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Connect
Two Thousand and Five
A n n u a l
R e p o r t
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Table of Contents
At a Glance…
History
University established – 1907
Colleges – 13 (Agriculture, Arts & Science, Commerce, Dentistry, Education, Engineering, Graduate
Studies and Research, Kinesiology, Law, Medicine, Nursing, Pharmacy & Nutrition, Veterinary
Medicine and Extension Division)
Affiliated, federated or virtual colleges – 7
2004/05
Students
Mission Statement:
Total student headcount (full time and part time) – 19,763
Number of countries represented by student body – 87
Number of degrees granted – 3,736
Tuition and fees (full time Arts student) – $4,651
Percent of operating budget from tuition revenue – 30%
The University of Saskatchewan
Research
belongs to the people of
Saskatchewan. As an academic
Research funding – $109.4 million
Canada Research Chairs awarded to the U of S – 34
Current Canada Research Chairs filled – 27
Total Government of Canada grants and contracts – $57 million
Initial value of Canadian Light Source project – $174 million
4
Messages
5
Thinking the World of our Future
6
Facts and Figures
8
Strategic Initiatives
10 Supporting Success
12 Enriching Our Physical Environment
14 Research and Scholarly Work
16 Innovation Cluster
18 Performance Indicators
community, our mission is to
Campus and Community
achieve excellence in the
scholarly activities of teaching,
Replacement value of buildings and capital facilities – $1 billion
Total revenue – $593.7 million
Operating Fund Revenue – $275.6 million
Number of Innovation Place tenants – 130
Innovation Place contribution to provincial economy – $260 million
Number of University employees – 7,346
20 Financial Highlights
26 Board of Governors
26 Officers of the University
discovering, preserving and
applying knowledge.
Honorary Degrees
Fall 2004 – Sharon Butala
Spring 2005 – Allan Fotheringham, Frank Roy
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Messages
T h i n k i n g t h e Wo r l d o f o u r F u t u r e
Connecting vision to reality
Chancellor
It is always a pleasure to serve as Chancellor of the University
of Saskatchewan, an institution that has played an indelible
role in shaping the Province of Saskatchewan over much
of its 100-year history.
This year is one of reflection and celebration for the
province, as it evaluates the past century and dreams
of the opportunities that lie in the next. The
University of Saskatchewan will be an essential player
in the realization of these opportunities. Our staff,
faculty, researchers and students come together in a
true community of scholars to advance knowledge,
address social challenges and pursue intellectual and
personal fulfillment.
We celebrate this community of achievement every year at
Convocation, a time when students, friends, families and the
University come together to recognize the results of hard work and
innovation. Importantly, our recognition of accomplishment is not
limited to formal events – every day great things happen at this
University, and indeed in this province, and we are sharing our
successes with the world.
In this, the province’s centennial year, I invite you to celebrate with us
the dedicated efforts and accomplishments of the outstanding faculty,
committed staff, and exceptional students that are here at the U of S.
Tom Molloy,
Chancellor
Chair, Board of Governors
I share with the entire Board of Governors pride in this University and
a sense of accomplishment that comes from another successful year.
Talking to students, employees, alumni and the larger community,
I continue to be overwhelmed by the number of lives this
University has touched and in many cases had a life defining
impact on, in its almost 100-year history.
As part of the overall management, the Board of
Governors plays a very important role at the U of S.
Along with our fiduciary responsibilities, the Board is
there to ensure a sense of trust and confidence in how
the University governs itself and conducts its business.
As Board members, we strive to bring an independent
perspective to issues, drawing on the diversity and
experience of our membership to represent the
balanced interests of all stakeholders. The University
is fortunate to have a hardworking and passionate
President and management team that the Board
actively works with to set strategy and assess risk, with
the goal of adding value to the planning process and
presenting the appropriate mix of collective wisdom
tempered with healthy skepticism.
In my view the Board has two key responsibilities. First, we must
assume a broad perspective, a current and a long-term view on
sustainability. It is our responsibility to ensure proper management of
the campus, the over $1 billion in tangible assets and, most
importantly, our human capital. To do this, we need the right
strategy to understand and manage our risks properly. Second, it is
ultimately the Board’s responsibility to ensure the protection of the
University’s reputation. In academia, as in business, reputation is of
primary importance to success and the ability to create value for all our
stakeholders.
Our University and the Board, now more than ever, considers a
global outlook to the work done here. While we will always be a
University of the people of Saskatchewan, we must embrace the
internationalization of what we do and with whom we work. We
always work to recognize opportunities and make appropriate changes.
The flexibility required to accept transition is going to be key to the
continued success of this University. We have rich traditions of
excellence and vision that we must build upon wisely. The sidelines are
not a safe place to be if the University is to continue to be responsive
and flourish.
Finally, let me thank the students, university faculty, staff, and the
many individuals and corporations that support this University in so
many ways. I also want to recognize three of my departing colleagues
for their work on the Board: Gordon Thiessen, Shelley Brown and
Sylvia Fedoruk. These individual members have taken their role on the
Board seriously, working out of a sense of public service and a strong
desire to contribute to the evolution of the University. Their
commitments of time and of expertise have made a positive difference.
Dallas Howe,
Chair, Board of Governors
On November 4th, 2004, the Thinking the World of our Future campaign for the
University of Saskatchewan was publicly launched. The largest fund raising effort
in the history of the institution, the $100 million goal will allow the University
to build upon its unique strengths.
Heather Magotiaux, Vice-President of University Advancement,
emphasizes: "This campaign is not only about raising money. It is about
raising awareness of the great potential of the University of
Saskatchewan among alumni, business leaders, and decision makers in
the province and beyond."
The launch connected 600 guests, at five North American locations,
to announce that over $57 million of the total had already been
raised through donations from alumni, faculty, staff, and friends of
the University. Pacesetting donations announced included: a
$5 million gift from PotashCorp; $3 million from Cameco Corp.;
$1 million from alumnus Dr. Barrie Wigmore and his wife Deedee;
and $750,000 from Nexen Inc. In addition, the University received
unparalleled support from the internal community, leading to
$2.3 million in contributions.
Campaign priorities:
Supporting academic pre-eminence by investing in people
with purpose.
President
The theme running throughout this year’s annual report is
"connections", a seemingly simple word that holds great
importance for any University. As educators and researchers we
must make connections – with each other, with students, and
with the communities we serve. The University of
Saskatchewan prides itself on an almost 100-year-old
connection with the people of this province. As
Saskatchewan has grown we have been there each step of
the way, taking a leadership role in innovation, and
community service.
In November, the University launched a fundraising campaign,
Thinking the World of our Future. The campaign is about a new
attitude, a new spirit of confidence for the University of Saskatchewan.
The campaign is based on the reality that our students are the future –
they are the doctors, lawyers, educators, business and political leaders
of tomorrow. To ensure they can achieve their dreams and goals, we
must have the resources to support them to the fullest extent. I am
proud to say that, as I write this message, we are already three-quarters
of the way to our goal in the philanthropic component of our major
renewal campaign.
This year has been an exceptionally important one for
our University.
Our synchrotron facility, the
Canadian Light Source, officially opened it’s doors to
researchers with a celebration honouring Canada’s
largest science initiative in 30 years. InterVac, our
planned Level-3 vaccination research facility, received a
strong financial endorsement from the federal
government. Restoration of our historic College
Building is nearing completion. And, most importantly,
this year has seen the Integrated Plan begin to shape the
way the University organizes and conducts its endeavors,
ensuring that our Strategic Directions will be fully realized.
Finally, allow me to wish the Province of Saskatchewan all the best in
this centennial year. Our commitment to the community and the
people of Saskatchewan remains strong, and we are looking forward to
a great future.
4
At the University of Saskatchewan we are committed to providing our students with a
comprehensive, world-class education, and to preparing them to succeed in a world of
growing complexity and opportunity. To make our commitments a reality we must work
to strengthen our human capacity.
Exceeding international standards by investing in research
with relevance.
Enhancing our sense of place by investing in places of significance.
For more information on Thinking the World of our Future, please visit
www.usask.ca/campaign
Peter MacKinnon, President
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Facts and Figures
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Strategic Initiatives
Connecting individual strengths for a strategic whole
The University of Saskatchewan’s Integrated Plan 2003-2007 connects all areas of campus to create a more
strategic institution. Implementation of the plan began in 2004/05 with many new measures announced,
including an increase in scholarships, enhanced Aboriginal support, and improvements to
information technology services.
Throughout the year the University has been identifying ways to improve our
partnerships and extension activities beyond the University campus. Along with
efforts in the area of community service, measurable progress was made in a
number of the fields identified as strategic areas of strength. Work on new
Schools in the areas of Public Health, Environmental Studies and Public
Policy will ensure an interdisciplinary approach to scholarship in the areas
of human, animal and plant studies. This will ensure the University takes
its place as one of Canada’s leading post-secondary institutions while
remaining true to the our sense of place.
Graduate Program in Public Health,
School of Public Health
Science, technology and society
New Media Centre
Environment
School of Environmental Studies
Business and entrepreneurship
Engineering Entrepreneurship
Public Policy
School of Public Policy
Extending Community
Mathematics & Science Enrichment Program
Connections with our community are of paramount concern to the University of Saskatchewan. This University is key to
helping the province compete in the globalization era, not only through knowledge sharing, but also through
support to the social economy.
The Mathematics & Science Enrichment Program (MSEP) for Aboriginal students serves as an
important bridge to University study, particularly in programs that lead to careers requiring
a science or applied science background.
MSEP, funded by the Crown Investments Corporation, is designed to help
students make a smooth transition to University life by preparing them for their
major areas of study. Accommodating up to 50 Aboriginal students
annually, the program will begin Fall 2005.
Engineering Entrepreneurship – Connecting scholarly
pursuits to business
The College of Engineering’s Engineering Entrepreneurship Option
provides students with the business-based courses they need, like
finance and marketing, to make strong entrepreneurial decisions.
The option consists of seven courses as an addition to any of the
seven BE degrees, with six of the seven courses delivered by
the College of Commerce. Students will graduate from the
program with the skills they need to become leaders in the
business community.
Sample Strategic Initiatives 2004/05
Health
MSEP – Connecting students to community and resources
For more information on Integrated Planning and the ongoing
planning cycle, please visit:
http://www.usask.ca/vpacademic/integrated-planning/
New Media Centre – Connecting science and the
creative arts
The University has fostered a national presence in several key areas
of science and creative arts infrastructure. September 2005 has been
set as the target for opening the University’s New Media Centre
(NMC), a facility to encourage research and development in information
and computing technologies, and enhance the cultural life of campus.
