 19, 2014 by the Ministry of Innovation and Advanced Education. Howell, a member of the board since 2012, succeeded Milt Wakefield as the new chair. Howell has worked in the energy sector for over 30 years in senior management.

Three decades of service In honour of Geretta Partington’s dedication to student engagement and learner success, she was awarded the 2015 Dean Stetson Service Award at the annual Alberta Services for Student Conference in May. Partington is Lakeland’s financial aid and awards officer. She has worked at the college for 35 years. The Dean Stetson Service Award is open to staff at every college, technical institute and university in Alberta. It is presented to an individual in recognition of long-term service to students (10 years or greater) and an outstanding contribution to the development of excellence in student services within the province.

Mobile app launched Designed for current students, Lakeland launched a free mobile app in August 2014. The app enables students to bring campus and academic life together in one place, and students responded overwhelmingly to its debut. Three hundred students downloaded the app on the day it was announced and that number grew increasingly over the academic year.

Connected and social Lakeland is one of the more social colleges according to a study completed by MediaMiser. The college ranked among the top 10 Canadian colleges of 2014 for Twitter use and took third place in the “influencers by total retweets” category. The results were shared online in a top 10 social media infographic on the MediaMiser website.

Record year for student awards program For the first time in Lakeland’s history, more than $1.2 million in awards, scholarships and bursaries from external and internal sources was awarded to Lakeland students.

Thanks to 21 new donors plus ongoing support from returning award donors, at the end of June 2015 a sum of 1,338 awards, scholarships and bursaries valued at a total of $1,214,784 was awarded to Lakeland students.

Métis Scholar Awards established Lakeland and the Métis Education Foundation joined forces to create a special purpose fund – the Métis Scholar Awards Fund – for Métis students attending the college. On June 17, representatives from Lakeland, Métis Education Foundation, Métis Nation of Alberta and the Rupertsland Institute signed an agreement to officially signify the establishment of the Métis Scholar Awards. The Métis Education Foundation is contributing $103,000 to the fund with an additional $27,000 provided by Lakeland. The purpose of the $130,000 fund is to encourage postsecondary achievement and remove financial barriers for Métis students attending Lakeland. Over a 15-year period the fund will allow for the distribution of two to four awards each year.

2015 President’s Gala More than 400 guests attended the President’s Gala on March 27. The sold-out event featured a performance by Canadian power-couple Raine Maida, of Our Lady Peace, and singer-songwriter Chantal Kreviazuk. Together, they performed for the first time in Lloydminster. Dr. Richard Starke, MLA for the Vermilion-Lloydminster constituency, told guests that Lakeland is an outstanding post-secondary institution that is critical not only to the local constituency and Alberta, but also Canada and beyond. He cited the Student Managed Farm – Powered by New Holland, the Emergency Training Centre and the Centre for Sustainable Innovation among Lakeland’s many strengths. Gala proceeds support Lakeland’s student awards program.

Distinguished citizens Glenn Charlesworth and Bill Musgrave were each presented with an Honorary Bachelor of Applied Business Degree, as the 2015 Distinguished Citizens for the Vermilion and Lloydminster campuses, respectively. Charlesworth started his career at Lakeland in 1982 as a business instructor. In 2003 he became the vice president, finance and operations, and then, in 2006, he became Lakeland’s president and chief executive officer. During his time as president, many capital projects were completed, significant enrolment growth occurred, and the college’s financial targets were continuously met if not exceeded. In 1978, Musgrave moved to Lloydminster to continue growing his real estate and land development business. For

Lakeland College

Annual Report 2014-2015

11


more than 37 years, Musgrave Agencies has been a leader in the development of large-scale residential neighbourhoods, multi-family dwellings, adult communities and commercial developments. Giving back to the community and supporting local charities are a priority for Musgrave.

SUSTAINABILITY Lakeland’s Centre for Sustainable Innovation (CSI) opened its doors to the public on Oct. 4, 2014 as part of the Green Energy Doors Open initiative. Guests learned more about CSI research initiatives plus toured the Renewable Energy Learning Centre, a net-zero building that incorporates solar thermal, solar photovoltaic, micro wind and ground sourced heat pump systems. The CSI was one of more than 110 sites in Alberta and Ontario that hosted an event to raise awareness, understanding and support for sustainable energy.

12 Lakeland College

Annual Report 2014-2015

The Enviro Club created a campaign to heighten awareness about recycling in January 2015 and to promote the functional recycling program that was implemented at the Vermilion campus. There are four bins for refundables, white paper, other paper and landfill. Throughout the winter 2015 semester (January to April), about 50 second-year students in a number of agricultural disciplines including animal science technology and crop technology worked together to complete an Environmental Farm Plan (EFP), making Lakeland the first post-secondary institution in Alberta to complete an EFP in 20142015. “We are proud to be demonstrating environmental stewardship on our college farm and to have our students working through the EFP,” said Josie Van Lent, dean of the School of Agricultural Sciences.


Operational Overview As the third oldest post-secondary institution in Alberta, Lakeland has been leading in learning for more than a century. While the 2014-2015 academic year included great opportunities for learner success, Lakeland addressed challenges as well.

Demographics According to the Alberta Coalition for Action on Labour Shortages, Alberta will face a labour shortage of about 114,000 workers over the coming decade, of which more than 62,000 will require a post-secondary education. With full load equivalents (FLEs) reaching 1,920 in 2014-2015, Lakeland is committed to building a lifelong learning system that provides equal access to education and supports a diversified economy. Of those who attended Lakeland in 2014-2015, 186 students self-identified as Aboriginal. Lakeland faces the same challenges as many postsecondary institutions regarding an aging workforce. At the 2014 employee recognition ceremony, 440 years of service was recognized. Twenty employees were recognized for more 20 years of service while 10 celebrated their retirement. As more of Lakeland’s workforce will be eligible for retirement over the next 10 years, Lakeland is developing an integrated approach to the management and development of current and future leaders and staff.

Dual credit growth More high school students have a chance to earn Lakeland credits while exploring different career paths thanks to an increase in dual credit offerings. The number of Alberta high school students enrolled in Lakeland’s dual credit courses rose in 2014-2015. The 2015 winter intake of dual credit students totalled 189 marking a significant increase compared to the 2014 winter term, which had 95 high school students registered. The number of dual credit courses Lakeland offered also increased with the following four new courses: introduction to soil and science, health care aide, power engineering and the French language delivery of play. The other dual credit courses available to students include two human services classes – play and exploring exceptionalities – as well as introduction to esthetics, environmental sustainability and introduction to heavy oil and gas.

Economic conditions and sustainable funding Falling oil prices in 2014-2015 and its effect on provincial revenues reinforced the importance of Lakeland’s commitment to financial sustainability and stability. Deans and directors were tasked with reviewing their budgets to see where they could make a five per cent cut. The college also worked to further manage expenses and increase revenue opportunities. A decrease in grant funding resulted in the Lakeland College Board of Governors approval in April for the suspension of the 2015-2016 intakes for the heavy oil operations technician (HOOT) and international development programs. The intake suspensions were due to the announcement of an unexpected $358,259 reduction in the Targeted Enrolment Grant that Lakeland will receive from Alberta Innovation and Advanced Education in 20152016. Most of this grant was allocated for energy related programming. Lakeland is committed to developing and implementing long-term strategies that will address financial challenges. Secure, long-term funding for post-secondary education is essential for Lakeland to continue to offer exceptional learning experiences and make significant contributions to the local and provincial economies.

The value of Lakeland Through the spending of the college, its employees and its students plus the impact of increased productivity of former students employed in the regional workforce, Lakeland adds $168 million to the local economy in a year, according to the economic impact study released in July 2014 by Economic Modeling Specialists Inc. Of note, taxpayers also receive a positive return for their investment in Lakeland. For every dollar that Alberta taxpayers spent on Lakeland during the year, society in Alberta will receive $6.60 in benefits for as long as the students remain active in the provincial workforce. The study also 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. This equates to a 23.2 per cent internal rate of return on their investment. Lakeland understands that its students are not only its greatest strength, but its most valuable resource.

Lakeland College

Annual Report 2014-2015

13


Goals, Priority Initiatives, Expected Outcomes and Performance Measures In the 2014-2017 Comprehensive Institutional Plan, Lakeland outlined four strategic outcomes: • Learner success: Lakeland will optimize learner success. •R  elevant programming and research: Lakeland, in conjunction with post-secondary partners, will strategically provide programming that meets student, government and industry expectations. •C  onnectivity: Lakeland will be connected to its multiple stakeholders. •S  ustainability: Lakeland will achieve sustainable operations. In the following pages, Lakeland reports on the progress made towards achieving these outcomes.

OUTCOME 1 – OPTIMIZE LEARNER SUCCESS Objective

2014-2015 Goal

Status

Implement one action in response to 2013-2014 industry satisfaction survey

Achieved

1.1 Align with Industry

Progress made in last 12 months: In the 2013-2014 Industry Satisfaction Survey, 78.4 per cent of respondents were satisfied with the technical skills Lakeland graduates were able to demonstrate. This was up from 73.2 per cent in 2009. Technical skill development was rated as either important or very important by 92.9 per cent of respondents. In response to this, all deans were asked to implement a new, applied skill-training component into every program for the 2015-16 academic year. The School of Human Services completed curriculum changes to the educational assistant TA140 course. Students are set up with weekly time required in school classrooms at the start of the semester. The curriculum addition of HS202 leadership activities for the early learning and child care and the child and youth care programs was completed. Students are required to lead community activities centered on strength-based philosophy. The agribusiness program is working on the development of a student-managed enterprise, whereby students will manage a small retail business. Discussions are underway for the development of a student-managed animal health clinic. 14 Lakeland College

Annual Report 2014-2015

Two faculty members in the esthetician program completed training in microdermabrasion and chemical peel procedures. These skills are an important addition to the program as an enhancement so that students are industry-ready upon graduation. A faculty member in the health care aide certificate program completed training in the gentle persuasion approach (GPA), which is used to meet the needs of individuals with dementia and other conditions. University transfer students held a math fair in the fall semester in the MATH160 higher arithmetic course. Elementary students in Lloydminster participate in the math fair. Objective

2014-2015 Goal

Status

1 per cent increase in retention from semester to semester

Achieved

1.2 Improve student retention

Progress made in last 12 months: A semester-to-semester retention (fall to winter semester) comparison between 2013-2014 and 2014-2015 shows that retention increased from 89.6 per cent in 20132014 to 93.3 per cent in 2014-2015, which is an overall increase of 3.7 per cent. In response to students requesting feedback earlier, Lakeland implemented an early detection program whereby all students are assessed via an assignment, quiz or report in the first month of their program. Objective

2014-2015 Goal

Status

5 per cent increase from 2013-2014 to 2014-2015 in total value of all student awards

Not achieved

1.3 Increase alumni engagement

Progress made in last 12 months: The net total value of student awards increased by two per cent not the targeted five per cent. The current economic climate was a factor in this goal not being achieved. However, the total number of awards increased by seven per cent from 1,245 to 1,338.


OUTCOME 2 – STRATEGICALLY PROVIDE PROGRAMS TO MEET STUDENT, GOVERNMENT AND INDUSTRY NEEDS Objective

2014-2015 Goal

Status

2.1 Increase student satisfaction through program specialization

Implement one action in Achieved response to 2013-2014 student satisfaction survey (program specific)

Objective Maintain enrolment through accountability and efficiency measures

2.3

2015 About to Graduate

Survey Results

Survey Results

Students are confident they have the knowledge and skills to begin a new career.

