statement of financial information prepared …statement of financial information prepared under the...

STATEMENT OF FINANCIAL INFORMATION

PREPARED UNDER THE FINANCIAL INFORMATION ACT

FOR YEAR ENDED MARCH 31, 2014

VANCOUVER ISLAND UNIVERSITY

900 FIFTH STREET

NANAIMO, BC

V9R 5S5

2




TABLE OF CONTENTS

Management Report ......................................................................................................... page 3

Approval of Financial Information ...................................................................................... page 4

Schedule of Debts ............................................................................................................. page 5

Schedule of Guarantee and Indemnity .............................................................................. page 6

Statement of Severance Agreements ................................................................................ page 8

Schedule of Board Remuneration ...................................................................................... page 9

Schedule of Employee Remuneration and Expenses ...................................................... page 10

Schedule of Suppliers of Goods and Services ................................................................. page 22

Reconciliation .................................................................................................................. page 29

Consolidated Financial Statements 2013-2014 .......................................................... appendix 1

5




STATEMENT OF DEBTS

Prepared under the Financial Information Regulation, Schedule 1, Section 4

Information on all debts for Vancouver Island University is included in Note 11 (page 16) of the 2013-2014 Financial Statements.

6




SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS

Prepared Under Financial Information Regulation, Schedule 1, Section 5

List of Financial guarantee and indemnity agreements in force which required government approval prior to being given under

the Financial Administration Act Guarantees and Indemnities Regulations (BC Reg.258/87):

Alberta Health Services

Association of Canadian Community Colleges

Board of Education of School District 79 (Cowichan)

BRITCO

CAE Healthcare

Camosun College

City of Nanaimo (2)

Coca-Cola Refreshments Canada Company

Community Living British Columbia

Comox Valley Project Watershed Society

Cowichan Tribes

Cowichan Valley Regional District

Eigen Development Ltd

First Capital Realty Inc.

go2 Tourism HR Society

Great Bear Initiative Society

Heiltsuk Tribal Council

Her Majesty the Queen in Right of Canada as represented by the Minister of the Environment

Her Majesty the Queen in Right of Canada represented by the Minister of Fisheries and Oceans

Her Majesty the Queen in Right of the Province of Alberta as represented by the Minister of Enterprise and Advanced Education

Her Majesty the Queen in Right of the Province of British Columbia as Represented by the Minister of Children and Family Development

Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Justice and Attorney General, responsible for Corrections Branch

Island Christian Camping Society - Camp Imadene

7

Island Pacific Adventures Ltd.

National Technical University of Ukraine

Oceanside Division of Family Practice

Port Theatre Society

PTP ASEP Training Society

Regional District of Central Okanagan

Regional District of Nanaimo and SYLVIS Environmental Services Inc.

Richmond Olympic Oval Corporation

Tamagawa University

The Port Theatre Society

Timberwest Forest Company (2)

Vancouver Island Providence Community Association

8




STATEMENT OF SEVERANCE AGREEMENTS

Prepared under the Financial Information Regulation, Schedule 1, Section 6

There were three severance agreements made between Vancouver Island University and its non-unionized employees during

fiscal year 2013-2014. The agreements represent between 3 and 14 months of compensation.

Board Member 2013-2014 Total Expenses

Shawn A-in-chut Atleo Chancellor 300.00$

Mike Brown Past Chair 4,885.01$

Ann Scott Chair (September 2013) 422.50$

John Phillips Board Member 1,587.37$

William Cripps Board Member 7,795.24$

Jerry Doman Board Member 300.00$

William Yoachim Board Member 300.00$

Stewart Hawthorn Board Member 300.00$

Allan Wiekenkamp Vice-Chair 1,570.98$

Makenzie Leine Board Member 75.00$

Steven Purse Faculty Representative 448.00$

Chris Burnley Faculty Representative 350.00$

Chris Munro Employee Representative 299.00$

Kristine Chyplyk Employee Representative 100.00$

Kirsten Brooker Student Representative 200.00$

Katya MacDonald Student Representative 200.00$

Chris Bergen Student Representative 100.00$

Patrick Barbosa Student Representative 100.00$

19,333.10$

SCHEDULE OF REMUNERATION AND EXPENSES

BOARD OF GOVERNORS


STATEMENT OF FINANCIAL INFORMATIONPREPARED UNDER THE FINANCIAL INFORMATION ACT


9

Employee Salary and Expenses $75,000 or more

Employee NameTotal Employee

Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

ACOSTA, MALENA 397.00 82,480.08 82,877.08

AGYEKUM, ERIC 1,000.00 93,507.60 94,507.60

AIKMAN, ALLAN - 90,478.76 90,478.76

ALEXANDER, DON 3,060.00 85,844.75 88,904.75

ALEXANDER, SANDY 1,444.15 85,844.75 87,288.90

ALLAN, JANET - 163,220.62 163,220.62

AMARAL, JOHN 1,000.00 87,550.47 88,550.47

ANDERSEN, DENISE 265.84 87,563.97 87,829.81

ANDERSON, GILLIAN 2,517.49 86,223.75 88,741.24

APLAND, LARS 2,003.08 75,209.91 77,212.99

ARKOS, GREGORY 3,366.92 86,223.75 89,590.67

ARMSTRONG, CLAY 1,000.00 85,844.75 86,844.75

ARMSTRONG, MARIE 9,279.71 87,285.48 96,565.19

ARNOLD, HELEN 2,630.90 82,377.77 85,008.67

ARNOLD, RICHARD 1,000.00 91,771.37 92,771.37

ASTILL, LIZ 130.95 78,584.67 78,715.62

ATKINSON, ANNA 1,000.00 85,844.75 86,844.75

AYERS, JIM 2,775.12 77,427.65 80,202.77

BAILDHAM, LORRIE 3,340.30 95,589.16 98,929.46

BAJKOV, LESLIE - 80,081.99 80,081.99

BALL, GEOFF 2,296.86 80,736.16 83,033.02

BALL, GREGORY 1,691.60 90,392.75 92,084.35

BALLAM, BRUCE 4,409.70 115,292.96 119,702.66

BARCLAY, LESLIE - 77,400.46 77,400.46

BARKER, DUANE 1,083.20 75,451.69 76,534.89

STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT


SCHEDULE OF EMPLOYEE REMUNERATION AND EXPENSESPrepared Under Financial Information Regulation, Schedule 1, Section 6

