2006 / 2007 Annual Report

COVER:
Two women walking through the western-most archway of the Memorial Gates, unveiled on May 3, 1928.
- University Archives photo A-536

President Peter MacKinnon, on the occasion of the
University of Saskatchewan’s 100th anniversary,
April 3, 2007.
UNIVERSITY OF SASKATCHEWAN 1 2006 / 2007 ANNUAL REPORT

The founders of the University of Saskatchewan stood on the edge of the flat prairie 100 years ago and declared that one day, on that very spot, would stand a world class institution of higher learning.
It was a declaration that took courage, considering the city of Saskatoon, located just across the river, was only a year old and the province itself was also in its infancy. Off to the east, as far as the eye could see, rolled out miles of prairie marked only by the rutted track of an old Métis trail snaking toward
Batoche. There were no buildings. There were no students. There were no faculty members. There was only a vision.
With wisdom and foresight, our founders laid the footings for a university that would grow as the city and province grew, their destinies inextricably linked.
And the challenges came quickly, from selecting an architectural style that would leave an indelible mark on the Saskatoon skyline, to convincing the provincial government to almost double its original appropriation for construction of the first five buildings.
Sod turning ceremony for the Administration Building, later called the College Building, May, 1910.
- University Archives photo A-3
UNIVERSITY OF SASKATCHEWAN 2 2006 / 2007 ANNUAL REPORT

As the physical university began to rise from the land, five newly hired faculty members taught the first group of 70 Agriculture and Arts and
Science students in rented space in downtown Saskatoon. By 1917, academic offerings had expanded to include Engineering, Law, Pharmacy,
Household Science and Accounting. Today, the U of S has 13 colleges and one school that offer 58 degrees, diplomas and certificates in over
100 areas of study.
Through the war years and the Great Depression, and through times of great advancement, achievement and prosperity, the University of
Saskatchewan forged ahead, proudly building the reputation envisioned by its earliest proponents – an outstanding institution that meets the varied needs of the communities it serves.
The growth of the University has both mirrored and driven the economy of its home city and the province from which it takes its name. With a faculty and staff complement of over 7,000 people, the U of S is a significant employer in the province. Spinoff companies set up to commercialize ideas and discoveries made at the University anchor Innovation Place on the north end of campus, a highly successful research and technology park.
At an event held April 3, 2007 to officially mark the University’s centenary,
President Peter MacKinnon spoke about the founders of the institution, in particular a pair he referred to as “the two Walters” – Walter Scott, the province’s first premier, and Walter Murray, the University’s first president. MacKinnon said their goal was to build an institution connected to the public and cultural life of the community, and an institution with the highest standards. If they were to visit the campus today, the current president speculated Scott and Murray’s collective response would be,
“well done.”
The students, staff, faculty and administration of the University of
Saskatchewan have inherited the original vision of the two Walters and others, and have been charged with carrying it forward into the next century. Inspired by the past, the University set its course for the future by stating clearly the characteristics that will define the institution in the coming years – international standards, academic pre-eminence and a sense of place.
UNIVERSITY OF SASKATCHEWAN 3 2006 / 2007 ANNUAL REPORT
The Hon. Walter Scott, Premier of
Saskatchewan, at the opening of the College Building May 1, 1913.

To that has been added an ambitious list of strategic initiatives defined in the first Integrated Plan, approved in 2004. Those initiatives, all designed to renew the dream and build for the future, have reshaped how the University does business, refocused efforts on teaching, learning and the student experience, and revitalized the University community’s commitment to success in all we do.
As we look toward our second century, a new Integrated Plan is beginning to take shape. From it will flow more initiatives that will reinforce the strategic direction of the University by enhancing areas like enrolment management, research, Aboriginal programming, faculty recruitment and sustainability.
The way forward is clear. The roadmap is emerging. The future is bright indeed.
(Excludes alumni of unknown location)
80000
70000
60000
50000
40000
30000
20000
10000
0
2002 / 03 2003 / 04 2004 / 05
Year
2005 / 06
YK, NWT, NU
BC, AB
SK
2006 / 07
MB, ON, QUE
NFLD, LB, NB, NS, PEI
U.S.A., Mexico, International
UNIVERSITY OF SASKATCHEWAN 4 2006 / 2007 ANNUAL REPORT

It was April 3, 1907 when the University of Saskatchewan Act received royal assent. A century later, the University is celebrating its people, its growth and its accomplishments with a year-long series of special centennial initiatives.
The University’s official centennial tagline, 100 Years – Engage Enlighten Explore, was developed to capture the celebration and convey our unfailing commitment to teaching, research and community outreach. That commitment was further marked by the announcement that part of the undesignated funds from the Thinking the
World of our Future capital campaign would be used to create three Centennial
Chairs. These positions will lead the development of interdisciplinary teaching and research in the areas of public policy, public health and environment.
An enduring symbol of the celebration year is Lilium ‘University of Saskatchewan’.
Donna Hay, a part-time lily breeder and research technician in the Plant Science
Department, bred the hardy, up-facing Asiatic lily and in 2002, presented the
University with two of the unique white, green and yellow lily bulbs. Since then, the College of Agriculture and Bioresources has worked hard to propagate the lily.
Those efforts paid off in the spring of 2007 when hundreds of U of S lilies were sold and planted.
Convocation Hall was the site of the January 12 campus launch to a year of centennial celebrations. The event, attended by employees, students and community leaders, featured the first-ever joint performance of the University of Saskatchewan Amati
Quartet in Residence and the Greystone Singers, a special cheer by the Huskie cheer team, as well as a number of speeches.
April 3, 2007, the University’s official birthday, was marked with a ceremony in the atrium of the Agriculture Building. An Aboriginal prayer and remarks by dignitaries preceded the unveiling of Canada Post’s University of Saskatchewan stamp, issued to commemorate the University’s 100-year history.
Following the official centennial launch event, over 10,000 pieces of birthday cake were served to students, faculty and staff at some 19 locations around the University and at regional colleges across the province. Elsewhere on campus, retired faculty and staff gathered for a social, the new campus branch of the
U of S Alumni Association was launched, and a special celebration of teaching and learning took place in Convocation Hall.
Many University and college sponsored activities have adopted a centennial flavour by using the lily imagery, by actively celebrating the University’s impressive history, and by promoting the imperative to engage, enlighten and explore.
UNIVERSITY OF SASKATCHEWAN 5 2006 / 2007 ANNUAL REPORT

One hundred years of students passing through these hallowed halls has left an indelible mark on this institution. The slate treads on the stairs in the College
Building show the unmistakable wear patterns of young feet going up to class, and back down again. Thorvaldson 271 – the Airplane Room – is a testament to all the students who, besides learning
Chemistry, learned how to get a paper airplane to stick in the ceiling tiles there.
And we still partake in activities – the rivalry between Engineering and Agriculture comes to mind – steeped in history, and fun.
As part of the celebration this centennial year, the University of Saskatchewan proudly pays tribute to its students and their significant contribution in creating this world-class
E. L. Wetmore, the University’s first Chancellor, and members of the original board of governors, c. 1907-1917.
- University Archives photo A-2864 post-secondary institution. Over 122,000 graduates, after having spent their formative years at the U of S, have gone on to accomplish great things in their jobs, their communities, even their country and the world.
Best of all, many of our alumni remain closely connected to the University of Saskatchewan. Whether as a season ticket holder to Huskies football or as a significant donor to a particular project on campus, our alumni bring additional value to the teaching, research and service work of the institution.
This centennial year, as well as the ongoing success of our Thinking the
World of our Future capital campaign, has reminded us of the importance of continuing to develop mutually beneficial partnerships with all of our stakeholders, including alumni, the people who can tell our story from a very unique and, we hope, fond perspective.
As I near the end of my second term as Chancellor, I think back proudly on my association with this institution as a student, as an alumnus and as the representative of alumni at the highest level of University administration, and I leave you with fond memories and my best wishes.
Tom Molloy, Chancellor
UNIVERSITY OF SASKATCHEWAN 6 2006 / 2007 ANNUAL REPORT

Preparing for centennial celebrations creates an opportunity to stop and reflect, to think about where we began and how far we have come as a
University. Of course we couldn’t stop for long because an organization as dynamic as the University of Saskatchewan, an institution with so much growth potential, waits for no one. I believe the number and scope of projects undertaken during the last term may be unprecedented in the history of the University of Saskatchewan.
The period covered by this document also marks the completion of our first Integrated
Planning cycle. I am pleased to report that we met our financial goals, eliminated our structural deficit, returned capital reserves to an appropriate level and began to address a series of identified needs of the University.
Upper floor addition to the Arts Tower, April, 1964.
- University Archives photo A-3520
As Chair of the Board of Governors, I am especially proud that the
University of Saskatchewan was successful in implementing an Integrated
Planning budget framework that facilitated setting specific and concrete goals, and laying out the steps to achieve them. Our progress has attracted a lot of attention and I am confident that further refinement will result in an
Integrated Planning approach that is the model for the entire Canadian post-secondary sector.
I am very proud of the accomplishments made by the University and I look to the future with anticipation. Celebrating 100 years of successes inspires me to dream of the great achievements that are certain to occur over the next century.
Art Dumont, Chair
UNIVERSITY OF SASKATCHEWAN 7 2006 / 2007 ANNUAL REPORT

It is extremely gratifying that over the past year, which marked the start of our centennial celebrations, the momentum we have built here at the University of Saskatchewan has continued. Driven by an internal commitment to the direction of the institution, we are attracting increasing interest from potential students, potential faculty and the post-secondary sector as a whole.
In the words of our founding president, Walter Murray, we are firmly establishing an “honoured place among the best.”
In 2006-07, we celebrate the vision of our founders, including
Dr. Murray, and the Honourable
Walter Scott, the province’s first
Walter Murray, the University’s first President, 1908-1937.
- University Archives photo A-5537 premier. The courage of their conviction – that they could build a world class institution on the Saskatchewan prairie – is still felt today in very significant and exciting initiatives. The International Vaccine Centre, the Academic Health Sciences project, expansion of our veterinary college, establishment of the new University Learning Centre – the scope and potential impact of these and other projects today echoes the hope and optimism felt at the sod-turning ceremony for this University’s first building.
Our efforts to build on a 100-year-old vision continue to be supported generously through the Thinking the World of our Future campaign.
Those donations buoy us, and confirm that we, collectively, have chosen the right path to the future.
The University of Saskatchewan is ready to expand on the original vision of our founders. Along with generations before us, we have created the university of their dreams on the banks of a prairie river. Our mission now is to build on the vision, and carry it into a new era.
Peter MacKinnon, President
UNIVERSITY OF SASKATCHEWAN 8 2006 / 2007 ANNUAL REPORT

On a bitterly cold November 2006 day, some 12,500 fans crowded into
Griffiths Stadium in PotashCorp Park to watch the U of S Huskies battle the
Laval Rouge et Or in the first ever Canadian Interuniversity Sports Vanier
Cup football championship played outside Ontario. To make it happen, a major renovation to the stadium was carried out, including the addition of an artificial playing field, new stands, lights, washrooms, an upgrade to the media box and a new Huskies clubhouse. The stadium has indeed been returned to its former glory as a centre for sporting excellence at the
University, community and national levels.
Like those who so generously supported the renovation of
Griffiths Stadium in PotashCorp Park, donors to the University of Saskatchewan’s Thinking the World of our Future capital campaign are making a world of difference.
The University of Saskatchewan’s $100 million capital campaign, its most ambitious fundraising effort to date, surpassed its original goal in May 2006.
The final tally, when the campaign wraps up in late 2007, will speak volumes to the commitment of alumni and partners from across Saskatchewan, throughout Canada and around the world to the life and work of the U of S.
Among the campaign’s general themes, research continues to attract about 30 per cent of all donations but scholarships and bursaries garner significant support as well. Other areas that have attracted significant donor interest include program enhancements, enriching the student experience, capital projects and libraries and collections.
Vanier Cup 2006 – StarPhoenix Photo by Greg Pender
UNIVERSITY OF SASKATCHEWAN 9 2006 / 2007 ANNUAL REPORT

