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Annual2014Report

Contents Standing, Vision and Values. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Key fi ve-year fi gures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Vice-Chancellor and President’s review . . . . . . . . . . . . . . . . . . . . . . 3

Financial review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Organisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Review: Enable access to the USC experience . . . . . . . . . . . . . . . . . 8

Review: Deliver high quality teaching,learning and graduate outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Review: Build research productivity and output signifi cantly . . . 12

Review: Develop USC for a sustainable future . . . . . . . . . . . . . . . 15

Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Annual fi nancial report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Index and glossary . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover

Acknowledgment of country The University of the Sunshine Coast acknowledges the Gubbi Gubbi people as the traditional owners and custodians of the land on which the campus stands, and recognises the strength, resilience and capacity of Aboriginal people in this land.

The University has a Reconciliation Action Plan to guide its relationships, opportunities and progress reporting with regard to Aboriginal and Torres Strait Islander peoples.

Communication objectives The University of the Sunshine Coast’s 2014 annual report provides a record of the University’s performance in 2014, its plans for the future, and audited fi nancial statements. All achievements for 2014 are documented against the goals and corresponding key performance indicators of the University’s Strategic Plan (2011–2015).

Potential readers of the annual report include federal, state and local government representatives and offi cers, the University community (including staff and students), business and media, potential benefactors, international visitors and members of the public.

To provide your feedback or request copies of this annual report, please contact the Offi ce of Marketing and Communications, University of the Sunshine Coast, by telephoning +61 7 5459 4558 or by emailing [email protected]

The report is also available online at www.usc.edu.au/reports

The University of the Sunshine Coast is committed to providing accessible services to people from culturally and linguistically diverse backgrounds. If you have diffi culty understanding the annual report, contact the Offi ce of Marketing and Communications on +61 7 5459 4558 to arrange an interpreter to effectively communicate the report to you.

University of the Sunshine Coast 90 Sippy Downs Drive SIPPY DOWNS QLD 4556 AUSTRALIA

Tel: +61 7 5430 1234 Fax: +61 7 5430 1111 Email: [email protected] Web: www.usc.edu.au

Report of the Council of the University of the Sunshine Coast For the period 1 January 2014 to 31 December 2014

March 2015

The Honourable Kate Jones MP Minister for Education and TrainingPO Box 15033 CITY EAST QLD 4002

I am pleased to present the Annual Report 2014 and fi nancial statements for the University of the Sunshine Coast.

I certify that this Annual Report complies with:

• the prescribed requirements of the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, and

• the detailed requirements set out in the Annual report requirements for Queensland Government agencies.

A checklist outlining the annual reporting requirements can be accessed at www.usc.edu.au/reportsYours sincerely

John M Dobson OAMChancellorUniversity of the Sunshine Coast

© (University of the Sunshine Coast) 2015

ISSN 1837-7521

Published by the University of the Sunshine Coast March 2015.

Information contained in this publication was correct at the time of publishing. For the most up-to-date information about the University, visit www.usc.edu.au | All amounts are in Australian dollars. | University of the Sunshine Coast is registered on the Commonwealth Register of Institutions and Courses for Overseas Students.CRICOS Provider Number: 01595D.

Annual Report 2014 1

Standing On opening in 1996, the University of the Sunshine Coast (USC) became the fi rst greenfi eld university to be established in Australia since 1975. The University serves the Sunshine Coast and impacts strongly on the economic and cultural development of the region.

In its fi rst 17 years to date, as a new public university for the Sunshine Coast region USC has demonstrated its viability in terms of student demand, enrolment growth, teaching and research outcomes, campus development, fi nancial position, regional contribution and reputation.

In its next 20 years, USC will be characterised by naturally reinforcing themes. Proposed Australian Government fee reform, as well as targets for higher education participation and low-SES students, will impact on the University’s profi le and teaching. Learning and teaching at USC will build on its existing reputation and provide an exemplar of access and success in the Australian higher education sector. Opportunity will be provided over a broader region, and students and the wider community will have educational, cultural and economic possibilities well beyond current offerings.

Research outcomes and outputs will increase in both quantity and quality. Existing areas of research concentration will be strengthened through collaboration with the best researchers in these fi elds in Australia and internationally.

Strategic partnerships will be expanded with related government agencies, industry and business. In addition, there will be substantially more applied research conducted with, and for the benefi t of, the wider community.

Rapid growth of the University and the region it serves presents a major challenge for USC’s institutional capacity and capability. Professional development of staff at all levels will be a priority, the University’s systems will undergo major reinvestments, and core infrastructure will be expanded. Above all, development of strategic partnerships at regional, national and international levels will advance USC’s footprint, profi le and performance.