96 per cent

98 per cent

Students would recommend their program to others.

95 per cent

Student satisfaction statement

Students agree that activities such as labs, assignments and practicum placements let them apply theoretical knowledge and offer insights that lectures and readings could not provide.

91 per cent

Achieved

Lakeland achieved a 2.3 per cent increase in total qualified applicants who converted to registrants from 2013-2014 to 2014-2015.

In response to the 2013-2014 student satisfaction survey, the Emergency Training Centre started periodically giving firefighter and emergency services technology students practice examinations. This helped students prepare for the Office of the Fire Commissioner of Alberta certification examinations. The firefighter training program reported a 90 per cent success rate for the certification examinations.

2014 About to Graduate

2 per cent increase in number of applicants who convert to registrants (where seats available)

Progress made in last 12 months:

Objective

By the numbers: Student satisfaction

Status

2.2

Progress made in last 12 months:

The School of Trades and Technology streamlined the firstday orientation process so that students are in class at 8:30 a.m. and are working on course material by 9 a.m., rather than spending half their day in orientation as was previously done. For apprentice students, class time is essential as they are required to learn and work through all of their course material in a matter of six to 10 weeks depending on the program.

2014-2015 Goal

Align with government

2014-2015 Goal

Status

2 per cent increase in Not achieved enrolment in government identified target groups (International; Aboriginal)

Progress made in last 12 months: The number of students (by headcount) enrolled in government identified target groups from 2013-2014 to 2014-2015 increased by 1.5 per cent (from 259 to 263 students). Overall there was a 20 per cent decrease (from 96 to 77) of international students on campus (on the Lloydminster and Vermilion campuses and through distance learning). The number of international students declined due to the conclusion of Lakeland’s partnership with Lambton College. There was a 12.4 per cent increase (from 163 to 186 students) in enrolment of self-declared Aboriginal students from 2013-2014 to 2014-2015. Specific awards have been added for First Nations, Métis and Inuit (FNMI) groups and with that, Lakeland has seen a correlated increase in the number of enrolled students who self-identify as FNMI. Objective

2014-2015 Goal

Status

2.4 Engage in 2.0 FTE increase responsive in faculty involved applied research in funded applied research

Not achieved

Progress made in last 12 months: 95 per cent

93 per cent

FTE involvement decreased from 1.7 in 2013-2014 to 0.7 in 2014-2015. The decrease was the result of moving a full-time faculty position to a newly created administrative/technical position to receive funding from Natural Sciences and Engineering Research Council of Canada (NSERC). NSERC will provide the full salary cost

Lakeland College

Annual Report 2014-2015

15


for technical personnel, but not faculty. Several faculty are involved in applied research projects with their students, however, they do not receive release time and are not counted in this measure. Other faculty involved in applied research includes environmental sciences, fire and emergency services, human services and agricultural sciences. Lakeland has had an increase in faculty engagement with research despite the reduction in faculty releases. It has been found that the release model does not work well in the Lakeland context. Lakeland expects to pilot a new model starting in the new year where “technical personnel” will not only conduct research but will also be responsible for working with faculty members to integrate the research into various courses thus exposing students and faculty to research without putting an undue, uncompensated burden on the faculty. Initially this will be tried with crops research and if successful will expand to other programs as funding becomes available. Objective

2014-2015 Goal

Status

Perform comprehensive program review process

Achieved

2.5 Respond to market with new programs through accountability and efficiency measures

2014-2015 Goal

Status

20 faculty and staff participating in community groups

Achieved

3.1 Engage the community

Progress made in last 12 months: This objective has been met and exceeded. Faculty and staff participated in and supported a variety of community groups, including:

• Lloydminster Archery club • Lloydminster Auto Club

2014-2015 Goal

Status

10 per cent increase in number of international students on campus

Not achieved

2.6

• Lloydminster Chamber of Commerce • Myrnam High School Basketball team • Vegreville Fire Department • Vegreville Minor Hockey • Vermilion Nordic Ski Club • Vermilion Legion • Vermilion Minor Hockey • Vermilion Alliance Church Youth Group • Vermilion Elementary School Hot Lunch Program • Rotary Club of Vermilion

Progress made in last 12 months: The number of international students decreased by 18 per 16 Lakeland College

Objective

• Innisfree Ag Society

The program review process was updated during the 2014-2015 academic year and will feature streamlined methodologies and new templates. This will be fully implemented during the 2015-2016 academic year. The Board of Governors approved a new program evaluation schedule in March 2015 that identifies the first set of program reviews to be conducted during the 2015-2016 academic year. Programs selected for review will be based on program performance measures, request of the dean or an on-going rotation.

Increase globalization activities through program specialization

OUTCOME 3 – CONNECT WITH STAKEHOLDERS

• Border Blades

Progress made in last 12 months:

Objective

cent (from 93 to 76) in 2014-2015. In the 2014-2015 Lakeland welcomed 21 students from Lambton College, this was down from 40 students in 2013-2014. Lakeland has identified barriers for student visa acceptance and has begun to address them. Lakeland is a Student Partnership Program college for India and has a staff member who can assist with student visas. Lakeland also partnered with a reputable marketing firm in India that is expected to increase enrolments for the next academic year.

Annual Report 2014-2015

The Lloydminster Regional Business Accelerator (RBA) relocated to the Lloydminster campus. Objective

2014-2015 Goal

Status

3.2 Engage industry $20,000 increase in through financial total regional dollars contributions raised by college

Not achieved


Progress made in last 12 months: The total regional dollars raised by Lakeland decreased from $446,818 in 2013-2014 to $444,141 in 20142015. The current economic climate was a factor in this goal not being achieved. Objective

2014-2015 Goal Status

3.3 Engage industry through corporate training

10 per cent increase in profit generated by corporate training

Not achieved

Progress made in last 12 months: Profit from corporate training decreased by 7.8 per cent in 2014-2015 as compared to 2013-2014.

OUTCOME 4 – ACHIEVE SUSTAINABLE OPERATIONS Objective

2014-2015 Goal

Status

4.1 Achieve Achieve “Satisfactory economic Progress” or “Implemented” sustainability on previous year’s audit recommendation

Not assessed

Ensure 90 per cent of funded new initiatives directly align with strategic plan

Progress made in last 12 months: This goal was intended to refer to recommendations issued by the Office of the Auditor General. Lakeland’s outstanding recommendation was not assessed in the 2014-2015 year.

Vermilion campus. There are four bins for refundables, white paper, other paper and landfill. The residence team has hired two students to assist with recycling. There are no volunteer groups interested in taking on this project at the Lloydminster campus. The Environmental Committee will begin developing a long-term plan to measure Lakeland’s recycling efforts and to make recycling a more professional looking and accepted part of campus. Lakeland became the first post-secondary institution in Alberta to complete an Environmental Farm Plan (EFP) in 2014-2015. Throughout the winter 2015 semester (January to April), about 50 second-year students in a number of agricultural disciplines including animal science technology and crop technology worked together to complete the EFP. The experience enabled the students to see what best management practices were in place on their farm and where they could make improvements to avoid potential environmental risks. Objective

2014-2015 Goal

Status

4.3 Achieve social sustainability

1-point increase in “job N/A satisfaction” section of employee Feedback survey

Progress made in last 12 months: Because a different survey tool was used in 2014-2015 this goal cannot be accurately measured. The Staff Engagement Gallup Q12 survey was completed by staff for the first time in April 2015. By using this survey, Lakeland created a new benchmark against which to measure the college’s progress in creating a sustainable and engaged workplace. Lakeland will resurvey staff in 2017.

All funding decisions made within the 2014-2015 year directly aligned with at least one priority identified in the college’s strategic plan. Objective

2014-2015 Goal

Status

Introduce two new environmental initiatives as a result of Environmental Committee recommendations

Achieved

4.2 Achieve environmental sustainability

Progress made in last 12 months: A functional recycling program was implemented on the

Lakeland College

Annual Report 2014-2015

17


ACCESS AND QUALITY Lakeland has been leading in learning since 1913. The college is committed to offering career-relevant and skillbuilding programs that will enable students to take charge of their future. Lakeland works collaboratively internally

and with multiple external stakeholders to achieve its vision: ever to excel in a global society. The 2014-2017 Comprehensive Institutional Plan identified four new program opportunities. The following is an update on the programs identified in the document:

Program

Opportunity

Outcome

Introduction to heavy oil and gas certificate program

22-week base-funded program designed for those interested in pursuing a career in oil and gas

Achieved

Production field operator certificate program

Certificate program that would prepare students for work in the field production of heavy oil

Achieved

Large animal post-certificate program

Eight-month blended delivery program that would prepare animal health technologists for advanced specialization in large animal treatment

Not achieved

Urban agriculture certificate program

Eight-month blended delivery program that would prepare students for work in urban food production as well as the urban-rural interface of agricultural food systems

Not achieved

Production field operator was offered as individual evening course offerings as well as a course substitution in the heavy oil and gas program.

Most of the curriculum is completed; however, this program will not be delivered until the new animal health clinic is completed.

Progress made from a concept perspective. This program will be a combination of online delivery with weekend labs.

Other program updates for 2014-2015 include: Program

Nature of Change

Rationale

International development

Launched in fall 2014

Provide students with an opportunity to develop international experience in the area of study in which they earned their credential.

Apprenticeship – gasfitter year three

Launched in 2014-2015

Added to meet student demand.

Others programs were terminated, but had been suspended for 10+ years.

Increasing access & quality highlights

diploma program in fall 2014.

Lakeland increased access to the early learning and child care program thanks to its partnership with the Centre collégial de l’Alberta of the University of Alberta. As of September 2014, the program is available in French online.

Lakeland offered its first massive open online course (MOOC) in September 2014. Of the 102 people who registered for introduction to mental health, 36 successfully completed the free course.

Following a successful trial run with the American Sign Language and Deaf culture studies certificate program, Lakeland’s sign language programs were relocated to the Alberta School for the Deaf (ASD) in Edmonton. Fourteen students started the full-time sign language interpretation

The heavy oil and power engineering program increased its intake of students to two cohorts – each with 36 students. Three additional instructors were added to the faculty team and staggered practicums helped to ensure students were prepared for the Alberta Boilers Safety Authority exams.

18 Lakeland College

Annual Report 2014-2015


ENROLMENT PLAN

2015. The international student headcount was 76.

The 2014-2017 Comprehensive Institutional Plan features Lakeland’s enrolment projection plan for 2014-2015. At that time, the college projected 1,865 full-load equivalents (FLEs) for 2014-2015. The actual FLEs totalled 1,920. (See Appendix A – Enrolment for information on the FLEs per program.)

In the 2014-2015 Lakeland welcomed 21 students from Lambton College, this was down from 40 students in 2013-2014.

Analysis of 2014-2015 enrolment by FLEs

An extra cohort of heavy oil and power engineering students, growth in trades and technology and agricultural sciences, plus an increase in students taking courses online are a few of the reasons why FLEs increased.

By Credential

The 2014-2015 student body included students from every province and territory in Canada but for Prince Edward Island. There were also students from 14 other countries.