According to Judith Rice Henderson, Associate Dean Humanities and Fine
Arts, NMC is a response to the "paradigm shift that has seen digital
technology become really important. If we can get artists and scientists working
together, we might create some really interesting synergies."
The centre is expected to include state-of-the-art equipment like studio editing booths, as
well as research space with networked links to instructional space and other University
facilities.
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Supporting Success
Connecting potential to success
Student Success – Connecting to infinite possibilities
At 20 Farrah Mateen became one of the youngest medical students in the country. That same year she
was named the youngest-ever recipient of the Saskatchewan Volunteer Medal, and the next year was
honoured with the Queens Jubilee Medal. She is a widely published writer, an
exemplary researcher, an artist, a community volunteer, and an example
of what is possible in an environment dedicated to supporting the
success of students.
Sylvia credits her experiences at the University of Saskatchewan for helping her realize that there is a world out there waiting to
be explored and revealed: "Having the opportunity to go to university opens so many doors for people. I don’t think they
appreciate how much it broadens their horizons," she says. "Being exposed to people from different cultures and
backgrounds helped me build confidence and got me going in this direction."
In her work at the University Sylvia is now in a position to influence the students in her charge.
"I love what I do. I love helping people develop the potential they don’t even realize they
have. I watch the students evolve into these incredible people. I don’t think I could have
a better job."
The Global Commons – Connecting the University to
the world
Born and raised in Prince Albert, Farrah has always
dedicated herself to the larger public good. Through
participation on numerous University committees,
tutoring literacy students and establishing a brain tumor
support group she proves that our students’ potential is
unlimited. A talented writer, she was awarded the
Canadian Medical Association Journal's 2004 Essay Prize
for her comments on medical education and access to
post-secondary institutions. In her spare time she is an artist.
Her photo exhibition, From the far ends of the Earth, was
highlighted in a number of galleries.
International week celebrations had an added twist this year with the
announcement of the Global Commons area – a coordinated space where
students, staff and faculty will have access to a wide range of
international services.
Farrah plans to become a researcher in the neurological sciences.
As a winner of the prestigious Women in Engineering and Science
(WES) National Science and Engineering Research Council
(NSERC) scholarship, Farrah's research has taken her as far away
as the Institut Pasteur in Paris. Farrah recently left Saskatchewan
to embark on postgraduate training in neurology at the Mayo
Clinic, one of the best neurology training programs of the world.
Farrah Mateen
Sylvia Cholodnuik
The Global Commons, one of the areas of success identified in the
Integrated Plan, will, according to Michael Atkinson, Provost and
Vice-President Academic: "assist the University in supporting
international students, promote internationalization across
campus, and develop additional opportunities for students and
staff to pursue international study, work and travel experiences
abroad."
It is a reality that students need to be responsive to the challenges
posed by the global society and the international economy. By
providing the resources needed to support study, research and
relationships abroad the Global Commons will help connect the
University to the world.
"My future has its foundation at the University of Saskatchewan
and its extended community. To those who have made my pursuits
meaningful and worthwhile through their contributions to my
education, I remain very much indebted," says Farrah.
The new Dean’s Scholarship Program, announced in
December, provides $500,000 for master’s and PhD student
scholarships.
Enrolment by College (Full-time and Part-time Regular Session Students)
Staff Success – Connecting Saskatoon with
the world
COLLEGE
Sylvia Cholodnuik, a University of Saskatchewan graduate and
Assistant Manager of Residences on campus, has dedicated her life
to making the world a better place. A strong love of traveling led to a
trip to Africa in 1992, a trip that would forever change her view of her place
in the world.
Returning to the community of Tshelanyemba, Zimbabwe numerous times since that initial trip, Sylvia is
almost a one-woman development organization in the area. Holiday time has been used to refurbish schools, put in
showers and toilets for the hospital, replace water tanks, and set up a market garden. Last summer, the University of
Saskatchewan caught wind of Sylvia’s activities and contributed $500 from the President’s Fund towards her development
efforts abroad.
Agriculture
Arts & Science
Commerce
Dentistry
Education
Engineering
Kinesiology (previously Physical Education)
Law
Medicine
Nursing
Pharmacy & Nutrition
Physical Therapy
Veterinary Medicine
Unclassified Students
UNDERGRADUATE COLLEGE TOTAL
Graduate Studies & Research
Post Grad Clinical
Certificate/Diploma
TOTAL
2000/01
2001/02
2002/03
2003/04
2004/05
723
6,951
1,611
114
1,226
1,353
452
311
219
680
385
92
281
1,587
660
7,180
1,621
116
1,201
1,419
458
307
221
740
395
90
285
2,009
567
7,341
1,597
126
1,146
1,395
465
317
226
794
416
90
282
2,039
515
7,772
1,564
107
1,175
1,395
484
325
225
785
417
91
280
1,858
560
7,701
1,536
107
1,120
1,392
499
322
237
757
433
88
283
1,880
15,985
16,702
16,801
16,993
16,915
1,788
216
916
1,766
218
800
1,744
221
725
1,848
231
653
1,969
221
658
18,905
19,486
19,491
19,725
19,763
Source: www.usask.ca/ia/statistics and Fall Enrolment Report, October Census Data
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Enriching Our Physical Environment
Connecting to our sense of place
Other Major Capital Projects 2004/05
•
Imagine undertaking a $48 million renovation project. Now, add llamas, puppies, ferrets, horses and a 24-hour
stream of people to the mix, and you’ll have some idea of the challenge facing the Facilities Management
project team for the Western College of Veterinary Medicine (WCVM) expansion and renovation.
"Ensuring that the College’s existing operations, not the least of which includes the Small
and Large Animal Clinics, continue to run smoothly has been a challenge, but one we
are successfully meeting," says Colin Tennent, Facilities Management Director of
Planning and Development. WCVM treats more than 14,000 small and large
animal patients a year, and ensuring they continue to receive superior care
despite the construction is of paramount concern. In addition, ongoing
teaching and research activities are being facilitated within the renovation.
In 2004 the WCVM was awarded a renewal of the maximum
seven-year full accreditation from the American Veterinary Medical
Association. The thriving veterinary college is a leader in addressing
national concerns such as food and water safety, wildlife health and
emerging diseases, and antimicrobial resistance. By enhancing the
College’s physical environment the University is ensuring that the
connection with the local and global community will remain
strong, flexible and proactive for decades to come.
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Renovations to the College Building continued, with the building scheduled to open September 2005.
$20.7-million renovation will restore this National Historic Site to its full glory.
•
The
Completed in December 2004 at a cost of $7 million, the restored 1924 Wing of the
Thorvaldson Building houses modern computer research laboratories and brings the entire
Department of Computer Science under the same roof for the first time in 20 years.
• In an effort to alleviate traffic congestion on campus a new East Entrance
project was completed.
• Approximately 1,330 square metres have been added to the Crop Science
Field Laboratory to accommodate the Crop Development Centre’s pulse
research program. The Saskatchewan Pulse Growers provided funding
for the $3 million project.
• The University Services Building is undergoing a second phase
of development to deal with health and efficiency issues. To be
occupied by September 2006.
• A number of projects are in the pre-design or design phase,
including an Academic Health Sciences Complex, an
expansion of the College of Law, an innovative Aboriginal
Student Space, and additional student housing with a
University Neighbourhood.
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R e s e a r c h a n d S c h o l a r l y Wo r k
Connecting scholarship to the public good
Canada Research Chairs Announced 2004/05
The New Economy - Connecting with our rural communities
Anyone who has driven through the Northern Great Plains has seen the toll the modern era has taken –
crumbling small towns and abandoned farmsteads, victims of a shift in the agriculture economy and
the urbanization of society. Yet pockets of successful communities remain, flourishing with
non-traditional industries like insurance and manufacturing that help to support their
population base.
Mark Partridge, Canada Research Chair in the New Rural Economy, wants to
know what the main difference is between those communities that succeed and
those that face extinction. "With that mass exodus of people, you see
communities that have thrived. What is it about those areas that has
allowed them to flourish despite these stiff headwinds that have really
hurt the Great Plains?"
• Sylvia Abonyi – Aboriginal Health
• Sven Achenbach – Micro and Nano Device Fabrication
• Lawrence Brawley – Physical Activity in Health Promotion and Disease Prevention
• Dean Chapman – X-Ray Imaging
• Monique Dubé - Aquatic Ecosystem Health Diagnosis
• Lisa Kalynchuk – Behavioural Neuroscience
• Soledade Pedras – Bioorganic and Agricultural Chemistry
• Jean-Pierre St. Maurice – Environmental Sciences
• Qiaoqin Yang - Nanoengineering Coating Technologies
Scholarship with purpose - Connecting to a healthier
world
Every day, researchers at the University of Saskatchewan are examining
ways to make people, their communities, and their environments
healthier. The following are just a few of the discoveries made
in 2004/05:
New technologies have forced a restructuring of primary industries,
such as agriculture, that rural communities have traditionally relied
upon. In 1976, 25 per cent of the Saskatchewan workforce
laboured in the farming sector: by 2001, this number had
dwindled to 11 per cent. Partridge’s research is working to
understand how rural economies can succeed in this new reality,
and better inform their decision making to position them to
thrive in the New Economy.
Human Health - Compounds in broccoli may supercharge the
body’s ability to mop up free radicals and protect against high
blood pressure. Researcher Bernhard Juurlink, head of the
University’s department of Anatomy and Cell Biology, led the
study published in the Proceedings of the National Academy of
Science. This study is the first to show that broccoli sprouts can
correct major dysfunctions such as hypertension and stroke. The
sprouts have a much higher concentration of glucoraphanin, a
chemical that defends tissues against damage by free radicals, than
mature broccoli.
Partridge is a believer in the possibilities inherent in rural
communities. In a rural community, you’ll find higher levels of
skill than you might expect. Rural communities also have
important quality of life strengths, like a clean environment,
less congestion, affordable housing, and high levels of community
trust.
Community Health – According to U of S nutrition graduate
student Rachel Engler-Stringer, collective kitchens – where individuals
combine resources to cook large quantities of healthy food for families
– improve budgeting, nutrition and social support in lower income
communities. Working with 21 groups over periods as long as six months,
Engler-Stringer found that most participants in her study found that
involvement in the kitchens resulted in positive changes in self-esteem and
self-confidence.