Vision The University of the Sunshine Coast is regionally relevant and recognised, nationally and internationally, for excellence in teaching, research and engagement.

Values In pursuing its vision and conducting daily operations, the University is committed to:

• creating and disseminating knowledge through innovative and effective teaching and research

• fostering freedom of inquiry and expression

• the process of lifelong learning

• engaging in and responding to the region’s intellectual, cultural and economic challenges

• adopting consultative processes and ethical behaviours in all activities

• engendering respect throughout the University community

• fairness, openness, honesty, trust and effective communication

• developing the University and supporting the region as a sustainability exemplar

• advancing human rights within a tolerant and inclusive community, in which respect for Indigenous peoples is fundamental.

Highlights• Student enrolments increased by 8.4 percent in 2014, with an increase

of 8.3 percent in conferred undergraduate degrees and 27.3 percent in conferred postgraduate coursework degrees. International student enrolments increased by a substantial 41.7 percent compared to 2013.

• For the ninth year in a row the University achieved fi ve stars for teaching quality in the Good Universities Guide 2015. USC also achieved fi ve stars for overall graduate satisfaction, and graduates’ satisfaction with the generic skills they gained while at university.

• The University welcomed 1,713 graduates to its alumni cohort in 2014. Total USC alumni now totals 14,164.

• Part of USC’s $33 million Collaborative Futures project (which aims to expand USC’s geographic footprint, increase blended learning at USC, including visualisation-based learning and strengthen its collaboration with TAFE), USC’s Learning and Teaching Hub was formally opened and during the year won some prestigious building and design awards. This building offers some of the best learning facilities in the country.

• For commencement in Semester 1, 2015—18 new programs received approval in 2014 to be delivered at the USC Sippy Downs campus; three full degree programs received approval to be delivered at the USC SouthBank campus (full degree programs were not previously offered at this campus); and fi rst-year courses in eight major degree programs offered at the Sippy Downs campus will now also be delivered at USC Gympie.

• While studying at USC, Clinical Exercise Science graduate Blake Cochrane was awarded a Medal of the Order of Australia (OAM) for his contributions to sport in the 2012 London Paralympics. This year Blake also became the fi rst back-to-back winner of USC’s Sportsperson of the Year, after winning four gold medals at the 2014 Para Pan Pacifi c Championships and also a bronze medal at the 2014 Glasgow Commonwealth Games.

• USC’s Accident Research (USCAR) team has this year cemented itself as a leading expert in its fi eld, with Professor Paul Salmon one of 150 researchers to receive a share of $115 million as an Australian Research Council (ARC) Future Fellow for his critical, nationally important research into road trauma. Dr Bridie Scott-Parker was named one of 10 Science Stars of Tomorrow for 2014 from the Australian Academy of Science, and was also awarded a prestigious Early Career Fellowship of almost $310,000 from the National Health and Medical Research Council (NHMRC).

• USC microbiologists Dr Adam Polkinghorne and Professor Peter Timms and their team—who this year led the world’s fi rst successful fi eld trial of a vaccine against chlamydia in koalas—also earned a highly competitive Discovery Project grant of almost $460,000 from the ARC for their separate but associated research into how chlamydia causes blindness in koalas. Dr Polkinghorne and Professor Timms were also part of a team that received a further $509,100 from the ARC for improving the diagnosis, management and control of chlamydial infections in Australian livestock.

• USC’s International Projects Group was awarded $3.88 million in Australian Government aid funding to help teachers strengthen their skills and boost outcomes for school students across Indonesia’s Papua province. A Papuan teacher, Ms Jil Lahallo, in 2014 also became the fi rst USC graduate to win a highly coveted Fulbright scholarship.

• The University presented an honorary doctorate to British internationally acclaimed environmentalist (and comedian, musician and actor) Bill Bailey on Tuesday 14 October.

• USC received national recognition for its innovative waste management system, which has led to a 75 percent reduction in throwaway waste on-campus. USC’s “recycling from the desktop” program received the Carbon Reduction award at the 2014 Green Gown Awards held in Hobart.