The University’s first graduating class, shown with
President Walter Murray (centre), 1912.
- University Archives photo B-362
The best measure of the evolution of an educational institution may well be its student body. The University of Saskatchewan’s first graduating class – the class of 1912 – numbered eight students.
By the time Walter Murray, the University’s first president, retired in 1937, enrolment was 1,818, and 377 of those students took part in Convocation. Today, about 19,400 students from around the globe entrust their post-secondary education to the University of
Saskatchewan, which confers almost 4,000 degrees, diplomas and certificates annually in over 100 areas of study.
For the better part of its first century, the University of Saskatchewan relied heavily on Saskatchewan high schools for its undergraduates, but times are changing. In the highly competitive university market, and in light of changing provincial demographics, the U of S has reassessed its recruitment strategies to ensure the best and brightest continue to populate the campus.
That means focusing on the whole student experience, from application to convocation.
There has been a major reinvestment in international recruiting at the
U of S. With an enrolment plan that calls for international students to make up eight per cent of the student body by 2010, the U of S is actively recruiting in six targeted areas – China; South America and Mexico;
Scandinavia and western Europe; Africa; the Middle East; and southeast
Asia. And recruiting has multiple benefits: while the international students benefit from a high quality education, they are also valuable contributors to the unique multicultural flavour of campus.
Among the most visible changes has been the introduction of PAWS
(Personalized Access to Web Services), a portal offering students a wide range of online resources including registration. And, the consolidation
(Full-Time and Part-Time)
2500
2000
1500
1000
500
0
2002 / 03 2003 / 04 2004 / 05 2005 / 06 2006 / 07
Academic Year
Doctorate Students Masters Students
100%
80%
60%
40%
20%
0%
2002 / 03 2003 / 04 2004 / 05 2005 / 06 2006 / 07
Academic Year
UNIVERSITY OF SASKATCHEWAN 10 2006 / 2007 ANNUAL REPORT

University students have changed.
Today, a diverse student body is more likely to include:
• Younger students – aged 17-21 years
• Students who are active in the workforce
• First or only children
• Mature students
• First generation university students
• Students who are experiencing a lot of pressure to achieve

of Student and Enrolment Services Division operations to create Student
Central means the University now provides a one-stop centre that offers a friendly face and helpful advice. In September 2006, some 9,700 students visited Student Central with a wide range of questions and queries.
Responsibility for the student experience does not stop when class ends.
The U of S is well aware of the cost of post-secondary education and has continued to increase the amount of support available to students through scholarships, bursaries and prizes. It also recognizes that the availability of student housing goes hand in hand with recruitment. In 2006, discussion and consultation began on a development that would combine the kinds of commercial services students want with the convenient, affordable housing they need.
Enrolment by College (Full-time and Part-time Regular Session Students)
COLLEGE 2002 / 03 2003 / 04 2004 / 05 2005 / 06 2006 / 07
Agriculture
Arts & Science
Commerce
Dentistry
Education
Engineering
Kinesiology (previously Physical Education)
Law
Medicine
Nursing
Pharmacy & Nutrition
Physical Therapy
Veterinary Medicine
Unclassified Students
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
544
7,677
1,704
112
1,201
1,470
482
316
241
752
444
87
282
1,308
569
7,679
1,724
111
1,193
1,473
457
333
244
918
453
61
281
975
UNDERGRADUATE COLLEGE TOTAL
Graduate Studies & Research
Post Grad Clinical
Certificate/Diploma
16,801
1,744
221
725
16,993
1,848
231
653
16,915
1,969
221
658
16,620
2,089
240
585
16,471
2,145
257
533
TOTAL 19,491 19,725 19,763 19,534 19,406
Source: www.usask.ca/ia/statistics and Fall Enrolment Report, October Census Data
U of S Student Head Counts (Regular Session)
2002 / 03 2003 / 04 2004 / 05 2005 / 06 2006 / 07
Full-time
Part-time
Maintenance of Status
Unknown
15,368
4,101
2
-
15,698
4,024
2
-
15,707
4,056
-
-
15,646
3,871
13
-
15,332
4,052
21
1
TOTAL 19,471 19,724 19,763 19,530 19,406
Source: University of Saskatchewan, Student Information System
UNIVERSITY OF SASKATCHEWAN 12 2006 / 2007 ANNUAL REPORT

Teaching and learning happens at all levels of the institution, not just in the classroom. To explore best practices, generate new ideas and celebrate our successes, the University held an extensive series of workshops, meetings and events in the fall of 2006 that shone the spotlight on teaching and learning. Called the Provost’s Series on
Teaching and Learning, this initiative served not only to spark discussion but also to feed the development of the Foundational
Document on Teaching and Learning.
College of Agriculture horses pull a disker c.1910-1920.
- University Archives photo A-2220
Key to the success of teaching and learning is the new University
Learning Centre (ULC) officially launched in January 2007. It has a multi-faceted vision: to provide specific programs and services to support both learners and teachers; to promote and share methods for teaching and learning; to conduct research and develop activities related to teaching and learning; and to use emerging methods to help ensure learner and teacher success.
Located in renovated space in the Main Library, the ULC brings together in one location a number of services previously spread across campus, including the Gwenna Moss Centre for Teaching Effectiveness, the Math
Help Desk and the University Writing Centre.
Early in his tenure as the University’s first president, Walter Murray said part of the institution’s mandate was to serve “the many-sided life of the community,” a phrase the current president, Peter MacKinnon, used in his own installation address. To do that, the University has reached beyond the boundaries of campus, first through the Extension Division and now through the Centre for Continuing and Distance Education (CCDE).
600
500
400
300
200
100
1995 / 96 1996 / 97 1997 / 98 1998 / 99 1999 / 00 2000 / 01 2001 /
02
Year
Professor Associate Professor
2002 / 03 2003 / 04 2004 / 05 2005 / 06
Assistant Professor
400
350
300
250
200
150
100
50
0
1995 / 96199
6 / 97
1997 / 981998 /
99
199
9 / 00
2000 / 012001 / 022002 / 032003 / 042004 / 052005 / 06
Year
Associate Professors Assistant Professors
UNIVERSITY OF SASKATCHEWAN 14 2006 / 2007 ANNUAL REPORT

When fully established, the CCDE will oversee continuing and life-long learning courses and programs, delivery of degree-credit courses offered through a variety of means such as distance, televised, online and correspondence, the Professional Development and Community Education unit as well as the Language Centre. The retooling of its outreach and engagement model is just one more example of the University of
Saskatchewan’s commitment to carrying on the legacy of its founders.
If the number of Canada Research Chairs (CRC) allocated to a university is an indication of its research intensiveness, the University of Saskatchewan has made significant gains.
In 2006, the U of S was awarded six additional CRC positions, bringing its total to 40. The allocation of the chairs, worth $5.7 million, is directly linked to the amount of funding received from the Tri-Councils – the Natural
Sciences and Engineering Research Council (NSERC), the Canadian
Institutes of Health Research (CIHR) and the Social Sciences and
Humanities Research Council (SSHRC).
3M Teaching Fellow
Ernie Walker says having an active research program is critical to being a good teacher.
And he should know. The archeology professor’s ability to balance teaching, research, community outreach and work as a special constable for the RCMP has earned him a National 3M
Teaching Fellowship.
The process of filling Canada Research Chairs is a long one, sometimes as long as three years. For Vice-President Research Steven Franklin, the challenge is allocating the chairs to areas where they can deliver the most benefit. As of March 30, 2007, there were 27 working CRCs at the
U of S in fields of study that run the gamut, from Dean Chapman in
X-ray Imaging, to Evelyn Peters in Identity and Diversity: The Aboriginal
Experience, to Qiaoqin Yang in Nanoengineering Coating Technologies.
160
140
120
100
80
60
40
20
0
2002 / 03 2003 / 04 2004 / 05
Year
2005 / 06 2006 / 07
Gifts and Bequests
Investment Income
UNIVERSITY OF SASKATCHEWAN 16 2006 / 2007 ANNUAL REPORT

The College Building under construction, 1911.
- University Archives photo A-24
It was James Wilson, a local businessman, who first suggested the new University of Saskatchewan use fieldstone as its primary building material. Found in abundance north of the Saskatoon townsite, the dolomitized limestone, also called greystone, was formed some
465 million years ago at the bottom of a tropical sea. In the last ice age, glaciers scoured the surface of the limestone deposits, leaving chunks of the stone scattered as glacial till around the city. Those pieces, some as big as houses, were used in the first
University buildings.
Those first buildings – the College Building, Engineering Building,
Saskatchewan Hall, the Livestock Pavilion and the Stone Barn – were the cornerstones of an elaborate campus plan drawn up by Brown and
Vallance, the Montreal architectural firm charged with converting the dream of a university into reality. By the end of Walter Murray’s term as president, the campus was dotted with 27 structures. Today, there are 179.
The number of capital projects underway on campus testifies to a time of advancement and renewal at the University of Saskatchewan. At the
College of Law, sustainability is key to the addition and renovation project that will create much needed student and faculty space. The building is expected to be 55 per cent more energy efficient than a conventional structure, marking a new phase in the way the University builds.
In early 2007, the final pieces of the International Vaccine Centre (InterVac) puzzle fell into place when both the federal and provincial governments announced major contributions to the $110.3 million Level 3 biosafety facility. Designed to address issues around emerging diseases, the project
1.4
1.3
1.2
1.1
1.0
0.9
0.8
2003 2004 2005
Year
2006 2007
UNIVERSITY OF SASKATCHEWAN 18 2006 / 2007 ANNUAL REPORT

is huge, complex and will take years to complete. When it is complete,
InterVac will allow the University of Saskatchewan to play a critical role in ensuring the long-term health of both humans and animals in Canada.
Nearby, work will soon be complete on the expansion and renovation of the Western College of Veterinary Medicine (WCVM). The improvements, including upgrades to facilities for teaching, research, diagnostic and clinical purposes, will ensure the college continues to meet national and international accreditation standards.
Accommodating the work of two Canada Research Chairs – Dr. Monique
Dubé and Dr. John Giesy – provided the impetus behind the expansion of aquatic toxicology facilities in the University’s Toxicology Centre.
The building was retrofitted for aquatic culture and exposure labs, water treatment equipment and new office and workspace for staff and graduate students. An addition to what was originally the Saskatchewan
Research Council Pilot Plant made room for an instrument lab, wet chemistry lab and biochemistry/molecular toxicology lab.
And at the Canadian Light Source, construction of the new BioMedical
Imaging and Therapy (BMIT) facility continues on schedule. A tool that uses synchrotron light, the beamline will be used to investigate early state and hard-to-detect cancers as well as injuries and diseases that affect soft tissues in humans and animals, arthritis being one example. Construction of the $17 million facility began in September 2006 and when completed in early 2008, will be the first of its kind in North America.
The U of S Academic Health
Sciences project will enable unique academic, clinical and scientific collaborations.
Disciplines will include medicine, veterinary medicine, kinesiology, nursing, dentistry, pharmacy and nutrition, physical therapy and public health.
This shared vision between the
U of S and the Government of Saskatchewan is being constructed with a view to developing a vibrant, modern, patient-centred health care system.
UNIVERSITY OF SASKATCHEWAN 19
Photo credit: Friggstad Downing Henry Architects and Flad & Associates
2006 / 2007 ANNUAL REPORT