Partridge is just one of the experts working at the University of
Saskatchewan who has a distinctive Great Plains and Northern
perspective. From toxicologists helping solve environmental dilemmas in
the north, to river health experts and leading Aboriginal researchers, the
University of Saskatchewan is committed to sharing this unique strength with
the world.
Environmental Health – Livestock pastured on selenium-contaminated land can
Tri-Council, CFI and Gov’t of Sask Research Revenue:
(thousands of dollars)
NSERC
SSHRC
CIHR
CFI
Gov’t of Sask
2000/01
11,972
987
3,749
14,768
31,564
2001/02
10,554
1,765
5,519
20,183
67,795
2002/03
13,232
2,078
7,051
15,272
26,216
2003/04
19,095
7,415
8,496
11,964
23,388
14
2004/05
26,870
7,613
10,639
4,312
23,306
be poisoned when forage plants accumulate high selenium amounts in their tissues. An
international collaboration between researchers from the University of Saskatchewan and the
Mark Partridge
University of California has shown for the first time that insects can detoxify selenium in
the environment. The team used synchrotron analysis to track the movement of selenium through the
food chain.
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Innovation Cluster
Connecting researchers in unique ways
The University of Saskatchewan is home to a unique and powerful research cluster that combines the power of
Canada’s only synchrotron with the groundbreaking Vaccine and Infectious Disease Organization
(VIDO) and the specialized infrastructure and services of Innovation Place. University facilities and
partnerships like these and others on campus serve as compelling connectors between
researchers from all disciplines, helping conduct research that serves society.
Turning the light on –
Connecting research to
the future
A symbolic flick of a light
switch, and several hundred dignitaries watched
the dazzling light show to
officially inaugurate the
Canadian Light Source
(CLS). The $174-million
national synchrotron facility represents an unprecedented scientific
collaboration of government, academic
and industry partners from across Canada.
InterVac – Connecting research to international health
In March, Prime Minister Paul Martin announced a $24-million shot of federal funding for the University’s International
Vaccine Centre (InterVac). Administered in affiliation with VIDO, upon completion in 2009 InterVac will be one
of the largest vaccine research laboratories in North America, empowering researchers to combat current
and emerging diseases like SARS, West Nile virus and avian influenza.
Lorne Babiuk, Canada Research Chair in Vaccinology and Biotechnology, explains: "This
new facility will build on VIDO’s world-class successes, leading to healthier animals and
healthier humans on an even greater scale. InterVac will save lives and strengthen
Canada’s leadership in infectious disease research, prevention and emergency
response."
InterVac, represents an international collaboration that includes VIDO, the
Colleges of Medicine and Veterinary Medicine, and a number of research
and governmental institutions.
Lorne Babiuk
With government and industry representatives
Ralph Goodale, Federal Minister of Finance,
Lorne Calvert, Premier of Saskatchewan and Eliot
Phillipson, President, Canada Foundation for Innovation looking
on, CLS Executive Director Bill Thomlinson thanked his staff and
associates for their hard work leading up to the synchrotron’s
inauguration. "I would like to congratulate our team here at the
CLS. Due to their efforts, we are entering the global synchrotron
community with a state of the art research facility."
The U of S’s synchrotron is one of the most efficient, compact and
advanced in the world. Research conducted at the CLS will have worldwide
implications in the search for new medicines, the development of new
material, and the diagnosis and treatment of environmental problems.
In May 2004 VIDO, in partnership with the University of British
Columbia, McMaster University and the British Columbia Centre
for Disease Control, announced the fast tracking of two
prototype SARS vaccines, planning to get an effective option to
the public in half the time usually needed for a market-ready
vaccine.
A wealth of Innovation in one Place – Connecting
research to society
In 2004 the University’s Innovation Place Research Park
contributed $184 million to the economy of Saskatoon and
$262 million to the provincial economy. Innovation Place has
fostered knowledge clusters in fields such as agriculture,
information technologies, resources and the life sciences, all areas of
importance to the University. By providing specialized
infrastructure like state of the art facilities and
support, Innovation Place helps move important
academic discoveries into the market place.
The CLS will allow researchers from around the world to probe the structure of
matter and analyze a host of physical, chemical, geological and biological processes. The
seven beamlines that were part of the original capital project are nearing completion, with
several now hosting their first researchers. Six new experimental facilities received funding in 2004
and will begin construction later this year. This will bring total CLS research capacity to 13 research
stations – the CLS will eventually feature 30.
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Performance Indicators
As the Integrated Planning process continues permanent performance benchmarks will be established. The indicators below are
part of an evolutionary process to mark our progress in the interim.
Strategic Direction 3 – Establish the U of S as a major presence in
graduate education
Strategic Direction 1 – Attract and Retain outstanding faculty
Strategic Direction 4 – Recruit and retain academically
promising students
Strategic Direction 2 – Increase Commitment to Research
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Financial Highlights
For 2004/05 the University of Saskatchewan Consolidated Financial Statements reports revenue of $593.7 million. This
represents an increase of 5% ($27.1 million) from the previous year. Capital funding from the Province was a key factor,
accounting for an increase of $27.0 million. Other factors contributing to increased revenue for the year include student fees of
$2.7 million, and sales of services and products of $7.8 million.
These and other revenue increases were partially offset by a decrease in Investment Income of $14.6 million. Investment Income
was $23.8 Million, representing strong returns compared to benchmark but not at the same level as 2003/04 returns. The
decrease in investment income is attributable to primarily earnings on long-term investments, which includes investments in
equities. Generally, investments that generate superior returns over the long-term tend to be more volatile in the short term.
The University’s investment policies minimize this risk with a well-diversified portfolio that is utilized for assets with a
long-term investment horizon. Investments held for the long term are reflected in primarily the Specific Purpose and Trust and
Endowment Funds.
Total revenue of $593.7 million is derived mainly from the sources shown in the following chart, with comparisons for the
previous year.
Revenue from the Government of Canada accounts for $59.7 million, slightly greater than 10% of total revenue. Student fees
accounts for $84.7 million, 14.3%, and Sales of Services and Products to $99.0 million, or 16.7% of total revenue.
Revenue from the Provincial Government (grant and contract revenue of $260.8 million and including $15.0 million for sales
of physician services reimbursed by Medical Services Branch) accounts for $275.8 million, or 46.5% of total revenue.
Government of Saskatchewan funding increased significantly from the prior year, by $28.7 million, or 11.6%. The proportion
of funding provided by the Province has also increased, by 2.9%, from the prior year. Most of the increase was attributable to
capital funding provided by the Province. Late in the fiscal year, a special capital grant of $7.5 million was received for the
WCVM Infrastructure project (a $48 million project towards which Ag Canada contributed $22.2 million in 2002/03), and a
grant of $19.5 million was received equivalent to the Province’s sustaining capital grant for 2005/06 and 2006/07. With the
exception of funding from Industry and Resources, which decreased from $9.4 million to $5.2 million (reflective of the fact
that CLS Phase 1 funding commitments have been met), all other components of provincial funding remained relatively
constant. The provincial operating grant increase of 5.87% over the previous year is inclusive of a 2.0%
economic adjustment, with the balance attributable to targeted program funding, the majority of which was directed to
Medicine accreditation requirements.
Overall expenses have increased by $50.0 million to $530.5 million, an increase of 10% over the prior year. Salaries and
benefits increased by $35.3 million due to growth in salary rates, additional staffing and changes in the value of accrued
post-retirement assets (accounting for $11.1 million). Other increases include amortization of $6.5 million, equipment rental
of $2.4 million and cost of goods sold of $1.2 million. Salaries and benefits continue to account for the largest component of
all expenses, amounting to about 67% of the total, which is consistent with prior years. Other expense components are also
consistent with prior years. Significant expense components, net of internal cost recoveries, are shown in the following chart.
20
21
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General Funds
Revenue and related expenses are accounted for in separate funds in order to recognize restrictions and objectives specified by
donors, the Government of Saskatchewan, other external agencies, or the Board of Governors.
The General Funds are reported in Schedule 1 of the Financial Statements. General Funds are those funds not subject to
external restrictions and for 2004/05 they account for 70% of University revenue, including the Operating Fund at 46%,
Ancillary Fund at 7%, and the Specific Purpose Fund at 17%. Revenue of the General Funds has increased by $8.1 million,
comprised of a $7.1 million increase in the Operating Fund, and a $2.3 million increase in the Ancillary Fund, while the Specific
Purpose Fund experienced a decrease of $1.3 million.
Operating Fund
University programs and initiatives are often focused at the college level. Revenue by type (e.g. Operating, Research, Other)
is shown in the following graph.
Revenue of the Operating Fund increased to $275.6 million. The operating grant from the Department of Learning
accounted for $164.2 million or 59.8% of Operating Fund revenue. The operating grant for 2004/05 includes an economic
increase of 2.0%, targeted funding of $5.932 million (3.84%, which represents funding provided for Medical accreditation and
program expansion in Medicine), and a funding decrease of $0.728 million, (.47%), reflecting an adjustment required pursuant
to the Saskatchewan University Funding Mechanism (SUFM). Although full implementation of the SUFM (a cost-based
activity driven funding model) has occurred, University staff continue to be actively involved with the Department in refining
the model.
Tuition and related student fees, accounting for 30% of operating revenue, increased for the year by $3.0 million (3.75%). This
increase reflects continued application of the national norm tuition policy, with a weighted average increase of 4.8% offset by
slight enrolment decreases in undergraduate and non-credit courses. This decrease was partially offset by an enrolment increase
in graduate students, and revenue increase in undergraduate international student tuition.
Grants and contract revenue from other governments is comprised of funding from the other three western provinces. Funding
has increased by $0.429 million in accordance with the five-year inter-provincial agreement for funding the Western College of
Veterinary Medicine (WCVM).
Investment income of $5.2 million, 1.9% of Operating Fund revenue, has decreased by $0.56 million from the prior year.
Operating Funds are invested in short-term and mid-term investments. For 2004/05 short-term earnings and mid-term
earnings have decreased significantly, with the mid-term earnings decrease attributable to market value adjustments in bond
holdings and a decrease in funds available for investment.
Operating Fund expenses have increased by $14.42 million (6.2%), and the increases include those expenses required to keep
pace with salary settlements, associated benefit costs, plus increasing utility costs. Operating expenses also include expenditures
for renewal initiatives in keeping with the priorities identified in the University’s Integrated Plan.
Some of the renewal initiatives undertaken in the 2004/05 Operating Budget include:
Note: The total College of Medicine revenue of $108.4 million for the year (18% of total University revenue), followed by Arts and
Science at $77.2 million (13% of total), and Agriculture at $34.1 million (6% of total revenue).