2 University of the Sunshine Coast | www.usc.edu.au

Key fi ve-year fi gures

CATEGORY 2010 2011 2012 2013 2014ANNUAL

% change TREND

STUDENTS

Number of students1 7,276 7,766 8,139 8,904 9,652 8.4% á

Female 4,764 5,066 5,338 5,807 6,158 6.0% á

Male 2,512 2,700 2,801 3,097 3,494 12.8% á

On-campus students 7,148 7,640 8,010 8,818 9,572 8.6% á

Undergraduate 5,701 6,142 6,564 7,173 7,697 7.3% á

Postgraduate coursework 654 680 611 683 846 23.9% á

Higher degree by research 140 141 177 204 262 28.4% á

Non-award 781 803 787 844 847 0.4% á

International (all students) 870 805 697 746 1,057 41.7% á

International (on campus) 855 789 690 743 1,054 41.9% á

Student load (EFTSL)2 6034.3 6398.2 6603.9 7,296 7,952.1 9.0% á

DEGREES CONFERRED

Undergraduate degrees conferred 1,027 981 1,056 1,173 1,270 8.3% á

Postgraduate coursework degrees conferred 583 484 362 333 424 27.3% á

Higher degree by research degrees conferred 25 20 19 30 24 -20.0% â

Total degrees conferred 1,635 1,485 1,437 1,536 1,718 11.8% á

EQUITY

Disability3 5.6% 5.9% 6.1% 6.3% 6.3% 0.0% –

Indigenous3 1.5% 1.8% 1.7% 2.0% 2.2% 0.2% á

First in family to attend university4 49.5% 48.6% 49.3% 49.8% 50.5% 0.7% á

STAFF (FULL-TIME EQUIVALENT, EXCLUDING CASUALS)

Academic staff5 210 212 236 259 299 15.4% á

Non-academic staff6 351 388 398 463 522 12.7% á

Total number of staff7 561 600 634 722 821 13.7% á

Proportion of academic staff with higher degree qualifi cations 83% 82% 81% 86% 87% 1.2% á

Operating revenue (parent entity) $121.07m $127.33m $159.63m $174.06m $215.4m 23.7% á

Property, plant and equipment $167.17m $175.34m $176.90m $196.10m $255.4m 30.2% á

Research income8 9 $5.60m $4.81m $9.37m $9.60m $11.29m 17.8% á

Research publications9 10 167.15 164.75 199.26 250.10 227.53 -9.0% â

1. Number of students at Census 1 each year.2. Student load includes inbound exchange students. EFTSL = Equivalent Full Time Student Load and for 2014 is based on September 2014 Reforecast.3. Disability and Indigenous percentages are as a proportion of all domestic students.4. First in family percentages are as a proportion of undergraduate (excluding 1 year honours) students only.5. Academic (Vice-Chancellor; Deputy Vice-Chancellor; Teaching and Research (Level A-E) staff).6. Non-academic (Administrative, Professional and Technical (APT) Level 1–10 staff; APT staff above award)7. Data is based on fi gures supplied to the Australian Government’s Department of Education (DE) as at 9 March 2014.8. Figures include research income reported to the Australian Government’s Department of Education (DE) through the Higher Education Research Data Collection (HERDC), as well as Research Block Grant funding received from DE.9. Data is based on year-to-date fi gures and is current as at time of publishing. HERDC fi gure for the year is not fi nalised and is unaudited.10. Weighted calculation reported to DE in the HERDC.

3Annual Report 2014

Vice-Chancellor and President’s reviewIn recent years the University of the Sunshine Coast (USC) has achieved high levels of growth while operating in a Higher Education sector that is increasingly competitive and more commercial and consumer-focussed in its underlying legislative structure.

2014 has continued that trend. In line with the goals set out in the Strategic Plan (2011–2015), USC maintained its outstanding profi le for excellence in teaching and student satisfaction, while witnessing very rapid growth in research outputs and recruitment of research intensive staff.

This year, USC also recorded growth of 41.7% in international students over the previous year, with international students now making up 11% of the 9,652 students.

USC is committed to increasing its student enrolments and also broadening its geographic footprint. This is illustrated by the new Gympie campus and a very substantial expansion of our engagement with schools and communities in Gympie, Fraser Coast, Moreton Bay and the north Brisbane corridor.

2014 has seen the continuation of campus infrastructure growth, setting us up for the future. The Learning and Teaching Hub and Resources Building were both opened in 2014 and construction commenced on the Engineering Learning Hub, as well as a 500 space multi-level car park. The car park initiative was facilitated by local philanthropists Roy and Nola Thompson who contributed $5 million towards the project.

Sustainability has long been a strategic priority for USC and while the concept extends beyond environmental sustainability, this facet of the model resonates with many of our students and staff. Each year we implement new sustainability initiatives, and whether it is withdrawing the sale of plastic water bottles, introducing biodegradable coffee cups, bike stations, nesting boxes for campus wildlife, the community garden project, our on-campus composting facility (OSCA) for food and garden waste, or our other sophisticated recycling systems—the new ideas often come from the USC community.