Aboriginal status

By Program Band

2014-2015 CIP FLE Projections

2014-2015 Actual FLEs

Agricultural Sciences

314

340

Business

180

183

Energy

161

210

Environmental Sciences

210

193

Emergency Training Centre

180

101

Human Services

152

171

Health & Wellness

48

56

Trades*

400

485

University Transfer

220

181

1,865

1,920

TOTAL By Credential Band

2014-2015 CIP FLE Projections

2014-2015 Actual FLEs

Certificate: 754

Diploma: 850

Degree: 56

Non-credential: 260

Not reported: 1,829

Self-identified: 91

Gender Female: 932 By Age

Male: 988 FLEs

17 or under

54

18-24

1,383

25-34

320

35-44

116

45-54

40

55+

7

RESEARCH, APPLIED RESEARCH AND SCHOLARLY ACTIVITIES Lakeland’s applied research and innovation long-term focus outlined in the 2014-2017 Comprehensive Institutional Plan included four themes: • Energy and entrepreneurship • Agriculture

Apprenticeship*

326

390

• Sustainable environments and buildings

Certificate

285

364

• Fire and emergency medicine

Diploma

846

850

40

56

University Transfer

220

178

No Credential

148

82

1,865

1,920

Applied Degree

TOTAL

*The difference between the projected enrolment in the trades program band and the projected enrolment in the apprenticeship credential band is because interior design technology students and pre-employment trades students are not included in the apprenticeship category.

International FLEs International students accounted for 55 FLEs in 2014-

These themes are closely linked with the schools of energy and entrepreneurship, agricultural sciences, environmental sciences and the Emergency Training Centre. Over the 2014-2015 academic year, applied research continued to mature and engage an increasing number of people in more areas of the college. Opportunities to embed sponsored research activities in course work, particularly in agricultural sciences and environmental sciences, have and continue to be developed. Specific accomplishments include: •L  akeland ranked 20th on the list of Canada’s Top 50 Research Colleges compiled by Research Infosource Inc.

Lakeland College

Annual Report 2014-2015

19


Energy and entrepreneurship •T  he Regional Business Accelerator moved to the Lloydminster campus, thereby enhancing entrepreneurship opportunities for students. •T  he Alberta Biochar Initiative completed much of its original mission and is operating at a lower activity level. •C  onstruction of the Energy Centre at the Lloydminster campus was substantially completed. In the future it will provide opportunities for research related to the oil and gas sector.

Agriculture Lakeland’s agricultural research continued to expand and engage more students and faculty. Research activities include: • Agronomics of Jerusalem artichokes. •A nimal feed efficiency, which has implications not only for economic viability of producers but also for environmental impact of the animals. •W  etland enhancement and maintenance on agricultural and grazing land. •T  he agronomy of field crop input intensities, which looks at the cumulative effects of stacking inputs for field crops with the view to identifying the best cost versus benefit treatments. With funding from a Natural Sciences and Engineering Research Council of Canada’s (NSERC) Applied Research Tools and Instruments (ARTI) grant Lakeland acquired

20 Lakeland College

Annual Report 2014-2015

an unmanned aerial vehicle system, which includes a quadcopter, a multi-spectral camera, a thermal imaging camera, video and still cameras, and associated software. This tool increases the college’s capacity for applied research in agriculture, environmental sciences, emergency services, and possibly the energy sector.

Sustainable environments and buildings Construction of Lakeland’s Bio-Energy Centre was completed and the facility is functional. This building allows the college to research energy usage in a farm shop situation. It provides space for working on a variety of research equipment, mostly agricultural and Bio-Energy related research equipment. In recent years Lakeland has collected considerable data on the performance of various renewable energy systems including electrical generation by photovoltaic cells. Lakeland has started to use this data together with financial models to determine the economic viability of various renewable energy systems or combination of systems.

Fire and emergency medicine Research in this area will evolve as funding becomes available.

Community As outlined earlier in this report, various steps have been taken to enhance learner outcomes and increase the effectiveness of our programs including revising the comprehensive program review.


Internationalization Lakeland is committed to increasing its international enrolment, providing global learning opportunities for students, faculty and staff, and to becoming more active in international recruitment and partnerships. The following is an update on the objectives listed in the 2014-2017 Comprehensive Institutional Plan. Objective

Goal

Status

Successfully continue with the Belize project and search for more project work

Achieved

1 Continue with international project work in Belize and elsewhere

Objective

Goal

Status

Develop partnership agreements for onsite delivery of Lakeland programs

Not Achieved

4 Obtain offshore licensing agreements for Lakeland programs

Progress made in last 12 months: There has not been sufficient demand from international institutions to pursue licensing agreements to warrant the risk versus return. Objective

Goal

Status

Progress made in last 12 months:

5

The Belize project is on schedule with the first cohort of students due to arrive January 2016. The project will officially end in March 2016. New project opportunities have been applied for.

Participate in the Bring Brazilian Science Without student(s) to Lakeland Borders Program for one year studies / internship

Objective

Goal

Status

Progress made in last 12 months:

Investigate an English as a Second Language (ESL) centre and / or English for Academic Purposes (EAP) program

Achieved

A Science Without Borders student attended Lakeland for two semesters and completed an internship.

2 Provide a language pathway program for international students and new immigrants

Progress made in last 12 months: Investigation revealed demand is not yet sufficient to warrant the risk versus return. New immigrants look for funded government ESL programs (LINC) which is currently not available to Lakeland. As student numbers grow, an ESL centre and EAP program will be considered, but they must be demand driven. Objective

Achieved

Goal

Status

3 Continue brokering Increase partnership with Lambton enrolment College

Not Achieved

Objective

Goal

Status

6 Expand domestic Participate in study student mobility abroad and student exchange opportunities

Achieved

Progress made in last 12 months: A group of university transfer students went to Mexico on a Campus Alberta Grant for International Learning (CAGFIL) funded trip with four applications received for possible funding for trips in 2015-2016. Objective

Goal

Status

Launch and maintain this program

Achieved

7 Launch the International Development postcredential certificate program

Progress made in last 12 months:

Progress made in last 12 months:

The Lambton College partnership has ended. It was not renewed for business reasons. The last cohort (number three) finished their studies and co-op programs during the year.

This program was launched and offered for one year. Unfortunately, government funding combined with low enrolment affected its continuation for 2015-2016.

Lakeland College

Annual Report 2014-2015

21


2014-2015 Highlights During the 2014-2015 year, Lakeland’s international department continued its path toward internationalization of the Lloydminster and Vermilion campuses by embarking on recruitment, student and staff mobility, and international project development. Recruitment •L akeland completed intakes of Indian students and decided to use a strategy of recruiting students directly. •L akeland attended agent and recruiting fairs and workshops. The international team prudently signed up recruiting agents on all continents (with the exception of Australia and Antarctica). •L  akeland applied to CICan for the Student Partnership Program for India. •A  new Lakeland microsite – lakelandcollege.ca/ international – was launched in March 2015 to provide better service to prospective international student as well as information for domestic students who may wish to study abroad. Student and staff mobility •L  akeland successfully received funding for a Campus Alberta Grant for International Learning trips. A class of 12 students went with their instructor to Mexico for

22 Lakeland College

Annual Report 2014-2015

approximately one week to work with the public school sector. •L  akeland was able to send multiple staff and faculty to Belize to complete international project activities for a CariCom (Caribbean Community) Belize Education for Employment international development project funded by the Department of Foreign Affairs, Trade and Development. One of these trips included two Lakeland students who went to Belize to advise on crop planting techniques, among other agricultural topics. International project development •L  akeland successfully completed activities and obligations towards the Belize international development project (agriculture based using the Student Managed Farm concept) and positioned itself to see the project through to fruition.

Off shore delivery In the 2014-2017 Comprehensive Institutional Plan, Lakeland indicated partnerships were being developed with international post-secondary institutes for the onsite delivery of Lakeland programs. The international department pursued this opportunity from an information standpoint, however it was decided this venture does not warrant the risk versus return.


Information Technology The goal of the information technology (IT) department is to provide services to Lakeland students, staff, faculty and end users in a manner that is expected and productive for learner needs and requirements. The following is an update on the projects listed in the 2014-2017 Comprehensive Institutional Plan. Most items are not single-year costs; rather, they will be spread out over several years as indicated. Priority

Goal

external to the college. Lakeland started the transition to a new internet service provider – Cybera. The costs savings are projected to be substantial. Priority

Goal

Status

To provide a flexible platform for the use and support of mobile technologies for all college users

In progress

2 Mobility technology integration

Status

1

Progress made in the last 12 months:

Network To refresh and In progress develop network infrastructure (EOL technology) infrastructure technologies that are end of life (EOL), end of support (EOS), or no longer viable

Lakeland addressed the replacement cycle of tablets, laptops and computers by spending $24,925 on equipment. The remaining allocated amount of $425,075 was carried forward to budget year 2015-2016 to be used towards the wireless end of life components.

Progress made in the last 12 months:

Priority

Goal

Portal (SSO)

Planning: Lakeland developed an IT Roadmap (2015-17) draft. This document supports the following: • IT efficiency projects • Operations and life cycle renewals • Information security risk identification and mitigation Policies/Procedures: The following were drafted: • Incident management (procedure, reporting and registry) • Third party connection agreement

Status

3 To provide all college users In progress with a single sign-on (SSO) portal for logging on once to access all their resources

Progress made in the last 12 months: Lakeland is in discussion with other post-secondary institutions regarding the use of common applications and vendors such as Microsoft. No funds were spent and the project dollars were reassessed to $25,000. This amount was carried forward to the 2015-2016 budget year.

• Engagement of cloud computing services • Security policy • Acceptable use policy (updated) • ITM risk management (updated) Collaboration: IT is a member of the steering committee for the development of Shared Data Services framework (ShareIT) along with 14 other post-secondary institutions. The benefits of this framework include: • I mproved quality of student, administrative and research services • Increased scope of services • Lowered cost of services Services: Bandwidth was upgraded as per Bell infrastructure

Lakeland College

Annual Report 2014-2015

23


Capital Plan Construction of the Energy Centre at the Lloydminster campus and the Bio-Energy Centre near the Vermilion campus were substantially completed during the fiscal year. A number of other capital projects started or continued

during the year. The following is an update on the projects listed in the 2014-2017 Comprehensive Institutional Plan. One project not listed is the dairy barn. Planning began for a new facility to replace the 30-year-old dairy barn at the Vermilion campus.

Expansion capital Project name

Status

Livestock Research Centre – Vermilion campus

Phase three underway

Expected completion September 2015

Progress during the year Demonstration space added to the east side of the building. When complete the 1,000 sq. ft. area will include washrooms and a small lab space.

New capital Project name

Status

Sustainable Environment Centre – Vermilion campus

Deferred as funding is not in place for this project.

Expected completion

Progress during the year

Progress during the year

Preservation capital Project name

Status

Expected completion

Animal Health Clinic Vermilion campus

Planning stage

Unknown

Finalizing the scope of programming that will be available in the clinic. Plan to go to tender in next fiscal year.

Trades Centre, exterior and roofing repair

Planning stage

Unknown

Representatives from the Ministry of Infrastructure visited the Vermilion campus to examine the facility. The project is still under review.

Renovations to Mead Building (site of many agricultural and environmental sciences classes)

Classroom renovations in progress

Fall 2015

Modernization of two classrooms in the Mead Building began in May.

Trades ventilation

Planning stage

Unknown

Engineering report will be done in next fiscal year.

Sidewalks, walkways, curbs and gutters

Deferred as funding is not in place for this project.

Unknown

Lighting retrofit

Ready to proceed when funding is secured

Unknown

Design work completed.

Utilize steam from Energy Centre

Will proceed when funding is secured

Unknown

Energy Centre will officially open in fall 2015.

Emergency power district upgrade

Deferred as funding is not in place for this project.

Learning Commons renovations

Deferred as funding is not in place for this project.

24 Lakeland College

Annual Report 2014-2015


Financial Statement Discussion and Analysis This 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 Lakeland’s 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 achieved in the fiscal year ending June 30, 2015 and offers a detailed discussion and analysis of the college’s operational highlights.