22
• Student services support was increased by $0.163 million, equivalent to 10% of the projected national norm tuition rate
increase. Overall student aid support provided through all funds continued to increase, and as a percentage of tuition and
related fees, the level of support grew by 2.4% to 20.9% for 2004/05.
• In keeping with Department of Learning’s targeted approvals, $5.932 million was allocated to Medicine
accreditation support.
• The Academic Priorities Fund was increased by $0.375 million to bring the total annual allocation to $3.68 million. As of
April 30, 2005, the University had not made any permanent allocations from this fund. The Academic Priorities Fund will
act as a catalyst for University renewal and will be allocated to priorities as determined through the Integrated Planning
process.
23
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• Utility costs and other costs to operate new buildings, continued to increase, with an additional $1.948 million
allocated to meet estimated costs. New building costs include provision for the Physical Activity Complex.
• Of the $4.85 million of federal funding to support the indirect costs of research, $2.50 million ($3.05 million in
2003/04) was transferred to the Operating fund in recognition of indirect costs of research paid from the operating fund.
$2.1 million, NSERC of $7.8 million and a decrease in CFI funding of $7.7 million. SSHRC funding, which includes a
payment of $4.8 million in support of indirect cost of research, has remained relatively constant at $7.6 million. Government
of Saskatchewan revenue remained constant at $23.3 million, and revenue reflected as other gifts, grants and bequests also
remained relatively constant at $29.1 million. Total research revenue of $109.4 million is derived from the sources shown, with
the Governments of Canada and Saskatchewan contributing 73% of research funding (consistent with 2003/04).
The 2004/05 year is the second year in the four year planning cycle covering the period 2003/04 through 2006/07. Resource
allocation and reallocation decisions began in 2004/05 with implementation of permanent budget adjustments. The 2004/05
Operating Budget included a deficit of $2.456 million, takes into account the following measures:
• Permanent budget adjustments of $1.178 million, including reduced operating budget support for the Colleges of
Agriculture, Commerce, Nursing, Pharmacy & Nutrition, Extension Division, and the Facilities Management Division.
• Introduction of one-time budget adjustments of $2.382 million, and for the year one-time resources of this amount were
required even to achieve the planned deficit of $2.456 million.
• A permanent levy on Colleges and units calculated at half of 1% of college and unit operating budgets provided
$0.74 million. (This levy is in addition to a half of 1% levy which was in effect for 2003/04). Those units to which
permanent measures were applied were excluded from the levy.
The Operating Fund balance has increased by $2.606 million for the year, primarily as a result of targeted funding received at
year-end for Medicine accreditation. The Operating Fund includes: 1) an Operating reserve component; 2) Board-approved
Appropriations for initiatives (such as funding received for Medicine Accreditation and funds accumulated for distribution
through the Academic Priorities Fund): and 3) funds accumulated by Colleges and administrative units through past years’
operating results. The Operating Reserve component of the Operating Fund at year-end is $3.264 million, 1.2% of the approved
Operating Budget. The Operating Reserve has decreased by $2.456 million from the previous year reflecting the deficit
approved by the Board. Because of favourable variances in a number of areas, including a utilities variance of $1.050 million,
the University experienced a favourable operating variance of $1.879 million as compared to budget. This variance has been
appropriated at year-end to be used to meet additional one-time budget adjustments required over the remaining years of the
planning cycle (2005/06 and 2006/07). The use of one-time budget adjustments provides a transition period during which
permanent measures can be undertaken to eliminate the University’s structural deficit.
Restricted Funds
Trust and Endowment Funds
Trust Fund revenue was $25.2 million for the year, comprised primarily of gifts and grants and investment income. Although
overall Trust Fund revenue decreased by $3.9 million this year as a result of reduced investment returns, revenue from gifts and
grants increased from the previous year. Trust and Endowment contributions in the amounts of $8.9 million and $4.1 million
were received (this compares to $4.6 million and $4.2 million for 2003/04). Endowment Funds increased by $9.37 million for
the year, and for the 10-year period shown, Endowment Funds have grown from $40.0 million in 1995/96 to
$136.7 million at April 30, 2005. This growth reflects contributions over the period, as well as investment income retained for
preservation of the purchasing power of endowment funds.
Restricted Funds carry restrictions on the use of resources for particular defined purposes. They account for 29% of total
University revenue and are comprised of the Capital Fund at 7%, Trust Funds at 4%, and Research Fund revenue at 18% of total
Restricted Fund Revenue.
Capital Fund revenue has increased by $20.8 million to $38.1 million, caused primarily by an additional $27.0 million received
from the Government of Saskatchewan. Of this amount $7.5 million was a one-time grant for the WCVM – Ag-Canada
project and $19.5 million was a sustaining capital grant intended for 2005/06 and 2006/07 capital projects, (replacing the
$9.75 million per year "cash grant").
During 2004/05, as a means of funding university capital projects, the Province authorized the University to borrow funds of
$4.7 million for capital acquisitions. This borrowing provision together with the cash grant component amounts to a
provincial capital grant of $14.45 million. The University utilized external financing to access funds provided by the
$4.7 million borrowing authorization. For 2005/06, the university has again been authorized to borrow funds for capital, and
the amount has been maintained at $4.7 million. In view of its urgent capital requirements, the University will be incurring debt
and will be responsible for on-going repayments of associated principal and interest if the province does not fund the amounts.
Research Fund revenue has increased for the year by $2.3 million, from $107.1 million in 2003/04 to $109.4 million in the
current year. The CLS project continued to have a significant impact on total research revenue with approximately $19 million
received as contributions to CLS. Government of Canada funding increased by $2.0 million reflecting increases in CIHR of
24
25
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Board of Governors
Members Ex Officio
Members Elected by the Senate
Peter MacKinnon, President
Tom Molloy, Chancellor
Judy Buzowetsky
Gary Carlson
Members Appointed
by the Government
Faculty Member
Linda McMullen
Dallas Howe (Chair 2005)
Shelley Brown (Gail Appel April 2005)
Art Dumont
Gordon Thiessen (Nancy E. Hopkins, 2005)
Garry Standing
Sylvia Fedoruk
Student Member
Gavin Gardner
Officers of the University
President
Peter MacKinnon
Provost and
Vice-President (Academic)
Michael Atkinson
Vice-President (University
Advancement)
Heather Magotiaux
Vice-President (Finance
and Resources)
A.J. (Tony) Whitworth
Vice-President (Research)
Steven Franklin
University Secretary
Gordon Barnhart
Vice-Provost
Jim Germida (July 2004)
Associate Vice-President
(Information and
Communications
Technology)
Rick Bunt
Associate Vice-President
(Human Resources)
Barbara Daigle
Associate Vice-President
(Financial Services) and
Controller
Laura Kennedy
Extension Division
Walter Archer
Graduate Studies and
Research
Associate Vice-President
(Facilities Management)
Tom Wishart
Paul Becker
(Acting) Bob Faulkner
Associate Vice-President
(Student and Enrolment
Services)
David Hannah
Kinesiology
Law
W. Brent Cotter (July 2004)
Medicine
William Albritton
Deans of Colleges
and Academic Units
Nursing
Agriculture
Pharmacy and Nutrition
Beth Horsburgh
(Acting) Graham Scoles (July 2004)
(Acting) Linda Suveges (July 2004)
Arts and Science
Veterinary Medicine
Jo-Anne Dillon (September 2004)
Charles Rhodes
Commerce
Libraries Director
V. Lynne Pearson
Dentistry
(Acting) James Stakiw (August 2004)
Education
Cecilia Reynolds
Engineering
Claude Laguë
26
Frank Winter
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Communications
University Advancement
University of Saskatchewan
309 Kirk Hall
117 Science Place
Saskatoon SK S7N 5C8 Canada
Ph: (306) 966-6607
Fax: (306) 966-6815
E-mail: communications@usask.ca
Website: www.usask.ca
Printed in Canada
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Connect
Consolidated Financial Statements
For the Year Ended April 30, 2005
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Statement of Administrative Responsibility for Financial Reporting
The administration of the University is responsible for the preparation of the consolidated financial statements and has prepared
them in accordance with Canadian generally accepted accounting principles. The administration believes that the consolidated
financial statements fairly present the financial position of the University as of April 30, 2005, and the results of its operations
and the changes in its fund balances for the year then ended.
In fulfilling its responsibilities and recognizing the limits inherent in all systems, the administration has developed and
maintains a system of internal controls designed to provide reasonable assurance that University assets are safeguarded from loss
and that the accounting records are a reliable basis for the preparation of financial statements. The integrity of the internal
controls is reviewed on an ongoing basis by the Audit Services Department.
The Board of Governors carries out its responsibility for review of the consolidated financial statements principally through its
Audit Committee, which is a committee of the Board of Governors. The external and internal auditors have access to the Audit
Committee, with or without the presence of the administration.
The consolidated financial statements for the year ended April 30, 2005 have been reported on by the Provincial Auditor of
the Province of Saskatchewan, the external auditor appointed under The University of Saskatchewan Act, 1995. The Auditor’s
Report outlines the scope of his examination and provides his opinion on fairness of presentation of the information in the
financial statements.
R.P. MacKinnon
President
Laura M. Kennedy
Associate Vice- President (Financial Services) and Controller
July 13, 2005
Auditor’s Report
To the Members of the Legislative Assembly of Saskatchewan
I have audited the consolidated statement of financial position of the University of Saskatchewan as at April 30, 2005, and the
consolidated statements of operations and changes in fund balances, and cash flows for the year then ended. The University’s
management is responsible for preparing these financial statements for Treasury Board’s approval. My responsibility is to
express an opinion on these consolidated financial statements based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan
and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation.
In my opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the
University as at April 30, 2005 and the results of its operations and its cash flows for the year then ended in accordance with
Canadian generally accepted accounting principles.