10


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

BARNETT, MARTIN 5,265.54 91,633.77 96,899.31

BARSBY, TODD 1,000.00 86,552.16 87,552.16

BASCOM, ERIN 2,977.77 73,500.21 76,477.98

BEAUBIER, ALEXIS 3,114.80 78,696.69 81,811.49

BEESE, BILL 4,557.36 85,844.75 90,402.11

BENISKY, BARRY 897.75 90,470.09 91,367.84

BEVIS, RICK 1,512.34 85,844.75 87,357.09

BIGELOW, DAVID 1,763.36 92,299.27 94,062.63

BLACK, JOHN 13,944.17 114,147.32 128,091.49

BLACKBURN, JEAN 1,807.17 85,844.75 87,651.92

BLACKELL, MARK 8,488.22 96,630.12 105,118.34

BLAIKLOCK, FELICITY 1,916.99 81,464.67 83,381.66

BLANEY, LEIGH 1,444.15 86,223.75 87,667.90

BRACK, NONA 6,174.59 85,844.75 92,019.34

BRAUN, MICHAEL 80.00 88,485.00 88,565.00

BRISCOE, PETER 11,390.23 99,023.32 110,413.55

BROCKLEBANK, JOANNE 1,100.88 89,789.74 90,890.62

BROWN, BRONWYN 53.79 83,708.89 83,762.68

BUFFIE, BONNIE-JEAN 2,395.74 85,844.75 88,240.49

BURGOYNE, DANIEL 1,040.04 92,061.15 93,101.19

BURNLEY, CAROLINE 2,376.15 86,602.75 88,978.90

BURNLEY, CHRIS 3,164.17 89,088.33 92,252.50

BURR, STEPHEN 4,592.76 108,691.14 113,283.90

BUSH, GREGORY 1,560.00 82,010.67 83,570.67

BUTTERWORTH, CARL 9,388.23 74,693.18 84,081.41

BUZZARD, GORDON - 87,715.00 87,715.00

BYRNES, LINDA 2,904.83 79,470.67 82,375.50

CADIEUX, DEAN 1,088.54 90,478.77 91,567.31

CAKE, DAVE 1,000.00 79,432.20 80,432.20

CARPENTER, PATRICK 1,008.84 85,844.75 86,853.59

CARPENTIER, SALLY 2,298.37 80,432.65 82,731.02

CARROLL, ANITA 1,970.15 85,844.75 87,814.90

CASWELL, SUSIE 3,821.35 78,880.46 82,701.81

CEBULIAK, JIM - 87,565.00 87,565.00

CHEUNG, STEVE - 76,959.36 76,959.36

CHICQUEN, KEITH 8,299.04 95,589.19 103,888.23

CHRISTOFFERSEN, JENNIFER 7,417.22 85,844.75 93,261.97

CHUANKAMNERDKARN, PATRICK 1,000.00 85,844.75 86,844.75

CLARKE, JULIE 4,563.91 80,645.60 85,209.51

11


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

CLEMENTS, STEPHEN 1,963.85 88,241.20 90,205.05

CLEMOTTE, OSCAR 1,000.00 80,579.45 81,579.45

COATES, JASON 6,808.36 80,809.25 87,617.61

COLE, JANE 1,386.96 91,529.75 92,916.71

COLLETTE, DANA 2,999.14 103,339.98 106,339.12

CONDIE, BRUCE 32,238.94 93,229.96 125,468.90

CONLIN, ARDITH 3,286.20 73,500.21 76,786.41

COOPER, RACHEL 2,210.78 89,755.70 91,966.48

CORRIN, DOUG 1,946.05 88,308.47 90,254.52

COWEN, GORDON - 87,565.00 87,565.00

CRANMER, LAURA 250.00 86,223.75 86,473.75

CRAWFORD, GREG 5,122.44 120,889.46 126,011.90

CROCKER, STEPHANIE 1,877.00 73,378.30 75,255.30

CRUICKSHANKS, NADINE 8,476.53 78,525.86 87,002.39

DAHLKE, SHERRY 5,814.59 86,663.25 92,477.84

DAOUST, MICHELLE 2,096.49 86,844.89 88,941.38

DARLING, BOB - 87,565.00 87,565.00

DAS, ANUPAM 2,500.00 89,301.76 91,801.76

DAUK, PHILIP 1,000.00 85,844.75 86,844.75

DAVIES, ROBIN 1,560.00 77,655.65 79,215.65

DAVIES, STEPHEN 1,184.56 98,291.24 99,475.80

DE LA BARRE, SUZANNE 3,756.00 77,213.05 80,969.05

DELAMERE, TOM 2,408.74 90,175.07 92,583.81

DEMERS, ERIC 2,045.40 81,666.90 83,712.30

DEMERS, HELENE 4,082.08 88,118.75 92,200.83

DERBY, BRENDAN - 87,565.00 87,565.00

DESILETS, CAROL 4,781.33 91,662.50 96,443.83

DIAMENTE, PETER 1,000.00 86,360.30 87,360.30

DICK, BRIAN 1,677.41 87,259.57 88,936.98

DILL, CHERYL 1,841.99 104,901.01 106,743.00

DONAHOE, PATRICK 11,354.75 154,979.50 166,334.25

DONAT, ANA MARIA 1,000.00 89,805.75 90,805.75

DOOLIN, GARY 177.45 87,565.00 87,742.45

DOUGHTY, TERRI 3,581.92 86,784.25 90,366.17

DOWN, MICHAEL 2,147.52 76,002.10 78,149.62

DUFF, STEFANIE 1,449.31 74,184.90 75,634.21

DUTCHUK, MARK - 86,293.15 86,293.15

DYKEMAN, BROCK 12,471.60 88,304.69 100,776.29

EAGAR, PAT 16,098.40 166,142.06 182,240.46

12


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

EASTERBROOK, GRANT 650.59 84,130.01 84,780.60

EBY, EIKO 1,600.02 90,175.04 91,775.06

ECKERT, LISA - 81,398.62 81,398.62

EDMONDSON, GORDON 1,279.21 74,074.50 75,353.71

EDMUNDS, EILEEN 5,882.66 85,558.79 91,441.45

EGAN, MARK 3,043.88 73,500.21 76,544.09

EGELAND, ERIN 1,931.88 92,402.74 94,334.62

ELLINS, BODIL 1,943.60 91,156.36 93,099.96

ELLIS, GUY 24,245.57 74,571.66 98,817.23

EVANS, LORI 2,673.77 85,844.75 88,518.52

FALVAI, JOANNE 1,000.00 86,602.75 87,602.75

FERGUSON, ROB 4,824.82 97,934.68 102,759.50

FISHER, PAIGE 15,523.55 91,320.67 106,844.22

FOLEY, BOB 8,209.72 113,944.92 122,154.64

FONDA, ANNETTE - 76,489.54 76,489.54

FOOTE, CHRIS 1,532.50 90,377.99 91,910.49

FORRESTER, DAVID 2,223.54 78,880.46 81,104.00

FOSTER, JACQUELINE - 86,659.78 86,659.78

FREEBORN, DEBBIE 268.91 87,565.00 87,833.91

FRIESEN, DUANE 1,000.00 85,844.75 86,844.75

FUNK, MARILYN 1,953.54 98,375.92 100,329.46

FURNELL, DON 1,000.00 91,551.39 92,551.39

GABLER, JOERG 1,445.03 88,524.50 89,969.53

GALL, MARK 392.88 84,771.39 85,164.27

GALLANT, MAURICE 592.37 87,565.00 88,157.37

GALLOWAY, GLEN 491.27 77,713.85 78,205.12

GANASSIN, ROSEMARIE 1,000.00 85,844.75 86,844.75

GIBLER, JULIE 1,444.15 85,668.50 87,112.65

GIBSON, ALLAN 1,000.00 87,646.60 88,646.60

GIL, YCHA 2,001.97 85,844.75 87,846.72

GILCHRIST, ALAN 1,000.00 82,265.27 83,265.27

GILL, CHRIS 12,642.14 100,463.24 113,105.38

GILLIS, LIZ 2,254.55 92,784.14 95,038.69

GILLIS, TRACY 5,146.20 87,109.92 92,256.12

GIRARD, MICHAEL 975.27 90,868.68 91,843.95

GOATER, TIM 1,447.95 88,688.60 90,136.55

GOLD, ANNE - 87,565.00 87,565.00

GOVOROV, MICHAEL 8,224.10 79,470.67 87,694.77

GRIEVE, SHEILA 7,645.16 74,863.55 82,508.71

13


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

GROOT, ERICK 1,000.00 87,108.07 88,108.07

GUPPY, STEVE 1,000.00 80,029.57 81,029.57

HAGAN, SANDRA 1,000.00 79,445.22 80,445.22

HAGEN, DEBRA 1,988.62 85,844.75 87,833.37

HAIME, COLIN 1,000.00 88,876.74 89,876.74

HAK, GORDON 994.66 98,067.32 99,061.98

HALLAM, MICHAEL 1,831.99 92,570.68 94,402.67

HAMILTON, NANCY 4,910.26 82,376.93 87,287.19

HAMMER, KEN 7,248.17 96,544.46 103,792.63

HAMMOND-KAARREMAA, LIZ 3,667.39 109,161.68 112,829.07

HANNESSON, DARREN 1,214.50 94,045.61 95,260.11

HANNESSON, TERESA 2,255.65 89,561.00 91,816.65

HANSEN, AUDREY 5,086.46 83,128.92 88,215.38

HANSON, CRAIG 263.20 89,418.60 89,681.80

HARPER, KEN 1,380.67 87,422.24 88,802.91

HARRISON, KEITH 1,000.00 85,844.75 86,844.75

HASSIB, ASHRAF 2,363.66 90,013.75 92,377.41

HAWTHORNE, DAN 4,112.16 86,344.75 90,456.91

HAYRE, MANDY 1,320.00 77,767.95 79,087.95

HEARN, DEBORAH 1,000.00 86,034.25 87,034.25

HEBERT, DARREN 14,822.08 91,197.48 106,019.56

HEBRON, JANET 885.61 87,565.00 88,450.61

HEIKKILA, RICK 469.38 86,389.35 86,858.73

HERNANDEZ, MERCEDES 1,070.00 87,173.97 88,243.97

HESKETH, JOANNA 11,930.72 63,421.71 75,352.43

HILBERT, SOPHIA 1,058.11 79,646.61 80,704.72

HILES, WAYNE 2,619.83 90,556.87 93,176.70

HILL, JOHN 1,957.81 78,525.85 80,483.66

HINBEST, JERRY 4,345.58 86,602.74 90,948.32

HINDE, JOHN 1,000.00 85,844.75 86,844.75

HOBENSHIELD, SHARON 14,028.00 95,589.16 109,617.16

HOBSON, AL 28,487.15 63,850.00 92,337.15

HOLDING, SARAH 3,244.44 105,700.36 108,944.80

HOLLENBERG, ANDREW 2,337.00 89,830.02 92,167.02

HOLLEY, ROSEMARY 320.00 85,556.31 85,876.31

HOLROYD, ANN 3,185.61 105,240.47 108,426.08

HOLYER, GORDON 4,451.69 129,496.14 133,947.83

HUNTER, BRUCE 5,124.12 100,411.55 105,535.67

HUNTER, GLENDA - 76,926.80 76,926.80

14


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

HURLEY, DAN 16,881.41 134,008.88 150,890.29

IDELS, LEV 1,000.00 85,844.75 86,844.75