Throughout 2014 USC has matured its relationship with Sunshine Coast Council, leading to partnerships that will progress the prosperity of the wider Sunshine Coast community. The Sunshine Coast Futures Conference is a high impact example of this commitment, and similar relationships continue to develop with Gympie and Moreton Bay Regional Councils.

I thank all staff for their outstanding efforts in 2014 and look forward to shared accomplishments in 2015.

Professor Greg HillVice-Chancellor and President

Institutional forward planning 2015• Establish the University as a leader

in innovative use of immersive visualisation technologies.

• Strengthen student success through increased emphasis on student engagement, high quality courses and programs, life and learning support, and the quality of the on campus experience.

• Position the University for continued success in a changing higher education sector and funding environment through workplace effi ciencies, income diversifi cation and strong partnerships.

• Focus on consolidation of new academic program offerings and growth of existing programs.

• Continue to develop the University’s presence at South Bank and increase the University footprint.

• Strengthen research capacity and sharpen the focus on high quality research to raise the international reputation of the University.


Financial review

The University’s fi nancial position has continued to strengthen this year as a result of increased student load, reductions in operational expenditure and continuing increasing research and consultancy efforts.

Results for the year included an operating surplus of $38.6 million (2013: $20.4 million), with an operating margin of 17.9% (2013: 11.7%).

Income and expenditureTotal income for the year was $216.0 million—an increase of $41.3 million (23.6 percent) on the previous year. The increase was driven primarily by continued growth in Commonwealth-funded student places, receipt of $25.8 million in capital funding and receipt of signifi cant donations throughout 2014. Funds derived from government sources totalled $169.2 million or 78.3 percent of revenue (includes advance payments in relation to HECS-HELP and capital funding but excludes up-front student fees), an increase of $27.8 million (19.7 percent) on the previous year funding.

Expenses for the year totalled $177.5 million—an increase of $23.3 million (15.1 percent) expended in the previous year. This increase can be attributed to an increase in employee benefi ts due to the 3% administrative wage increase in May 2014 in addition to a $500 increase to the base of each classifi cation step under the Certifi ed Agreement effective 28 June 2014, increase in provisioning for long service and annual leave due to an ageing of the workforce, increased consultancy arrangements to maximise expertise, partnership and scholarship payments from contracted research grants.

Asset growthAt year’s end, the University’s net assets totalled $301.5 million—$66.9 million (28.5 percent) more than in the previous year. This refl ects the heavy investment in property, plant and equipment during 2014 with 3 new buildings and a 4th partially complete. In addition, the reduction of long term borrowings through regular premium payments and movements in leave provisions and a formal revaluation of land, buildings and infrastructure.

5Annual Report 2014

Budget vs Actual 2014 | Actual 2014 vs Actual 2013

2014 2013

ORIGINAL BUDGET$’000

AUGUST REFORECAST

$’000ACTUAL$’000

VARIANCE ACTUAL vs

REFORECASTACTUAL$’000

VARIANCE ACTUAL

2014 vs 2013

STATEMENT OF COMPREHENSIVE INCOME

Revenue and income from continuing operations 187,522 204,244 215,370 5% 174,060 24%

Expenses from continuing operations 170,185 173,995 176,834 2% 153,648 15%

Operating result after income tax for the period 17,337 30,249 38,536 27% 20,412 89%

Gain (loss) on revaluation of land and buildings, net of tax 0 0 28,316 100% (1,116) 2637%

Total comprehensive income attributed to members of the University of the Sunshine Coast 17,337 30,249 66,852 121% 19,296 246%

STATEMENT OF FINANCIAL POSITION

Current assets 85,278 88,207 83,862 -5% 75,870 11%

Non-current assets 213,884 223,700 257,493 15% 198,221 30%

Total assets 299,162 311,907 341,355 9% 274,091 25%

Current liabilities 21,899 26,288 25,494 -3% 24,201 5%

Non-current liabilities 11,662 13,987 14,490 4% 15,369 -6%

Total liabilities 33,561 40,275 39,984 -1% 39,570 1%

Net assets 265,601 271,632 301,371 11% 234,521 29%

Reserves 84,378 75,479 96,934 28% 68,618 41%

Retained surplus 181,223 196,152 204,437 4% 165,903 23%

Total equity 265,601 271,632 301,371 11% 234,521 29%

Data relates to Parent entity.


Basis of authorityThe institution was established under the Sunshine Coast University College Act 1994 and took its fi rst students in 1996. Full university powers were granted under the University of the Sunshine Coast Act 1998.