FISCAL 2015 OVERVIEW Lakeland ended the 2014-2015 fiscal year with a $3.4 million surplus, which compares favourably to a $3.0 million surplus in fiscal 2013-2014, and a budget deficit of $845,000.

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

Fiscal 2015 compared to Fiscal 2014 (amounts in thousands)

2015

2014

Change

ASSETS $

Cash and cash equivalents (note 4)

2,778 $

17,548 $ (14,770)

Portfolio investments (note 5)

34,865

23,707

11,158

Accounts receivable (note 7)

1,410

1,930

(520)

Inventories and prepaid expenses

2,869

2,852

17

85,451

80,032

5,419

Tangible capital assets (note 8) $

127,372 $

126,068 $

1,304

$

7,981 $

12,350 $

(4,369)

LIABILITIES Accounts payable and accrued liabilities Employee future benefit liabilities (note 9) Debt (note 10) Deferred revenue (note 11) Liability for contaminated sites (note 12)

-

73

(73)

1,440

1,560

(120)

68,509

66,641

1,868

111

-

111

78,041

80,624

(2,583)

6,536

6,429

107

40,239

36,843

3,396

2,556

2,172

384

127,372 $

126,068 $

NET ASSETS Endowments (note 13) Accumulated operating surplus (note 14) Accumulated remeasurement gains $ Lakeland’s total asset value increased by $1.3 million. Cash and cash equivalents were drawn down in order to invest in both portfolio investments and in tangible capital assets. Overall, there was little net change in accounts receivable, and inventories and prepaid expenses.

1,304

The most significant change to liabilities is a $4.4 million decrease in accounts payable and accrued liabilities. This reduction is primarily attributable to a decrease in operating accounts payable. Deferred revenue also increased by $1.9 million as a result of significant capital

Lakeland College

Annual Report 2014-2015

25


contributions received but not yet earned. Lakeland adopted a new accounting standard for the year ended June 30, 2015 – PS 3260 Liability for Contaminated Sites. Three sites were identified as requiring remediation to soils and groundwater at an estimated cost of $111,000.

These liabilities are discussed further in note 12 of the financial statements. The accumulated surplus balance increased by $3.4 million, primarily due to the current year’s surplus.

STATEMENT OF OPERATIONS REVENUE Lakeland’s revenue totalled $67.2 million in 2014-2015, an increase of $936,000 from 2013-2014. Revenue is received from the following sources:

The Government of Alberta continues to be the most significant funding source for Lakeland. Budget

Actual

Actual

2015

2015

2014

Change: Budget to Actual

Change: year-to-year

REVENUE Government of Alberta grants Federal and other government grants

$ 38,279 $ 2,333

39,058

$ 38,672

2,361

2,127

$

779

$

28

386 234

Student tuition and fees

11,876

12,748

12,112

872

636

Sales of services and products

10,578

10,468

11,112

(110)

(644)

Investment income

506

1,378

1,109

872

269

Donations and other grants

645

1,226

1,171

581

55

67,239

$ 66,303

$ 64,217 $ 26 Lakeland College

Annual Report 2014-2015

$

3,022

$

936


Government of Alberta grants Government of Alberta grants continued to represent the largest component of the college’s funding, at 58 per cent. These grants were $779,000 higher than budgeted, and $386,000 higher than the prior year. The year-toyear change was attributable to an increase in grants for targeted programs, while the budget-to-actual increase was due to unbudgeted revenue.

Federal and other government grants Federal and other government grants comprised three per cent of all funding received, and increased by $234,000 over the prior year primarily due to the recognition of research funding.

Student tuition and fees

all revenue, and were slightly lower than budgeted. Sales of services and products experienced a $644,000 decline from the prior year – this decrease was primarily due to the performance of fewer contract services.

Investment income, donations and other grants Comprising two per cent of all revenue, investment income was $872,000 higher than expected due to better-thananticipated market returns, and $269,000 higher than the prior year due to higher realized investment gains. Revenue from donations and other grants made up two per cent of all funding, and was generally consistent with the prior year, but was $582,000 better than budgeted amounts. This increase is attributable to an effective fundraising campaign.

Student tuition and fees made up 19 per cent of all revenue for fiscal 2014-2015. These fees were $872,000 higher than budgeted, and $636,000 higher than the prior year due to strong enrolments.

EXPENSE

Sales of services and products

Expenses can be expressed both by function (i.e., by purpose) as well as by object (i.e., by type).

Sales of services and products represented 16 per cent of

Expenses totalled $63.8 million in 2014-2015, which represented a modest increase of $573,000 over the prior year, and a decrease of $1.2 million from the budgeted amount.

Lakeland College

Annual Report 2014-2015

27


Expenses as expressed by function were generally consistent with the prior year. One of the largest year-toyear variances is in instruction and training expenses. In this category, spending was $2.1 million less than the budgeted amount, but $1.7 million more than the prior year. The largest driver for both of these changes relates to faculty salaries paid – total salaries were less than budgeted amounts, but greater than the prior year.

The other significant variance was related to facilities and operations maintenance expenses – these costs were $1.8 million greater than budgeted amounts, but $3.4 million less than prior year. Major maintenance projects completed in 2015 were more than budgeted, but fewer than the prior year.

Expenses – 2014-2015 Actual Results Compared to Budget and 2013-2014 Results (amounts in thousands) 2015 Budget Salaries and benefits

$

Material, supplies and services

2015 Actual

2014 Actual

39,825 $

39,186 $

35,838

11,759

10,925

11,582

Change: Change: yearBudget to Actual to-year $

(639)

$

3,348

(834)

(657)

Repairs & maintenance

2,821

3,306

5,191

485

(1,885)

Cost of goods sold

1,096

1,008

1,107

(88)

(99)

Amortization of capital assets

6,967

6,668

6,583

(299)

85

Utilities

2,176

2,006

2,266

(170)

(260)

419

744

702

325

42

65,062 $

63,843 $

Scholarships and bursaries $

28 Lakeland College

Annual Report 2014-2015

63,269

$

(1,220)

$

574


Salaries and benefits

Utilities and Cost of Goods Sold

Salaries and benefits is the largest expenditure for Lakeland, comprising 61 per cent of all spending. These expenses were two per cent less than budget and nine per cent more than the prior year. Salary and benefit costs for all three groups increased over the prior year due to additional hires and collective agreement settlements, while the decrease from budget was due to positions held vacant throughout the year.

Together, these expense categories made up five per cent of all college spending. There were no significant changes in these expenses during 2014-2015.

Materials, supplies and services This group of expenses is the next largest area of spending for Lakeland, and made up 17 per cent of all spending during 2014-2015. These expenses came in seven per cent under budget and six per cent less than the prior year. These decreases are due to lower discretionary spending on various projects.

Scholarships and bursaries Lakeland paid out $744,000 in scholarships and bursaries in 2014-2015, an increase of 78 per cent over our budgeted amount, and an increase of six per cent from the prior year. Lakeland’s students also received $474,000 in scholarships and bursaries from the governments of Alberta and Saskatchewan which are not included in the financial statements.

Repairs and maintenance These expenses made up five per cent of all college spending, coming in at 17 per cent over budget and 36 per cent under the prior year. The significant change from the prior year was due to a large number of maintenance projects being completed in fiscal 2013-2014.

Lakeland College

Annual Report 2014-2015

29


STATEMENT OF MANAGEMENT’S RESPONSIBILITY

YEAR ENDED JUNE 30, 2015

The financial statements of Lakeland College have been prepared by management in accordance with Canadian public sector accounting standards. The financial statements present fairly the financial position of the college as at June 30, 2015 and the results of its operations for the year then ended. In fulfilling its responsibilities and recognizing the limits inherent in all systems, management has developed and maintains a system of internal control designed to provide reasonable assurance that college assets are safeguarded from loss and that the accounting records are a reliable basis for the preparation of the financial statements. The Board of Governors is responsible for reviewing and approving the financial statements, and overseeing management’s performance of its financial reporting responsibilities. The Board of Governors carries out its responsibility for review of the financial statements principally through its Audit and Risk Committee. All members of the Audit and Risk Committee are not employees of the college. The Audit and Risk Committee meets with management and the external auditors to discuss the results of audit examinations and financial reporting matters. The external auditors have full access to the Audit and Risk Committee, with and without the presence of management. These financial statements have been reported on by the Auditor General of the Province of Alberta, the auditor appointed under the Post-secondary Learning Act. The Independent Auditor’s Report outlines the scope of the audit and provides the audit opinion on the fairness of presentation of the information in the financial statements.

[Original signed by Alice Wainwright-Stewart] President

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

[Original signed by Heather Nanninga] Chief Financial Officer

30 Lakeland College

Annual Report 2014-2015


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, 2015, 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, 2015, 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 FCPA, FCA] Auditor General October 28, 2015 Edmonton, Alberta

Lakeland College

Annual Report 2014-2015

31


LAKELAND COLLEGE

STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30

2015

2014

ASSETS Cash and cash equivalents (note 4)

$

2,777,745

$

34,864,618

Portfolio investments (note 5)

17,547,621 23,706,746

Accounts receivable (note 7)

1,409,788

1,930,102

Inventories and prepaid expenses

2,869,065

2,851,637

85,451,002

80,031,773

Tangible capital assets (note 8) $

127,372,218

$

126,067,879

$

12,350,361

LIABILITIES Accounts payable and accrued liabilities

$

7,981,480 -

72,750

1,440,000

1,560,000

68,508,987

66,640,981

110,505

-

78,040,972

80,624,092

6,535,812

6,429,111

40,238,997

36,842,796

2,556,437

2,171,880

Employee future benefit liabilities (note 9) Debt (note 10) Deferred revenue (note 11) Liability for contaminated sites (note 12)

NET ASSETS Endowments (note 13) Accumulated operating surplus (note 14) Accumulated remeasurement gains $

127,372,218

Contingent liabilities and contractual obligations (note 15 and 16) Approved by the Board of Governors: (note 23)

[Original signed by Darrel Howell]

[Original signed by Jason Bazinet]

Chair, Board of Governors

Chair, Audit and Risk Committee

The accompanying notes are an integral part of these financial statements.

32 Lakeland College

Annual Report 2014-2015

$

126,067,879


LAKELAND COLLEGE

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30

Budget 2015

Actual 2015

Actual 2014

(note 21)

REVENUE Government of Alberta grants (note 19)

$ 38,278,605 $

39,058,234

$

38,672,160

2,332,811

2,360,509

2,127,035

Student tuition and fees

11,876,210

12,747,580

12,111,939

Sales of services and products

10,578,494

10,467,986

11,111,520

Investment income (note 17)

506,000

1,378,322

1,109,401

Donations and other grants

645,171

1,225,872

1,170,766

Federal and other government grants

$ 64,217,291 $

67,238,503

$

66,302,821

$ 29,625,117 $

27,482,132

$

25,764,751

11,401,214

11,079,222

10,411,515

Facilities operation and maintenance

7,098,067

8,928,244

12,289,534

Institutional support

8,957,041

9,385,915

7,984,412

Ancillary services

6,628,352

5,556,821

5,733,386

Sponsored research

1,352,501

1,409,968

1,085,341

EXPENSE (note 18) Instruction and training Academic and student support

$ 65,062,291 $

Operating surplus (deficit)

$

63,268,939

(845,000)

3,396,201

3,033,882

36,842,796

36,842,796

33,808,914

$ 35,997,796 $

40,238,997

Accumulated operating surplus, beginning of year Accumulated operating surplus, end of year (note 14)

63,842,302

$

36,842,796

The accompanying notes are an integral part of these financial statements.