Regina, Saskatchewan
July 13, 2005
Fred Wendel, CMA, CA
Provincial Auditor
3
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THE UNIVERSITY OF SASKATCHEWAN
Statement 1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at April 30, 2005
(THOUSANDS OF DOLLARS)
General
Current Assets
Cash and short-term investments (Note 3)
Accounts receivable
Inventories
Prepaid expenses
$
Long-Term Assets
Long-term investments (Note 4)
Investment in affiliated entities (Note 5)
Deferred decommissioning costs (Note 9)
Other assets
Accrued post-retirement benefits (Note 6)
Capital assets (Note 7)
$
140,566
301
2,297
548
11,737
155,449
$
Current Liabilities
Accounts payable and accrued liabilities
$
Accrued vacation pay and assisted early
retirement benefits
Unearned fees and other deferred revenue
Current portion of provision for claims payable (Note 6)
Current portion of long-term debt (Note 8)
Long Term Liabilities
Provision for claims payable (Note 6)
Long-term debt (Note 8)
Accrued decommissioning costs (Note 9)
Accrual for assisted early retirement
Due to other funds
Fund Balances
Externally restricted funds
Internally restricted funds
Invested in capital assets
Unrestricted funds
$
95,481
6,350
101,831
Endowment
$
64,245
2,070
645,505
711,820
199,570
31,845
Total
2004
Total
1,168
42
1,210
$
108,616
27,318
9,617
1,611
147,162
$
139,433
19,294
9,228
1,289
169,244
135,464
135,464
340,275
301
2,297
2,618
11,737
645,505
1,002,733
261,198
301
2,366
23,165
610,088
897,118
$ 1,149,895
$ 1,066,362
$
$
$
813,651
$
136,674
$
5,670
$
-
37,515
37,957
11,573
2,663
1,451
318
47,850
35
2,787
8,492
-
11,608
2,663
1,451
3,105
56,342
11,404
3,000
1,372
2,883
56,616
12,610
194
2,445
2,641
17,890
19,999
19,999
-
12,610
20,193
2,445
2,641
37,889
10,788
2,747
3,759
17,294
67,448
66,382
133,830
162,442
622,718
785,160
136,674
136,674
299,116
67,448
622,718
66,382
1,055,664
251,565
64,337
604,858
71,692
992,452
136,674
$ 1,149,895
$ 1,066,362
199,570
$
813,651
$
General
Revenues
Government grants and contracts
Government of Canada
Government of Saskatchewan
Other
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
$
Expenses
Salaries
Employee benefits
Operational supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Decommissioning costs (Note 9)
Interest
Bad debt expense
Internal cost recoveries (Note 14)
Restricted
2,704
200,338
11,459
84,864
8,931
97,871
7,843
1,167
1,626
416,803
$
45,741
3,854
32,097
4,836
1,457
34
43,170
7,211
1,365
(1)
(2,587)
137,177
Net revenues (expenses)
Interfund transfers (Note 15)
23,503
(25,702)
35,604
20,437
Net increase (decrease) in fund balances for year
Fund balances, beginning of year
(2,199)
136,029
56,041
729,119
Fund balances, end of year
$
133,830
$
Chair, Finance Committee
Associate Vice-President (Financial Services)
The accompanying notes form an integral part of these Financial Statements
4
57,015
60,503
1,277
35,131
1,160
15,935
170
1,590
172,781
262,745
46,044
51,586
6,905
17,807
17,650
18,769
10,549
180
144
483
(39,562)
393,300
Approved by the Board of Governors
The accompanying notes form an integral part of these Financial Statements
Statement 2
CONSOLIDATED STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCES
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
Restricted
11,967
20,926
9,617
1,611
44,121
THE UNIVERSITY OF SASKATCHEWAN
5
785,160
Endowment
$
4,087
25
4,112
7
7
$
Total
2004
Total
$
59,719
260,841
12,736
84,864
48,149
99,031
23,803
1,337
3,216
593,696
$
57,397
231,655
14,067
82,136
48,091
91,219
38,431
1,219
2,381
566,596
308,486
49,898
83,683
11,741
17,807
19,107
18,803
43,170
17,760
180
1,509
489
(42,149)
530,484
291,925
31,246
83,303
11,206
16,566
16,745
18,068
36,706
15,175
534
468
(41,391)
480,551
4,105
5,265
63,212
-
86,045
-
9,370
127,304
63,212
992,452
86,045
906,407
136,674
$ 1,055,664
$
992,452
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THE UNIVERSITY OF SASKATCHEWAN
Statement 3
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
General
Operating Activities
Net increase (decrease) in fund balance for year
$
Amortization of capital assets
Unrealized loss (gain) on investments
Decrease in post-retirement benefits
Decrease (increase) in decommissioning costs
Net decrease (increase) in non-cash working capital
Cash generated from (used for) operating activities
THE UNIVERSITY OF SASKATCHEWAN
Restricted
(2,199) $
(1,666)
11,428
148
(573)
Endowment
56,041 $
43,170
(10,613)
(8,453)
Total
2004
Total
9,370 $
(13)
17
63,212 $
43,170
(12,292)
11,428
148
(9,009)
86,045
36,706
(23,626)
(1,851)
147
7,138
80,145
9,374
96,657
97,421
Investing Activities
Purchase of investments (net)
Investment in (sale of) subsidiary companies
Purchase of capital assets (net)
(58,922)
-
4,979
(78,587)
(12,841)
-
(66,784)
(78,587)
(7,971)
(108,556)
Cash provided by (used for) investing activities
(58,922)
(73,608)
(12,841)
(145,371)
(116,527)
1. Authority and Purpose
"The University of Saskatchewan" is a corporation operating under the authority of The University of Saskatchewan Act,
1995, Chapter U-6.1 of the Statutes of Saskatchewan. The primary role of the University is to provide post-secondary
instruction and research in the humanities, sciences, social sciences, and other areas of human, intellectual, cultural, social
and physical development. The University is a registered charity and is therefore exempt from the payment of income
tax, pursuant to Section 149 of the Income Tax Act.
2. Summary of Significant Accounting Policies and Reporting Practices
These financial statements have been prepared in accordance with Canadian generally accepted accounting principles.
The following accounting policies and reporting practices are considered significant:
a) Basis of consolidation
The consolidated financial statements include the accounts of the following entities:
Financing Activities
Debt financing proceeds (repayments) (net)
Decrease in Assisted Early Retirement commitments
Decrease (increase) in other assets
Increase in long-term disability claims
(141)
(1,118)
(192)
1,822
Cash provided by (used for) financing activities
371
Net increase (decrease) in cash and
short-term investments
17,587
(61)
-
-
17,446
(1,118)
(253)
1,822
(2,430)
(1,247)
(10)
54
17,526
-
17,897
(3,633)
(51,413)
24,063
(3,467)
(30,817)
(22,739)
Cash and short-term investments, beginning of year
63,380
71,418
4,635
139,433
162,172
Cash and short-term investments, end of year
11,967
$
$
95,481
$
1,168
$
108,616
$
• University of Saskatchewan Technologies Inc., a wholly owned subsidiary of the University. The company’s
mission is to evaluate, protect and exploit University controlled intellectual property.
• Agricoll Research Investments Inc., a wholly owned subsidiary of the University. Through Agricoll, the
University of Saskatchewan promotes and participates in research, education and technology transfer related to
the agriculture industry.
• University of Saskatchewan Crown Foundation, a non-profit entity incorporated under the Crown Foundation
Act of Saskatchewan. The Foundation was created for the purpose of receiving gifts of real and personal
property and to provide transfers of property to the University of Saskatchewan.
139,433
• 621602 Saskatchewan Ltd., a wholly owned subsidiary of the University. The company participates in real estate
investment activities.
• Prairie Swine Centre Inc., a non-profit corporation whose membership is restricted to the members of the Board
of Governors of the University of Saskatchewan. The company is engaged in research, education and technology
transfer related to pork production in Canada.
• Western Beef Development Centre Inc., a non-profit corporation whose membership is restricted to members of
the Board of Governors of the University of Saskatchewan. The mandate of the company is to support the
efficient and orderly economic advancement of the Western Canadian beef industry.
The accompanying notes form an integral part of these Financial Statements
6
7
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
• Canadian Light Source Inc., a non-profit corporation whose sole member is the University of Saskatchewan. The
company’s mandate is to advance Canadian scientific and industrial capabilities in synchrotron science and
technical applications. The company will be responsible for the operation and conduct of all activities related to
the University’s synchrotron light facility, its operation and performance.
Capital Funds account for the acquisition of capital assets, major renovations and improvements to capital assets.
Research Funds account for activities in support of research.
Trust Funds account for activities that have been stipulated by donors and contributors.
• Pharmalytics Inc., a non-profit corporation whose sole member is the University of Saskatchewan.
company is engaged in research, development and education in pharmaceutical sciences.
The
b) Use of estimates
iii) Endowment Funds account for resources received with the stipulation that the original contribution not be spent.
The fund also consists of a portion of the investment income earned on these funds that is required by donors
and the Board of Governors to be added to the fund to offset the eroding effect of inflation.
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date
of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
d) Inventories
Examples of significant estimates include: the allowance for doubtful accounts, the estimated useful lives of assets,
the accruals for salaries and benefits, and certain actuarial and economic assumptions used in determining defined
benefit pension costs, accrued pension benefit obligations, plan assets and provision for claims payable.
e) Investments
Inventories are valued at the lower of cost and net realizable value, which is determined by the average cost method,
with the exception of livestock, poultry and other farm products which are stated at market value.
Short-term investments are carried at the lower of cost and market value. Long-term investments consist primarily
of pooled funds and are carried at market value.
c) Fund accounting
f) Investment in affiliated entities
The University follows the restricted fund method of accounting for contributions. Under fund accounting,
resources are classified for accounting and reporting purposes into funds in accordance with specified activities or
objectives.
The University has classified accounts with similar characteristics into major funds as follows:
i) General Funds are unrestricted and account for the University’s program delivery, service and administrative
activities. These funds are further classified as Operating, Ancillary and Specific Purpose.
Operating Funds account for the University’s function of instruction, including academic support services,
administrative services, plant maintenance and other operating activity.
Ancillary Funds provide goods and services to the University community, which are supplementary to the
functions of instruction, research and service and are expected to operate on at least a break-even basis.
Specific Purpose Funds are designated for specific projects or purposes.
Non-profit affiliated entities in which the University exercises significant influence, but does not control, and all
other investments are recorded at cost less any permanent decline in the value of the investment.
g) Employee benefit plans
The cost of defined benefit pensions earned by employees is actuarially determined using the projected benefit
method prorated on services and management’s best estimate of expected investment performance, salary escalation
and retirement ages of employees, when future salary levels or cost escalation affect the amount of the benefit. The
accumulated benefit method is used when future salary levels and cost escalation do not affect the amount of the
employee future benefits. For purposes of calculating the expected return on plan assets, those assets are recorded
at fair value. Actuarial gains and losses are recognized in the year they arise.
Employee future benefits other than pensions represent medical and dental care and life insurance commitments to
certain employees and retirees, long- and short-term disability payments, severance and termination payments and
compensated absences. The University accrues its obligations under these plans.
ii) Restricted Funds carry restrictions on the use of resources for particular defined purposes. These funds are
further classified as Capital, Research and Trust.