Functions and powersThe University’s functions are to:• provide education at university standard;

• provide facilities for, and encourage, study and research;

• encourage the advancement and development of knowledge, and its application to government, industry, commerce and the community;

• provide courses of study or instruction, at levels of achievement the Council considers appropriate, to meet the needs of the community;

• confer higher education awards;

• disseminate knowledge and promote scholarship;

• provide facilities and resources for the wellbeing of the University’s staff, students and other persons undertaking courses at the University;

• exploit commercially, for the University’s benefi t, a facility or resource of the University, including, for example, study, research or knowledge, or the practical application of study, research or knowledge, belonging to the University, whether alone or with someone else; and

• perform other functions given to the University under the Act or another Act.

The University’s powers are:Under the University of the Sunshine Coast Act 1998 the University has all the powers of an individual. It may, for example:

1. Enter into contracts;

a. acquire, hold, dispose of, and deal with property;

b. appoint agents and attorneys;

c. engage consultants;

d. fi x charges, and other terms, for services and other facilities it supplies; and

e. do anything else necessary or convenient to be done for its functions.

2. Without limiting subsection (1), the University has the powers given to it under its Act or another Act.

3. The University may exercise its powers inside and outside Queensland.

4. Without limiting subsection (3), the University may exercise its powers outside Australia.

Strategic frameworkThe Strategic Plan www.usc.edu.au/strategicplan is the University’s highest-level planning document, along with the Campus Master Plan. The role of the strategic plan is to articulate the broad goals and aims of the University over fi ve years. Specifi c strategies complementing the Strategic Plan are set out in four top level plans, which apply University-wide and drive resource allocations through the budget process. Supporting strategies guide the University’s involvement in international activities and regional engagement.

Operational Plans for individual cost centres support initiatives outlined in both the strategic and top level plans. All plans are reviewed and updated during the budget and planning process in September each year.

Annual review of operationsAs a review of its operations each year, the University of the Sunshine Coast measures its progress according to the goals and key performance indicators for four areas, as outlined by the Strategic Plan (2011–2015):

1. Enable access to the USC experience

2. Deliver high quality teaching, learning and graduate outcomes

3. Build research productivity and output signifi cantly

4. Develop USC for a sustainable future

The University of the Sunshine Coast is currently developing the next fi ve year strategic plan, and will again involve consultation with the University community. The Strategic Plan 2016–2020 will be presented to USC Council during 2015 for approval, with implementation from 2016.

Organisation

7Annual Report 2014

DESCRIPTION 2011 2012 2013 2014 2015

12,000 students by 2015(8,000 EFTSL)

6429.5

[6398.2]

6895.0

[6603.9]

7301.0

[7296.0]

7674.4

(7,952.1)

12,000 students

8,000 EFTSL

(8,505.3)

Low SES participation 18.1%

[19.1%]

18.5%

[18.8%]

19.1% 19.7% 20%

Student satisfaction National ranking in top quartile

[achieved]

National ranking in top quartile

[achieved]


[achieved]



Graduate outcomes Progress towards national average

[6% below]

Progress towards national average

[9% below]


[9% below]


Achieve national average

Research grants income $3,600,000

[$2,993,628]

$4,200,000

[$7,032,451]

$4,800,000

[$6,999,027]

$5,300,000

($8,700,000)

$6,000,000

Weighted publications 190

[164.75]

200

[199.26]

210

[244.03]

230

(260)

250

HDR students (Load) 120

[115.8]

130

[139.5]

140

[169.8]

150

(201.8)

155

HDR students (% in selected areas of research strength)

45%

[47.3%]

50%

[48.9%]

55%

[59%]

60%

(50%)

60%

Employment costs Less than 60%

[61.2%]

Less than 60%

[60.6%]

Less than 60%

[60.0%]

Less than 60%

(61.2%)

Less than 60%

Operating margin 4%

[7%]

4%

[7%]

4%

[9%]

4%

(6%)

4%

Capital improvements 8.5%

[13.6%]

8.5%

[20.6%]

8.5%

[14.9%]

8.5%

(19%)

8.5%

Target: the target set as per the Strategic Plan [actual]: the fi nal, full-year fi gure (forecast): the expected estimate, based on statistical/fi nancial modelling

The summary of key performance targets for the University is:


Forward planning for 2015 • Strengthen student success through

increased emphasis on the fi rst year experience, course and program quality, and timely access to life and learning support.

• Further develop productive partnerships with schools in our region, including through a guaranteed early offer scheme for students in local schools.

• Develop a new Student Commons and Retail Precinct at Sippy Downs to enhance students’ on-campus experience.

• Increase opportunities for students to access USC through greater provision of online learning.

Enable access to the USC experienceKey strategies:

• Recruit and support a diverse student population.

• Provide a high quality student experience.