Early research included this McLaughlin Motor Car powered by straw gas, c. 1917.
- University Archives photo A-2925
As the 2006-07 year drew to a close, the University also neared completion of its first Integrated Planning cycle. By bringing together the goals and initiatives of every college and unit on campus, the Integrated Plan focuses our considerable efforts on ensuring the founding vision of this institution flourishes.
Combined with a multi-year operating budget framework, the
Integrated Plan clearly identifies priorities, goals and strategic initiatives, all grouped into general themes – supporting success, changing practices, measuring our progress and enhancing the physical environment, to name a few. Many initiatives first identified in the original Integrated Plan have come to fruition and are noted in this annual report; others continue to develop. None have fallen by the wayside.
One advantage of having such a concise, campus-wide plan is that it enables us to clearly articulate – to governments, to partners and to other stakeholders – the kind of university we want to be, and how we are going to make it happen. Our
Integrated Planning process has garnered us a great deal of attention from many other post-secondary institutions across Canada.
And, as one plan nears completion, another takes shape. The early years of the
University’s second century will see a second Integrated Plan emerge, new initiatives develop, and continued efforts made to fulfill our founders’ vision.
Each Integrated Plan serves as the figurative cornerstone of the next phase of this University’s life, and each holds as much promise as the first cornerstone laid in the College Building almost a century ago.
-
Prime Minister Wilfrid Laurier, at the
laying of the College Building cornerstone
July 29, 1910.
UNIVERSITY OF SASKATCHEWAN 20 2006 / 2007 ANNUAL REPORT

Photo credit: Smith Carter/AODBT

In the current year extensive research was undertaken to review the revenue recognition policies appropriate for the University of Saskatchewan. This research led to the conclusion that existing policies should be changed to better align with Generally
Accepted Accounting Principles. In particular, grants are recorded as revenue of the appropriate restricted fund if the grant is approved within the University’s fiscal year. Multi-year grants are recorded as revenue of the appropriate restricted fund if an agreement is signed during the year and if the grant is not subject to annual appropriation. Restricted grants, with no appropriate restricted fund, are recognized as revenue of the General Fund to the extent an offsetting deferral is not created.
This change has resulted in restatement of the University’s financial statements for
2005/06, with the result that revenue for that year has increased by $22 million from the amount previously reported and opening fund balance for 2005/06 has increased by
$49.8 million from the amount previously reported.
The University of Saskatchewan Consolidated Financial Statements reflect revenue of
$674.0 million, a decrease of $28.9 million over the previous year. This is a significant result given that revenue for 2005/06 included special capital grants of $117.5 million from the Province of Saskatchewan ($100 million for the Academic Health Science
Centre and $17.5 million for the WCVM infrastructure project). In 2006/07, a number of revenue sources “filled in the gap” to maintain total University revenue at almost the same level as last year:
• Gifts, Grants and Bequests, up $11.5 million;
• Investment Income, up $23.5 million;
• Government of Canada revenue, up $5.7 million;
• Government of Saskatchewan revenue, up $64.1 million (after deducting non-recurring grant of $117.5 million from 2005/06 total).
With the exception of the revenue components highlighted above, and discussed in more detail below, other revenue sources are at about the same level as for the previous year (shown in descending order of magnitude).
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
$29.2 M – 4.33%
$48.2 M – 7.15%
$46.7 M – 6.93%
$72.2 M – 10.71%
$87.5 M – 12.98%
$88.0 M – 13.06%
$302.2 M – 44.84%
2007
(Total $674.0 M)
$17.7 M – 2.52%
$24.7 M – 3.51%
$57.1 M – 8.12%
$66.5 M – 9.46%
$94.5 M – 13.45%
$86.8 M – 12.35%
$355.6 M – 50.59%
2006
(Total $702.9 M)
Gifts and Bequests
Investment Income
Other Government and Other Grants
Government of Canada
Sales of Services, Products and Other
Student Fees
Government of Saskatchewan
UNIVERSITY OF SASKATCHEWAN 22 2006 / 2007 ANNUAL REPORT

Gifts, Grants and Bequests – This source of revenue increased by $11.5 million, to $29.2 million, and comprises 4.3% of overall revenue. This total reflects continued success of our Thinking the World of our Future capital campaign.
Significant donations over the year included $5.1 million from Adam Winisky to the College of Agriculture research fund, and major gifts from Ron and Jane
Graham for communication studies in the College of Engineering ($3.0 million) and for Griffiths Stadium upgrades ($1.2 million).
Investment Income – Funding from this source almost doubled from the previous year, for total investment income of $48.2 million for 2006/07, or 7.1% of total revenue for 2006/07. The University’s investments are valued at market, so fixed-income investments and equity investments are influenced by market trends. The University’s long-term investments are held primarily in two pools (long term and fixed income) totaling $548.5 million at April 30,
2007. Professional investment managers manage the funds. (These pools do not include pension and disability plan investment funds of $867.5 million.)
The fixed income pool had a net return on investment of 4.3% for the 2006/07 year compared to 1.0% in the previous year, while the long term pool returned
12.1% for the year compared to 8.4% in 2005/06.
Government of Canada – This revenue source relates primarily to research funding which increased by $5.7 million in 2006/07 to $72.2 million, or 10.7% of total revenue for the year. The total includes $2.3 million more for NSERC, including an increase of $0.6 million relating to CLS.
Government of Saskatchewan – Revenue from the province (including
$15.6 million for sales of physician services reimbursed by Medical Services
Branch) accounts for $316.8 million, or 47% of total revenue. Traditionally, provincial funding has been at about 50% of the University’s total revenue.
The decline in proportionate share in 2006/07 is largely due to increases in funding from investments and Gifts and Bequests. Although capital funding from the province decreased from last year’s level because of the extraordinary capital payment of $117.5 million during 2005/06, there were increases to other areas of provincial funding. That $64.1 million increase included:
• An Operating Grant increase of $16.3 million.
• A Sustaining Capital Grant of $12. 8 million received in March 2007 for 2007/08.
• An increase of $24.2 million from Saskatchewan Ag and Food to fund:
•
the Grain Innovation Lab ($5.0 million).
•
the Feed Technology Research Facility ($2.5 million) .
•
endowment funding of $9.9 million for three Research Chairs and top-up funding of $1.2 million for two existing Chairs.
•
expansion of the Western College of Veterinary Medicine to accommodate Prairie Diagnostic Services ($5.80 million).
UNIVERSITY OF SASKATCHEWAN 23 2006 / 2007 ANNUAL REPORT

Revenue from the Province is provided by almost every provincial department as illustrated by the following graph.
Health
$45.1 M – 14%
Agriculture and Food
$32.9 M – 10%
Advanced Education
Operating Grant
$189.5 M – 60%
Medical Services Branch
$15.6 M – 5%
Other
$6.0 M – 2%
Advanced Education – Other Grants
$27.7 M – 9%
Notes on the graph:
Operating Grant funding of $189.5 million from Advanced Education and
Employment shows an increase of 9.4% over base funding of the previous year.
The increase includes a 7.0% economic adjustment, part of which allowed the
University to hold tuition to 2004/05 levels. The grant also provided funding for specific initiatives such as the accreditation requirements of the College of
Medicine (an increase of $3.4 million).
Advanced Education – Other Grants includes a sustaining capital grant of
$12.8 million received in advance for 2007/08 expenditures, and a grant of
$5.6 million for the InterVac project.
Total expenses increased 12.7% or $66.1 million in 2006/07, to $586.4 million.
This is due primarily to the change in our accrued post-retirement asset which decreased by $12.4 million, resulting in a corresponding increase in employee benefit costs. The accrued post-retirement asset can vary dramatically from year to year based on pension plan investment returns and changes in actuarial assumptions. To illustrate, during 2005/06, the accrued post-retirement asset was up by $24.3 million. If this change in pension assets is factored out of the total expense for both years, then total expenses for 2006/07 would be $574.0 million, compared to an adjusted total expense for 2005/06 of $544.6 million, an increase of 5.4% over the previous year. This increase reflects escalation in salary and supply costs, as well as growth, particularly in research activity.
UNIVERSITY OF SASKATCHEWAN 24 2006 / 2007 ANNUAL REPORT

Significant expense components (net of internal cost recoveries) with comparative amounts for the prior year are shown in the following chart.
600
550
500
450
400
350
300
250
200
150
100
50
0
$25.9 M – 4.42%
$20.3 M – 3.46%
$43.2 M – 7.37%
$51.8 M – 8.83%
$69.2 M – 11.80%
$376.0 M – 64.12%
2007
(Total $586.4 M)
$24.8 M – 4.76%
$20.6 M – 3.96%
$35.0 M – 6.73%
$49.4 M – 9.50%
$67.2 M – 12.92%
$323.2 M – 62.13%
2006
(Total $520.2 M)
Salaries at $323.2 million (included within Salaries and Benefits total of
$376.0 million) continue to comprise the greatest proportion of total expenditures at about 55.1%. Salaries increased by $11.4 million, reflecting growth in the University’s staff complement and increasing rates of pay.
The PAIRS agreement with medical residents was concluded in March 2007, with required salary adjustments reflected in 2006/07. The financial statements reflect salary accruals in accordance with the following agreements which were concluded during the year [although actual salary adjustments were not paid as at April 30, 2007]:
• Faculty Association – July 1, 2005 – June 30, 2009, ratified in May 2007;
• CUPE 3287 (Sessional Lecturers) – Sept. 1, 2005 – Aug. 31, 2010, ratified in May 2007; and
• Administrative and Supervisory Personnel (ASPA) – May 1, 2005 –
April 30, 2008, ratified in June 2007.
Scholarships, Bursaries and Prizes
Utilities
Cost of Goods Sold, Equipment Rental, Travel and Other
Amortization
Operational Supplies and Expenses
Salaries and Benefits
As at April 30, 2007, the CUPE 1975 collective agreement with support staff had expired (December 31, 2006) and provision for a salary increase is reflected in the financial statements.
Benefits (adjusted for post-retirement accrual) are about 12.4% of salary cost, up slightly from 2005/06. Together, salaries and benefits account for about
64.1% of total expenditures.
With the significant investment in capital assets of recent years, Amortization expenses increased by 5% in 2006/07 and are now 8.8% of total expenditure.
Scholarships, bursaries and prizes expenditures have also increased, by
$1.1 million, equaling 4.4% of total expenditures. This reflects continued investment in student support such as the additional $0.5 million approved in the Operating Budget.
UNIVERSITY OF SASKATCHEWAN 25 2006 / 2007 ANNUAL REPORT

Cost of Goods sold, equipment rental, travel and other of $43.2 million, or 7.4% of total expenditures, includes:
• Maintenance, renovations and rentals – $9.0 million;
• Travel – $14.3 million;
• Cost of Goods Sold – $17.5 million. This total reflects external campus sales only, with the bulk of expenditure occurring in the ancillary fund through the Bookstore and Food Services operations.
Operational Supplies and Expense of $69.2 million is 11.8% of total expenditures and includes materials and supplies, professional fees and externally contracted services.
Revenue Summarized by College
University programs and initiatives are often focused at the College level.
Revenues by type (e.g. Operating, Research, Other) are shown in the following graph.
120
100
Other Revenue
Research Revenue
Operating Budget
80
60
40
20
0
Agriculture
Arts & Science
Commerce
Denti str y n
Educatio
Engineerin g
Extension h
Kin esiology
La w
Medicin e
Nursing n ne
Graduate Studies & Researc
Of the total revenue reported for all Colleges, the College of Medicine accounts for $112.5 million for the year, or 31% of the total, followed by Agriculture at
$61.3 million (17% of total), Arts and Science at $54.3 million (15% of total), and the WCVM with total revenue at $38.0 million (10% of total).
UNIVERSITY OF SASKATCHEWAN 26 2006 / 2007 ANNUAL REPORT