8
9
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
h) Capital assets
k) Fair value
Purchased capital assets are recorded at cost. The University reports donated capital assets at fair market value upon
receipt. Amortization expense is reported in the Capital Fund. Capital assets, other than land, are amortized using
the straight-line method over their estimated useful lives as follows:
Buildings
Site improvements
Computers
Equipment & furnishings
Library materials
The carrying values of cash and short-term investments, accounts receivable, accounts payable and accrued liabilities,
and accrued vacation pay are considered to approximate fair value unless otherwise disclosed.
l) Financial instruments
40 years
20 years
3 years
6 to 8 years
10 years
The University uses forward exchange contracts to hedge risks associated with foreign currency exchange rates.
Except as disclosed below, the fair market value of the university’s financial liabilities approximates net book value as
a result of the short-term nature of the instrument.
Collections are not capitalized or amortized. All additions to collections are expensed in the year acquired.
At April 30, 2005, the University had no outstanding foreign currency contracts (2004 – hedged $476, consisted
entirely of spot-deferred contracts, designated to June 2004).
i) Donations and pledges
Donations are recorded as revenue in the fiscal period in which they are received. Gifts-in-kind, including works of
art, equipment, investments and library holdings are recorded at fair market value on the date of their donation.
Pledges made by donors to the University for donations to be received in future years are not recorded in the
financial statements.
j) Revenue recognition
Restricted contributions related to general operations are recognized as revenue of the General Fund in the year in
which the related expenses are incurred. All other restricted contributions are recognized as revenue of the
appropriate restricted fund when received. Other restricted revenue is recognized on the completed contract
method.
Unrestricted contributions are recognized as revenue of the General Fund in the year received or receivable if the
amount to be received can be reasonably estimated and collection is reasonably assured.
Contributions for endowment are recognized as revenue in the Endowment Fund.
Investment income earned on Endowment Fund resources that must be spent on restricted activities is recognized
as revenue of the appropriate restricted fund. Unrestricted investment income earned on Endowment Fund
resources is recognized as revenue of the General Fund. Other investment income is recognized as revenue of the
General Fund when earned.
10
The University has entered into interest rate swap agreements with the Royal Bank of Canada in order to manage
the interest rate exposure associated with certain debt obligations. The agreements arrange for the exchanging of
the floating interest rate cash flows from the underlying short-term debt instruments with fixed interest rate cash
flows based on a notional amount. Because the long-term swap agreements effectively and completely hedge the
interest costs on the underlying debt obligations, the University is reflecting the obligations as long-term debt in the
financial statements.
The fair value of the swap derivatives, listed below, were determined using discounted cash flow analysis based on the
current market rate applied to the debt underlying the swap derivative, and will fluctuate as market interest rates
change.
2005
Unrealized Loss Position at April 30
Royal Bank Bankers’ Acceptance Loan ending August 2029
Royal Bank Bankers’ Acceptance Loan ending January 2020
$
5,212
722
2004
$
-
3. Cash and Short-term Investments
Short-term investments are generally for less than 90 days, and earned an average effective interest rate of 2.0 per cent
(2004 - 2.5 per cent).
11
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
4. Long-term Investments
The total expense for the University’s defined contribution plans for the year is $8,856 (2004 - $8,186).
2005
Market
Yield
Bonds and debentures
Less than 5 years
5 to 10 years
More than 10 years
Equities
Canadian
Foreign
Other investments
4.9 – 5.4%
4.3 – 5.5%
5.2 – 6.1%
Total
Fair Value
$
$
2004
Total
Fair Value
Financial activities of other benefit plans are consolidated in the financial statements. The accrued benefit obligation for other
benefit plans is reflected in the Statement of Financial Position as provision for claims payable and plan assets are included in
the long-term investments. The net benefit plan expense for pension and other benefit plans is included in employee benefits
in the Statement of Operations and Changes in Fund Balances.
72,798
37,160
14,458
Aggregate information about the University’s defined benefits plans is in the table below. The information provided does not
encompass all benefit plans in the University, but only those plans for which an actuarial liability exists. The measurement date
of plan assets and accrued benefit obligations is December 31, 2004 (extrapolated to April 30, 2005). The date of actuarial
valuation is also December 31, 2004 (extrapolated to April 30, 2005).
122,665
41,373
17,084
$
62,867
82,421
13,865
340,275
47,464
78,700
10,618
$ 261,198
Investments are placed in accordance with policies specifying the quality of investments and limiting the amount of
credit risk exposure in any one type of investment instrument.
5. Investment in Affiliated Entities
2005
Investments recorded on the cost basis:
Saskatchewan Food Industry Development Centre Inc.
Saskatchewan Population Health and Evaluation Research Unit
Prairie Diagnostic Services Inc.
Star Biotech Inc.
Alviva Biopharmaceuticals Inc.
On Target Electronic Design Inc.
Ceapro Inc.
$
$
293
8
301
2004
$
$
293
8
301
a) Funded status of plans
2005
Pension
Plans
Plan assets
Fair value at beginning of year
$ 438,066
Actual return on plan assets
36,861
Employer contributions
3,911
Employee contributions
3,911
Benefits paid
(30,480)
Fair value at end of year
452,269
Accrued benefit obligations
Accrued benefit obligation at beginning of year
410,661
Current service cost
12,883
Interest cost
25,409
Benefits paid
(30,480)
Benefit payments on plan termination
Actuarial losses (gains)
23,724
Plan amendments
Accrued benefit obligation at end of year
442,197
2004
Other
Benefit Plans
$
Pension
Plans
Other
Benefit Plans
34,271
1,748
(1,445)
34,574
$ 424,116
39,902
3,792
3,792
(33,536)
438,066
$ 28,138
5,925
1,658
(1,450)
34,271
12,160
2,113
745
(1,445)
488
14,061
400,658
11,986
24,956
(29,170)
(4,366)
6,597
410,661
11,953
1,719
713
(1,450)
(775)
12,160
20,513
768
21,281
27,405
(4,240)
23,165
Investments which have a nominal value are shown with a nil cost.
6. Accrued Post-Retirement Benefits
Accrued benefit asset
10,072
Valuation allowance and unamortized past service costs 1,665
Accrued benefit asset, net of valuation allowance
$ 11,737
The University sponsors both defined benefit and defined contribution pension plans. The University and employees contribute
in equal amounts to most of the defined contribution plans. The defined benefit plans are funded by employee contributions
as a percentage of salary and by the University to support the actuarial based pension benefits. The defined pension benefits
are based on years of pensionable service and an average of highest 4 years of employees’ pensionable earnings.
12
13
$
$
22,111
1,075
$ 23,186
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
b)
7. Capital Assets
Percentage of fair value of total plan assets held at measurement date by category
2005
Pension
Plans
Cash
Short-term notes
Accrued income
Pooled funds
Contributions receivable
Bonds
Equities
Total
Other
Benefit Plans
(0.2)%
5.8
0.4
36.0
0.1
22.7
35.2
100.0%
Cost
2004
Pension
Plans
0.5%
0.0
0.4
0.0
0.1
16.9
82.1
100.0%
Other
Benefit Plans
(0.2)%
3.4
1.0
38.2
0.0
26.0
31.6
100.0%
3.9%
0.0
0.3
0.0
0.0
18.3
77.5
100.0%
Buildings
Site improvements
Computers
Equipment and furnishings
Land
Construction in progress
Library materials
$ 671,525
33,701
77,935
191,661
2,078
41,211
111,833
$1,129,944
2005
Accumulated
Amortization
2004
Net Book
Net Book
Value
Value
$ 210,661
16,500
66,750
120,813
69,715
$ 484,439
$ 460,864
17,201
11,185
70,848
2,078
41,211
42,118
$ 645,505
$ 451,657
14,106
7,918
56,843
2,078
38,601
38,885
$ 610,088
8. Long-term Debt
2005
c) Net benefit plan expense
2005
Pension
Plans
Current service cost, net of employee contributions
Interest cost
Expected return on plan assets
Immediate recognition of remaining gains/losses
Amortization of past service costs
Increase (decrease) in valuation allowance
Net benefit plan expense
$
2004
Other
Benefit Plans
8,972
25,409
(29,501)
16,257
478
(6,274)
$ 15,341
$
$
2,113
745
(2,516)
1,256
307
1,905
Pension
Plans
Other
Benefit Plans
$
8,194
24,956
(28,391)
(4,953)
444
1,691
$
1,941
$
1,719
713
(2,118)
(4,582)
307
$ (3,961)
a) Royal Bank Banker’s Acceptance Loan – Canadian Banker’s Acceptance
Canadian Deposit Offering Rate + spread of 0.20%, revolves monthly at
progressively smaller amounts until August 2029
$
b) Long-term synthetic financial instrument created by interest rate swap
agreement – 5.986%, terminates August 31, 2029
(notional amount
c) Royal Bank Banker’s Acceptance Loan – Canadian Banker’s Acceptance
Canadian Deposit Offering Rate + spread of 0.20%, revolves monthly at
progressively smaller amounts until January 2020
d) Long-term synthetic financial instrument created by interest rate swap
agreement – 4.92%, terminates January 31, 2020
d) Actuarial assumptions (weighted average as of April 30)
2005
Discount rate
Expected long-term rate of return on plan assets
Compensation increase
14
e) Canada Mortgage and Housing Corp. (CMHC) – 6.875% debentures
due May 1, September 1, 2020
2004
Pension
Plans
Other
Benefit Plans
5.7%
6.9%
4.5%
4.9%
7.5%
-
Pension
Plans
6.3%
6.9%
4.2%
Other
Benefit Plans
5.5%
7.5%
-
13,064
2004
$
-
equal to above)
-
4,664
-
(notional amount
equal to above)
-
2,319
2,401
278
297
These loans are repayable in equal semi-annual installments of $123 blended
principal and interest and recovered in their entirety from the operating revenues
of Ancillary Services
f) Loan payable to the Government of Saskatchewan – General Revenue
Fund – 5.125%, due December 1, 2015
15
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
As part of the original arrangements for repayment of a loan to CMHC,
it was agreed that $600 of the principal portion due would be recovered
from the University of Saskatchewan by charges to the Ancillary operations
of $33 per year.
9. Decommissioning Costs
Canadian Light Source Inc. (CLSI) is required to decommission the facility when operations cease. This obligation,
together with an accompanying requirement to provide a financial guarantee, arose on July 1, 2004 when the
Canadian Nuclear Safety Commission issued a Particle Operating License to CLSI.
g) Loan payable to Canadian Imperial Bank of Commerce – Prime plus 0.25%,
payable with monthly principal payments of $3 plus interest.