ILAGAN, PATRICIA 1,067.57 85,844.75 86,912.32

IRWIN, WES 375.71 77,503.62 77,879.33

JACKLIN, DEBRA 5,573.90 69,577.22 75,151.12

JACKLIN, FRED 3,855.72 102,197.94 106,053.66

JAEGER, CHRIS 4,469.98 104,906.39 109,376.37

JANZEN, HARRY 31,655.32 125,984.40 157,639.72

JARVIS, BEV 141.44 78,578.64 78,720.08

JEAN LOUIS, ROSMY 5,174.24 124,019.88 129,194.12

JENSEN, KEITH 2,020.48 109,651.15 111,671.63

JONES, GARETH 49,643.98 58,208.93 107,852.91

JONES, STEVE 2,381.32 78,350.53 80,731.85

JOSEFSSON, CAROLINE 1,415.00 81,790.05 83,205.05

KELLY, GEORGE 1,560.00 75,553.51 77,113.51

KELLY, JANE 1.61 96,520.45 96,522.06

KELLY, SHARON 1,028.76 85,844.86 86,873.62

KELM, RIC 17,042.59 94,987.13 112,029.72

KENNEDY, MAGGIE 6,514.06 87,197.64 93,711.70

KETELSEN, JIM 1,229.44 79,181.57 80,411.01

KIMOTO, STUART - 76,827.54 76,827.54

KINGZETT, BRIAN 3,423.35 85,229.15 88,652.50

KIRSON, RUTH 2,376.15 86,223.75 88,599.90

KLAASSEN, NIKKI 3,756.32 72,221.46 75,977.78

KLIMES, GREG 1,000.00 86,981.75 87,981.75

KNAACK, LIESEL 7,931.61 97,577.32 105,508.93

KONKIN, PATRICK 1,613.40 86,602.76 88,216.16

KRIVEL-ZACKS, GAIL 3,299.68 87,360.75 90,660.43

KROEK, RUTH 2,690.01 85,844.75 88,534.76

KROEKER, ELISABETH 2,708.85 105,255.76 107,964.61

KROGH, ERIK 9,821.10 92,888.26 102,709.36

KRYNOWSKY, BERNIE 1,059.80 85,844.75 86,904.55

KUBOTA, SAYURI 3,982.75 87,565.00 91,547.75

KURULAK, DONNA 1,175.00 85,844.75 87,019.75

LANE, BRENDA 1,887.51 93,010.78 94,898.29

LANE, RICHARD 1,000.00 85,844.75 86,844.75

LANE, SARAH - 78,124.42 78,124.42

LANE, STEVE 16,140.73 155,234.88 171,375.61

LATULIPPE, JOHAN 2,668.57 73,504.92 76,173.49

15


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

LAURIDSEN, MARIA - 80,302.85 80,302.85

LE MASURIER, GUY 1,560.00 79,437.56 80,997.56

LEAF, SCOTT 1,177.00 89,159.13 90,336.13

LEFURGEY, LINDA 1,877.69 89,789.74 91,667.43

LEITH, HOPE 1,197.79 93,045.74 94,243.53

LEPAGE, JOHN 1,000.00 86,602.75 87,602.75

LEVINS, KEVIN 622.26 86,043.17 86,665.43

LEWIS, JEFF 1,115.00 86,223.75 87,338.75

LEWIS, TIMOTHY 1,000.00 85,844.75 86,844.75

LIM, IMOGENE 1,562.48 87,410.75 88,973.23

LIN, ANDY 5,916.40 110,313.64 116,230.04

LINDSAY, MARY 2,261.74 78,131.74 80,393.48

LITTLEJOHN, DEANNA 1,412.50 89,059.90 90,472.40

LIU, HUI (JOY) 2,794.94 72,679.76 75,474.70

LIU, HUIZHU 1,000.00 87,873.00 88,873.00

LIVINGSTONE, DAVID 2,407.85 86,223.75 88,631.60

LUCAS, PAUL 2,424.61 88,860.47 91,285.08

LUM, APRIL 320.00 87,565.00 87,885.00

LUMSDEN, SHELLEY 3,970.89 72,369.89 76,340.78

MACCARTHY, VIRGINIA 1,516.82 85,844.74 87,361.56

MACCOLL, MICHAEL 9,559.72 109,435.50 118,995.22

MACDONALD, FRED 3,624.37 212,434.98 216,059.35

MACGILLIVRAY, MAXINE - 87,565.00 87,565.00

MACKAY, ROSS 13,525.11 117,182.26 130,707.37

MACMILLAN, NEIL 9,792.65 85,844.76 95,637.41

MACQUEEN, BARB 3,177.21 73,880.79 77,058.00

MAGEE-CHALMERS, JESSIE 856.01 84,211.91 85,067.92

MAKEPEACE, MYRON 1,000.00 85,844.75 86,844.75

MAKEPEACE-DORE, MAUREEN 2,240.49 86,564.67 88,805.16

MALBON, LES 1,125.00 89,796.04 90,921.04

MALTESEN, JEAN 12,695.72 117,308.32 130,004.04

MANSBRIDGE, DARREL 1,297.98 133,347.54 134,645.52

MARCHANT, ELLIOTT 25.00 91,771.75 91,796.75

MARSHALL, CLAIRE 583.76 87,565.00 88,148.76

MARTENS, MARTIN 1,000.00 100,049.34 101,049.34

MARTIN, JEANNIE 1,000.00 79,470.67 80,470.67

MARTIN, MELODY 1,125.32 87,171.25 88,296.57

MARTINFLATT, ASHLEIGH 2,178.12 91,129.24 93,307.36

MARTTALA, RAIMO 1,125.53 86,223.75 87,349.28

16


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

MASSON, CYNTHEA 1,000.00 85,844.75 86,844.75

MATHESON, DEBORAH 3,019.48 86,223.75 89,243.23

MATHESON, KATHLEEN 921.47 87,565.00 88,486.47

MCCARTNEY, MICKI 4,978.25 70,377.02 75,355.27

MCCLUSKEY, ELLEN 1,000.00 99,351.37 100,351.37

MCCOMB, TINA 923.30 102,197.94 103,121.24

MCCONVILLE, GAVIN - 75,665.22 75,665.22

MCCRAE, LORNA 3,251.73 82,239.48 85,491.21

MCDONALD, DAN 4,097.39 77,192.06 81,289.45

MCFARLAND, DANA 1,743.98 85,844.75 87,588.73

MCGRAIL, JUSTIN 1,098.50 87,102.75 88,201.25

MCKAY, BRENDA 6,686.46 102,197.94 108,884.40

MCKINNON, SHERRI - 87,565.00 87,565.00

MCLAREN, RHONDA 274.08 82,216.29 82,490.37

MCLAUGHLIN, MARY JANE - 76,479.17 76,479.17

MCLEAN, DOUG 820.54 87,755.32 88,575.86

MCVEIGH, COLLEEN 1,000.00 86,223.75 87,223.75

MCWHIRTER, JOY - 87,044.47 87,044.47

MEARNS, WARREN 850.57 78,617.74 79,468.31

MEIJER DREES, LAURIE 1,507.41 86,792.25 88,299.66

MERNER, JENNIFER 1,000.00 75,415.30 76,415.30

MILLARD, LORNA 1,000.00 85,844.75 86,844.75

MIZUNO, RITA - 81,401.83 81,401.83

MOHABEER, RAVINDRA 1,165.36 111,924.27 113,089.63

MOLONEY, MARY ANNE 1,444.15 78,286.27 79,730.42

MORESIDE, SANDRA 519.94 81,401.68 81,921.62

MORGAN, JOHN 2,519.31 88,318.14 90,837.45

MORTON, LILLIAN 1,311.34 83,775.01 85,086.35

MOTTERSHEAD, PAUL 3,578.88 95,740.42 99,319.30

MUNRO, CHRIS 6,235.46 89,789.74 96,025.20

MURRAY, GRANT 2,035.55 88,498.01 90,533.56

MUSTAFA, SAMEER 6,479.21 85,223.48 91,702.69

NACHTSHEIM, SUZY - 87,565.00 87,565.00

NELSON, BRANDON 4,537.50 71,154.10 75,691.60

NETHERTON, ALEXANDER 1,000.00 86,223.75 87,223.75

NEY, TAMARAH 1,425.00 79,570.35 80,995.35

NG, PATRICK 1,000.00 85,844.75 86,844.75

NILSON, RALPH 49,367.44 211,149.42 260,516.86

NILSON, SUZANNE 3,942.01 85,844.75 89,786.76

17


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

NOHR, LARRY 515.66 81,510.68 82,026.34

NOONAN, VICKI 933.01 87,565.00 88,498.01

O'CONNOR, MAUREEN 2,324.45 88,556.43 90,880.88

OKUN, MAUREEN 4,907.00 87,360.75 92,267.75

O'NEILL, MARY 1,238.35 86,479.75 87,718.10

O'NEILL, MELANIE 1,000.00 87,360.75 88,360.75

O'SHEA, MICHAEL 1,117.40 106,329.13 107,446.53

O'TOOLE, SHAWN 1,600.94 85,844.75 87,445.69

PALM, JUDY 1,000.00 91,771.62 92,771.62

PAPROSKI, DARREN 7,425.15 113,506.07 120,931.22

PARKER, PETE 8,031.40 72,402.72 80,434.12

PARKER, STEPHANIE - 95,424.52 95,424.52

PASTRO, HEATHER 2,035.00 86,602.75 88,637.75

PATENAUDE, LISETTE 1,716.46 91,875.28 93,591.74

PATRICK, SANDRA 1,000.00 85,844.75 86,844.75

PATTERSON, LYNDA 1,470.54 85,844.75 87,315.29

PATTERSON, MICHELE 2,412.22 96,455.78 98,868.00

PELLETIER, MICHAEL 150.28 87,565.00 87,715.28

PELLEY, STEPHEN 80.00 87,564.98 87,644.98

PENNER, RAYMOND 2,070.81 87,260.19 89,331.00

PEPPER, KATHERINE 1,000.00 85,844.75 86,844.75

PEPPER-SMITH, ROBERT 1,000.00 85,844.87 86,844.87

PEVEC, ALEXANDER 3,076.41 97,698.59 100,775.00

PICHE, MARIE 1,605.18 82,778.97 84,384.15

PIEKKOLA, BRAD 1,640.00 85,844.75 87,484.75

PIKE, GRAHAM 33,271.36 121,352.64 154,624.00

POPPLESTONE, OWEN 1,965.49 77,002.18 78,967.67

POTTER, LEON 1,000.00 102,376.59 103,376.59

POTVIN, LIZA 1,000.00 79,886.17 80,886.17

PUGH, GLEN 1,000.00 85,844.75 86,844.75

PURSE, STEVEN 1,000.00 122,702.67 123,702.67

PUSKA, LESLIE 22,260.35 54,157.07 76,417.42

PUTZ, DON 1,465.80 85,488.24 86,954.04

PYNN, DANA 785.18 87,565.00 88,350.18

RAAEN, ARLETTE 2,775.29 109,161.68 111,936.97

REED, JANINE 1,811.90 134,008.88 135,820.78

REES, DAVID 5,691.67 110,593.42 116,285.09

REIMER, BRAD 1,343.14 88,240.38 89,583.52

RICHARDS, MARY ANN 1,000.00 89,509.28 90,509.28

18


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

RIGGAN, ROBERT 1,000.00 85,844.75 86,844.75

ROBERTSON, TONY 833.58 88,118.75 88,952.33

ROBINSON, DAVID 6,207.24 92,371.41 98,578.65