Lakeland College

Annual Report 2014-2015

33


LAKELAND COLLEGE

STATEMENT OF REMEASUREMENT GAINS AND LOSSES

FOR THE YEAR ENDED JUNE 30

2015 Accumulated remeasurement gains at beginning of year

$

2,171,880

2014 $

911,266

Unrealized gains attributable to: Portfolio investments

691,823

1,387,474

(307,266)

(126,860)

Amounts reclassified to statement of operations: Portfolio investments

Accumulated remeasurement gains at end of year The accompanying notes are an integral part of these financial statements.

34 Lakeland College

Annual Report 2014-2015

$

2,556,437

$

2,171,880


LAKELAND COLLEGE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30

2015

2014 (note 22)

OPERATING TRANSACTIONS $

Operating surplus

3,396,201

$

3,033,882

Add (deduct) non-cash items: Amortization of tangible capital assets (note 8) Expended capital recognized as revenue

6,667,943

6,582,956

(3,655,396)

(3,545,688)

14,088

(51,580)

(72,750)

(187,250)

Decrease in accounts receivable

520,314

64,419

(Increase) decrease in inventories and prepaid expenses

(17,428)

235,226

(4,368,879)

5,083,480

5,186,788

2,800,872

110,505

-

7,781,386

14,016,317

(12,062,741)

(13,255,560)

43,329

117,504

(12,019,412)

(13,138,056)

(10,493,772)

3,042,581

844

341,113

(10,492,928)

3,383,694

Loss (gain) on disposal of tangible capital assets Change in employee future benefit liabilities

(Decrease ) increase in accounts payable and accrued liabilities Increase in deferred revenue Increase in liability for contaminated sites (note 3, note 12)

Cash provided by operating transactions CAPITAL TRANSACTIONS Acquisition of tangible capital assets Proceeds on disposal of capital assets

Cash applied to capital transactions INVESTING TRANSACTIONS Proceeds of investments (net of purchases) Endowment investment - realized gains capitalized (note 13)

Cash (applied to) provided by investing transactions FINANCING TRANSACTIONS Endowment donations (note 13) Debt repayment

Cash (applied to) provided by financing transactions (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END OF YEAR (note 4)

$

81,078

200,812

(120,000)

(120,000)

(38,922)

80,812

(14,769,876)

4,342,767

17,547,621

13,204,854

2,777,745

$

17,547,621

The accompanying notes are an integral part of these financial statements.

Lakeland College

Annual Report 2014-2015

35


Lakeland College

Notes to the Financial Statements

JUNE 30, 2015

1 Authority and Purpose The Board of Governors of Lakeland College is a corporation which manages and operates Lakeland College (“the College”) under the Post-secondary 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 mandated credentials and programs. 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 (PSAS). 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. The College’s 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 Note, should be considered an integral part of the financial statements.

{b} Net Debt Model Presentation

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 Cash and cash equivalents Portfolio investments Fixed income investments Accounts receivable Accounts payable and accrued liabilities Debt

Measurement Amortized Cost Fair Value Amortized Cost Amortized Cost Amortized Cost 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. 36 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued) Note 2 (continued) 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 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, 2015. 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.

Government Grants, Non-government Grants and DonationsÂ

The College recognizes government grants, donations and other contributions as follows:

Government Transfers

Government transfers are referred to as government grants.

Restricted grants and donations are recognized as deferred revenue if the terms for the use, or the terms along with the College’s actions and communications as to the use, create a liability. These grants and donations are recognized as revenue as the terms are met. If the grants and donations are used to acquire or construct tangible capital assets revenue will be recognized over the useful life of the tangible capital assets. Government grants without terms for the use of the grant are recorded as revenue when the College is eligible to receive the funds. Unrestricted non-government grants and donations 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. In-kind donations of services, materials and tangible capital assets are recorded at fair value when such value can reasonably be determined. Transfers of tangible capital assets from related parties are recorded at the carrying value. While volunteers as well as College staff contribute a significant amount of time each year to assist the College in carrying out its mission, the value of their services is not recognized in the financial statements because fair value cannot be reasonably determined.

Grants and Donations Related to Land

Grants and donations for the purchase of land are recognized as deferred revenue when received, and recognized as revenue when the land is purchased.

Lakeland College

Annual Report 2014-2015

37


Notes to the Financial Statements (continued) Note 2 (continued) 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.

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.

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 first-in-first-out method. Inventories held for consumption are valued at cost.

{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. 38 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued) Note 2 (continued) 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} Expense by Function

The College uses the following categories of functions on its statement of operations:

Instruction and Training

Expenses relating to support for the academic functions of the College both directly and indirectly. This function includes expenses incurred by schools for their scholarly activities and learning administrative services.

Academic and Student Support

Expenses relating to support for the academic functions of the College both directly and indirectly. This function includes expenses incurred in order to provide services to students and faculty.

Facilities Operation and Maintenance

Expenses relating to maintenance and renewal of facilities that house the teaching, research and administrative activities within the institution. These include utilities, facilities administration, building maintenance, custodial services, landscaping and grounds keeping, as well as major repairs and renovations.

Institutional Support

Expenses relating to support for the academic functions of the College both directly and indirectly. This function includes expenses incurred by the administrative functions of the College.

Lakeland College

Annual Report 2014-2015

39


Notes to the Financial Statements (continued) Note 2 (continued)

Ancillary Services

Expenses relating to services and products provided to the College community and to external individuals and organizations. Services include the College bookstore, parking services and student residences.

Sponsored Research

Expenses for all sponsored research activities specifically funded by restricted grants and donations.

{j} 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.

3 Change in Accounting Policy PS 3260 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. The College adopted this accounting standard prospectively as of July 1, 2014. Upon adoption certain amounts were classified as Liability for Contaminated sites as disclosed in note 12.

4 Cash and Cash Equivalents Cash and cash equivalents is composed of:

2015 Cash

2014

$

2,777,745

$

17,547,621

$

2,777,745

$

17,547,621

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

40 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued)

5 Portfolio Investments The composition, fair value, and annual market yields on portfolio investments are as follows:

2015 Level 1

Level 2

Level 3

Total

$

Investments at Cost or Amortized Cost:

6,333,483 6,333,483

Investments at Fair Value: Bonds

Canadian equities

1,314,254

-

-

Foreign equities

2,051,290

-

-

-

15,588,793

-

-

451,606

-

3,365,544

25,165,591

-

9,125,192 1,314,254 2,051,290 15,588,793 451,606 28,531,135

$ 3,365,544

$25,165,591

-

$ 34,864,618

Pooled Investment Funds

$

-

$

9,125,192

$

-

$

Equities

Pooled Investment Funds Money Market

Total Investments

$

2014 (Note 22) Level 1

Level 2

Level 3

Total

Investments at Cost or Amortized Cost:

$

5,040,618 5,040,618

Investments at Fair Value: Bonds Pooled Investment Funds

$

-

$

8,162,294

$

-

$

8,162,294

Equities

-

Canadian equities

1,610,712

-

-

1,610,712

Foreign equities

1,595,534

-

-

1,595,534

-

6,850,918

-

6,850,918

-

446,670

-

446,670

3,206,246

15,459,882

-

18,666,128

$ 3,206,246

$ 15,459,882

Pooled Investment Funds Money Market Total Investments

$

-

$

23,706,746

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 as prices or indirectly derived from prices;

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.

Lakeland College

Annual Report 2014-2015

41


Notes to the Financial Statements (continued) Note 5 (continued) The average effective yields and the terms to maturity are as follows: · Money market funds: 0.96% (2014 - 1.29%); average term to maturity not more than 90 days (2014 - not more than 90 days) · Canadian bonds: 1.97% (2014 - 2.46%); average term to maturity of 7.71 years (2014 - 7.87 years) · International bonds: 1.51% (2014 - 2.25%); average term to maturity of 3.32 years (2014 - 4.26 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 2015 Net unrealized gains, beginning of year

$

2014 128,772

$

388,321

Unrealized gains attributable to: Portfolio investments

279,544

(134,991)

Amounts reclassified to statement of operations -

(124,558)

Change in unrealized gains

279,544

(259,549)

Net unrealized gains, end of year

408,316

128,772

Portfolio investments

Unrealized gains allocated to deferred revenue

$

408,316

$

128,772

6 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 Price 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 longterm rate of return that in real terms equals or exceeds total endowment expenditures with an acceptable level of risk. At June 30, 2015, the impact of a change in the rate of return on the investment portfolio is as follows: · 2.50% change in fixed income securities would have a $10,633 increase or decrease (2014 - 2.50% change would have a $9,388 change) ·2  .50% change in common stocks and equivalents would have a $9,388 increase or decrease (2014 - 2.50% change would have a $27,775 change)

42 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued) Note 6 (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 AAA AA AAA+ A ABBB-

2015

2014 20.3% 24.3% 8.5% 5.6% 37.7% 3.6% 0.0% 100.0%

19.6% 27.2% 8.8% 5.6% 35.5% 0.0% 3.3% 100.0%

Liquidity Risk The College maintains a portfolio of short-term investments to manage short-term cash requirements. 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 10). 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

100.0% 4.2%

Greater than 5 years

42.6%

53.2%

Average effective market yield

1.2% 1.3%

7 Accounts Receivable

Accounts receivable Accrued interest Less: Allowance for doubtful accounts

$

$

2015 1,426,662 1,112 (17,987) 1,409,788

$

$

2014 2,016,291 (86,189) 1,930,102

Accounts receivable are unsecured and non-interest bearing.

Lakeland College

Annual Report 2014-2015

43


Notes to the Financial Statements (continued)

8

Tangible Capital Assets

Building & Site Improvements

Land Cost

2015 Computer Furniture & Hardware & Equipment1 Software

Learning Resources

Total

(a)

Beginning of year

$5,580,712

Acquisitions Disposals, including write-downs (b)

$ Net Book Value at June 30, 2015

$188,898,351

-

10,395,049

1,132,966

541,685

74,889

12,144,589

-

(220,818)

(819,792)

(1,406,645)

(175,278)

(2,622,533)

$144,248,856 $27,359,750 $17,732,226 $3,498,863

$198,420,407

$5,580,712

Accumulated Amortization $ Beginning of year Amortization Effects on disposals, including write-downs

$134,074,625 $27,046,576 $18,597,186 $3,599,252

-

$ 72,123,813 $18,106,143 $15,450,123 $3,186,499 $ 108,866,578

-

3,061,371

2,334,115

1,201,277

71,180

6,667,943

-

(220,818)

(770,468)

(1,398,552)

(175,278)

(2,565,116)

-

$ 74,964,366 $19,669,790 $15,252,848 $3,082,401 $ 112,969,405

$5,580,712

$ 69,284,490 $ 7,689,960 $ 2,479,378 $ 416,462 $ 85,451,002

Building & Site Improvements

Land

2014 Computer Furniture & Hardware & Equipment1 Software

Learning Resources

Total

Cost (a) $5,580,712 $122,852,977 $25,309,853 $18,227,347 $3,539,015 $175,509,904 Beginning of year (b) 11,221,648 1,999,312 730,257 70,357 14,021,574 Acquisitions Disposals, including (262,589) (360,418) (10,120) (633,127) write-downs $5,580,712 $134,074,625

Accumulated Amortization $ Beginning of year Amortization Effects on disposals, including write-downs $ Net Book Value at June 30, 2014

44 Lakeland College

- $ 69,099,175

$27,046,576 $18,597,186 $3,599,252 $188,898,351

$16,112,586 $14,509,950 $3,127,630 $102,849,341

-

3,024,638

2,188,737

1,300,592

68,989

6,582,956

-

-

(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 $ 412,753 $ 80,031,773

Annual Report 2014-2015


Notes to the Financial Statements (continued) Note 8 (continued) No interest was capitalized by the College in the 2014/15 year (2013/14 - $0). (a) Cost includes work in progress at June 30, 2015 totalling $23,353,789 (2014 - $14,318,710) comprised of $23,158,482 in buildings and site improvements (2014 - $14,247,515), $172,246 in equipment (2014 $71,195) and $23,060 in software (2014 - nil). These assets are not amortized as the assets are not yet available for use.