226
181
h) Loan payable to Canadian Imperial Bank of Commerce – Prime plus 0.25%,
payable with monthly principal payments of $0.6 plus interest.
21
28
138
153
i)
j)
Loan payable to Government of Saskatchewan – Short-term Hog Loan – Prime,
payable with equal monthly payments, due April 2007.
CLSI expects that facility to operate for a 30 year period from the date of issuance of the Particle Operating License
and anticipates the future cash flows to decommission the facility to be $10,064. The present value of the liability
for decommissioning costs of $2,357 as at July 1, 2004 was calculated using the risk free rate of 5.0%. The current
year decommissioning costs of $180 include decommissioning accretion costs of $88, amortization of deferred
decommissioning costs of $60 and cost associated with the financial guarantee of $32.
10. Commitments
Mortgage payable to Canadian Imperial Bank of Commerce – Prime, payable
with blended monthly installments of $24, due October 2016.
2,461
2,532
The mortgage is secured by a general security agreement pertaining to all personal
property of Prairie Swine Centre Inc. and the provision of collateral mortgage security
over all the Centre’s real property.
a) Capital projects
The estimated cost of contractual commitments to complete major capital projects in progress as at April 30,
2005 is approximately $17,087 (2004 - $37,720).
b) Retail development
k) Mortgage payable to Canadian Imperial Bank of Commerce – Prime plus
0.25%, payable with lump sum principle payments to be made upon receipt
of amortized pledges.
116
-
The mortgage is secured by a general security agreement pertaining to all
personal property of Prairie Swine Centre Inc.
In 2001, the University entered into an agreement with a developer to lease approximately 50 acres of land. In
addition, the University has an agreement with the City of Saskatoon obligating the University to pay offsite levies
to the City as the land is developed. It is estimated that the obligation to the City for future phases of
development is $667.
c) Utility purchases
l)
Loan payable to West Central Sales Inc. – 7.9% loan, payable in annual
installments of $11.
m) Loan payable to Royal Bank – Prime, payable on demand.
Less current portion
$
16
11
23
-
15
23,298
(3,105)
20,193
$
5,630
(2,883)
2,747
The University has entered into long-term contracts to purchase electricity and natural gas. As at April 30, 2005,
the University is required to pay for minimum annual consumption of 145 million kilowatt hours of electricity in
the 2006 fiscal year, increasing to 150 million kilowatt hours by 2007 when the contract expires. The estimated
commitment to purchase electricity is $18,709 based on management’s best estimate of the impact of annual
price re-determination.
To manage the price of natural gas, the University has entered into contracts that expire at varying dates until
October 2010. The University is required to pay for a minimum volume of 2,650 gigajoules per day of natural
gas to the end of October 2005. In addition, the University has entered into contracts until October 2010 for
approximately half of the natural gas requirements which entail a commitment to purchase 1,325 gigajoules per
day. In total, the commitment for natural gas purchases at April 30, 2005 is $17,039.
17
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
d) Lease Commitments
b) Art Collection
The University has operating lease commitments for equipment and capital assets. The minimum future
commitments under these contractual arrangements for the next five years are as follows:
2006
2007
2008
2009
2010
$
$
$
$
$
1,212
1,174
1,145
781
273
The Kenderdine Art Gallery administers the permanent art collection of the University. The collection includes works
of art that provides an historic or artistic context for objects that are already in the collection as well as works that
are of historic interest to the University or the Province of Saskatchewan. Proceeds from the sale of objects are used
for the purchase of new acquisitions or the direct care of the collection.
During the year, 51 objects with an appraised value of $73 were donated and 9 objects, costing $2, were purchased.
13. Operating Fund Expenses
11. Gifts-in-kind and Donation Pledges
Gifts-in-kind in the amount of $4,015 were received and recorded in the year (2004 - $1,841). Gifts-in-kind
consist of the following:
2005
Works of art
Equipment and furnishings
Investments
Library holdings
Other
$
$
16
1,163
2,483
48
305
4,015
2004
200
302
892
69
378
$ 1,841
$
Donations pledged but not received as at April 30, 2005 totaled $23,815 (2004 - $6,861). These pledges are
expected to be honored during the subsequent five-year period and will be recorded as revenue when received.
12. Collections
a) Collections of Artifacts, Archival Material and Rare Books
The University has acquired collections of artifacts, archival materials and rare books. These items have been
accumulated largely as adjuncts to the University’s research and teaching missions. Acquisitions are donated as well
as purchased. The University rarely disposes of items from these collections.
The significant collections include the personal artifacts, papers, and library of the late John G. Diefenbaker, the
official records of the University, papers of faculty and alumnae, originals and replicas of Ancient and Medieval
artifacts, as well as old and rare material with a focus on Western Canada.
18
A comparison of the budgeted Operating Fund expenses approved by the University’s Board of Governors to the
actual Operating Fund expenses is as follows:
2005
2004
Budget
Expenses
Expenses
Agriculture
Arts and Science
Commerce
Dentistry
Education
Engineering
Graduate Studies & Research
Kinesiology
Law
Medicine
Nursing
Pharmacy & Nutrition
Veterinary Medicine
Extension
Interdisciplinary Units
Instructional & Research Support
Student Support Units
External Relations
Infrastructure
General
Net expenses for internal reporting purposes
Reclassification of net expenses, included in College totals above as a
recovery or expense, and restated for financial statement purposes:
External cost recoveries restated as revenue
Interfund transfers eliminated for financial
statement purposes (Schedule 1)
Expenses for financial statement purposes
19
$
9,673
44,200
7,932
4,876
8,157
11,052
922
3,089
3,080
22,553
5,486
3,290
16,208
7,843
2,513
31,021
13,636
2,349
33,983
31,233
263,096
7,791
$ 270,887
$
9,222
43,532
8,422
4,978
8,127
11,228
928
2,582
2,960
22,974
5,423
3,565
15,764
8,000
2,330
23,610
14,500
2,503
35,203
36,474
262,325
10,643
(25,567)
$ 247,401
$
9,697
43,382
6,242
5,004
8,275
10,846
773
4,180
3,053
20,586
4,813
3,384
17,183
8,277
2,627
27,020
13,568
985
34,431
32,447
256,773
9,860
(33,655)
$ 232,978
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
(THOUSANDS OF DOLLARS)
14. Internal Cost Recoveries
16. Related Party Transactions
Sales and services provided by one part of the university to another part are recorded as internal cost recoveries. These
recoveries are eliminated from the expense activity of the University as follows:
2005
Net
Recovery
Gross
Expenses
Net
Expenses
2004
Net
Expenses
The University receives a significant portion of its revenue from the Government of Saskatchewan and has a number of
its members to the Board of Governors appointed by the Government. To the extent that the Government of
Saskatchewan exercises significant influence over the operations of the University, all Saskatchewan Crown agencies such
as corporations, boards and commissions are considered related parties to the University.
Revenue received from the Government of Saskatchewan is disclosed separately in the Statement of Operations.
Salaries
Employee benefits
Operational supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Decommissioning costs
Interest
Bad debt expense
Internal cost recoveries
$ 308,486
49,898
83,683
11,741
17,807
19,107
18,803
43,170
17,760
180
1,509
489
(42,149)
$ 530,484
$
(6,410)
(1,200)
(29,426)
(670)
(224)
(2,749)
(1,470)
42,149
$
-
$ 302,076
48,698
54,257
11,071
17,583
16,358
17,333
43,170
17,760
180
1,509
489
$ 530,484
$ 284,872
30,197
55,529
11,160
15,981
13,673
16,260
36,706
15,171
534
468
$ 480,551
During the year, the University received $0 (2004 - $3,000) from the Educational Infrastructure Financing Corporation,
a Saskatchewan crown agency. This amount is included in the Restricted Funds in the Statement of Operations as
"Government grants and contracts – Government of Saskatchewan". Pursuant to an agreement between the University,
the Corporation and the Minister of Learning that sets out the conditions for these monies, the University is required
to spend the monies for specific capital projects approved by the Minister. Also, each agreement assigns a fixed interest
rate and a term that approximates the useful life of the related capital project with repayment required in semi-annual
installments over the prescribed term. The Minister of Learning, through the General Revenue Fund, undertakes to
repay to the Corporation, on behalf of the University, the annual amount required for principal and interest repayments.
The University has not recorded an obligation nor a receivable with respect to these repayments.
Routine expenses with these related parties are recorded at the standard or agreed rates charged by these organizations.
Transactions and the amounts outstanding at year-end are as follows:
2005
15. Interfund Transfers
Under fund accounting, resources are classified for accounting and reporting purposes into funds in accordance with
specified activities or objectives. Interfund transfers are used when resources residing within one fund are utilized to
fund activities or assets that should, by their nature, be recorded in another fund. As an example, within the Research
Fund the University records revenue received from sponsors for research activity. A portion of this funding may be used
to purchase capital assets. When the capital asset is purchased, an interfund transfer is recorded reflecting the transfer of
resources from the Research Fund to the Capital Fund.
During 2004/05, transfers of $44,223 were made to the Capital Fund to fund the acquisition of assets. Transfers were
provided from the following funds: $12,763 from Operating, $4,251 from Ancillary, $6,063 from Specific Purpose,
$551 from Trust, and $20,595 from Research. The net effect of all transfers within each fund is disclosed in Statement
2 and Schedules 1, 2 and 3.
Sales of services and products – physicians’ billings
Expenses
Utilities
Other
Accounts receivable
Long-term investments
Accounts payable and accrued liabilities
Deferred revenue
Long-term debt
$
19,517
2004
$
15,425
17,920
8,775
4,355
1,483
252
417
17. Comparative Figures
Certain of the prior year comparative figures have been restated to conform to the current year’s presentation.