ROBINSON, LYNDA 8,590.23 68,863.68 77,453.91

ROELANTS, DOMINIQUE 2,252.62 88,893.88 91,146.50

ROLLINS, RICK 15,835.55 87,171.36 103,006.91

ROLLISON, LYNN 2,645.00 85,844.75 88,489.75

ROSE, LEANNE 6,188.44 85,844.75 92,033.19

ROTH VON SZEPESBELA, KATRIN 9,618.75 83,650.00 93,268.75

ROUT, KATHARINA 1,027.04 79,437.56 80,464.60

RUSSELL, BONITA 5,911.90 121,946.00 127,857.90

RUZESKY, JAY 2,209.69 86,223.74 88,433.43

SACKEY, HARRY 1,000.00 99,189.27 100,189.27

SANDERS, SUSAN 1,000.00 87,739.75 88,739.75

SANDLAND, RON 1,720.00 85,844.75 87,564.75

SANRUD, HEATHER 1,775.84 85,844.75 87,620.59

SANSBURN, CAROL 1,642.81 74,799.31 76,442.12

SAVORY, MEG 19,309.99 68,158.85 87,468.84

SCHELL, CHARLES 1,323.68 86,223.75 87,547.43

SCHITTECATTE, CATHERINE 1,000.00 78,348.01 79,348.01

SCHROEDER, JOANNE 5,751.31 84,518.28 90,269.59

SCHULTZ, DEANNE 1,000.00 85,844.75 86,844.75

SCORETZ, MARIE 4,027.50 85,844.75 89,872.25

SEIFERT, STU 971.34 87,567.42 88,538.76

SERJEANT, BETTY 426.26 87,565.00 87,991.26

SHARDLOW, SUE - 87,565.00 87,565.00

SHAW, PAM 4,390.54 88,308.24 92,698.78

SHELDRAKE, CHARLOTTE 4,053.70 89,789.74 93,843.44

SHORE, DEBBIE 2,512.08 88,315.00 90,827.08

SIFTON, DANIEL 1,502.44 78,108.05 79,610.49

SIMONS, DANIEL 3,043.28 97,698.55 100,741.83

SINCLAIR, JANET 8,090.71 71,317.12 79,407.83

SITTER, RON 2,006.87 102,946.24 104,953.11

SKIPSEY, JOE 485.94 87,564.97 88,050.91

SLONOWSKY, DEAN 1,540.80 88,500.80 90,041.60

SMILSKI, ANDREA 19,623.97 86,348.54 105,972.51

SMITH, KEITH 1,000.00 86,981.75 87,981.75

SMITH, TONI 1,000.00 75,907.03 76,907.03

SNOW, KATHRYN 2,535.29 73,541.41 76,076.70

19


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

SPEED, ANDREW 5,731.61 95,589.16 101,320.77

SPEIGHT, PAMELA 570.84 89,255.75 89,826.59

SPRONK, TERRI 3,171.23 87,739.75 90,910.98

SPROUT, FRANCES 1,003.38 85,844.75 86,848.13

STANLEY, MARNI 3,022.27 91,535.36 94,557.63

STASIUK, MARY 2,260.00 85,844.75 88,104.75

STEEN, GLYNIS 1,086.47 102,197.94 103,284.41

STETAR, DOUG 1,527.04 87,739.75 89,266.79

STOKES, TIM 3,511.43 95,478.59 98,990.02

STUART, CAROL 8,719.35 120,889.46 129,608.81

SULLY, BRENDA 1,000.00 85,844.75 86,844.75

SUNDBY, LESLIE 2,815.21 85,844.75 88,659.96

SUSKI, LAURA 1,439.29 73,858.95 75,298.24

SWARTS, JACOBUS 1,000.00 78,324.04 79,324.04

TAKISHITA, FAITH 1,000.00 85,844.75 86,844.75

TAPLAY, ALISON 4,071.38 74,477.27 78,548.65

TAUGHER, MIKE 1,000.00 93,045.74 94,045.74

TAYLOR, DREW 1,219.40 89,418.60 90,638.00

TEREPOCKI, TRACEY 8,871.71 80,801.86 89,673.57

THEUERKORN, FRANK 3,250.00 92,666.74 95,916.74

THIESSEN, ILKA 6,000.00 85,844.75 91,844.75

THOMAS, BARBARA 1,000.00 109,726.66 110,726.66

THOMPSON, DAWN 1,131.25 82,777.97 83,909.22

TILLAPAUGH, DON 4,491.81 120,889.46 125,381.27

TORKKO, DEBORAH 1,022.76 91,771.36 92,794.12

TROOST, WILLIAM 1,000.00 84,454.57 85,454.57

TSISSEREV, ALEX 1,000.00 87,613.42 88,613.42

TWYNAM, DAVE 13,986.15 120,889.46 134,875.61

TWYNAM, NANCY 4,826.44 85,844.75 90,671.19

UHL, JAMES 1,159.00 83,208.75 84,367.75

UPPAL, MANJEET 6,998.16 86,594.75 93,592.91

VALLEE, MICHEL 7,546.19 85,844.75 93,390.94

VAN BEERS, DINY 4,799.61 207,547.62 212,347.23

VAN DOORN, WILL 945.61 84,304.12 85,249.73

VAN OSCH, ED 30,883.27 79,246.41 110,129.68

VAUGEOIS, NICOLE 8,938.10 90,203.63 99,141.73

VINDEN, SALLY 12,712.25 86,864.87 99,577.12

WAHL, SHARON 6,769.71 85,844.76 92,614.47

WALSH, PETER 1,000.00 82,792.61 83,792.61

20


Expenses

Employee

Salaries

Total:Salary &

Employee

Expenses

WARSH, CHERYL 5,744.32 89,099.39 94,843.71

WATSON, KEITH 6,182.45 163,426.59 169,609.04

WEAVER, DUANE 1,000.00 99,286.48 100,286.48

WEBBER, BRYAN 1,974.13 100,170.89 102,145.02

WEBER, KATHRYN - 85,031.88 85,031.88

WEIGHILL, AGGIE 10,969.81 88,687.37 99,657.18

WEIR, WARREN 18,562.15 90,641.66 109,203.81

WESSELS, DAVID 1,000.00 91,504.16 92,504.16

WHITE, ALI 10,209.92 72,523.63 82,733.55

WHITEHOUSE, IAN 1,296.36 85,844.75 87,141.11

WILKINSON, JIM 3,165.16 85,844.74 89,009.90

WILLIAMS, ALANNA 2,000.00 91,585.35 93,585.35

WILLIS, ROBERT 1,319.51 96,458.02 97,777.53

WILSON, CALVIN 4,895.79 109,515.52 114,411.31

WILSON, HANNAH 1,143.80 94,589.25 95,733.05

WILSON, HEATHER 5,101.72 83,980.70 89,082.42

WITTY, DAVID 26,674.25 165,507.93 192,182.18

WOODS, ANNE 375.12 87,565.00 87,940.12

WYTENBROEK, LYNN 3,554.60 94,215.62 97,770.22

YOUNG, TRICIA 17.50 84,577.50 84,595.00

YOUNG, WENDY 3,072.25 120,889.46 123,961.71

Total: Salaries and Employee

Expenses $75,000 and over

1,605,018.60 39,301,809.58 40,906,828.18

Total: Salaries and Employee

Expenses less than $75,000

928,605.94 35,051,535.14 35,980,141.08

Grand Total: Employee salaries

and expenses

2,533,624.54 74,353,344.72 76,886,969.26

21

Suppliers of Goods and Services Over $25,000

6742505 CANADA CORP 51,054.15

A&A CONTRACT CUSTOMS BROKERS LTD 46,928.49

ABBA FLOORCOVERINGS LTD. 50,179.50

ABE AVENDER 25,594.04

ACCESS COPYRIGHT 89,307.67

ACCLAIM RESTORATIONS 78,250.19

ACER LANDSCAPING LTD. 79,044.58

ACRODEX 114,709.43

ADAM'S THE TARP AND TOOL COMPANY LTD. 43,613.31

ADVANCE PRESSURE WASHING 32,953.25

AFFORDABLE LANDSCAPING & 33,868.80

AJ FORSYTH (DIV OF RUSSEL METALS INC.) 49,790.88

ALFRESCO SOFTWARE LIMITED 26,748.33

ALPHA ROOFING & SHEET METAL INC 31,964.48

ALSCO CANADA CORP 95,406.54

AMAZON 45,248.05

APPLE CANADA INC. 248,745.71

APPLIED ENGINEERING SOLUTIONS LTD 149,595.45

ARCHIE JOHNSTONE PLUMBING & HEATING LTD 210,511.36

ART'S PLUMBING & HEATING LTD 35,493.77

AUCC 62,912.90

AYERS REPAIRS LTD 27,578.24

BAKER SUPPLY LTD 66,663.35

BAKER, DAN 53,038.18

BC HYDRO & POWER AUTHORITY 1,093,329.50

BC FERRIES 55,320.25

BELL CANADA 401,785.40



FOR THE YEAR ENDED MARCH 31, 2014

SCHEDULE OF SUPPLIERS OF GOODS AND SERVICES


22

BEL-PAR INDUSTRIES LTD 40,274.83

BEST FACILITIES SERVICES LTD. 416,600.28

BIG KAHUNA SPORT COMPANY 25,392.88

BLACK PRESS GROUP LTD 52,086.34

BLACKBOARD INC. 29,367.17

BLANCHET GRAPHICS 49,995.97

BLOOMBERG FINANCE LP 28,053.60

BROWNSEY ELECTRIC 131,330.11

BRUCE CAMPBELL 38,906.70

BRUGMAN COMMERCIAL KITCHENS 49,240.85

C2F INC 31,376.20

CAE HEALTHCARE INC. 207,405.74

CALEDONIA FIRE PROTECTION LTD 50,284.22

CAMOSUN COLLEGE 201,086.28

CAN-ACHIEVE EDUCATION CONSULTANTS LTD. 50,669.63

CANADIAN RESEARCH KNOWLEDGE NETWORK 377,900.69

CANADIAN VOCATIONAL ASSOCIATION 25,010.11

CANEM SYSTEMS LTD 92,179.50

CENTAUR PRODUCTS INC 43,484.00

CENTURY GROUP INCORPORATED 198,437.10

CHECKWITCH POIRON ARCHITECTS INC. 122,078.30

CHEMAINUS NATIVE COLLEGE 28,333.33

CHEVRON CANADA LIMITED 117,187.01

CHILO TRANSPORT LTD 27,680.72

CITY OF NANAIMO 283,292.07

CITY OF PARKSVILLE 40,350.97

COAST BASTION HOTEL 76,597.93

COCA-COLA REFRESHMENTS 116,320.55

CONCISE SYSTEMS CORPORATION 79,332.05

CONTI 122,277.85

COUNCIL OF PRAIRIE AND PACIFIC 85,208.21

COWICHAN TRIBES 53,255.90

COWICHAN VALLEY INTERCULTURAL 36,050.00

CVI JOBS 44,021.00

DAVIES PARK EXECUTIVE SEARCH CONSULTANTS 191,079.09

DAY & ROSS INC 26,046.12

DELTA AIR 37,424.77

DESIGNED AIR SYSTEMS LIMITED 81,525.33

DESIRE2LEARN 130,429.13

EBSCO CANADA LTD 40,062.65

ECONOMY RENTALS & REPAIRS LTD 40,336.70

EDITIONS DU RENOUVEAU PEDAGOGIQUE INC 40,815.89

23

EDUCATION TO GO, A DIVISION OF 32,443.39

EDUGLOBAL CHINA LIMITED 81,943.84

EIC GROUP LTD. 25,176.00