The following chart provides an overview of the fund structure of the University, and revenues, expenses and fund balances by major fund category.
Consolidated
General Restricted Endowment
Interfund Net increase
Revenue Expenditure Transfer (decrease)
Fund
General
Operating
Ancillary
Restricted
Capital
Research
Student Financial Aid
Endowment
Fund Balance
April
2006
April
2007
$ 432.0
37.2
23.5
140.6
6.8
33.9
$ 674.0
$ 398.3
31.0
55.7
87.8
13.6
-
$ 586.4
$ (31.2)
(10.3)
$
58.8
(29.4)
10.6
1.5
(0.0)
$ 2.5
(4.1)
$
26.6
23.4
3.8
35.4
87.6
$ 184.6
2.5
762.5
162.6
21.4
154.5
$ 1,288.1
$ 187.1
(1.6)
789.1
186.0
25.2
189.9
$ 1,375.7
General Funds
Revenues 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.
General Funds (those not subject to external restrictions) account for 70% of
University revenue, including the Operating Fund at 64%, and the Ancillary
Fund at 6%. Much of the activity that, prior to May 1, 2005, was captured in
“Specific Purpose” funds is now included within Operating Fund activity.
Major revenues and expenses of the General Funds are provided at
Schedule 1 of the Financial Statements.
Operating Funds�— Revenue
Revenue of $432.0 million in the Operating Fund includes the $189.5 million operating grant from the Department of Advanced Education and Employment, and clinical services revenue of $26.5 million from the Department of Health.
Revenue from Other Governments includes funding from the other three western provinces as per the five-year interprovincial agreement for funding the Western College of Veterinary Medicine. Student revenue of $88.0 million reflects tuition rates held at 2004/05 levels for most programs. A new graduate tuition model introduced in 2005/06 is still “working through the system” and accounts for a modest decrease in graduate tuition revenue. The model, which is based on $1,000 per term, is designed to be cost neutral over the term of study, but reduces a student’s cost for the early years of a program.
UNIVERSITY OF SASKATCHEWAN 27 2006 / 2007 ANNUAL REPORT

Operating Funds�— Expense
Operating Fund expenses (including transfers) increased to $429.5 million.
Included are those expenses required to keep pace with salary settlements and associated benefit costs, including the cost of the post-retirement benefit adjustment discussed in a foregoing section. Operating expenses also include expenditures for renewal initiatives in keeping with the institutional priorities.
Some of the renewal initiatives undertaken in 2006/07 include:
• Student support initiatives were increased by $.394 million.
• Library acquisitions budget was increased by 5%, or $0.375 million.
• In keeping with Department of Advanced Education and Employment’s targeted approvals, an additional $3.435 million was allocated for
Medicine accreditation support.
• Graduate scholarship allocation was increased by an additional
$0.5 million for a total increase of $1 million over two years allocated from the Academic Priorities Fund (APF).
• The APF was increased by $0.5 million to bring the total annual allocation to $3.45 million. APF funds are used as a catalyst for
University renewal, and are allocated to priorities identified in the
Integrated Planning process.
• An additional $0.686 million was allocated to meet estimated costs of new building space, including the WCVM project.
• Of the approximate $5.6 million budgeted federal funding to support the indirect costs of research, $2.8 million was transferred to the
Operating Fund in recognition of indirect costs of research paid from the Operating Fund.
This is the fourth and final year of the University’s Integrated Planning cycle, and the 2006/07 Operating Budget called for a surplus of $2.382 million and a targeted Operating Reserve balance of $5.7 million.
Included in this surplus budget were permanent selective measures of
$2.356 million, meaning that over a three-year period, measures to reduce the
Operating Budget by $6.192 million were implemented and achieved.
Operating Funds�— Balance
The Operating Fund balance at April 30, 2007 is $187.1 million, an increase of $2.5 million over the previous year. This total includes Operating Budget funds of $60.4 million (associated with activities for teaching, service and non-sponsored research funded primarily by provincial grants and tuition).
It also includes the Operating Reserve and College/Administrative
Unit funds discussed below, as well as: Externally Funded activities –
$15.6 million (including activities such as the Clinical Services Fund);
Future Employee Benefits – $47.5 million; Non-Credit Instruction and Events – $2.5 million; Fee-for-Service activities – $11.5 million;
Special Projects – $48.5 million; and Subsidiaries activity – $1.1 million.
UNIVERSITY OF SASKATCHEWAN 28 2006 / 2007 ANNUAL REPORT

Operating Reserve
Within the Operating Budget funds, the Operating Reserve increased by
$2.7 million to a year-end balance of $6.1 million, about 2.0% of approved
Operating Budget expenditures and $0.3 million better than expected.
This result is net of Board approved one-time expenditures which were possible through the use of one-time funds and funds available because of increased investment income.
College/Administrative Units
College/Administrative unit funds were up by $2.9 million in 2006/07, to $24.5 million. This includes only Operating Budget activity of
Colleges/Administrative units, so there are minor differences from the results presented in Note 14 to the financial statements. In addition, Institutional
Operating Funds have decreased by $4.9 million, to $14.7 million.
Significant balances within these funds include: the Academic Priorities
Fund ($5.9 million) and Benefit Plan funds ($3.4 million).
Ancillary Funds
The Ancillary Fund records all activity related to Consumer Services
(e.g. Bookstore, residences, Food Services) as well as real estate development activity (e.g. Preston Crossing), and the sale of utilities to third parties.
Overall, these ancillary activities showed a decrease in fund balance of
$4.1 million for the year, due largely to a capital expenditure for a new chiller, with the cost to be funded over the next several years.
Restricted Funds
Restricted Funds carry restrictions on the use of resources for particular defined purposes. They account for 26% of total University revenue and are comprised of the Capital Fund at 4% of total revenue, Student Financial Aid Fund (1%), and Research Fund (21%). Major revenue and expense components of restricted funds are provided at Schedule 2 of the financial statements.
Capital Funds
Capital Fund revenue includes the $12.8 million capital grant from the province that was received in advance for 2007/08 capital purchases.
In addition to the capital grant, the Province also authorized the University to borrow $4.70 million for capital acquisitions. This borrowing provision, combined with the $9.74 million cash grant advance received in March 2005, amounts to a capital sustaining provision of $14.44 million. The University utilized external financing to take advantage of the borrowing provision. For 2007/08, the University has again been authorized to borrow $4.70 million for capital, and, in view of its urgent capital requirements, will do so, incurring debt without the Province’s guarantee of funding for ongoing repayments of associated principal and interest. Since inception of the “borrowing room” arrangement, the Province has been providing an annual grant for related principal and interest expense. For 2006/07, the grant was $1.53 million.
UNIVERSITY OF SASKATCHEWAN 29 2006 / 2007 ANNUAL REPORT

During the year, capital asset purchases of $124.4 million were made.
Significant expenditures were made for the Academic Health Sciences project
($7.9 million), the WCVM project ($22.3 million), CLS project ($14.0 million),
InterVac project ($7.7 million), Griffiths Stadium upgrade ($6.2 million) and the Law building expansion ($10.5 million). Total capital expenditures, related funding and net of amortization have contributed to a $26.6 million increase in the Capital Fund balance.
Research Funds
Research Fund revenue increased considerably in 2006/07, up $12.3 million to $140.6 million. The CLS project and operation continued to have a significant impact on total research revenue, including the Major Facilities Access Grant of
$13.0 million. Government of Saskatchewan revenue has increased dramatically, by $17.7 million, to 27% of total research revenue. The change was caused by an increase in Saskatchewan Ag and Food funding. These factors account for a fund balance increase of $23.4 million for a year-end balance of $186.0 million.
Government of Canada funding, which comprises about 48.9% of research revenue, has increased by $5.5 million to $68.7 million.
The following chart provides an overview of Research Revenue by source:
40
35
30
25
20
15
10
5
0
2006/07
2005/06
SSHRC CIHR NSERC CFI Other Gov’t of Canada
Gov’t of Sask
Other Gov’t and Other
Grants
ICP Gifts
Bequests
Investment
Income
Other
Student Financial Aid Funds
The Student Financial Aid Fund enables the University to capture fundraising and other revenue activities that support our scholarship and financial aid programs. For the current year, the total expenditures on student financial aid is $13.6 million, with about 67% of this amount funded from the Operating
Budget. This level of aid represents almost 15% of total tuition fee revenue.
UNIVERSITY OF SASKATCHEWAN 30 2006 / 2007 ANNUAL REPORT

Endowment Funds
Endowment Funds increased by $35.4 million for the year, and included
$11.2 million in new donations, $11.1 million in “Chair” funding from the
Province of Saskatchewan, and $11.6 million in investment income returns on the fund balance. For the five-year period shown in the graph below,
Endowment Funds have grown from $102.6 million in 2002/03 to $189.9 million at April 30, 2007, a reflection of growing contributions to the University and of investment earnings retained for preservation of the purchasing power of endowment funds.
200
180
160
140
120
100
80
60
40
20
0
$26.3 M
$76.3 M
$36.8 M
$90.5 M
$42.7 M
$94.0 M
$51.3 M
$103.2 M
$66.1 M
$123.8 M
2002 / 03 2003 / 04 2004 / 05 2005 / 06 2006 / 07
Years
Segregated Capital
Contributed Capital
Of the $189.9 million Endowment Funds as at April 30, 2007, $49 million (25%) are targeted to the College of Agriculture, $32 million (12%) to the College of
Arts and Science, $17 million (9%) to the College of Medicine, and the balance to other Colleges and allocations throughout the University.
UNIVERSITY OF SASKATCHEWAN 31 2006 / 2007 ANNUAL REPORT

Members Ex Officio
Peter MacKinnon (President)
Tom Molloy (Chancellor)
Members Appointed by Government
Gail R. Appel
Art Dumont (Chair)
Nancy E. Hopkins (Vice-Chair)
Garry Standing
Members Elected by Senate
Judy Buzowetsky
Susan Milburn
Faculty Member
Linda McMullen
Student Member
Ryan Allan
Secretary to the Board
Lea Pennock (University Secretary)
Agriculture & Bioresources (July 2006) – Ernie Barber
Arts & Science – Jo-Anne Dillon
Commerce – Grant Isaac
Dentistry – Gerry Uswak (Acting)
Education – Cecilia Reynolds
Engineering – Robert Gander (Acting)
Extension Division – Walter Archer
Graduate Studies & Research – Tom Wishart
President
Peter MacKinnon
Provost & Vice-President (Academic)
Michael Atkinson
Vice-President (University Advancement)
Heather Magotiaux
Vice-President (Finance & Resources)
Richard Florizone
Vice-President (Research)
Steven Franklin
University Secretary
Lea Pennock
Vice-Provost
Jim Germida
Associate Vice-President
(Information & Communications Technology)
Rick Bunt
Associate Vice-President (Financial Services and Controller)
Laura Kennedy
Associate Vice-President (Facilities Management)
Colin Tennent (Acting) (November 2006)
Associate Vice-President (Student and Enrolment Services)
David Hannah
Associate Vice-President (Research)
Karen Chad
Associate Vice-President (Human Resources)
Barbara Daigle
Kinesiology – Carol Rodgers
Law – W. Brent Cotter
Medicine – William Albritton
Nursing – Joan Sawatzky (Acting)
Pharmacy & Nutrition – Dennis Gorecki
Veterinary Medicine – Charles Rhodes
University Library – Vicki Williamson
UNIVERSITY OF SASKATCHEWAN 32 2006 / 2007 ANNUAL REPORT