20
21
23,652
14,563
16,674
5,629
4,424
1,168
308
450
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THE UNIVERSITY OF SASKATCHEWAN
THE UNIVERSITY OF SASKATCHEWAN
SCHEDULES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
Schedule 1 - Statement of Operations and Changes in Fund Balances - General Funds
(THOUSANDS OF DOLLARS)
SCHEDULES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
Schedule 2 - Statement of Operations and Changes in Fund Balances - Restricted Funds
(THOUSANDS OF DOLLARS)
Operating
Revenues
Government grants and contracts
Government of Canada
Government of Saskatchewan
Other
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
$
Expenses
Salaries
Employee benefits
Operational supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Decommissioning costs (Note 9)
Interest
Bad debt expense
Internal cost recoveries (Note 14)
Net revenues (expenses)
Interfund transfers (Note 15)
Net increase (decrease) in fund balances for year
Fund balances, beginning of year
Fund balances, end of year
$
22
164,929
11,260
83,082
776
9,880
5,225
231
191
275,574
Ancillary
$
41,556
51
41,607
Specific Purpose
$
2,704
35,409
199
1,782
8,155
46,435
2,567
936
1,435
99,622
Total
$
2,704
200,338
11,459
84,864
8,931
97,871
7,843
1,167
1,626
416,803
Capital
Revenues
Government grants and contracts
Government of Canada
Government of Saskatchewan
Other
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
Expenses
Salaries
Employee benefits
Operational supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Decommissioning costs (Note 9)
Interest
Bad debt expense
Internal cost recoveries (Note 14)
188,705
25,626
32,059
2,479
13,118
10,181
8,612
2
470
(33,851)
247,401
6,265
937
2,784
32
17,807
1,906
8,170
13
(187)
37,727
67,775
19,481
16,743
4,394
2,626
418
1,937
180
142
(5,524)
108,172
262,745
46,044
51,586
6,905
17,807
17,650
18,769
10,549
180
144
483
(39,562)
393,300
28,173
(25,567)
3,880
(5,018)
(8,550)
4,883
23,503
(25,702)
Net revenues (expenses)
Interfund transfers (Note 15)
2,606
30,680
(1,138)
1,406
(3,667)
103,943
(2,199)
136,029
Net increase (decrease) in fund balances for year
Fund balances, beginning of year
33,286
$
268
$ 100,276
$ 133,830
$
Fund balances, end of year
37,176
45
921
38,142
Research
$
$
20
8,880
77
15,799
170
244
25,190
Total
$
57,015
60,503
1,277
35,131
1,160
15,935
170
1,590
172,781
(4)
912
(1)
36
6
43,170
1,365
45,484
45,024
3,774
29,794
4,674
1,311
28
4,512
(2,587)
86,530
721
80
1,391
163
110
2,699
(1)
5,163
45,741
3,854
32,097
4,836
1,457
34
43,170
7,211
1,365
(1)
(2,587)
137,177
(7,342)
44,223
22,919
(14,930)
20,027
(8,856)
35,604
20,437
7,989
51,532
11,171
68,003
56,041
729,119
36,881
609,584
$ 646,465
23
57,015
23,307
1,277
26,251
1,038
136
425
109,449
Trust
$
59,521
$
79,174
$
785,160
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THE UNIVERSITY OF SASKATCHEWAN
SCHEDULES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2005
Schedule 3 - Statement of Operations and Changes in Fund Balances by College
(THOUSANDS OF DOLLARS)
Agriculture
Revenues
University operating budget
Original budget
Budget revisions
Revised budget
Government grants and contracts
Government of Canada
Province of Saskatchewan
Other
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
$
Expenses
Salaries
Employee benefits
Operational supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Decommissioning costs (Note 9)
Interest
Bad debt expense
Internal cost recoveries (Note 14)
Arts & Science Commerce
9,673 $
(34)
9,639
44,200 $
(58)
44,142
3,811
6,547
205
16
7,700
2,406
2,970
2
839
23,889
2,159
202
652
4,088
775
1,264
2
7
34,135
Dentistry
7,932 $
21
7,953
Education
Engineering
Graduate
Studies &
Research
Kinesiology
Law
Medicine
4,876 $
(25)
4,851
8,157 $ 11,052 $
922 $
63
26
110
8,220
11,078
1,032
3,089 $
97
3,186
3,080 $ 22,553 $
22
713
3,102
23,266
194
231
506
445
308
-
150
94
67
1,137
43
-
717
32
159
19
602
1,384
185
-
4,512
1,544
27
2,400
386
868
16
2,102
12
230
53
168
-
1,238
370
1,602
754
2,710
96
53
-
77
545
236
1,049
14
77,180
9,637
6,342
11,318
20,831
3,597
10,009
5,023
19,200
2,430
6,575
854
1,412
81
1,125
(1,973)
52,536
5,476
8,398
2,238
480
14
1,888
(1,264)
6,857
872
1,218
240
38
168
2
(56)
3,826
477
1,050
50
14
1,101
25
(176)
13,364
1,610
1,482
586
83
789
(146)
602
86
116
76
1
2,229
(1)
5,367
628
2,050
674
78
411
(52)
3,231
434
403
248
29
317
(6)
29,704
69,766
9,339
6,367
17,768
3,109
9,156
4,656
8,399
979
1,272
528
46
195
1
(224)
11,196
8,193
35,956
27
(6)
9,484
29,413
1,803
57
172
108,365
77,159
6,253
13,852
2,698
526
10
1,523
(1)
(1,166)
100,854
Nursing
Pharmacy &
Nutrition
5,486 $
(14)
5,472
338
485
6
230
90
63
-
Veterinary
Medicine
Extension
Instructional & Student
Interdiscip. Research
Support
Units
Support
Units
3,290 $ 16,208 $ 7,843 $
176
(139)
88
3,466
16,069
7,931
860
506
640
140
137
(5)
External
Relations Infrastructure
2,513 $31,021 $ 13,636 $
(28)
5,730
2,150
2,485 36,751
15,786
116
406
72
1,688
7
7
4,080
3,212
240
5,142
475
313
422
6,375
8,345
14
3,972
9,278
1,894
89
17
1
910
25
9
2,084
25,511
3,730
24
12
10,227
16,369
66,735
48,092
2,570
64
165,344
11,261
81,852
6,028
7,606
7,795
1,110
794
59,719
260,841
12,736
84,864
48,149
99,031
23,803
1,337
3,216
80,037
40,912
593,696
5,068
696
548
83
42
72
(51)
3,731
429
874
119
73
265
(43)
14,527
1,851
6,684
547
490
38
1,701
4
(801)
6,592
880
2,182
418
53
20
4
(651)
8,068 19,206
1,104
2,887
4,767
9,858
430
389
6,936
277
463
14
54
289
22
(2,640) (4,712)
13,614
1,949
6,539
185
10,871
2,753
1,447
5,426
20
(4,276)
2,482
21,066
407
3,126
1,441
4,707
73
175
9
9,817
16,788
43,170
5
1,365
(903) (13,857)
23,591
17,324
9,667
1,130
2,423
337
230
180
142
440
(9,151)
308,486
49,898
83,683
11,741
17,807
19,107
18,803
43,170
17,760
180
1,509
489
(42,149)
6,458
5,448
25,041
9,498
12,309
38,528
3,509
86,362
46,313
530,484
729
(854)
35,103
(25)
(41)
122
201
3,063
(702)
488
(170)
853
1,066
367
455
7,511
(612)
226
1
296
(8)
4,848
(843)
Net increase (decrease) in fund balances for year
3,571
2,228
324
(66)
323
2,361
318
1,919
822
6,899
227
288
4,005
(125)
2,478
56,992
32,883
3,116
848
6,113
16,233
3,403
1,087
14,349
56,774
2,847
4,361
20,059
1,443
8,581
60,563 $
35,111 $
3,440 $
782 $
6,436 $ 18,594 $ 3,721 $
3,074 $
4,649 $ 24,064 $ 1,318 $ 11,059 $60,742 $ 47,641 $
24
146
34,227
639
9,924
921
29,889
298
26
3,006 $ 15,171 $ 63,673 $
-
5,744
7,414
(5,186)
$
8
232
(3)
-
Total
6,684
4,431
(860)
Fund balances, end of year
2,349 $ 33,983 $ (231,863) $
(16)
197
(9,079)
2,333
34,180
(240,942)
2,933
1,098
576
2,958
5,142
1,113
-
Net revenues (expenses)
Interfund transfers (Note 15)
Fund balances, beginning of year
General
4,060 31,632
(1,582) (14,427)
25
9,564
(6,172)
(939)
541
(6,325)
40,938
(5,401)
(11,771)
63,212
-
17,205
3,392
(398)
34,613
(17,172)
63,212
43,537
44,249
645
610,038
64,894
992,452
247 $644,651 $
47,722 $ 1,055,664
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Page 26
Board of Governors
Members Ex Officio
Members Elected by the Senate
Peter MacKinnon, President
Tom Molloy, Chancellor
Judy Buzowetsky
Gary Carlson
Members Appointed
by the Government
Faculty Member
Linda McMullen
Dallas Howe (Chair 2005)
Shelley Brown (Gail Appel April 2005)
Art Dumont
Gordon Thiessen (Nancy E. Hopkins, 2005)
Garry Standing
Sylvia Fedoruk
Student Member
Gavin Gardner
Officers of the University
President
Peter MacKinnon
Provost and
Vice-President (Academic)
Michael Atkinson
Vice-President (University
Advancement)
Heather Magotiaux
Vice-President (Finance and
Resources)
A.J. (Tony) Whitworth
Vice-President (Research)
Steven Franklin
University Secretary
Gordon Barnhart
Vice-Provost
Jim Germida (July 2004)
Associate Vice-President
(Financial Services) and
Controller
Extension Division
Associate Vice-President
(Facilities Management)
Graduate Studies and Research
Walter Archer
Paul Becker
Associate Vice-President
(Student and Enrolment
Services)
David Hannah
Deans of Colleges and
Academic Units
(Acting) Graham Scoles (July 2004)
Arts and Science
Jo-Anne Dillon (September 2004)
Rick Bunt
Dentistry
Tom Wishart
Kinesiology
(Acting) Bob Faulkner
Law
W. Brent Cotter (July 2004)
Medicine
William Albritton
Nursing
Beth Horsburgh
Agriculture
Commerce
Pharmacy and Nutrition
(Acting) Linda Suveges (July 2004)
Veterinary Medicine
Charles Rhodes
V. Lynne Pearson
Libraries Director
Frank Winter
(Acting) James Stakiw (August 2004)
Barbara Daigle
Claude Laguë
Laura Kennedy
Associate Vice-President
(Information and
Communications Technology)
Associate Vice-President
(Human Resources)
Engineering
Education
Cecilia Reynolds
26
9064 u of s financials2.qxd
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Page 28
Communications
University Advancement
University of Saskatchewan
309 Kirk Hall
117 Science Place
Saskatoon SK S7N 5C8 Canada
Ph: (306) 966-6607
Fax: (306) 966-6815
E-mail: communications@usask.ca
Website: www.usask.ca
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