ELLEFSON, LEE 26,100.00

ESC AUTOMATION INC 87,316.48

FISHER SCIENTIFIC 50,979.25

FLORENCE AND ABROAD 29,524.96

FOLLETT HIGHER EDUCATION GROUP 36,823.58

FORTISBC - NATURAL GAS 823,177.90

FOTOPRINT 26,439.96

FUTURE SHOP 25,079.77

G4S CASH SOLUTIONS (CANADA) LTD 33,549.17

GARAVENTA (CANADA) LTD 43,225.26

GFS BRITISH COLUMBIA INC 214,774.54

GLOBAL STUDENT SERVICES INC. 51,463.75

GOVANBROWNSZETO CONSTRUCTION MANAGERS INC. 130,667.56

GRAND & TOY LTD. 403,035.32

GRAPHIC OFFICE INTERIORS LTD 557,791.33

GREAT BEAR INITIATIVE SOCIETY 65,944.00

GREAT WEST EQUIPMENT 86,143.82

GREGG DISTRIBUTORS 45,223.31

GROK CHINA, LLC 46,042.27

GUILLEVIN INTERNATIONAL CO 31,163.11

HAARSMA WASTE INNOVATIONS INC. 89,580.34

HARRIS & COMPANY 122,129.27

HEAVENSCENT CATERING 25,737.65

HEILTSUK TRIBAL COUNCIL 84,701.00

HEMLOCK PRINTERS LTD. 58,665.88

HIGHER EDUCATION INFORMATION TECHNOLOGY 66,169.11

HOTLINE APPAREL SYSTEMS INC 29,287.56

HOULE ELECTRIC LIMITED 876,336.65

IBM CANADA LIMITED 55,468.52

ICX TECHNOLOGIES 36,143.28

IMPERIAL OIL 34,239.13

IN A FIX BUILDING MAINTENANCE 36,405.01

INSURANCE CORPORATION OF BRITISH COLUMBIA (ICBC) 52,820.25

INTER-KRAFT CONTRACTING LTD 38,311.35

ISLAND IRRIGATION, LANDSCAPING & HYDROSEEDING 48,373.00

ISLAND KEY COMPUTER LTD. 417,218.68

ISLAND SAVINGS INSURANCE SERVICES LTD. 138,746.36

ITC SYSTEMS 92,825.95

JJL OVERSEAS EDUCATION CONSULTING & 40,789.00

24

JOE ELLIOTT 60,000.00

JOHN WILEY & SONS CANADA LTD 95,199.85

KALTURA, INC. 66,230.46

KAO CANADA INC. 33,912.03

KNAPPETT PROJECTS INC 41,664.00

KONE INC 50,092.38

KONICA MINOLTA BUSINESS 35,352.71

LITERACY CENTRAL VANCOUVER ISLAND 100,714.00

LITERACY NOW COWICHAN SOCIETY 40,000.00

LOGIN BROTHERS CANADA 201,551.57

LONG VIEW SYSTEMS 183,011.17

LOOMIS EXPRESS 27,421.03

LORDCO PARTS LTD 30,226.53

M. SCHOTT CONTRACTING LTD. 39,200.00

MALCOLM DUNNETT 39,571.88

MASS SPEC DETECTIVES, INC. 25,263.68

MATRIX VIDEO COMMUNICATION CORPORATION 42,740.18

MATT KUZMINSKI 30,524.51

MCCARTAN CONTRACTING 225,069.33

MCGRAW-HILL RYERSON LTD 147,664.18

MCWHINNIE, BILL 29,012.04

MILLENNIUM PROFESSIONAL SERVICES LTD. 57,416.98

MINISTER OF FINANCE 242,812.24

MNP LLP 103,028.63

MODERN TOOL LTD. 59,476.25

MONERIS SOLUTIONS 263,385.21

MONK OFFICE SUPPLY NANAIMO 57,229.32

MONKEY BAY WILDLIFE SANCTUARY 78,347.12

MORNEAU SHEPELL LTD. 48,406.69

MOUNT BENSON MECHANICAL (1991) 144,568.46

MPS 117,100.22

NEBRASKA BOOK COMPANY 64,672.46

NELSON EDUCATION LTD 339,555.31

NEOPOST CANADA LTD. 113,976.54

NORTH ISLAND COLLEGE 451,872.69

NOVA BEAUTY CO LTD 72,501.08

OCEAN TRAILER 25,760.00

OLYMPUS CANADA INC 25,612.77

ORACLE CANADA ULC 310,870.90

ORIAC TRADING COMPANY 38,869.89

OXFORD UNIVERSITY PRESS 121,474.73

PACIFIC CARBON TRUST 61,167.03

25

PACIFIC LEADERSHIP DESIGN 33,922.52

PACIFIC METALS LTD. 61,050.22

PARTNERS IN GRIME 36,787.17

PATTERSON DENTAL SUPPLY INC 37,618.80

PATTISON OUTDOOR ADVERTISING 47,905.40

PAYLESS BUILDING MAINTENANCE LTD 431,062.07

PEARSON EDUCATION CANADA 504,432.91

PRAXAIR DISTRIBUTION 216,604.45

PRICE'S ALARM SYSTEMS LTD 29,687.50

PROQUEST LLC 128,230.36

PUROLATOR COURIER LTD 43,062.96

QUALITY FOODS 28,937.11

RAYLEC POWER LP 195,461.37

RECEIVER GENERAL OF CANADA 26,798.38

RICHARD PAYNE 74,597.79

ROBBINS PARKING SERVICE LTD. 354,656.71

ROGERS TRUCKING & BOBCAT 59,246.96

ROGERS WIRELESS INC 139,128.74

SAPUTO DAIRY PRODUCTS CANADA GP 34,431.30

SCALAR DECISIONS INC. 152,467.87

SCHOOL DISTRICT #68 NANAIMO 78,595.29

SECURCO SERVICES INC 36,868.69

SEL CONFERENCE SERVICES 58,048.47

SERVITECH TRAINING LTD 28,455.00

SHANDONG INSTITUTE OF BUSINESS 28,108.00

SHARP'S AUDIO VISUAL LTD 27,003.08

SIMON FRASER UNIVERSITY 191,752.81

SIRSI/DYNIX 41,799.35

SNOW CAP ENTERPRISES LTD 87,778.85

SNUNEYMUXW FIRST NATION 58,241.21

SOFTCHOICE LP 50,197.90

SPEEDTREK INTERNATIONAL INC 53,215.69

SPICERS CANADA LIMITED 37,262.72

STARGARDEN CORPORATION 48,045.50

STEPHEN ROBINSON 62,061.38

STEVE MARSHALL FORD LINCOLN LTD 37,334.35

SYSCO VICTORIA INC 437,638.33

T CHARLOTTE HOGGARD INC 26,713.55

TACTIX GOVERNMENT RELATIONS 57,761.36

TAYLOR & FRANCIS/ROUTLEDGE 67,314.57

T-BASE COMMUNICATIONS INC 95,359.98

TECHNIFIELD CONTRACTING LTD. 86,073.65

26

TECTONICA MANAGEMENT INC 482,533.62

TELUS COMMUNICATIONS 162,288.91

TENLINE SALES LTD 35,194.02

TEVAN ENTERPRISES LTD 28,604.71

THE ACTIVE NETWORK, INC. 25,521.36

THE ADVISORY BOARD COMPANY 35,418.40

THOMAS CAREY 59,431.90

TOP LINE STRATEGY CONSULTING 84,005.00

TORO MARKETING INC 26,365.29

UNITY BUSINESS SYSTEMS LTD 63,293.42

UNIVERSELLE DESIGN 37,671.18

UNIVERSITY OF HERTFORDSHIRE 124,771.19

UNIVERSITY OF THE FRASER VALLEY 71,603.00

UNIVERSITY OF VICTORIA 81,550.64

UNIVERSITY, COLLEGE & INSTITUTE PROTECTION PROGRAM 80,055.47

VALIANT FINANCIAL SERVICES INC. 25,592.00

VANCOUVER ISLAND CONFERENCE CENTRE 126,606.49

VANCOUVER ISLAND HEALTH AUTHORITY (VIHA) 51,404.51

VANCOUVER ISLAND NEWSPAPER GROUP 25,972.63

VANCOUVER PUBLIC EDUCATION ALLIANCE CORP. 28,520.00

VINCI PARK SERVICES CANADA 364,730.13

VIU STUDENTS' UNION - WUSC COMMITTEE 31,330.00

VIUFA - VANCOUVER ISLAND UNIVERSITY FACULTY ASSOC 86,661.39

WESTBURNE WEST 55,450.59

WESTERN STUDENT HOUSING LTD 25,606.06

WHEATON PONTIAC-BUICK 47,494.48

WILD ROVER ENTERPRISES LTD. 39,020.64

WILSON EQUIPMENT INC. 103,514.00

WINDSOR PLYWOOD LTD 30,393.88

WORDSWORTH & ASSOCIATES 34,399.28

WR ADDISON LOADING & HAULING 318,510.13

YURI AHUJA, BARRISTER & SOLICITOR 27,328.00

Total: Vendors of Goods and Services over $25,000 24,051,488.82

Total for Vendors Under $25,000 11,424,560.12

Total for Suppliers of Goods and Services 35,476,048.94

27

Total Paid to Receiver General For Canada 3,650,778.22

Total Paid for Other Fringe Benefits 12,056,250.58

Total Schedule A: Suppliers of Goods and Services 51,183,077.74

28

RECONCILIATION

Prepared Under Financial Information Regulation, Schedule 1, Section 6 and 7

Total per Schedule of Employee Remuneration and Expenses 76,886,969

Total per Schedule of Board Expenses 19,333

Total per Schedule of Suppliers of Goods and Services 51,183,078

Total per Financial Information Act Submission 128,089,380

Capital fund interest on long-term debt not included in Vendor file 3,691,202

Capital fund amortization not included in Vendor file 7,320,170

Capital fund expenditures not included in Statement of Operations (3,413,234)

Operating capital expenditures not included in Statement of Operations (2,492,760)

Consolidation adjustments - Related Entities (531,946)

GST rebate (686,381)

Other Adjustments 52,306

132,028,738

Total per Statement of Operations, Consolidated Finanacial Statements 132,028,738



FOR THE YEAR ENDED MARCH 31, 2014

29

VANCOUVER ISLAND UNIVERSITY

CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2014

VANCOUVER ISLAND UNIVERSITY Consolidated Financial Statements Table of Contents

Page Statement of Administrative Responsibility for Financial Statements Independent Auditors' Report Consolidated Statement of Financial Position 1 Consolidated Statement of Operations and Accumulated Surplus 2 Consolidated Statement of Changes in Net Debt 3 Consolidated Statement of Cash Flows 4 Consolidated Statement of Remeasurement Gains and Losses 5 Notes to Consolidated Financial Statements 6