UNIVERSITY OF SASKATCHEWAN 33 2006 / 2007 ANNUAL REPORT

University of Saskatchewan
309 Kirk Hall
117 Science Place
Saskatoon, SK S7N 5C8
Canada
Ph: (306) 966-6607
Fax: (306) 966-6815
Email: communications@usask.ca
Web: www.usask.ca

2 Statement of Administrative Responsibility for Financial Reporting
2 Auditor’s Report
3 Statement 1
Consolidated Statement of Financial Position
4 Statement 2
Consolidated Statement of Operations and Changes in Fund Balances
5 Statement 3
Consolidated Statement of Cash Flows
6 Notes to Consolidated Financial Statements
24 Schedule 1
Statement of Operations and Changes in
Fund Balances – General Funds
25 Schedule 2
Statement of Operations and Changes in
Fund Balances – Restricted Funds
26 Schedule 3
Statement of Operations and Changes in
Fund Balances by College
28 Board of Governors
28 Officers of the University
28 Deans of Colleges and Academic Units
UNIVERSITY OF SASKATCHEWAN
1
CONSOLIDATED FINANCIAL STATEMENTS

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, 2007, 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 Division.
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, 2007 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.
Peter MacKinnon, President
Richard E. J. Florizone, Vice-President
(Finance and Resources)
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, 2007, 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, 2007 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
February 7, 2008
Fred Wendel, CMA, CA
Provincial Auditor
UNIVERSITY OF SASKATCHEWAN
2
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
Consolidated Statement of Financial Position
As at April 30, 2007 (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)
Long term accounts receivable (Note 5)
Other assets
Accrued post-retirement benefits (Note 6)
Capital assets (Note 7)
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
Current portion of long term debt (Note 8)
Long Term Liabilities
Long Term Disability Trust Fund –
Provision for claims payable
Long-term debt (Note 8)
Accrual for assisted early retirement
Accrued decommissioning costs (Note 9)
$ (55,738)
21,437
11,649
2,005
(20,647)
269,859
-
1,017
23,631
-
294,507
$ 273,860
$ 51,458
10,808
9,890
1,642
65
73,863
13,472
191
830
-
14,493
Restricted
$ 94,390
68,285
-
-
162,675
137,632
4,203
1,249
-
745,847
888,931
$ 1,051,606
$ 16,934
932
-
-
1,216
19,082
-
29,467
-
2,696
32,163
Fund Balances
Externally restricted funds (Note 10)
Internally restricted funds
Invested in capital assets
Unrestricted funds
Approved by the Board of Governors
-
180,173
-
5,331
185,504
$ 273,860
257,948
29,945
712,468
-
1,000,361
$ 1,051,606
Chair, Audit Committee
$
Endowment
$ 1,847
-
-
-
1,847
187,288
-
760
188,048
-
-
$ 189,895
155,129
34,766
-
-
189,895
$ 189,895
-
-
-
-
-
-
-
-
-
-
-
Vice-President
(Finance and Resources)
UNIVERSITY OF SASKATCHEWAN
3
CONSOLIDATED FINANCIAL STATEMENTS
Restated
(Note 18)
Total 2007 Total 2006
$ 40,499 $
89,722
11,649
2,005
143,875
29,183
99,313
11,432
2,030
141,958
594,779
4,203
3,026
23,631
745,847
1,371,486
541,764
9,132
2,844
35,902
673,374
1,263,016
$ 1,515,361 $ 1,404,974
$ 68,392 $
11,740
9,890
1,642
1,281
92,945
51,480
12,161
8,263
1,522
3,400
76,826
13,472
29,658
830
2,696
46,656
11,822
24,032
1,648
2,567
40,069
413,077
244,884
712,468
5,331
1,375,760
394,123
243,188
644,061
6,707
1,288,079
$ 1,515,361 $ 1,404,974

THE UNIVERSITY OF SASKATCHEWAN
Consolidated Statement of Operations and Changes in Fund Balances
For the Year Ended April 30, 2007 (thousands of dollars)
Restricted Endowment
Revenues
Grants and contracts
Government of Canada
Government of Saskatchewan
Other governments
Non-government
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
Interest
Bad debt expense
Decommissioning costs (Note 9)
Net revenues
Interfund transfers (Note 15)
General
$ 3,570
239,483
13,910
6,721
87,989
9,083
78,534
21,845
2,452
5,709
469,296
277,767
49,062
44,242
8,840
17,461
7,842
20,302
-
3,150
128
443
-
429,237
40,059
(41,536)
Net increase (decrease) in fund balances for year (1,477)
Fund balances, beginning of year – Restated (Note 18) 186,981
Fund balances, end of year $ 185,504
$ 68,667
51,628
1,403
24,629
1
8,949
558
14,797
154
113
170,899
157,153
45,430
3,761
24,933
5,463
-
1,153
24
51,770
22,788
1,581
-
250
13,746
40,030
53,776
946,585
$ 1,000,361
$
33,876
1,506
35,382
154,513
$ 189,895
-
-
-
-
2
-
-
-
-
-
-
-
2
-
11,100
-
-
-
11,191
-
11,583
-
4
33,878
Total 2007
$ 72,237
302,211
15,313
31,350
87,990
29,223
79,092
48,225
2,606
5,826
674,073
323,197
52,823
69,177
14,303
17,461
8,995
20,326
51,770
25,938
1,709
443
250
586,392
87,681
-
87,681
1,288,079
$ 1,375,760
Restated
(Note 18)
Total 2006
$ 66,507
355,588
14,371
42,728
86,805
17,698
85,280
24,710
2,246
6,971
702,904
311,839
11,389
67,228
12,929
10,549
8,759
20,634
49,445
24,824
1,458
985
244
520,283
182,621
-
182,621
1,105,458
$ 1,288,079
UNIVERSITY OF SASKATCHEWAN
4
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
Consolidated Statement of Cash Flows
For the Year Ended April 30, 2007 (thousands of dollars)
Restricted General
Cash flows from operating activities
Cash received from Government of Canada $ 4,792
Cash received from Government of Saskatchewan 241,092
Cash received from other governments
Cash received from non-government
Cash received from student fees
Cash received from gifts, grants and bequests
13,927
6,798
88,294
9,083
Cash received from sales of services and products 77,375
Cash received from miscellaneous income
Cash paid for salaries and benefits
Cash paid for non-salary expenditures
5,719
(314,007)
(92,805)
Cash generated from (used for) operating activities 40,268
Cash flow from financing and investment activities
Cash received from income from investments 13,359
Contributions of cash for endowments
Cash received from real estate income
Cash received from debt financing
Debt financing repayments
Purchase of capital assets
Purchase of investments
-
2,452
-
(81)
-
(24,406)
Cash provided by (used for) financing activities (8,676)
Net increase (decrease) in cash and short-term investments 31,592
Interfund transfers (Note 15) (41,536)
Cash and short-term investments, beginning of year (45,794)
Cash and short-term investments, end of year $ (55,738)
$ 74,523
54,069
1,441
29,424
1
8,849
563
112
(49,211)
(48,527)
71,244
$
8,619
-
154
4,700
(1,112)
(124,364)
27,729
(84,274)
(13,030)
40,030
67,390
94,390
$
Endowment Total 2007
-
4
-
-
-
-
-
-
-
(2)
2
$ 79,315
295,161
15,368
36,222
88,295
17,932
77,938
5,835
(363,218)
(141,334)
111,514
$
6,691
22,291
-
-
-
-
(36,230)
(7,248)
(7,246)
1,506
7,587
1,847
28,669
22,291
2,606
4,700
(1,193)
(124,364)
(32,907)
(100,198)
11,316
-
29,183
$ 40,499
Total 2006
$ 57,934
354,345
14,313
30,020
86,631
14,123
84,540
6,957
(348,550)
(138,328)
161,985
19,858
3,575
2,246
4,700
(566)
(75,096)
(196,144)
(241,427)
(79,442)
-
108,625
$ 29,183
UNIVERSITY OF SASKATCHEWAN
5
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended April 30, 2007 (thousands of dollars)
1. Authority and Purpose
“The University of Saskatchewan” (University) 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:
• Canadian Light Source Inc. (CSLI), 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 is responsible for the operation and conduct of all activities related to the University’s synchrotron light facility, its operation and performance.
• 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.
• 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.
• 621602 Saskatchewan Ltd., a wholly owned subsidiary of the University. The company participates in real estate investment activities.
• 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 company was dissolved April 16, 2007. These financial statements reflect the activity of the
Western Beef Development Centre Inc. up to the date of its dissolution.
• University of Saskatchewan Technologies Inc., a wholly owned subsidiary of the University. These financial statements reflect the activity of the company up to the date of its dissolution. The company’s mission to evaluate, protect and exploit University controlled intellectual property was assumed by the University’s Industry Liaison Office thereafter. The company was dissolved on December 29, 2006.
• Pharmalytics Inc., a non-profit corporation whose sole member is the University of Saskatchewan. The company is engaged in research, development and education in pharmaceutical sciences.The University sold its interest in Pharmalytics Inc. on March 20, 2006.
Comparatives in these financial statements reflect consolidated activity of Pharmalytics Inc. up to the date of the sale.
UNIVERSITY OF SASKATCHEWAN
6
CONSOLIDATED FINANCIAL STATEMENTS

2. Summary of Significant Accounting Policies and Reporting Practices (continued) b) Fund accounting
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 and Ancillary.
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.
ii) Restricted Funds carry restrictions on the use of resources for particular defined purposes. These funds are further classified as Capital,
Research and Student Financial Aid.
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.
Student Financial Aid Funds account for activities in support of students.
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 amount recapitalized each year will vary from year to year with variability in annual investment returns, but over time it is intended that the recapitalized amount will offset the effect of inflation.
c) 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 or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured. Restricted grants subject to an external annual appropriation process will be recognized in accordance with the funder’s appropriation.
Contracts are recorded as revenue as the service or contract activity is performed, provided that at the time of performance ultimate collection is reasonably assured. If payment is not received at the time the service or contract activity is performed, accounts receivable will be recorded.
Student fees are recognized as revenue in the year courses and seminars are held. Sales of services and products are recognized at point of sale or when the service has been provided.
Unrestricted contributions are recorded as revenue in the period received or receivable, if collection is reasonably assured. Gifts-in-kind are recorded at their fair market value on the date of receipt or at nominal value when fair market value cannot be reasonably determined.
Pledges from fund raising and other donations are not recorded until the year of receipt of cash or other assets due to the uncertainty surrounding collection.
Contributions for endowment purposes are recognized as revenue in the Endowment Fund.
UNIVERSITY OF SASKATCHEWAN
7
CONSOLIDATED FINANCIAL STATEMENTS

2. Summary of Significant Accounting Policies and Reporting Practices (continued)
Sales of services and products are recorded as revenue in the General Fund at point of sale or when the service has been provided.
Investment Income is recorded as revenue when reasonable assurance exists regarding measurement and collectability.
Unrestricted investment income is recognized as revenue of the General Fund. Investment income earned on Endowment Fund resources is recorded in the appropriate Fund according to the restrictions mandated.
Real estate and miscellaneous income, as follows, is recorded as revenue when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured:
• Unrestricted income is recorded in the General Fund.
• Restricted income is recognized as revenue of the appropriate restricted fund. d) Contributed services and materials
These financial statements do not report the value of contributed volunteer hours as the fair value of such is not practically determinable.
Gifts-in-kind are recorded where a formal valuation has been made.
e) Use of estimates
The preparation of financial statements in conformity with Canadian 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.
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, decommissioning costs and provision for claims payable.
f) Capital assets
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
Canadian Light Source Inc. (CLSI)
facility retirement costs
Site improvements
Computers
Equipment and furnishings
Library materials
40 years
30 years
20 years
3 years
3 to 10 years
10 years
Collections are not capitalized or amortized. All additions to collections are expensed in the year acquired.
UNIVERSITY OF SASKATCHEWAN
8
CONSOLIDATED FINANCIAL STATEMENTS