• Develop a vibrant and healthy University community and identity.

• Engage with the regional community through educational, cultural, creative, economic and recreational activities.

• Extend learning opportunities throughout the region.

2014 saw growth in…StudentsAn intake of 3,797 new students pushed the University’s student population to 9,652 (including 1,057 international students) by Semester 1 census. The intake was a signifi cant increase on Semester 1, 2013 and translated to an overall increase of 8.4 percent in student numbers. The mid-year intake of 1,800 new students was strong compared to Semester 2, 2013.

InternationalisationAt Census 1 2014, there were 1,057 international enrolments, an increase of 41.7 percent compared to 2013. Student numbers from India and Nepal grew substantially with increases of 138 and 69 students respectively, compared to 2013. In 2014, international students accounted for 11.0 percent of all USC enrolments, from more than 70 countries.

ProgramsThe Bachelor of Nursing Science continued to be the most popular program at USC, with 216 new students enrolled at Semester 1 Census. The top 10 undergraduate programs (based on all enrolments) in 2014 were:

1. Bachelor of Nursing Science2. Bachelor of Primary Education3. Bachelor of Paramedic Science4. Bachelor of Social Science (Psychology)5. Bachelor of Occupational Therapy6. Bachelor of Sport and Exercise Science7. Bachelor of Business8. Bachelor of Arts9. Bachelor of Social Work10. Bachelor of Biomedical Science

Achievement highlights Achievement highlights for 2014 in relation to the key strategies of this strategic capability include the following:

The annual Creative Generation Excellence Awards in Visual Art, held at the USC Art Gallery, recognised excellence in senior visual arts throughout Queensland’s state and non-state schools. Delivered in conjunction with the Queensland Department of Education,

Training and Employment (DETE), the program was designed to raise community awareness about the high standard of arts education in Queensland secondary schools.

Developed by celebrity chef Jamie Oliver and delivered by his team at Jamie’s Ministry of Food Australia, with the support of the Sunshine Coast Council, a ten week nutritional cooking course was offered at USC over two cycles, to students, staff and members of the community.

USC’s Science Research Awards saw junior science students from 17 schools across the Sunshine Coast region compete at an event designed to nurture the minds of our next generation and provide an opportunity for them to engage with scientifi c academics.

A planned business based on beehives made from recycled plastic won the Innovation Centre Sunshine Coast’s annual Business Pitch competition where the entrepreneurs competed to win a share in $20,000 worth of cash and in-kind business support.

The newly opened Learning and Teaching Hub and its ‘Immerse Lab’, combined with facilities at USC Gympie, has provided USC with nationally recognised capability in visualisation learning. USC’s Nursing program in particular is amongst the best in Australia for student experience and practical-based, scenario driven learning.

Gardening Australia host and TV personality Costa Georgiadis attended the annual World Environment Day festival hosted by USC. Attended by thousands of people, the event fosters environmental awareness. Mr Georgiadis offi cially opened the University’s large composting machine OSCA (On-Site Composting Apparatus) as well as USC’s ‘Moving Feast’ community garden.

Sunshine Coast residents were invited to the Sunshine Coast Imaginarium, USC’s Open Day that this year provided a free festival for the community, including performances and presentations, attracting over 8,000 people to the USC Sippy Downs campus.

A record 1,850 Year 9 and 10 students from 38 schools from across the region took part in the University’s expanded Experience USC Day that gave students insight into industry and jobs through workshops on-campus.

STRATEGICPRIORITY ONE

REVIEW

The Regional Universities Network (RUN), of which USC is an active member, released submissions during 2014 that highlighted the signifi cant and diverse ways the University is helping to shape the greater Sunshine Coast region.

9Annual Report 2014

KPI 1.1: 12,000 students by 2015MEASURE PERFORMANCE

Actual full year student enrolments 9% increase in 20141

CommentIn September 2011, stretch targets were set for all fee types from 2012 to position the University for its target of 8,000 EFTSL by 2015. The September 2014 reforecast estimates an increase in load for 2014 to 7,952 EFTSL which is 9% above the fi nal 2013 value of 7,296 EFTSL. A revised estimate for 2015 of 8,505 EFTSL confi rms that the University will easily achieve this target.

The current estimate for 2014 of 7,952 EFTSL has resulted in an increase of 75 EFTSL above the September 2013 budget model. This turnaround is due to an improved mid-year intake for undergraduate Commonwealth supported students, and higher than estimated retention from Semester 1 to Semester 2.

With the highest number of international students in USC’s history being enrolled at Census 1, 2014 (1,057) which included 598 new students (+38%) and a strong mid-year intake, the total EFTSL is around 30% higher than last year. The increase in load continues to be distributed across all program types and faculties with postgraduate coursework load, in particular, well above that forecast in September 2013.