96 Wallace Street, Nanaimo, BC V9R 0E2 Phone: (250) 753-8251

Independent Auditors' Report

To the Board of Governors of Vancouver Island University and the Minister of Advanced Education: We have audited the accompanying consolidated financial statements of Vancouver Island University, which comprise the consolidated statement of financial position as at March 31, 2014, and the consolidated statements of changes in net debt, operations and accumulated surplus, cash flows and remeasurement gains and losses for the years then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for Financial Statements Management is responsible for the preparation and presentation of these consolidated financial statements in accordance with the financial reporting framework specified in Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia and Treasury Board Regulation 198/2011, 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 Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 auditors’ 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present the financial position of Vancouver Island University as at March 31, 2014 and the results of its operations, changes in net debt, cash flows and remeasurement gains and losses for the years then ended in compliance with, in all material respects, the financial reporting framework specified in Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia and Treasury Board Regulation 198/2011. Nanaimo, British Columbia

May 13, 2014 Chartered Accountants

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VANCOUVER ISLAND UNIVERSITYConsolidated Statement of Operations and Accumulated Surplus

As at March 31, 2014, with comparative figures for March 31, 2013

Budget 2014 2013(note 1) (restated-note 18)

RevenueProvince of British Columbia grants 56,895,468$ 61,039,421$ 59,821,620$ Government of Canada grants 1,873,595 1,354,649 1,402,032 Other grants and contracts 4,149,426 3,869,069 3,389,740 Tuition and student fees 49,451,026 50,317,414 44,324,798 Sales of goods and services 8,680,910 7,715,758 7,198,874 Rental income 2,098,192 2,208,913 2,066,184 Investment income 1,080,640 1,781,094 1,343,339 Gifts, grants and bequests 987,117 290,931 679,994 Gain (loss) on interest rate swap derivative - (141,773) (3,312) Gain (loss) on investments - (630,287) - Revenue recognized from deferred capital contributions (note 10) 4,086,053 4,415,528 4,171,097 Other 1,389,756 919,904 915,376

130,692,183 133,140,621 125,309,742

Expenses (note 17)Instruction & Student Support 118,249,666 117,794,173 108,790,299 Ancillary 12,442,517 14,234,565 11,587,921

130,692,183 132,028,738 120,378,220

Annual operating surplus - 1,111,883 4,931,522

Endowment contributions (note 16) - 529,947 661,171

Annual surplus - 1,641,830 5,592,693

Accumulated operating surplus, beginning of year 71,171,748 71,171,748 65,579,055

Accumulated operating surplus, end of year 71,171,748$ 72,813,578$ 71,171,748$

See accompanying notes to consolidated financial statements.

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VANCOUVER ISLAND UNIVERSITYConsolidated Statement of Changes in Net Debt


Budget 2014 2013(note 1) (restated-note 18)

Annual surplus -$ 1,641,830$ 5,592,693$

Tangible capital assets:Acquisition of tangible capital assets - (5,958,593) (7,880,201) Amortization of tangible capital assets 7,029,277 7,320,170 7,327,559

7,029,277 1,361,577 (552,642)

Prepaid expenses:Acquisition of prepaid expense - (385,445) 109,667

Changes in net remeasurement gains (losses) - 772,704 (29,422)

Decrease in net debt 7,029,277 3,390,666 5,120,296

Net debt, beginning of year (81,882,233) (81,882,233) (87,002,529)

Net debt, end of year (74,852,956)$ (78,491,567)$ (81,882,233)$


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VANCOUVER ISLAND UNIVERSITYConsolidated Statement of Cash FlowsAs at March 31, 2014, with comparative figures for March 31, 2013

2014 2013(restated-note 18)

Cash provided by (used in):Operations:

Annual operating surplus 1,111,883$ 4,931,522$ Items not involving cash:

Amortization of tangible capital assets 7,320,170 7,327,559 Revenue recognized from deferred capital contributions (4,415,528) (4,171,097) Change in employee future benefits 458,591 55,552 (Gain) loss on interest rate swap derivative 100,140 (2,155) Unrealized (Gain) loss on endowment and other investments 772,704 (29,422)

Change in non-cash operating working capital:Decrease (increase) in accounts receivable (674,120) 591,178 Decrease (increase) in prepaid expenses (385,445) 109,667 Decrease (increase) in inventories held for sale 51,447 (117,274) Increase (decrease) in accounts payable and accrued liabilities (841,487) 2,935,325 Increase (decrease) in deferred contributions (888,115) 1,736,448 Increase (decrease) in deferred revenue 3,495,372 2,709,423

6,105,612 16,076,726

Capital activities:Cash used to acquire tangible capital assets (5,958,593) (7,487,201)

Financing activities:Repayment of long-term debt (13,078,328) (751,456) Increase in endowments 529,947 661,171 Proceeds from deferred capital contributions 2,067,314 5,712,249

(10,481,067) 5,621,964

Investing activities:Net draw (purchase) of investments (4,743,254) (3,091,446)

Net change in cash (15,077,302) 11,120,043

Cash, beginning of year 36,599,546 25,479,503

Cash, end of year 21,522,244$ 36,599,546$

Cash is comprised of cash and cash equivalents.


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VANCOUVER ISLAND UNIVERSITYConsolidated Statement of Remeasurement Gains and Losses


2014 2013

Unrealized gains (losses) attributed to:Derivatives -$ 5,467$ Long term bonds (237,536) (247,809) Equity investments 343,925 213,505 Foreign currency translation (4,272) 2,111

102,117 (26,726)

Amounts reclassified to the statement of operations:Derivatives 41,633 - Long term bonds 630,287 - Equity investments 778 (630) Foreign currency translation (2,111) (2,066)

670,587 (2,696)

Net remeasurement gains (losses) for the year 772,704 (29,422)

Accumulated remeasurement gains, beginning of year (225,029) (195,607)

Accumulated remeasurement gains (losses), end of year 547,675$ (225,029)$


VANCOUVER ISLAND UNIVERSITY Notes to consolidated financial statements Year Ended March 31, 2014

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Vancouver Island University (the "University") is a post-secondary educational institution incorporated under the amended University Act (Bill 34 was enacted on September 1, 2008). The University is a registered charity, governed by a Board of Governors, the majority of which are appointed by the Provincial Government of British Columbia. The University offers a broad range of program options including undergraduate and graduate degrees, career diplomas, and trades training at its Nanaimo, Cowichan, Parksville and Powell River campuses. 1. Significant Accounting Policies

The consolidated financial statements are prepared in accordance with the following principles: a. Basis of accounting

In 2010, a directive was provided by the Province of British Columbia Treasury Board (“Treasury Board”) through Government Organization Accounting Standards Regulation 257/2010 requiring the University to adopt Public Sector Accounting Board (PSAB) standards of the Canadian Institute of Chartered Accountants (CICA) without any PS4200 elections from their first fiscal year commencing after January 1, 2013. In March 2011, PSAB released a new Public Sector Accounting Standard PS 3410 “Government Transfers”. In November 2011, Treasury Board provided a directive through Restricted Contributions Regulation 198/2011 providing direction for the reporting of restricted contributions whether they are received or receivable by the University before or after this regulation was in effect. The Treasury Board direction on the accounting treatment of restricted contributions is as described in Note 1c. These consolidated financial statements have been prepared in accordance with the financial reporting framework described above.

b. Basis of consolidation The University has consolidated the assets, liabilities, revenues and expenses of all funds and certain controlled entities after the elimination of inter-entity transactions and balances. The consolidated financial statements include the accounts of the University, its wholly owned subsidiary, Western Student Housing Ltd. (“WSH”), and its controlled entities, Vancouver Island University Foundation (the "Foundation"), The International High School at Vancouver Island University Association (formerly Malaspina International High School) and The High School at Vancouver Island University Association (formerly Malaspina High School) – (collectively “the High Schools”), and Milner Gardens and Woodland Society (“Milner Gardens”). WSH manages real-estate holdings of the University used for student residences. The Foundation is a registered charity incorporated under the Society Act (British Columbia). The main purpose of the Foundation is fundraising in order to further the interests of the University and administering the University’s endowment funds. The High Schools are registered charities incorporated under the Society Act (British Columbia). They jointly operate a private high school for local and international students. The High Schools’ fiscal year-end of June 30, 2013 have been consolidated into these financial statements. No material transactions or events have occurred between July 1, 2013 and March 31, 2014.


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1. Significant Accounting Policies (continued) Milner Gardens manages donated funds and operate fundraising events specifically in support of Milner Gardens. The Society’s fiscal year-end of March 31, 2013 has been consolidated into these financial statements. No material transactions or events have occurred between April 1, 2013 and March 31, 2014.

c. Revenue recognition

Revenue is recognized when amounts can be reasonably estimated and when collection is reasonably assured as follows: Operating government grants with or without eligibility criteria stipulations are recognized when received or receivable. Grants, containing stipulations as to their use, are recognized as revenue in the period the transfer is authorized and all eligibility criteria have been met, except when and to the extent that the transfer gives rise to an obligation and meets the definition of a liability. Other unrestricted revenue, including student fees, interest, and sales of goods and services, are reported as revenue at the time the services or products are provided. In accordance with Regulation 198/2011, contributions restricted for the purpose of acquiring or developing a depreciable tangible capital asset are recorded as deferred contributions until the amount is invested in tangible capital assets. If the tangible capital asset has a limited life, the amount invested is recorded as a deferred capital contribution and amortized over the useful life of the asset. Amortization of deferred capital contributions for tangible capital assets is recorded on a straight-line basis over the estimated life of the related asset and commences in the year of purchase or substantial completion of construction. Investment income includes interest recorded on an accrual basis and dividends recorded as declared and realized gains and losses on the sale of investments. Endowment contributions are recognized in the period in which they are received or earned. Investment income earned on externally restricted contributions is deferred until needed for the specific purpose. Gifts-in-kind are only recorded if the University would have otherwise have paid for them. Gifts-in-kind are recorded at fair market value on the date of the donation or at a nominal value when fair value cannot be reasonably determined. Unrestricted donations and grants are recorded as revenue when receivable if the amounts can be estimated and collection is reasonable assured. Pledges from donors are recorded when payment is received or when the transfer of property is complete. Volunteers contribute service to assist the University in carrying out its mission. Such contributions of services are not recognized in these financial statements.

d. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with a maturity of 90 days or less at the date of purchase.