(b) Acquisitions during the year include in-kind contributions of equipment ($81,848). In-kind acquisitions in 2014 consisted of software ($415,000), equipment ($321,314) and vehicles ($29,700).

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

9 Employee Future Benefit Liabilities Employee future benefit liabilities are comprised of the following: 2015 Academic Staff Post-employment benefit

2014

Support Staff

Total

Academic Staff

Support Staff

Total

$

-

$

-

$

-

$

-

$

72,750 $ 72,750

$

-

$

-

$

-

$

-

$

72,750 $ 72,750

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, 2014, the LAPP reported an actuarial deficiency of $2.45 billion (2013 - $4.86 billion deficiency). An actuarial valuation of the LAPP was carried out as at December 31, 2013 and was then extrapolated to December 31, 2014. The pension expense recorded in these financial statements is $3,026,108.67 (2014 - $2,594,740). 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 selfinsured short term disability and other post-employment benefits. Post-employment benefits consist of contractuallyobligated 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 nil (2014 - $72,750).

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

2015 Debentures payable to Alberta Capital Finance Authority

2014

Collateral

Maturity

Interest Rate

Residences

2026

6.5%

Amortized Cost

Amortized Cost

$

1,440,000

$

1,560,000

$

1,440,000

$

1,560,000

Lakeland College

Annual Report 2014-2015

45


Notes to the Financial Statements (continued) Note 10 (continued) Principal repayments in each of the next five years and thereafter are as follows: 2016

$

120,000

2017

120,000

2018

120,000

2019

120,000

2020

120,000

Thereafter

840,000 $

1,440,000

Interest expense on debt is $94,250 (2014 - $102,050) and is included in the statement of operations.

11 Deferred Revenue Deferred revenues are set aside for specific purposes as required either by legislation, regulation or agreement:

2015 Restricted Deferred research and special purpose Balance, beginning of year

$

Grants, tuition, donations received

Unspent capital contributions

6,344,443 $

Spent capital contributions

364,220 $ 57,767,432

Tuition and other fees

Total

$ 2,164,886

$ 66,640,981

15,105,120

28,182,787

8,391,058

4,686,609

-

Restricted investment income

308,100

11,200

-

-

319,300

Change in unrealized gains

137,220

-

-

-

137,220

Unearned capital acquisition transfers

(1,080,846)

(3,681,674)

4,762,520

-

-

Recognized as revenue

(8,351,561)

(26,052)

(3,655,396)

(14,713,514)

(26,746,522)

(24,779)

-

-

-

(24,779)

-

-

-

-

-

5,723,635 $ 1,354,303 $ 58,874,557

$ 2,556,492

$ 68,508,987

Transfers from/to endowments (note 13) Other Balance, end of year

46 Lakeland College

$

Annual Report 2014-2015


Notes to the Financial Statements (continued) Note 11 (continued)

2014 Restricted Deferred research and special purpose Balance, beginning of year

Unspent capital contributions

Spent capital contributions

$ 6,200,701 $ 9,424,274 $ 49,054,137

Grants, tuition, donations received

Tuition and other fees

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

-

-

Restricted investment income

Recognized as revenue

(7,914,139)

(107,447)

(3,545,688)

(14,455,367)

(26,022,641)

Transfers from/to endowments (note 13)

(261,083)

-

-

-

(261,083)

(5,170)

-

-

-

(5,170)

364,220 $ 57,767,432

$ 2,164,886

$ 66,640,981

Other Balance, end of year

$ 6,344,443 $

12 Liability for Contaminated Sites The composition of liabilities is a follows:

2015 Reclass from accrued liabilities

$

Adjustment to opening balance

-

Addition to liabilities during the year

110,505

Change in estimate related to existing sites

-

Remediation work performed

-

Liabilities, end of year

$

110,505

The College has accepted responsibility to perform remediation work on three sites related to contaminated soils and groundwater. Two sites were contaminated as a result of historical agricultural activity, and remediation is expected to consist of risk management and monitoring over the next three years. The remaining site was contaminated as a result of the disposal of ash and petrochemical products. Remediation for this site is expected to consist of excavation and disposal of contaminated soil over the next year. Liabilities have been calculated using estimates of undiscounted cash flows generated by third parties.

Lakeland College

Annual Report 2014-2015

47


Notes to the Financial Statements (continued)

13 Endowment 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:

• i ncome 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; and

• e ncroachment 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:

2015 Balance, beginning of year

$

2014

6,429,111

$

5,631,103

Endowment contributions

81,078

200,812

Transfer from deferred revenue (note 11)

24,779

261,083

844

341,113

Investment gain - realized (note 17)

-

Other transfers from endowments Balance, end of year

$

Cumulative contributions Cumulative capitalized income $

6,535,812

(5,000) $

6,429,111

6,185,145

6,079,288

350,667

349,823

6,535,812

$

6,429,111

Included in the ending endowment balance is the fair value unrealized gains of $408,316 (2014 - $128,772).

48 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued)

14 Accumulated Operating Surplus The composition of accumulated surplus is as follows:

Unrestricted surplus

Balance as at July 1, 2013

Surplus invested in tangible capital assets

Reserves for future purpose

Total accumulated operating surplus (note 20)

$ 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)

-

-

Net Board appropriation to internally restricted surplus

(5,762,927)

5,762,927

-

-

Balance as at June 30, 2014

$ 2,515,157

$ 14,665,787

$ 19,661,852

$ 36,842,796

Operating surplus

3,396,201

-

-

3,396,201

Amortization of internally funded tangible capital assets

3,012,547

-

(3,012,547)

-

Net book value of assets disposals Debt repayment Internally funded acquisition of tangible capital assets Operating expenses funded from internally restricted surplus

Net book value of assets disposals

57,417

-

(57,417)

-

(120,000)

-

120,000

-

(1,332,329)

(6,268,529)

7,600,858

-

563,372

(563,372)

-

-

Net Board appropriation to internally restricted surplus

(6,000,000)

6,000,000

-

-

Balance as at June 30, 2015

$ 2,092,365

$ 13,833,886

$ 24,312,746

$ 40,238,997

Debt repayment Internally funded acquisition of tangible capital assets Operating expenses funded from internally restricted surplus

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

Lakeland College

Annual Report 2014-2015

49


Notes to the Financial Statements (continued) Note 14 (continued) 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

$

41,403

(41,403)

-

$

-

Heavy oil petroleum facility

6,115,904

2,200,403

(6,268,529)

2,047,778

Major capital projects

1,700,000

5,800,000

-

7,500,000

Emerging capital needs

1,850,000

(1,100,000)

-

750,000 $ 10,297,778

$

9,707,307

$

6,859,000

$

(6,268,529)

$

4,296,895

$

(709,000)

$

(551,289)

Appropriations for operating activities Major maintenance Operating initiatives Delivery initiatives $ Total appropriations

$

3,036,606

-

450,000

-

450,000

661,584

(600,000)

(12,083)

49,501

4,958,479

$

(859,000)

$

(563,372)

$ 14,665,786

$

6,000,000

$

(6,831,901)

$

3,536,107

$ 13,833,885

15 Contingent Liabilities (a) T  he 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. Management has concluded that none of the claims meet the criteria for being recorded under PSAS. (b) T  he 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.

16 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.

2015 Service contracts

$

Capital projects Information systems and technology Long-term leases Total

50 Lakeland College

Annual Report 2014-2015

$

748,977

2014 $

999,218

43,242

10,477,189

1,076,654

1,282,632

582,785

107,964

2,451,658

$ 12,867,003


Notes to the Financial Statements (continued) Note 16 (continued)  The estimated aggregate amounts payable for the unexpired terms of these contractual obligations are as follows: Service contracts 2016

$

Information systems and technology

Capital projects

423,225

$

43,242

$

Long-term leases

536,378

$

Total

173,534

$

1,176,379

2017

225,852

-

410,007

155,341

791,200

2018

99,900

-

130,269

140,674

370,844

2019

-

-

-

75,618

75,618

2020

-

-

-

37,618

37,618

Thereafter

-

-

-

-

-

$

748,977

$

43,242

$

1,076,654

$

582,785

$

2,451,658

17 Investment Income 2015

2014

Restricted funds Investment earning on cash, cash equivalents and portfolio investments held for endowments and other restricted purposes Transferred to deferred revenue

$

308,110

$ 1,053,892

(307,266)

(712,779)

(844)

(341,113)

307,266

328,293

307,266

328,293

1,083,089

861,721

Transferred to endowment net assets (note 13) Add deferred revenue recognized as investment income Restricted funds recognized as investment income

Unrestricted funds Investment earnings on unrestricted cash, cash equivalents and portfolio investments

(12,034)

(80,613)

1,071,055

781,108

$ 1,378,322

$ 1,109,401

Transferred to deferred revenue Unrestricted funds recognized as investment income Total investment income

18 Expense by Object The following is a summary of expense by object:

2015

2014 Actual

Budget Salaries and benefits

$

Material, supplies and services

$

39,825,370

(note 22)

39,185,825

$

10,924,651

11,758,518

35,838,495 11,581,763

Repairs & maintenance

2,820,968

3,305,538

5,191,298

Cost of goods sold

1,095,867

1,008,138

1,106,617

Amortization of capital assets

6,966,884

6,667,943

6,582,956

Utilities

2,175,528

2,006,193

2,266,151

419,156

744,014

701,659

Scholarships and bursaries $

$

65,062,291

63,842,302

Lakeland College

$

63,268,939

Annual Report 2014-2015

51


Notes to the Financial Statements (continued)

19 Government of Alberta Transactions and Balances 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.

2015

2014

Grants from Government of Alberta Innovation and Advanced Education $

Operating Capital Alberta Innovates Technology Futures

30,787,784

$

6,563,022

3,116,300

40,000

-

5,294,095

Other Total Innovation and Advanced Education

30,568,396

4,042,267

$

42,684,901

$

37,726,963

$

12,244

$

500

Other Government of Alberta departments and agencies Alberta Agriculture

64,652

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

64,651

$

76,896

$

65,151

$

42,761,797

$

37,792,115

(3,703,563)

Add (less): deferred revenue

880,046

$

39,058,234

$

38,672,161

$

-

$

974

Accounts Receivable Innovation and Advanced Education

2,875

Other Post-secondary Institutions

-

105,874

Other Government of Alberta departments and agencies

77,147

$

108,749

$

78,121

$

171,412

$

14,235

$

171,412

$

14,235

Accounts Payable Other Post-secondary Institutions

The College has liabilities with Alberta Capital Finance Authority as described in note 10.