September 2014 ReforecastACTUAL ESTIMATES1

FEE TYPE 2010 2011 2012 2013 2014 2015

CSP EFTSL2 4,994.4 5,433.5 5,723.6 6,263.5 6,665.0 7,000.0

International EFTSL3 777.0 714.4 610.2 746.5 990.8 1,182.9

Fee Paying Domestic EFTSL4 231.9 209.2 230.7 252.6 269.3 295.4

Inbound Exchange EFTSL 30.9 41.1 39.4 33.4 27.0 27.0

Grand Total EFTSL 6,034.3 6,398.2 6,603.9 7,296.0 7,952.1 8,505.3

% increase 13.2% 6.0% 3.2% 10.5% 9.0% 7.0%

Enable access to the USC experience

STRATEGICPRIORITY ONE

PERFORMANCE

KPI 1.2: SES ParticipationMEASURE TARGET PERFORMANCE

Participation rate of students from low socio-economic backgrounds

20% participation rate of students from low socio-economic backgrounds by 2015

Achieve Compact agreement targets – 2011: 18.1%, 2012: 18.5%, 2013: 19.1%, 2014: 19.7%

2014 data not available from Australian Government until mid-2015

CommentFrom 2014 onwards the Australian Government will replace the low SES interim indicator with an indicator of SES based solely on geographical data at the SA1 level. The current interim indicator is utilised in the allocation of funding in the participation component of the Higher Education Participation and Partnerships Program (HEPPP). Allocations under the HEPPP will not be impacted until 2015. USC’s participation rate for domestic undergraduate students from low socio-economic backgrounds, based on the interim indicator, decreased slightly from 19.1% in 2011 to 18.8% in 2012. This rate (18.8%) is above USC’s compact agreement target of 18.5% for 2012 and also above the national rate of 14.8%. As noted above, the interim indicator is currently used for allocating funding for the participation component of the HEPPP and is also used to measure universities’ performance against compact agreement targets for low SES domestic undergraduate enrolments. Ranking for the interim indicator is not available, however in 2013 under the new SA1 measure, USC ranked 14th nationally (15th in 2012) for domestic undergraduate students.

Participation rates (%) for domestic undergraduate low SES students

2010 2011 2012 2013

PARTICIPATION RATES %5 USC NATIONAL USC NATIONAL USC NATIONAL USC NATIONAL

Low SES (Interim indicator)6 18.0% 14.3% 19.1% 14.6% 18.8% 14.8%

Low SES (CD measure)7 18.7% 15.5% 19.0% 15.7% 18.8% 16.1% 19.4% 16.5%

Low SES (SA1 measure) 18.0% 15.2% 17.6% 15.6% 18.1% 15.9%

1. 2014 and 2015 fi gures based on forecast data.2. CSP—Commonwealth Supported: includes TEP, TPP, Undergraduate and Postgraduate EFTSL.3. Includes International on campus and online award and non award enrolments.4. Includes Postgraduate, HDR, Headstart and Visiting domestic fee paying EFTSL and RTS.5. Domestic students with permanent home residence in Australia only.6. The DI interim measure of the Low SES Participation rate is based on the number of domestic undergraduate students with home addresses within the Low SES Census

Collection Districts (CD) and the number of students who are receiving selected Centrelink Student Income Support payments.7. Based on the number of domestic undergraduate students with home addresses within the Low SES Census Collection Districts (CD).


Forward planning for 2015• Strengthen curriculum design and

delivery through application of blended learning approaches.

• Support innovative developments in learning and teaching using the opportunities afforded by the new visualisation facilities in the Engineering Learning Hub.

• Explore further opportunities for fi eldwork and work integrated learning in programs to provide authentic learning experiences for students.

• Support staff in undertaking research and recognition activities in learning and teaching through University and national programs.

Deliver high quality teaching, learning and graduate outcomesKey strategies:

• Embed academic excellence in all teaching and learning activities.

• Support diverse learning and teaching styles to maximise student participation and success.

• Offer innovative programs, in particular via partnerships.

• Produce graduates with knowledge, skills and attributes to succeed in a world characterised by rapid change.