2. Summary of Significant Accounting Policies and Reporting Practices (continued) g) Inventories
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. h) Investments
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.
i) 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.
j) Decommissioning obligation
CLSI recognizes obligations for future decommissioning site restoration costs in the period during which they occur. The associated facility retirement costs are capitalized as a part of the carrying amount of the asset and amortized over its useful life. The liability and related asset are adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation.
k) Derivative financial instruments
The University has entered into certain derivative financial instruments, principally interest rate swap agreements and foreign exchange contracts.
Interest rate swap 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 offset the interest costs on the underlying debt obligations, the University is reflecting the obligations as long-term debt in the financial statements.
Foreign exchange contracts are recorded at fair value.
3. Cash and Short-term Investments
Short-term investments are generally for less than 90 days, and earned an average effective interest rate of 4.0 per cent (2006 – 2.4 per cent).
UNIVERSITY OF SASKATCHEWAN
9
CONSOLIDATED FINANCIAL STATEMENTS

4. Long-term Investments
Market
Yield
2007
Total
Fair Value
2006
Total
Fair Value
Bonds and debentures
Less than 5 years
5 to 10 years
More than 10 years
Equities
Canadian
Foreign
4.40 – 5.13%
4.77 – 4.78%
3.35 – 5.24%
$ 296,269
42,486
38,960
92,240
124,824
$ 594,779
$ 308,824
41,349
23,708
71,713
96,170
$ 541,764
5. Long-Term Accounts Receivable
Long-term accounts receivable reflect the fair value of non-government grants receivable in subsequent years, as follows:
2008
2009
2010
$ 2,702
1,448
53
$ 4,203
6. Accrued Post-Retirement Benefits
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 four years of employees’ pensionable earnings.
The total expense for the University’s defined contribution plans for the year is $10,395 (2006 – $9,658).
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.
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
UNIVERSITY OF SASKATCHEWAN
10
CONSOLIDATED FINANCIAL STATEMENTS

6. Accrued Post-Retirement Benefits (continued) benefit obligations is December 31, 2006 (extrapolated to April 30, 2007). The date of actuarial valuation is also December 31, 2006
(extrapolated to April 30, 2007).
2007 2006
Pension
Plans
Other
Benefit Plans
Pension
Plans
Other
Benefit Plans a) Funded status of plans
Plan assets
Fair value at beginning of year
Actual return on plan assets
Employer contributions
Employee contributions
Benefits paid
Fair value at end of year
$ 471,296
54,693
4,173
4,173
(30,310)
504,025
$ 35,935 $ 452,269 $ 34,574
4,718 44,382
-
-
3,942
3,942
(1,811) (33,239)
38,842 471,296
3,032
-
-
(1,671)
35,935
Accrued benefit obligations
Accrued benefit obligation at beginning of year
Current service cost
Interest cost
Benefits paid
Actuarial losses (gains)
Accrued benefit obligation at end of year
Accrued benefit asset
Valuation allowance and unamortized past service costs
Accrued benefit asset, net of valuation allowance
427,576
13,757
24,476
(30,310)
40,059
475,558
13,344 442,197
2,549 13,992
779 24,882
(1,811) (33,239)
253 (20,256)
15,114 427,576
14,061
2,709
781
(1,671)
(2,536)
13,344
28,467
(4,836)
$ 23,631
23,728
154
43,720
(7,818)
22,591
461
$ 23,882 $ 35,902 $ 23,052
UNIVERSITY OF SASKATCHEWAN
11
CONSOLIDATED FINANCIAL STATEMENTS

6. Accrued Post-Retirement Benefits (continued) b) Percentage of fair value of total plan assets held at measurement date by category
Cash
Short-term notes
Accrued income
Pooled funds
Contributions receivable
Bonds
Equities
Total c) Net benefit plan expense (revenue)
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 (revenue) d) Actuarial assumptions (weighted average as of April 30)
Discount rate
Expected long-term rate of return on plan assets
Compensation increase
Inflation
2007 2006
Pension
Plans
Other
Benefit Plans
Pension
Plans
Other
Benefit Plans
0.1%
2.4%
0.3%
40.3%
0.1%
20.4%
36.4%
100%
1.3%
0.0%
0.2%
0.0%
0.0%
9.0%
89.5%
100%
(0.2%)
2.6%
0.6%
36.8%
0.0%
22.4%
37.8%
100%
1.5%
0.0%
0.3%
0.0%
0.2%
12.6%
85.4%
100%
$ 9,584
24,476
(31,882)
16,884
648
(3,268)
$ 16,442
$ 2,549
779
(2,452)
(2,013)
307
-
($ 830)
$ 10,050
24,882
$ 2,709
781
(30,419) (2,530)
(34,188) (3,038)
467
8,985
307
-
($ 20,223) ($ 1,771)
5.2%
6.7%
4.2%
3.0%
4.8%
7.0%
-
3.0%
5.9%
6.9%
4.2%
3.0%
5.2%
7.0%
3.0%
-
UNIVERSITY OF SASKATCHEWAN
12
CONSOLIDATED FINANCIAL STATEMENTS

7. Capital Assets
Buildings
CLSI facility retirement costs
Site improvements
Computers
Equipment and furnishings
Land
Construction in progress
Library materials
Cost
$ 716,889
2,357
44,046
86,636
226,878
2,469
109,093
148,103
$ 1,336,471
2007
Accumulated
Amortization
$ 243,965
218
20,167
76,412
148,410
-
-
101,452
$ 590,624
Net
Book Value
$ 472,924
2,139
23,879
10,224
78,468
2,469
109,093
46,651
$ 745,847
2006
Net
Book Value
$ 478,146
2,218
22,905
11,357
79,137
2,078
34,320
43,213
$ 673,374
8. Long-term Debt 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 –
5.786%, terminates September 4, 2029 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 –
4.72%, terminates January 31, 2020 e) 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 September 2020 f) Long-term synthetic financial instrument created by interest rate swap agreement –
4.53%, terminates September 1, 2020
2007 2006
$ 13,035
(notional amount equal to above)
$ 13,305
(notional amount equal to above)
4,215
(notional amount equal to above)
4,445
(notional amount equal to above)
4,343
(notional amount equal to above)
4,572
(notional amount equal to above)
UNIVERSITY OF SASKATCHEWAN
13
CONSOLIDATED FINANCIAL STATEMENTS

8. Long-term Debt (continued) g) 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 June 14, 2021 h) Long-term synthetic financial instrument created by interest rate swap agreement –
4.841%, terminates June 14, 2021 i) Canada Mortgage and Housing Corp. (CMHC) – 6.875% debentures due May 1, September 1, 2020
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.
j) Loan payable to the Government of Saskatchewan –
General Revenue Fund – 5.125%, due December 1, 2015
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.
k) Loan payable to Canadian Imperial Bank of Commerce –
Prime, payable with monthly principal payments of $3 plus interest l) Loan payable to Canadian Imperial Bank of Commerce –
Prime, payable with monthly principal payments of $0.6 plus interest m) Loan payable to Government of Saskatchewan – Short-term Hog Loan –
Prime, payable with equal monthly payments, due June 30, 2008 n) Mortgage payable to Canadian Imperial Bank of Commerce –
Prime, payable with blended monthly installments of $24, due October 2016
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.
Less current portion
2007
$ 4,521
(notional amount equal to above)
2,138
239
175
7
73
2,193
30,939
(1,281)
$ 29,658
2006
$ –
(notional amount equal to above)
2,231
259
27,432
(3,400)
$ 24,032
208
14
115
2,283
UNIVERSITY OF SASKATCHEWAN
14
CONSOLIDATED FINANCIAL STATEMENTS

8. Long-term Debt (continued)
Principal payments due in each of the next five years is as follows (in thousands of dollars):
2008
2009
2010
2011
2012
$ 1,281
1,424
1,481
1,543
1,609
9. Decommissioning Costs
Canadian Light Source Inc. (CLSI) is required to decommission the facility when operations cease in accordance with a Particle Operating
License issued by the Canadian Nuclear Safety Commission.
CLSI accrues the liability for future decommissioning site restoration costs. CLSI expects the facility to operate for a 30 year period from commencement of operations and anticipates the future cash flows required to decommission the facility to be $10,064.
The present value of this amount as at July 1, 2004 is reflected as Deferred Decommissioning Costs of $2,357. This balance is amortized to operations on a straight line basis over 30 years. The net value of the Deferred Decommissioning Costs at March 31, 2007 is $2,139
(2006 – $2,218). The present value of the related liability for decommissioning costs of $2,357 as at July 1, 2004 was calculated using a risk free interest rate of 5.0%. The current year decommissioning costs of $250 (2006 – $244) include decommissioning accretion costs of $129
(2006 – $122), amortization of deferred decommissioning costs of $79 (2006 – $79) and costs associated with a financial guarantee to the
Canadian Nuclear Safety Commission of $42 (2006 – $43).
10. Externally Restricted Fund Balances
Net assets restricted for endowment consist of:
Endowed contributions
Recapitalized investment earnings
Internally
2007
Externally
$ 23,976 $ 99,777
10,790 55,352
$ 34,766 $ 155,129
Total
$ 123,753
66,142
$ 189,895
Internally
2006
Externally Total
$ 23,194 $ 80,057 $ 103,251
6,934 44,328 51,262
$ 30,128 $ 124,385 $ 154,513
UNIVERSITY OF SASKATCHEWAN
15
CONSOLIDATED FINANCIAL STATEMENTS

10. Externally Restricted Fund Balances (continued)
Restricted Funds classified as Capital, Research and Student Financial Aid include the following balances:
Capital Fund
Research Fund
Student Financial Aid Fund
2007
Internally Externally Total Internally
2006
Externally Total
$ - $ 76,678 $ 76,678 $ - $ 118,447 $ 118,447
27,047 158,985 186,032 25,528 137,142 162,670
2,898 22,285 25,183 2,076 19,332 21,408
$ 29,945 $ 257,948 $ 287,893 $ 27,604 $ 274,921 $ 302,525
11. Commitments and Contingencies a) Capital projects
The estimated cost of contractual commitments to complete major capital projects in progress as at April 30, 2007 is approximately $13,397.
b) Retail development
In 2001, the University entered into an agreement with the City of Saskatoon obligating the University to pay offsite levies to the City as approximately 50 acres of retail land is developed. It is estimated that the obligation to the City for future phases of development is $896.
c) Utility purchases
The University has entered into long-term contracts to purchase electricity and natural gas. As at April 30, 2007, the University is required to pay for minimum annual consumption of 150 million kilowatt hours of electricity in the 2007 calendar year, at the end of which the current contract with SaskPower expires. The estimated commitment to purchase electricity is $4,912 based on current contract prices.
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 2,825 gigajoules per day of natural gas to the end of October 2008. 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, 2007 is $17,137.
UNIVERSITY OF SASKATCHEWAN
16
CONSOLIDATED FINANCIAL STATEMENTS