52 Lakeland College

Annual Report 2014-2015


Notes to the Financial Statements (continued)

20 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 (note 22)

2015 Base salary

(1)

Other cash benefits (2)

Other non-cash benefits (3)

$

$

Total

Total

Governance Chair of Board of Governors

$

-

14,046

536

$

14,582

$

15,448

-

20,603

261

20,864

23,875

-

34,649

797

35,446

39,323

404,430

28,853

43,765

477,048

608,974

158,507

300

35,389

194,196

218,203

150,251

223,752

50,436

424,439

173,115

170,038

241,545

42,713

454,296

200,499

883,226

494,450

172,303

1,549,979

1,200,791

883,226

$ 529,099

$ 173,100

$ 1,585,425

$ 1,240,114

Members of Board of Governors

Executive President

(4)

Vice-Presidents VP Academic

(4) (5)

VP Advancement

(4) (6)

VP Corporate Services

(4) (7)

$

(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. (5) Title changed from VP Academic, Research and Innovation to VP Academic in November, 2014. (6) Title changed from VP Student Services and Advancement to VP Advancement in August, 2014. (7) Title changed from VP Enterprise and Sustainability to VP Corporate Services in July, 2014.

21 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 on May 28, 2014.

22 Comparative Figures Certain 2014 figures have been reclassified to conform to the presentation adopted in the 2015 financial statements.

23 Approval of Financial Statements The financial statements were approved by the Board of Governors of Lakeland College.

Lakeland College

Annual Report 2014-2015

53


The following appendices are not part of the audited financial statements

Appendix A - Program full load equivalents (FLEs) 2014-2015 150.057

2013-2014 190.401

Accounting

36.100

38.800

Accounting Technician

11.100

6.100

Business Administration

42.500

46.600

8.600

15.000

Business

Business Administration Certificate Marketing

18.100

8.200

0.273

43.287

Real Estate Appraisal and Assessment

22.284

16.314

Small Business and Entrepreneurship

11.100

16.100

33.422

21.825

33.422

21.825

150.200

252.226

Animal Health Technology Diploma

78.700

82.968

Emergency Medical

27.613

33.900

Office Administration Certificate

Education Educational Assistant

Health Sciences

Emergency Medical Responder

8.277

Emergency Medical Technician - Ambulance

0.675

Emergency Medical Technician - Paramedic

32.100

Health Care Aide

10.101

16.151

Practical Nurse Diploma

12.604

56.421

Veterinary Medical Assistant

21.182

21.734

406.425

396.023

Child and Youth Care Diploma

27.025

33.350

Early Childhood Development Certificate

50.675

36.000

Early Childhood Development Diploma

29.175

8.175

Interior Design Technology Diploma

35.275

36.542

Languages, Social Sciences, Arts & Humanities

International Development

6.400

Open Studies

59.175

68.256

Sign Language Interpretation

11.000

6.000

Sign Language Study

10.000

10.400

University Studies

177.700

197.300

Legal & Security

73.598

86.654

Bachelor of Applied Business: Emergency Services

13.003

30.292

Fire

36.187

26.744

Fire Fighter Certificate of Achievement

24.408

29.618

54 Lakeland College

Annual Report 2014-2015


Physical, Natural & Applied Sciences

433.062

407.323

Agribusiness

75.364

58.733

Animal Science Technology Diploma

74.061

55.313

Conservation and Restoration Ecology

37.584

44.499

Crop Technology Diploma

60.835

61.170

Environmental Conservation and Reclamation

42.082

48.665

Environmental Monitoring & Protection

19.418

24.417

7.500

6.932

Monitoring/Environmental Protection

14.619

18.620

Reclamation/Remediation

28.211

23.565

General Agriculture Certificate

Renewable Energy and Conservation

1.638

0.273

Renewable Energy and Conservation

11.500

10.400

Western Ranch and Cow Horse

22.000

13.403

Wildlife and Fisheries Conservation

38.250

41.333

Preparatory & Basic Upgrading

23.206

12.900

Employment Skills Enhancement

17.533

12.900

Tourism - Ready to Work

5.673

Trades & Technologists

650.052

546.130

3rd Class Power Engineering

1.101

1.217

4th Class Power Engineering

53.084

51.800

APPR: Automotive Service Technician

21.627

24.564

APPR: Carpenter

33.909

36.312

APPR: Electrician

90.210

90.341

7.476

4.806

APPR: Heavy Equipment Technician

73.158

63.546

APPR: Instrument Technician

10.875

11.406

APPR: Steamfitter-Pipefitter

36.579

30.438

101.727

84.372

11.500

16.000

113.357

64.376

Heavy Oil Operations Technician

31.875

12.554

Parts Technician

14.604

11.539

Gas Process Operator

3.740

6.874

Pre-Employment Carpentry

3.752

Pre-Employment Electrician

8.911

8.911

Pre-Employment Hairstylist

7.059

8.004

Pre-Employment Instrument Technician

6.566

7.973

Pre-Employment Welder

8.442

6.097

Street-Rod Technologies

10.500

5.000

1,920.022

1,913.482

APPR: Gasfitter

APPR: Welder Esthetician Heavy Oil Engineering Technology

Grand Total

Lakeland College

Annual Report 2014-2015

55


Appendix B - Donors Lakeland College thanks the following supporters for their donations to the college between July 1, 2014 and June 30, 2015. 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.

1863997 Alberta Ltd.

Alexandra Ungar

Bert & Beverley Devries

2014 SLIP Program Cohort

Alice Curry & John Robinson

Bill & Myrna Fox

A+ Plus Cellular

Alice Wainwright-Stewart

Bill Bocock

Aaron & Trisha Rawlake

A-Line Motel (1998) Ltd.

Blair Hill

Acklands-Grainger

Allan & Joanne MacLauchlan

Blanchette Farms Ltd.

Acron Roofing Systems Inc.

All-Out Auto Repair

Bliss & Betty Dickson

Affinity Credit Union

Amanda & Jay Stepanick

Boardom Snow Skate Life

Agland

AMIK Oilfield Equipment & Rentals

Bob & Margaret Snelgrove

Agnes Schmidt

Andelka Savic

Bob & Shirley Cameron

Agricultural Science Faculty & Staff

Apple Drugs, Vermilion

Bob & Shirley Thomas

Agriculture and Rural Development

Aramark Canada Ltd.

Border Chemical Company Limited

Agriculture Financial Services Corporation

Art & Soul Framing & Gallery

Border City Rotary Club

Arthur & Gladys McGinnis

Border Logistics Inc.

Assure Occupational Testing

Boston Pizza, Vermilion

AST - Class of 2012

Brandi Hofer

ATB Financial

Breanna Patterson

ATCO Electric

Brent McKerlie

ATCO Gas

Brian & Karen Ramler

AUPE Local 005

Brian & Miranda Leeder

Austin & Riley Starko

Brian D. Larson Consulting Inc.

B + A and Sons Construction

Brian Guran & Carol Hermansen

Alberta Blue Cross

Banner Business Services Ltd.

Brian Honeker

Alberta Branch Canadian Seed Growers

Bar Engineering Co. Ltd.

Bruce Kunz

Battle River Community Foundation

BTB Fitness Equipment

Becky Schmidt

Byron Buick

Ben Acquaye

C. M. Wolters

AGSI Solutions Centre A-Jays Truck and Car Wash Alan Rogan Albert & Darlene Martin Alberta Accountants Unification Agency Alberta Assessors’ Association Alberta Association of Animal Health Technologists

Alberta Society of Professional Biologists Alberta Wheat Commission 56 Lakeland College

Annual Report 2014-2015


Cameron Seidle

CKLM 106.1 FM The Goat

Damian Dorschner

Camrose Sheep Producers Club

CLASS

Dan Tally

Canadian Angus

Cliff Rose for Clothes

Dana & Arlene Ross

Canadian Association of Petroleum Producers

CNH America LLC, New Holland

Daniel French

Coca-Cola Refreshments Canada Company

Danrae Asphalt & Maintenance

Canadian Heavy Oil Association Canadian Imperial Bank of Commerce

Cody Faux

Canadian Natural Resources Limited

Coldstream Farm Ltd.

Canadian Tire

Cole Ambrock, Molson Coors

Can-Do Auto & Lube (1984) Ltd.

Colleen & Mike Symes

Capital Colour Press (1992) Ltd.

Connie Hunt

Cara McClean

Cooper Concrete Construction Ltd.

Carla & James Anderson

Cornerstone Liquor Store

Carla Dupras

Cornelis & Anne Vos

Carol Beckie

County of Vermilion River

Carol McKay

Courtney Fitzgerald

CDC Inc., Curtis Cossey

Craig Hougen

CEDA International

Craig Traverse, Investors Group

Cenovus Energy Inc.

Craig’s Vermilion Ltd.

Chad & Annette Zacharias

Crop Production Services

Charles Whitesell

Crown Investments Corporation of Saskatchewan

Chris & Judy Sarsons Chris Jost Chris King Chris McQuid Chris Senaratne Christopher & Carol Grant Chubby’s Convenience Store Chutter Ranch Ltd. Citadel Mechanical Ltd. CJ Willis Contracting Ltd.

Darko Hardi Darla Yonkman Darrel & Elizabeth Howell Dave & Debbie Neigum David Cowan David Loxam David Smigelski Daymen Ashmeade Days Hotel & Suites Dean & Bobbi McMullen Dean & Gwen Carter Deanna Carter Deb Minish Deborah Scott Debra Dustow Decorator’s Den Denham Chrysler Ltd.

Cudworth School SRC Cynthia Beck Professional Corporation

Denise Martin Dennis Turner

D & S Water Hauling Ltd.

Desmond & Kay Fey

D. Sylvia Wight

Devon Barnard

D.S. & G. Enterprises Ltd.

Donald & Mary Lee Sapsford

D.W. Operating Ltd.

Dorothy Van’t Hof

Dabane Trucking Ltd.

Doug Elliott

Dale & Cindy Hawkins

Doug Ross

Dale Ryan

Dr. A.B. Caouette

Lakeland College

Annual Report 2014-2015

57


Dr. Janet Norman

Fang Liu

Greg & Olivia Yuel

Dr. Tracy Edwards

Fantasy Flowers

Gregory & Janice Hawkwood

Dr. W. Prokopishin Dental Prof

Farm Credit Canada

Gregory & Karen Harasen

DRL Contracting Ltd.

Faye Stevens

Grit Industries Inc.

Durlowe Farm Inc.

Fillmore Construction Management Inc.

Grower Direct Lloydminster

Dust Bowl Land & Cattle Ltd. Dwayne & Jackie Weisgerber

Filmwise First Truck Centre Lloydminster Inc.

E. Jean Raines

FOCUS

E. Margaret Taylor Earl & Margaret Priest Earl & Terry Shindruk

Fountain Tire Ltd. Fries Tallman Lumber Furniture Gallery Lloydminster Ltd.

Eastalta Co-op Ltd. Eau Cool Alberta Central

G Force Diesel Service Gail McDonald

Ed & Brenda Lee Edwin & Mary Carson Electrical Contractors Association of Alberta

Gary & Isabelle Moses Gear Energy Geo. C. Webb & Sons (1980) Ltd.

Guest Controls Systems Guy Mallabone, Global Philanthropic H.K. & Barbara Canning Haldenby Farms Ltd. Harold & Gertrude Hauer Harvey & Anne Jessup Hawkings Epp Dumont LLP Hazel Irving & George Tucker Heather & Maurice MacMillan Heavy Crude Hauling LP Heidi Braithwaite Henry & Jane Bereznicki

Elinor Klapstein

George & Luella Crooker

Ellen (Jo) Berglund

George Sojka

Ellis & Donna Treffry

Georgina & TJ Altman

Emily Walsh

Gerry Smith

End of the Roll

Gilbert Latreille

Eric Cabernel

Glamour and Glitz

Ernest & Judy Gibson and Family

Glaslyn Agencies Inc.