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1. Significant Accounting Policies (continued)

e. Inventories for resale

Inventories held for resale, including books, food, and school supplies are recorded at the lower of cost or net realizable value using the weighted average method. Cost includes the original purchase cost, plus shipping and applicable duties. Net realizable value is the estimated selling costs less any costs to sell.

f. Employee future benefits

The University and its employees make contributions to two multi-employer joint trustee plans. These plans are defined benefit plans, providing a pension on retirement based on the member’s age at retirement, length of service and highest earnings averaged over five years. Inflation adjustments are contingent upon available funding. As the assets and liabilities of the plans are not segregated by institution, the plans are accounted for as defined contribution plans and any contributions of the University to the plans are expensed as incurred. Sick leave benefits and retirement severance benefits are also available to the University’s employees. The costs of these benefits are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. The obligation under these benefit plans are accrued based on projected benefits as the employees render services necessary to earn the future benefits. Actuarial gains and losses are amortized over the expected average remaining service life of the employees.

g. Non-financial assets

Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations

(i) Tangible capital assets

Tangible capital asset acquisitions are recorded at cost which includes amounts that are directly attributable to acquisition, construction, development or betterment of the asset. Interest is not capitalized whenever external debt is issued to finance the construction of tangible capital assets. Donated assets are recorded at fair value as of the date of donation. Amortization of capital assets is recorded on a straight line basis over the estimated life of the asset, commencing with a half year amortization in the year of acquisition or substantial completion of construction, as shown below. Land is not amortized as it is deemed to have a permanent value:


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Asset Years Buildings 40 Library books 10 Site Improvements 10 Computing equipment & software 5 Furniture and equipment 5 Vehicles 5 Leasehold improvements Term of Lease

Assets under construction are not amortized until the asset is available for productive use. (a) Land use rights

Land use rights are not recognized as assets in the financial statements (b) Works of art and historic treasures

Works of art and historic treasures are not recognized as assets in the financial statements

h. Foreign currency translation

Transaction amounts denominated in foreign currencies are translated into their Canadian dollar equivalents at exchange rates prevailing at the transaction dates. Carrying values of monetary assets and liabilities in a foreign currency are translated using the exchange rates at the statement of financial position date. Any gain or loss resulting from a change in rates between the transaction date and the settlement date or balance sheet date is recognized in the Statement of Remeasurement Gains and Losses. In the period of settlement, the related cumulative remeasurement gain or loss is reversed in the Statement of Remeasurement Gains and Losses and the exchange gain or loss in relation to the exchange rate at the date of the item’s initial recognition is recognized in the Statement of Operations.

i. Use of estimates

The preparation of financial statements in conformity with Treasury Board regulations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management estimates include the impairment of assets (provisions are made for slow moving and obsolete inventory), provision for doubtful accounts, amortization period for tangible capital assets and deferred capital contributions, and actuarial assumptions for employee future benefits. Actual results could differ from management’s best estimates as additional information becomes available in future years. As adjustments to estimates become necessary they are reported in earnings in the period in which they become known.


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j. Financial instruments Financial instruments are classified into two categories: fair value or cost. (i) Fair value category: Cash and cash equivalents are recorded at fair value due to the short

term nature of the instrument. Investments that are managed and evaluated as a group and derivative instruments are reflected at fair value as at the reporting date. Sales and purchases of investments are recorded on the trade date. Transaction costs related to the acquisition of investments are recorded as an expense. Unrealized gains and losses on financial assets are recognized in the Statement of Remeasurement Gains and Losses until such time that the financial asset is derecognized due to disposal or impairment. At the time of derecognition, the related realized gains and losses are recognized in the Statement of Operations and Accumulated Surplus and related balances reversed from the Statement of Remeasurement Gains and Losses.

(ii) Cost category: Gains and losses are recognized in the Statement of Operations and Accumulated Surplus when the financial asset is derecognized due to disposal or impairment. Sales and purchases of investments are recorded on the trade date. Transaction costs related to the acquisition of investments are included in the cost of the related investments.

(a) Accounts receivable and due from government/other government organizations are measured at amortized cost using the effective interest method.

(b) Accounts payable and accrued liabilities are measured at amortized cost. Any gains, losses or interest expense is recorded on the Statement of Operations and Accumulated Surplus depending on the nature of the financial liability that gave rise to the gain, loss or expense

k. Budget figures

Budget figures have been provided for comparative purposes and have been derived from the 2013-2014 Consolidated Resource Plan approved by the Board of Governors of the University on March 28, 2013. The budget is reflected in the Statement of Operations and Accumulated Surplus and the Statement of Changes in Net Financial Debt.

2. Financial Instruments

Fair Value of Financial Instruments Public Sector Accounting Standards define the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The University uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which the carrying amounts are included in the Consolidated Statement of Financial Position under the following captions:

• Cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments

• Investments fair value is determined by published price quotations in an active market


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2. Financial Instruments (continued) Financial asset impairment At each year-end date, the University is required to evaluate and record any other-than-temporary impairment of its financial assets, other than those carried at fair value. Accordingly, the University has compared the carrying value of each of these financial assets to its fair value as at March 31, 2014. No provision for impairment was recorded in the current year, as the fair value of all financial assets exceeded or did not differ significantly from their carrying value. Risk Management Policy The University, as part of its operations, has established objectives (i.e. hedging of risk exposures and avoidance of undue concentrations of risk) to mitigate credit risk as risk management objectives. All significant financial assets and financial liabilities of the University are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Financial instruments are exposed to risk through the normal course of operation. These risks are managed through the University’s collection procedures, investment guidelines and other internal policies and procedures. These risks include: a. Foreign currency risk

Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign currency rates. The University has no material exposure to changes in foreign currency rates.

b. Credit risk Financial instruments that potentially subject the University to concentrations of credit include cash and cash equivalents, accounts receivable, and investments in other than equity investments. The maximum credit risk exposure is $43,659,901 (2013 - $56,624,412). The University’s credit exposure is limited due to the large customer base, regular monitoring of the receivables and it provides allowances for potentially uncollectable amounts. Total financial instruments that are past-due, but not considered to be impaired, are $97,182 (2013 - $259,467). The University believes there is minimal credit risk associated with its marketable securities and accounts receivable as the University expects that its counterparties will meet their obligation.


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2. Financial Instruments (continued)

c. Interest rate risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. In seeking to minimize the risks from interest rate fluctuations, the University manages exposure on its marketable securities, note receivables, short term investments, and endowment and other investments which have fixed interest rates by varying the maturity dates. The University manages exposure on the interest-bearing investments by investing in a widely diversified portfolio with varying fixed and variable interest rates and maturity dates.

d. Liquidity risk

Liquidity risk is the risk that the University will encounter difficulty in meeting obligations associated with financial liabilities. The University enters into transactions to purchase goods and services, lease premises and to borrow funds from financial institutions to finance capital projects for which payments are required at various dates. Liquidity risk is measured by reviewing the University’s future net cash flows for the possibility of a negative net cash flow.

e. Other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The University enters into transactions to purchase investments, for which the market price fluctuates. The University manages this risk through its investment policy which prescribes the maximum amount of investments that can be made in any one investment type.

3. Cash and cash equivalents Vancouver Island University cash balances held on deposit in a single Chartered Bank are in excess of the $100,000 insured by the Canadian Deposit Insurance Corporation. Foundation cash balances are held on deposit in a single Credit Union and are fully insured. Restricted cash balances are externally restricted for scholarships and bursaries or to support Milner Gardens. 2014 2013

(restated-note 18) Restricted cash

$ 1,720,398

$ 1,327,817

Unrestricted cash and demand deposits 19,801,846 35,271,729

Balance, end of year $ 21,522,244 $ 36,599,546


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4. Accounts receivable

2014 2013

Trade accounts receivable

$ 2,397,491

$ 2,112,920

Due from Federal government 356,204 397,219

Due from Provincial government 609,528 422,510

Due from Other government organizations 503,510 259,964 Balance, end of year $ 3,866,733 $ 3,192,613

5. Investments

2014 2013

(restated-note 18) Endowment

$ 12,197,041

$ 11,667,094

Investments 26,911,279 22,697,972

Internally restricted investments 1,000,000 1,000,000 Balance, end of year $ 40,108,320 $ 35,365,066

Fixed term investments mature between June 2014 - June 2018 and have a total maturity/face value of $18,959,001 (2013 - $16,419,725). Interest rates range between 2.05% and 4.8%.

6. Accounts payable and accrued liabilities

2014 2013 (restated-note 18)

Trade payables and accrued liabilities

$ 5,832,087

$ 6,552,962

Salaries and benefits payable 2,280,110 2,126,060

Payable to other government agencies 1,537,337 1,811,999 $ 9,649,534 $ 10,491,021


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7. Employee future benefits a. Vacation, termination benefits, and compensated absences

Employees with ten or more years of service are entitled to receive special payments upon retirement or termination as specified by collective and administrator agreements. These payments are based upon accumulated sick credits and entitlements for each year of service. 2014 2013

Accrued benefit obligation, beginning of year $ 10,548,325 $ 10,589,462 Unamortized actuarial gains (losses), beginning of year 458,950 362,261 11,007,275 10,951,723 Current service cost 404,367 399,821 Interest cost 226,485 224,031 Benefits paid (478,959) (453,085) Amortization of actuarial (gain) loss (45,895) (36,226) Increase (decrease) in vacation liability 352,593 (78,989) Accrued benefit obligation, end of year $ 11,465,866 $ 11,007,275

Accrued benefit obligation, end of year consists of: Accrued liability, end of year $ 10,966,770 $ 10,548,325 Unamortized actuarial gains (losses), end of year 499,096 458,950 Accrued benefit obligation, end of year $ 11,465,866 $ 11,007,275

The significant actuarial assumptions adopted in measuring the University’s accrued benefit obligation are as follows:

2014 2013 Discount rate for termination benefits 5.80% 5.80% Discount rate for compensated absences 3.75 3.75 Expected future inflation rates 2.00 2.00 Expected wage and salary increases 2.75 2.75


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7. Employee future benefits (continued)

b. Pension liability The University and its employees contribute to College Pension Plan and Municipal Pension Plan, jointly trusteed pension plans. The boards of trustees for these plans represent plan members and employers and are responsible for the management of the pension plan including investment of assets and administration of benefits. The pension plans are multi-employer contributory pension plans. Basic pension benefits provided are based on a formula. The College Pension plan has about 13,000 active members from senior administration and instructional staff and approximately 6,000 retired members. The Municipal Pension Plan has about 179,000 active members, with approximately 5,700 from post-secondary institutes.

The most recent actuarial valuation for the College Pension Plan as at August 31, 2012 indicated a $105 million deficit for basic pension benefits. The next valuation will be as at August 31, 2015 with results available in 2016. The most recent actuarial valuation for the Municipal Pension Plan as at December 31, 2012 indicated a $1.370 billion deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available in 2016. Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the Plan. The University paid $6,305,257 (2013 - $5,738,328) for employer contributions to the Plans during the fiscal year.