11. Commitments and Contingencies (continued) d) Lease commitments
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:
2008
2009
2010
2011
2012
$ 1,592
1,021
250
215
175 e) Outstanding legal claims
The nature of the University’s activities are such that there may be litigation pending or in prospect at any time. With respect to claims at
April 30, 2007, the University believes it has valid defenses and appropriate insurance coverage in place. In the event any claims are successful, the settlements of such claims are not expected to have a material effect on the University’s financial position.
On June 26, 2007 a statement of claim was issued against the University of Saskatchewan alleging responsibility for environmental contamination of adjoining land. The University has filed a statement of defense, denying all claims. The outcome is not determinable at this time however should ultimate resolution differ from management’s assessments and assumptions, a material adjustment to the University’s financial position or results of operations could result.
f) Canadian Universities Reciprocal Insurance Exchange
The University is a member of the Canadian Universities Reciprocal Insurance Exchange (CURIE), a self-insurance cooperative comprised of over 40 Canadian universities and colleges. CURIE was established to share the insurable property, liability and errors and omissions risk of member universities. The projected cost of claims against the exchange is based on actuarial projections and is funded through the members’ premiums. As at December 31, 2006 CURIE had a surplus of $12,436 (2005 – $11,175) of which the University’s pro-rata share is approximately 3.78% (2005 – 3.55%) on an ongoing basis.
UNIVERSITY OF SASKATCHEWAN
17
CONSOLIDATED FINANCIAL STATEMENTS

Gifts-in-kind in the amount of $5,648 were recorded in the year (2006 – $3,648). Gifts-in-kind consist of the following:
Works of art
Equipment and furnishings
Investments
Library holdings
Other
2007
$ 120
417
4,139
85
887
$ 5,648
2006
$ 68
425
2,899
81
175
$ 3,648
Donations pledged but not received as at April 30, 2007 totaled $22,182 (2006 – $27,376). These pledges are expected to be honoured during the subsequent five-year period and will be recorded as revenue when received.
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 alumni, originals and replicas of Ancient and Medieval artifacts, as well as old and rare material with a focus on Western Canada.
b) Art Collection
The Kenderdine Art Gallery administers the permanent art collection of the University. The collection includes works of art that provide 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, three objects with an appraised value of $3 were donated and two objects, costing $40, were purchased.
UNIVERSITY OF SASKATCHEWAN
18
CONSOLIDATED FINANCIAL STATEMENTS

14. Operating Fund Allocations
A comparison of the University’s Operating Budget Allocations, as approved by the University’s Board of Governors, to actual expenses (net of other recoveries and revenues) is as follows:
Agriculture
Arts & Science
Commerce
Dentistry
Education
Engineering
Extension
Graduate Studies & Research
Kinesiology
Law
Medicine
Targeted Funding – Accreditation
Nursing
Pharmacy & Nutrition
Veterinary Medicine
Interdisciplinary Units
Non-academic units:
Library
Information Technology
Student & Enrolment Services
Health Safety & Environment
Facilities Management
Consumer Services
Campus Safety
External Relations
Administrative Units
2007
Budget
(Note 1)
Expenses
(Note 2)
$ 9,812 $ 9,966
43,525 42,022
9,192 8,874
5,206
7,756
4,720
7,740
11,391 11,310
4,039 4,134
723
3,316
711
3,178
3,419 3,187
22,007 21,163
11,106
6,312
9,956
6,381
3,519 3,263
17,725 16,332
1,780 1,359
8,975 9,155
9,257 10,163
7,036
1,095
7,298
1,245
17,540 19,642
462 462
1,395
2,641
1,432
2,750
15,684 14,499
2006
Budget
(Note 1)
Expenses
(Note 2)
$ 9,587 $ 9,570
44,553
8,600
43,347
8,544
5,135
8,020
11,434
7,114
4,920
7,879
11,330
6,782
1,346
3,345
3,254
21,610
7,335
5,901
3,478
16,423
1,784
1,318
3,189
3,356
20,926
5,359
6,084
3,594
14,977
1,855
16,242
11,015
6,202
1,071
18,758
351
983
2,386
14,866
16,203
10,145
6,034
1,205
18,652
207
1,034
2,482
15,538
UNIVERSITY OF SASKATCHEWAN
19
CONSOLIDATED FINANCIAL STATEMENTS

14. Operating Fund Allocations
Central Utilities, Network & Software
Central Scholarships/Bursaries
Central Research & Scholarly
Central Student Support
Central System Renewal
Central Administration (Note 3)
Central Benefits (Note 4)
Budget
2007
Expenses
(Note 1) (Note 2)
18,970
8,936
16,980
538
385
12,618
5,610
17,076
9,037
19,065
466
680
14,982 7,149
9,200
2006
Budget
(Note 1)
14,280
7,953
7,010
543
685
5,227
Expenses
(Note 2)
12,643
7,979
5,954
626
1,281
12,732
5,126
Total $ 288,950 $ 291,448 $ 273,640 $ 270,871
Notes:
1. For some Colleges/Administrative Units the Budget amount varies from the “University Budget Allocation” amount reflected in Schedule 3.
This difference is caused by classification adjustments.
2. Expenses include planned spending of opening fund balances.
3. Expenses include allocations to specific units such as Huskie Athletics, as well as accrual for Retirees Pension Plan Solvency Deficit.
4. 2007 expenses include restructuring costs associated with the Extension Division.
UNIVERSITY OF SASKATCHEWAN
20
CONSOLIDATED FINANCIAL STATEMENTS

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.
Net transfers to restricted fund
for capital asset purchases
Principal and interest on loans
Support for Research
Support for Student Awards
Spendable Fund transfers to Endowment
Adjustments to allocation of income
to expendable funds
Other miscellaneous transfers
16. Related Party Transactions
2007
General
2006
Restricted
2007 2006
$ (24,514) $ 19,016 $ 24,515 $ (19,016) $
(1,183) (1,071) 1,183 1,071
(3,209) 1,171 3,209 (1,171)
(10,855) (9,162) 10,855 9,162
(2,713) - - -
(1)
-
-
-
2,713
$
930
8
597
(39,337)
276
(8)
131
39,485
$ (41,536) $ (28,786) $ 40,030 $ 29,662
Endowment
2007 2006
(1,206)
-
$ 1,506
(728)
(148)
$ (876)
-
-
-
-
-
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.
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:
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
2007
$ 15,591
9,931
22,074
3,111
18,637
1,860
322
312
2006
$ 21,338
9,371
19,820
4,972
10,574
812
166
374
UNIVERSITY OF SASKATCHEWAN
21
CONSOLIDATED FINANCIAL STATEMENTS

17. Financial Instruments a) Financial risks
The University is exposed to market risk – the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, its issuer or general market factors affecting all securities.
Investments are placed in accordance with policies specifying the quality of investments so that diversification limits risk of exposure in any one type of investment instrument.
The University has foreign currency risk arising from its foreign currency denominated cash accounts and exposure to foreign currency denominated revenues or expenses.
The University is subject to interest rate risk as a result of market fluctuations in interest rates and the degree of volatility of these rates.
The University has normal credit risk from counterparties. Since government agencies compose a significant portion of the receivable arising from the University’s diverse client base, possibility of default is believed to be low.
b) Fair market values
The carrying values of cash and short-term investments, accounts receivable, investments, accounts payable and accrued liabilities, and accrued vacation pay are considered to approximate fair value unless otherwise disclosed.
The fair values of long-term debt instruments and swap derivatives are disclosed below. The fair value of the debt instruments are determined by discounting future cash flows in accordance with existing financing arrangements, based on the market interest rates for loans with similar terms and maturity dates. The fair values of the swap derivatives are 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.
2007
Carrying Value Fair Value
Long-term debt $ 30,939
Swap Derivatives – Unrealized Loss Position at April 30
Royal Bank Bankers’ Acceptance Loan ending August 2029
Royal Bank Bankers’ Acceptance Loan ending January 2020
Royal Bank Bankers’ Acceptance Loan ending September 2020
Royal Bank Bankers’ Acceptance Loan ending June 2021
$ 31,246
$ 1,918
94
50
146
2006
Carrying Value
$ 27,432
Fair Value
$ 27,694
$ 2,455
202
162
-
UNIVERSITY OF SASKATCHEWAN
22
CONSOLIDATED FINANCIAL STATEMENTS

18. Restatement
In the current year extensive research was undertaken to review the revenue recognition policies appropriate for the University of Saskatchewan.
The research led to the conclusion that those policies should be changed to better align with Generally Accepted Accounting Principles. As a result, financial statement comparative figures have been restated as follows:
Restated
Total 2006
Effect on
2006
Previous
Total 2006
Consolidated Statement of Financial Position
Accounts Receivable
Long-term accounts receivable
Unearned fees and other deferred revenue
Externally restricted funds
Internally restricted funds
$ 99,313
9,132
8,263
394,123
243,188
$ 67,831
9,132
5,183
70,461
1,319
$ 31,482
-
3,080
323,662
241,869
Consolidated Statement of Operations and Changes in Fund Balances
Grants and contracts
Government of Canada
Government of Saskatchewan
Other governments
Non-government
Net revenues
Net increase (decrease) in fund balance for year
Fund balances, beginning of year
Fund balances, end of year
66,507
355,588
14,371
42,728
182,621
182,621
1,105,458
1,288,079
8,457
863
29
12,648
21,997
21,997
49,783
71,780
58,050
354,725
14,342
30,080
160,624
160,624
1,055,675
1,216,299
19. Comparative Figures
Certain comparative figures have been restated in order to conform to the financial statement presentation adopted for the current year.
UNIVERSITY OF SASKATCHEWAN
23
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
Statement of Operations and Changes in Fund Balances – General Funds
For the Year Ended April 30, 2007 (thousands of dollars)
Operating
Revenues
Grants and contracts
Government of Canada
Government of Saskatchewan
Other governments
Non-government
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
Scholarships, bursaries and prizes
Interest
Bad debt expense
Net revenues
Interfund transfers (Note 15)
Net increase (decrease) in fund balances for year
Fund balances, beginning of year
Fund balances, end of year
$ 3,570
239,375
13,910
6,721
87,989
9,083
43,428
21,837
428
5,676
432,017
271,285
48,109
42,670
8,807
6,431
6,667
10,562
3,150
128
443
398,252
33,765
(31,159)
2,606
184,490
$ 187,096
Ancillary Total
$ -
108
-
-
-
-
35,106
8
2,024
33
37,279
6,482
953
1,572
33
11,030
1,175
9,740
-
-
-
30,985
6,294
(10,377)
(4,083)
2,491
$ (1,592)
$ 3,570
239,483
13,910
6,721
87,989
9,083
78,534
21,845
2,452
5,709
469,296
277,767
49,062
44,242
8,840
17,461
7,842
20,302
3,150
128
443
429,237
40,059
(41,536)
(1,477)
186,981
$ 185,504
UNIVERSITY OF SASKATCHEWAN
24
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
Statement of Operations and Changes in Fund Balances – Restricted Funds
For the Year Ended April 30, 2007 (thousands of dollars)
Student Financial Aid Research
Revenues
Grants and contracts
Government of Canada
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
Government of Saskatchewan
Other governments
Non-government
Student fees
Expenses
Salaries
Employee benefits
Operational supplies and expenses
Travel
Equipment rental, maintenance and renovations
Utilities
Amortization
Decommissioning costs (Note 9)
Scholarships, bursaries and prizes
Interest
Net revenues (expenses)
Interfund transfers (Note 15)
Net increase in fund balances for year
Fund balances, beginning of year
Fund balances, end of year
$
$ 25,183
885
52
75
77
-
12,525
-
-
-
-
13,614
(6,835)
10,610
3,775
21,408
-
146
-
-
1
2,619
-
3,939
35
39
6,779
$ 68,667
37,300
1,403
23,572
-
4,120
558
4,794
119
42
140,575
44,518
3,707
22,915
5,381
1,028
24
-
10,263
-
-
87,836
52,739
(29,376)
23,363
162,669
$ 186,032
Capital Total
$ -
14,328
-
911
-
2,210
-
6,064
-
32
23,545
$ 68,667
51,628
1,403
24,629
1
8,949
558
14,797
154
113
170,899
27
2
1,943
5
125
-
51,770
-
1,581
250
55,703
(32,158)
58,796
26,638
762,508
$ 789,146
157,153
45,430
3,761
24,933
5,463
1,153
24
51,770
22,788
1,581
250
13,746
40,030
53,776
946,585
$ 1,000,361
UNIVERSITY OF SASKATCHEWAN
25
CONSOLIDATED FINANCIAL STATEMENTS