Esko & Kerrie Viitala

Glen & Judy Adair

ETC - June 2014 Grad

Glenyce Hughes

Everett McCrimmon

Goodhand Law Office

Exhaust Master Lloydminster F & K Hotel Holdings Ltd.

Government of Saskatchewan Advanced Ed, Employment & Immigration

Factory Sports Excellence

Graham & Norene Reid

Ian Bloch-Hansen

Faith Cybenko

Greg & Allision Solberg

Ideal Office Solutions

58 Lakeland College

Annual Report 2014-2015

Heritage Educational Foundation Hey Sugar Bakeshop Hiev Duong Highland Feeders Limited Home Hardware Building Centre Hotstove Automotive Ltd. Howard & Rita Austin Hugh & Deena Forrester Human Services Faculty & Staff Husky Group of Companies Hytop Well Servicing Inc. Ian & Sandra Telfer


Idella Matthews

Jordan Martenson

Kirk & Pam McInroy

Image Orthodontics

Jory Klinger

Kondro Electric 1980 Ltd.

Ina McLean-Lawrence

Josie Van Lent

Kristie Knudsen

Ironjet Promotions

Judith Sydenham

Kubashnee Govender

J. Dennis & Maida Wearmouth

Just Kruzin

J.R. Robson Student Council

Just Picture It Photography

L & L Oilfield Construction (1990) Ltd.

Jacinda Kitt

Kara Johnston

Jack & Conne Van Roessel

Karren Longworth

Jack Johnson

Kasian Architecture Interior Design & Planning Ltd.

James & Janice Anderson James Tally Janice Martin Jared Fehr Jason & Delsa Fluney Jason Whiting Jaws Contracting Ltd. Jaycees Pressure Testing Jaye & Priscilla Holt Jean McGuckin Jeff Dustow Jeffrey & Sharlene Tayler Jerome Weiland Joan Mayell Jo-Ann Mones Johan Breytenbach Enterprises Orthokinetics John & Sylvia Jackson John & Tami Klatt Johnson & Herbert Construction (1988) Inc. Johnson Inc.

L & M Wood Products (2011) Ltd. Lakeland College Alumni Association

Kathleen & Maxwell Smith

Lakeland College School of Energy Lakeland College School of Health & Wellness Lakeland College School of Human Services

Kathy Wandler Kelly Greenwald Ken & Jean Baker

Lakeland College School of Trades & Technology

Ken & Marilyn Bossert and Family

Lakeland College Staff Association

Ken Fogh

Lakeland College Stock Dog Club

Kendra Kuse

Lakeland College Students’ Association

Kenilworth Combustion Ltd.

Lakeland Country Florist

Kenneth & Jessie Hoffman

Larry & Donna Babcock

Kenneth & Kathleen Fisher

Larry & Sharon Bilben

Kenneth & Marion Atkinson

Laura Baker

Kenworth Lloydminster

Lavern & Colleen Martinka

Kern Partners Ltd.

Lavoie’s Machining & Welding Ltd.

Kevin & Karen Dow

Layne & Lonnie Boothman

Kevin Arychuk & Catherine Erichsen Arychuk

Leckie & Associates LLP

Kevin Wagner

Lee Simanton

Khursten Bullock

Lee-Ann Emment

Kim & Michael Wetsch

Leon & Karen Fleischhacker

Kirby Meister

Let’s Golf Lloydminster

Kirk & Jacqueline Kiesman

Lexus of Edmonton Linda Werklund

Lakeland College

Annual Report 2014-2015

59


Lindsay Caverly

Mark & Beverley Halyk

NeighbourLink

Lions Club of Lloydminster Corp.

Mark & Deborah Elliott and Family

Newcap Inc.

Liquor Depot, Plaza 44 Liquor Store

Mark & Susan Healey

Nick & Nancy Porozni

Little’s Ranching Co. Ltd.

Marlin Travel

Nick’s Family Restaurant Vermilion

Lloydminster & District Co-operative Limited

Marqui Software

Nigel Kalyniak

Marty & Jackie Fowler

Nissan Lloydminster

Marvin Long

NKBA, The Prairie Provinces

Mary & James Callander

Noralta Technologies Inc.

Mary Harrish

Oasis Yoga

May Theatres (1984) Limited

Oceana Hair Design Inc.

McRobert Farms

One Tooth Activewear

Meghan Davis

Orest & Patricia Yackimec

Melissa Brosinsky

Osika Holdings Inc.

Melvin & Iris Petersen

Patrick & Marie Maher

Mervyn & Claudia Giles

Patrick Moore

Métis Education Foundation - Métis Nation of Alberta

Patti Breland

Lloydminster Chamber of Commerce Lloydminster Economic Development Corporation Lloydminster Golf & Curling Centre Lloydminster KFC Lloydminster Meridian Printing/ Booster Lloydminster Region Health Foundation Lloydminster Source Longridge Consulting Lopaschuk Investments Ltd. Lorena Donkin Lorne & Joey MacGregor Lorraine Bryan & Phillip Griebel

Midwest Furniture & Appliances

M & R Gillett

Mike Carey

Marella Smith

Milton & Carrol Wakefield

Margaret Chalack

Monty & Lynn Wilkins

Margaret Harcus

Motion Fitness

Margaret Purcell

MTM Energy Services Inc.

Margaret Wheat Marguerite McConnell

Marie West Marilyn Sandwick

Michael & Kathy Crowe Michael Quwek

Luke Beaudry

Maria-Lise May

Meyers Norris Penny (MNP) Lloydminster

Myra’s Hair Etc! Nadine Walker-Perry NAIK Ventures Inc. Nairen & Courtnay Duncan

Paul & Colette April Paul & Karen Gillett Paul & Michele Ayearst Pauline Van Roessel Peggy Moore Pembina Pipeline Corporation Perma Earth Consulting Ltd. Peter & Cindy Wilkinson Peter Walsh PIC Investment Group Inc. Pioneer Groundwater Monitoring Prairie Place Liquor Inc. Praxair Predator Ridge Resort Quest Logistics Ltd.

60 Lakeland College

Annual Report 2014-2015


Quinn Contracting Ltd.

Rod & Janet Carlyon

Shirley Williams

Ramon & Janelle Green

Roger Jones

Shontelle Bowman

Ranch and Feedlot Rider Club

Ron & Myrtle Robinson

Sign Me Up Interpreting Services

Randall Sonnenberg

Ron & Wendy Tonita

Silvan & Courtney Stamm

Randy & Brenda Dancey

Rona Lloydminster

Simple Farmer Country Store

Randy Fines

Ross Wallace

Slade & Kamella Bowers

Ray & Jan Schock

Rotary Club of Vermilion

Ray Gauvan

Roy Kubica

Society of Petroleum Engineers Lloydminster Section

Raymond & Judy Taylor

Royal Canadian Legion No. 11

RBC Royal Bank

Royal Canadian Legion, Alberta-NWT Command

RE/MAX Prairie Realty (Vermilion & Vegreville)

Solstice Canada Corp. Spartan Consulting Spartan Controls

Royal Hotel

Spicers Canada Ltd.

RE/MAX Shoreline Realty

Roy’s Courier Services

Spiro’s Steak & Pizza

Real Deals on Home Decor

Ruby Bauer

Sportaken Holdings Ltd.

Rebecca Schille

Russel Manary

St Paul Veterinary Clinic Inc.

Redhead Equipment

Rusty & Sherry Stalwick

Stacy Reid

Renaissance Edmonton Airport Hotel

Ryan B. Armstrong Professional Corporation

Staedtler Mars Limited

Rev. Dick Hunt Rhiannon Nelson Rhino Roofing Ltd. Ribstone Creek Brewery Richard & Alison Starke Richard & Joyce McBain Richardson’s Jewellery Ricky Ticky Wanchuk Rodeo Co. Robert & Norma Bilben Robert & Roberta Scott Robert Currie Robert McCorkell Robyn Gerrard Rockytop Ventures Ltd.

SAI Ventures Inc., Domino’s Pizza Sandpiper Truck Services Ltd.

Stanley & Sharleen Chevraux Stantec Consulting Ltd. Stefan Cukovic

Sandra & Ken Traynor

Stitch Master Inc.

Sandra Ryan

Streamline Mechanical L.P.

Saskatchewan Assessment Management Agency

Studio 780 Syncrude

Saskatchewan Association for Community Living

Synergy Credit Union

Saskatchewan Association of Veterinary Technologists

Talisman Energy Inc. Tally Brothers Ltd.

Scott & Bernie Webb Sedgewick Land & Insurance Ltd.

Tarpon Energy Services Ltd. TAS Communications

Servus Credit Union Ltd.

Tasty J’s

Shauni Rechenmacher

Taylor Dyer

Sheldon & Peggy Becker

Lakeland College

Annual Report 2014-2015

61


TD Insurance Meloche Monnex

TVS Mor Drafting

Wayne & Bev Axani

Techmation Electric & Controls Ltd.

Twice As Nice, Vermilion

Wendy Jackson

Terri Rowat

UCG Universal Consulting Group Ltd.

Wendy Plandowski

Terry & Kathleen Bocock

UFA, Vermilion

Westman Farms Ltd.

Terry West

Unified Valve Ltd.

Wilfred & Karen Streets

The Bea Fisher Centre Inc.

Unique Stock Farm

Wilkinson Livingston Stevens LLP

The Berg Family

United Rentals

William & Tammy Coutts

The Calgary Foundation

Untangled Hair Salon

Windsor Plywood

The Canadian Brewhouse

Val Smith

Worb Financial Inc.

The Child and Youth Care Association of Alberta

Valor Energy Ltd.

Wrangler Well Servicing Ltd.

Vegreville Veterinary Clinic

Xsited Oilfield Consulting Services

Vermeer’s Dairy Ltd.

Yokogawa Canada Inc.

Vermilion & Area Volunteer Crisis Line

Y’s Marketing Co.

The Kohel Family The Old Liquor Store Ltd. The Princess Auto Foundation Inc. The Root:Community Emporium

Vermilion & District Chamber of Commerce

Tim Dyck Financial Services Ltd.

Vermilion Chrysler Ltd.

Timberline Drilling Inc.

Vermilion Credit Union Ltd.

TJ Altman, Investors Group

Vermilion Golf & Country Club

Todd & Rosanne Farnsworth

Vermilion Jr B. Tigers

Top Power Services Ltd.

Vermilion Veterinary Clinic Staff Collection

Top Source for Sports

Vet Med Assistant Club

Town of Vermilion Tradewinds Enterprises Ltd. (Booster Juice)

Vic & Ann Juba Vic & Grethe Bugera

Travis & Holly Inverarity

Vic Juba Community Theatre

Trevor & Susan Clark

Vincenzo Saporito

Trik Mechanical Ltd.

Vivian McElhinney

Triovest Realty Advisors Inc.

Vivid Hair & Esthetics

Truly Amish

Walter & Katherine Gullion

Tundra Process Solutions Ltd.

Walter Skripitsky

Tunes Music & Audio

Wasteco Company

62 Lakeland College

Annual Report 2014-2015


Vermilion Campus 5707 College Drive Vermilion, Alberta T9X 1K5 Lloydminster Campus 2602 59 Avenue Lloydminster, Alberta T9V 3N7

lakelandcollege.ca

2014-15 Lakeland College Annual Report  

The annual report of Lakeland College, complete with financial statements, for the fiscal year July 1, 2014 to June 30, 2015.