8. Deferred revenue

Deferred revenue includes unspent funds externally restricted for non-capital purposes from all sources except Federal and Provincial government reporting entities. The main components are tuition, grant and contract service funding, and donations as listed below.

2014 2013 (restated-note 18)

Tuition $ 12,541,261

$ 11,456,610 Donations 4,511,423 2,882,233 Grant and contract service funding 2,487,507 1,713,715 Other 247,956 240,217 $ 19,788,147 $ 16,292,775


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9. Deferred contributions

Deferred operating contributions include unspent grant and contract services contributions externally restricted for non-capital purposes from Federal and Provincial government reporting entities. Changes in deferred contributions are as follows:

2014 2013

Balance, beginning of year $ 4,376,524 $ 2,640,076 Contributions received during the year 3,482,436 4,772,594 Revenue recognized from deferred contributions (4,370,551) (3,036,146) Balance, end of year $ 3,488,409 $ 4,376,524

10. Deferred capital contributions

Contributions for capital that meet the definition of a liability are referred to as deferred capital contributions. Amounts are recognized into revenue as the liability is extinguished over the useful life of the asset. Treasury Board provided direction on accounting treatment as disclosed in note 1. Changes in the deferred capital contributions balance are as follows:

2014 2013 Deferred contributions, beginning of year

$ 103,130,900

$ 101,196,748

Contributions received during the year - cash 2,067,314 5,712,249 Contributions received during the year – in-kind - 393,000 Revenue recognized from deferred capital contributions (4,415,528) (4,171,097) Deferred contributions, end of year $ 100,782,686 $ 103,130,900

11. Debt

2014 2013

Royal Bank of Canada Term loan with blended quarterly payments bearing interest fixed at 6.31% through an interest rate swap, due August 2030. $ - $ 11,074,000 Royal Bank of Canada Term loan with blended monthly payments bearing interest fixed at 5.79% through an interest rate swap, due February 2017. - 1,958,000 Accrued interest - 46,328

$ - $ 13,078,328 Interest expense for the year on debt $ 3,691,202 $ 868,020


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12. Tangible capital assets

Cost Balance at

March 31, 2013 Additions & WIP

Transfers In

Writedowns & WIP Transfers

Out

Balance at March 31,

2014 Land $ 12,401,247 $ - $ - $ 12,401,247

Buildings 188,672,814 2,692,577 - 191,365,391

Work In Progress (“WIP”) 495,780 38,388 415,690 118,478

Site improvements 7,192,003 - 88,122 7,103,881

Leasehold improvements - 400,236 - 400,236

Furniture and equipment 23,233,413 1,862,493 2,628,587 22,467,319

Computing equipment and software 7,545,961 1,155,053 806,241 7,894,773

Library books 3,178,966 159,752 489,507 2,849,211

Vehicles 524,913 65,785 - 590,698

$ 243,245,097 $ 6,374,284 $ 4,428,147 $ 245,191,234

Accumulated amortization

Balance at March 31, 2013 Writedowns

Amortization expense

Balance at March 31,

2014 Land $ $ - $ - $ - Buildings 57,278,429 - 4,747,359 62,025,788

Work In Progress - - - -

Site improvements 6,786,189 88,122 179,754 6,877,821

Leasehold improvements - - 20,012 20,012

Furniture and equipment 18,434,475 2,628,587 1,624,392 17,430,280

Computing equipment and software 6,947,983 806,241 375,615 6,517,357

Library books 2,009,383 489,507 261,476 1,781,352

Vehicles 196,761 - 111,563 308,324

$ 91,653,220 $ 4,012,457 $ 7,320,171 $ 94,960,934


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12. Tangible Capital Assets (continued)

Net book value March 31, 2014

Net book value March 31, 2013

Land $ 12,401,247 $ 12,401,247 Buildings 129,339,603 131,394,385

Work In Progress 118,478 495,780

Site improvements 226,060 405,814

Leasehold Improvements 380,224 -

Furniture and equipment 5,037,039 4,798,938

Computing equipment and software 1,377,416 597,978

Library books 1,067,859 1,169,583

Vehicles 282,374 328,152

$ 150,230,300 $ 151,591,877

(a) Contributed tangible capital assets

Additions to land, buildings, and equipment include the following contributed tangible capital assets:

2014 2013

Equipment $ - $ 393,000 $ - $ 393,000

(b) Works of art and historical treasures

The Institution manages and controls various works of art and non-operational historical cultural assets including artifacts, paintings and sculptures located at University sites and public display areas. These assets are not recorded as tangible capital asses and are not amortized.

(c) Writedown of tangible capital assets The writedown of tangible capital assets during the year was $4,012,457 (2013 - $4,177,624). Writedowns were only applied to fully depreciated tangible capital assets that have reached pre-established age thresholds set beyond their useful lives.

The University has no direct insurance coverage against loss of any of its capital assets except vehicles. The insurance on University property is the responsibility of the Province of British Columbia. Claims for loss are submitted to the Province of British Columbia for consideration for compensation. During the year ending March 31, 1999, a building was constructed by the Malaspina Students' Union Society on the campus owned by the University in Nanaimo. The cost of this building has been financed by the Student Union, however, title to the building remains with the University. The University has entered into a lease agreement with the Student Union in the amount of $1 per annum for a period of 50 years. The building is not recorded as an asset in the financial statements of the University.


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13. Accumulated operating surplus The accumulated operating surplus is comprised of the following: 2014 2013

(restated-note 18) Investment in tangible capital assets

$ 49,447,614

$ 35,524,422

Endowments (note 16) 12,197,041 11,667,094 Internally restricted surplus 9,991,852 17,379,756 Unrestricted surplus 1,177,071 6,600,476 Total accumulated operating surplus $ 72,813,578 $ 71,171,748

14. Contractual obligations

The nature of the University’s activities can result in multiyear contracts and obligations whereby the University will be committed to make future payments. Currently the University has no significant contractual obligations related to operations that extend beyond the 2014-15 fiscal year.

15. Contingencies

a. Letters of credit: The University had a total of $648,315 in letters of credit outstanding at March 31, 2014 for a bond posted on behalf of the High Schools to the Ministry of Finance and Corporate Relations. These letters of credit can be drawn upon to refund tuition to students if the High Schools fail to provide or complete the related academic program. No provision has been made for this contingency in the financial statements.

b. Legal claims: The nature of the University’s activities is such that there is usually litigation pending or in process at any time. With respect to unsettled claims at March 31, 2014, management believes the University has valid defenses and appropriate insurance coverage in place. In the event any claims are successful, management believes that such claims are not expected to have a material effect on the University’s financial position.


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16. Endowments Endowments form part of the accumulated surplus balance and consist of externally restricted donations, the principal of which is required to be maintained in perpetuity. The endowment fund balance is restricted for the payment of scholarships and bursaries, and the two BC Regional Innovation Chairs (Tourism and Sustainable Rural Development & Aboriginal and Early Childhood Education). Investments are managed by an external fund management company. Scholarships and bursaries are controlled by the Foundation and chairs are controlled by VIU. On March 15, 2012, the VIU Board of Governors passed policy 42.11 granting full authority to the Foundation to manage VIU endowment funds consistent with Foundation policy. Endowments included as part of accumulated surplus is as follows:

2014 2013

(restated-note 18) Balance, beginning of year

$ 11,667,094

$ 11,005,923

Contributions 529,947 661,171 Balance, end of year $ 12,197,041 $ 11,667,094

17. Expenses by object

The following is a summary of expenses by object: 2014 2013

(restated-note 18) Salaries & benefits

$ 92,113,788

$ 85,860,134

Fees & purchased services 8,783,547 8,303,819 Travel & training 2,762,696 2,329,246 Scholarships & bursaries 1,986,231 1,758,554 Equipment rental & maintenance 1,576,063 1,325,926 Utilities, insurance & taxes 2,853,270 2,545,051 Materials & supplies 6,921,919 6,025,683 Amortization of capital assets 7,320,170 7,327,559 Cost of goods sold 4,019,852 4,034,228 Interest on debt 3,691,202 868,020 $ 132,028,738 $ 120,378,220

Under the University Act, the University has been designated a special purpose teaching university. As such, the University’s primary purpose is the delivery of educational services. Segmented reporting has not been provided as it would not provide additional material information to users of the financial statements.


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18. Prior Year Adjustments

There were four prior period adjustments related to the University’s, wholly owned subsidiary, and two of its controlled entities. Adjustments flow through to the University through the consolidation process. A summary of the net impact of these prior period adjustments to the University’s consolidated financial statements is presented below. Foundation Clarification from a donor resulted in the reclassification of a gift. The gift was originally included in deferred revenue as it was classified as a scholarship gift (which had not been distributed) but has now been reclassified as an endowment contribution. This change resulted in a $510,398 increase in the 2013 Accumulated Operating Surplus. Funding raised from the Foundation Golf Tournament Event was reclassified from externally restricted to internally restricted as donations received during the event do not have external restrictions placed upon them. The impact of the change is that revenue collected from the event is recognized in the year received versus being deferred. This change resulted in a $1,197 decrease in the 2013 Accumulated Operating Surplus. Milner Gardens A refinement in the consolidation process highlighted an overstatement of reported cash and revenue due to the estimates used in the consolidation of Milner’s operations. Adjustments have been made to fully reflect the 2012/13 audited Milner results of operation. This change resulted in a $292,835 decrease in the 2013 Accumulated Operating Surplus. WSH Security deposits have been reclassified from deferred revenue to accounts payable to more appropriately reflect the nature of the liability. This change resulted in no change in the 2013 Accumulated Operating Surplus. Net Impact of Prior Period Adjustments 2013 Consolidated Statement of Financial Position Decrease in Cash and cash equivalents $ (322,297) Increase in Investments 29,963 Increase in Accounts payable and accrued liabilities 76,501 Decrease in Deferred revenue (585,201) Increase in Accumulated operating surplus $ 216,366 Consolidated Statement of Operations and Accumulated Surplus Decrease in Gifts, grants, and bequests (361,674) Increase in Endowment contributions 510,398 Increase in Investment income 34,533 Increase in Ancillary expenses 15,145 Increase in Annual surplus $ 168,112 Increase in Opening surplus 48,254 Increase in Closing surplus $ 216,366


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19. Comparative Figures

Certain comparative figures have been reclassified to conform to current year presentation.

statement of financial information prepared …statement of financial information prepared under the...

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