THE UNIVERSITY OF SASKATCHEWAN
Statement of Operations and Changes in Fund Balances by College
For the Year Ended April 30, 2007
Agriculture
Arts &
Science
Revenues
University operating budget
Grants and contracts
Government of Canada
Government of Saskatchewan
Other governments
Non-government
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
Expenses
Salaries
Employee benefits supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Interest
Bad debt expense
Decommissioning costs (Note 9)
Net revenues (expenses)
Interfund transfers (Note 15)
Net increase (decrease) in fund balances for year
$ 9,812
4,565
23,275
189
8,669
23
6,358
2,444
4,962
85
952
61,334
1,282
945
284
2,436
96
2,001
755
2,972
-
89
54,289
Commerce
-
23
11,319
542
738
224
521
49
-
-
30
Dentistry Education Engineering
$ 43,429 $ 9,192 $ 5,206 $ 7,756 $ 11,391
1,370
(6) 1,350
115
-
157
58
31
56
66
6,996
64
-
1
799
41
204
1,238
309
-
18
11,837
-
97
26,215
5,198
1,051
5
1,025
18
5,122
476
1,832
20,177
2,335
4,748
1,063
43
493
70
-
1,860
-
-
-
30,789
43,495
5,051
3,437
2,686
17
236
25
-
6,493
-
-
-
61,440
7,867
964
1,076
341
-
5
-
-
311
-
-
-
10,564
30,545
(2,391)
$ 28,154
(7,151)
73
755
268
$ (7,078) $ 1,023 $
3,794
430
325
45
525
4
-
-
1,101
-
12
-
6,236
760
(158)
602 $
8,160
897
1,541
609
-
28
-
-
362
-
2
-
11,599
238
707
13,710
1,606
1,547
664
46
114
-
-
1,763
-
-
-
19,450
6,765
(3,206)
945 $ 3,559
UNIVERSITY OF SASKATCHEWAN
26
CONSOLIDATED FINANCIAL STATEMENTS
Extension & Research
Graduate Studies
Kinesiology Law Library Medicine Nursing
Pharmacy
& Nutrition
Veterinary
Medicine Other Units Total
$ 4,039 $ 723 $ 3,316 $ 3,420 $ 13,009 $ 28,824 $ 6,312 $ 3,519 $ 17,725 $ (167,673) $ -
45
72
-
137
3,835
5
663
12
-
2
8,810
595
3
-
119
60 2,720
253
1
326
-
-
124
406
-
470
819
2,325
195
69
194
2,080 10,638
324
4
-
220
158
2,007
145
1,649
-
74
-
152
8,001 13,951
-
114
-
46
-
169
48
413
8,946
44,835
328
7,183
590
1,594
16,975
2,915
131
137
112,458 8,854
-
-
681
904
-
295
202
261
79
120
601
697
26
275
104
1,493
64
247
-
1
7,027
4,709
1,574
634
2,191
63
2,090
5,896
3,136
-
35
38,053
43,774 72,237
228,160 302,211
13,781 15,313
7,298 31,350
79,480 87,990
6,078 29,223
46,389 79,092
28,552 48,225
2,321 2,606
4,051 5,826
292,211 674,073
$
6,144
746
1,540
570
20
28
14
-
14
-
-
-
9,076
575
74
-
-
-
-
989
-
-
-
5,508
624
43 2,450
23 1,024
110
432
908
-
-
-
-
-
1,704 11,056
3,782 7,419
454 1,079
438
204
-
2
-
-
320
-
-
-
5,200
601
135
-
100
-
-
-
-
-
-
9,334
75,688
5,966
15,645
2,719
183
821
51
-
4,153
-
(39)
-
105,187
(266)
236
376 (418) 2,801 4,617
2,755 1,087
7,271
(2) (4,347) (9,779)
(30) $ 3,131 $ 669 $ 2,799 $ 270 $ (2,508) $
6,465
809
317
188
-
41
-
-
152
-
-
-
7,972
882
70
3,844
437
833
223
-
6
-
-
573
-
-
-
5,916
1,111
36
16,560
2,004
6,284
614
712
502
54
-
1,737
-
19
-
28,486
9,567
(2,942)
100,009 323,197
29,347 52,823
28,352 69,177
3,195 14,303
15,805 17,461
6,183 8,995
20,112 20,326
51,770 51,770
5,202 25,938
1,709 1,709
449
250
262,383
29,828
17,593
443
250
586,392
87,681
-
952 $ 1,147 $ 6,625 $ 47,421 $ 87,681

Revenues
University operating budget
Grants and contracts
Government of Canada
Government of Saskatchewan
Other governments
Non-government
Student fees
Gifts, grants and bequests
Sales of services and products
Income from investments
Real estate income
Miscellaneous income
Expenses
Salaries
Employee benefits supplies and expenses
Travel
Cost of goods sold
Equipment rental, maintenance and renovations
Utilities
Amortization
Scholarships, bursaries and prizes
Interest
Bad debt expense
Decommissioning costs (Note 9)
Net revenues (expenses)
Interfund transfers (Note 15)
Net increase (decrease) in fund balances for year
Agriculture
Arts &
Science Commerce Dentistry Education Engineering
$ 9,812 $ 43,429 $ 9,192 $ 5,206 $ 7,756 $ 11,391
4,565
23,275
189
8,669
23
6,358
2,444
4,962
85
952
61,334
1,282
945
284
2,436
96
2,001
755
2,972
-
89
54,289
-
23
11,319
542
738
224
521
49
-
-
30
1,370
(6) 1,350
115
-
157
58
31
56
66
6,996
64
-
1
799
41
204
1,238
309
-
18
11,837
-
97
26,215
5,198
1,051
5
1,025
18
5,122
476
1,832
20,177
2,335
4,748
1,063
43
493
70
-
1,860
-
-
-
30,789
43,495
5,051
3,437
2,686
17
236
25
-
6,493
-
-
-
61,440
7,867
964
1,076
341
-
5
-
-
311
-
-
-
10,564
30,545
(2,391)
$ 28,154
(7,151)
73
755
268
$ (7,078) $ 1,023 $
3,794
430
325
45
525
4
-
-
1,101
-
12
-
6,236
760
(158)
602 $
8,160
897
1,541
609
-
28
-
-
362
-
2
-
11,599
238
707
13,710
1,606
1,547
664
46
114
-
-
1,763
-
-
-
19,450
6,765
(3,206)
945 $ 3,559
Extension & Research
Graduate Studies
Kinesiology Law Library Medicine Nursing
Pharmacy
& Nutrition
Veterinary
Medicine Other Units Total
$ 4,039 $ 723 $ 3,316 $ 3,420 $ 13,009 $ 28,824 $ 6,312 $ 3,519 $ 17,725 $ (167,673) $ -
45
72
-
137
3,835
5
663
12
-
2
8,810
595
3
-
119
60 2,720
253
1
326
-
-
124
406
-
470
819
2,325
195
69
194
2,080 10,638
324
4
-
220
158
2,007
145
1,649
-
74
-
152
8,001 13,951
-
114
-
46
-
169
48
413
8,946
44,835
328
7,183
590
1,594
16,975
2,915
131
137
112,458 8,854
-
-
681
904
-
295
202
261
79
120
601
697
26
275
104
1,493
64
247
-
1
7,027
4,709
1,574
634
2,191
63
2,090
5,896
3,136
-
35
38,053
43,774 72,237
228,160 302,211
13,781 15,313
7,298 31,350
79,480 87,990
6,078 29,223
46,389 79,092
28,552 48,225
2,321 2,606
4,051 5,826
292,211 674,073
$
6,144
746
1,540
570
20
28
14
-
14
-
-
-
9,076
575
74
-
-
-
-
989
-
-
-
5,508
624
43 2,450
23 1,024
110
432
908
-
-
-
-
-
1,704 11,056
3,782 7,419
454 1,079
438
204
-
2
-
-
320
-
-
-
5,200
601
135
-
100
-
-
-
-
-
-
9,334
75,688
5,966
15,645
2,719
183
821
51
-
4,153
-
(39)
-
105,187
(266)
236
376 (418) 2,801 4,617
2,755 1,087
7,271
(2) (4,347) (9,779)
(30) $ 3,131 $ 669 $ 2,799 $ 270 $ (2,508) $
6,465
809
317
188
-
41
-
-
152
-
-
-
7,972
882
70
3,844
437
833
223
-
6
-
-
573
-
-
-
5,916
1,111
36
16,560
2,004
6,284
614
712
502
54
-
1,737
-
19
-
28,486
9,567
(2,942)
100,009 323,197
29,347 52,823
28,352 69,177
3,195 14,303
15,805 17,461
6,183 8,995
20,112 20,326
51,770 51,770
5,202 25,938
1,709 1,709
449
250
262,383
29,828
17,593
443
250
586,392
87,681
-
952 $ 1,147 $ 6,625 $ 47,421 $ 87,681
UNIVERSITY OF SASKATCHEWAN
27
CONSOLIDATED FINANCIAL STATEMENTS

Members Ex Officio
Peter MacKinnon (President)
Tom Molloy (Chancellor)
Members Appointed by Government
Gail R. Appel
Art Dumont (Chair)
Nancy E. Hopkins (Vice-Chair)
Garry Standing
Members Elected by Senate
Judy Buzowetsky
Susan Milburn
Faculty Member
Linda McMullen
Student Member
Ryan Allan
Secretary to the Board
Lea Pennock (University Secretary)
Agriculture & Bioresources (July 2006) – Ernie Barber
Arts & Science – Jo-Anne Dillon
Commerce – Grant Isaac
Dentistry – Gerry Uswak (Acting)
Education – Cecilia Reynolds
Engineering – Robert Gander (Acting)
Extension Division – Walter Archer
Graduate Studies & Research – Tom Wishart
President – Peter MacKinnon
Provost & Vice-President (Academic) – Michael Atkinson
Vice-President (University Advancement) – Heather Magotiaux
Vice-President (Finance & Resources) – Richard Florizone
Vice-President (Research) – Steven Franklin
University Secretary – Lea Pennock
Vice-Provost – Jim Germida
Associate Vice-President
(Information & Communications Technology) – Rick Bunt
Associate Vice-President
(Financial Services and Controller) – Laura Kennedy
Associate Vice-President
(Facilities Management) – Colin Tennent (Acting) (November 2006)
Associate Vice-President
(Student and Enrolment Services) – David Hannah
Associate Vice-President (Research) – Karen Chad
Associate Vice-President (Human Resources) – Barbara Daigle
Kinesiology – Carol Rodgers
Law – W. Brent Cotter
Medicine – William Albritton
Nursing – Joan Sawatzky (Acting)
Pharmacy & Nutrition – Dennis Gorecki
Veterinary Medicine – Charles Rhodes
University Library – Vicki Williamson
UNIVERSITY OF SASKATCHEWAN
28
CONSOLIDATED FINANCIAL STATEMENTS

University of Saskatchewan
309 Kirk Hall
117 Science Place
Saskatoon, SK S7N 5C8
Canada
Ph: (306) 966-6607
Fax: (306) 966-6815
Email: communications@usask.ca
Web: www.usask.ca