STRATEGICPRIORITY TWO

REVIEW

New programs approved for offer in 2015:• BU734 Master of Management• AR700 Master of International Development • AR642 Graduate Diploma in International

Development (exit pathway only)• AR550 Graduate Certifi cate in International

Development (exit pathway only)• AR702 Master of Professional Psychology• BU350 Bachelor of Business

(Supply Chain Management)• AR339 Bachelor of Design and Marketing• AB312 Bachelor of Laws / Bachelor of

Commerce (Financial Planning)• AB313 Bachelor of Laws / Bachelor of

Property Economics and Development• AR405 Bachelor of Psychology (Honours)• AR101 Diploma in Languages• AR645 Graduate Diploma in Psychology• AR111 Diploma in Social Science• BU101 Diploma in Business• AR115 Diploma in Communication• AB101 Diploma in General Studies• SE303 Bachelor of Education (Secondary) /

Bachelor of Science• AE304 Bachelor of Education (Secondary) /

Bachelor of Arts• ED306 Bachelor of Education (Primary)

(Graduate Entry)• ED307 Bachelor of Education (Secondary)

(Graduate Entry)• SC335 Bachelor of Health and Community

Care Management• SC373 Bachelor of Health Science

(Applied Health Promotion)• SC374 Bachelor of Health Science

(Applied Environmental Health)• SC375 Bachelor of Health Science

(Epidemiology and Public Health)• SC376 Bachelor of Health Science

(Health Communication)• SC320 Bachelor of Animal Ecology• SC385 Bachelor of Medical Science• SC425 Bachelor of Engineering (Civil)

(Honours)/Bachelor of Environmental Science

In the 2015 Good Universities Guide, USC was given a fi ve star rating for teaching quality for the ninth consecutive year.

USC won three Citations for Outstanding Contributions to Student Learning, from the Commonwealth Offi ce for Learning and Teaching (OLT).

Achievement highlightsAchievement highlights for 2014 in relation to the key strategies of this strategic capability include the following:

A Pro-Vice Chancellor position was established in 2014 to provide strategic leadership in student engagement and academic success at USC. Professor Karen Nelson took up the role during April 2014. The PVC (Students) focuses attention on student engagement and success through the Student Engagement Program (StEP). Initiatives in 2014 included monitoring student engagement and providing advice and supportive interventions with high priority students.

Environmental scientist and PhD student in Analytical Chemistry, Daniel Meloncelli; Education student exploring options for Indigenous schooling, Marnee Shay; double degree recipient Business/Commerce and former Sunshine Coast Young Citizen of the Year, Manual Barth; and accomplished veterinary surgeon and Bachelor of Environmental Science degree recipient, Marion Brown, received highly regarded Chancellor’s Medals in 2014.

Acclaimed American wildlife researcher Professor Henry ‘Hank’ Harlow, through an Australian Government Endeavour Executive Fellowship, consulted on the development of USC’s new Zoology major and Animal Ecology courses.

USC alumnus, Papuan teacher and Master of Education in TESOL (Teaching English to Speakers of Other Languages), Jil Lahallo, became USC’s fi rst graduate to win a coveted Fulbright Scholarship.

USC’s newly developed state-of-the-art visualisation learning facilities in the multimillion dollar Learning and Teaching Hub received two major design awards including a Queensland Master Builders Sunshine Coast award and Creston’s Education Project of the Year award.

2014 Outstanding Alumni of the Year were awarded to Dr Warish Ahmed, PhD 2006, a Senior Research Scientist in the Land and Water Flagship at CSIRO; Jessica Huddart, BA (Des&Mktg) 2006, Creative Director and Partner of design practice Josephmark; and Brendan Powell, MBA, 2006, co-owner and Director, Business Operations of Queensland Oztag.

11Annual Report 2014

KPI 2.1: Student satisfactionMEASURE TARGET PERFORMANCE

University Annual national comparative assessment in the CEQ Overall Satisfaction Index

Achieve national ranking in the top quartile for the CEQ Overall Satisfaction Index each year

2014 national data not available at time of publishing

CommentThe Australian Graduate Survey (AGS) captures a measure of graduate satisfaction through responses to the Overall Satisfaction Index (OSI). The OSI is a mandatory single item scale included in the Course Experience Questionnaire (CEQ) component of the AGS by all institutions. It seeks response to the statement “Overall, I was satisfi ed with the quality of this program”. The University reports on the performance for this scale as the percentage of all respondents that ‘agree’ with the survey item (ie Agree or Strongly Agree).

The table below shows the USC undergraduate overall satisfaction compared to the national aggregated level. The University has performed strongly in the Overall Satisfaction Index from 2010 to 2013, ranking in the top quartile since 2010 and being above the national average (Table A Providers) in each of these years. USC’s percentage agreement for Overall Satisfaction was 87% for 2013, an increase on the previous year’s value of 86%.

CEQ Overall Satisfaction Index (Percentage Agreement)8,9 relative to the National value10

AGS SURVEY YEAR11

2010 2011 2012 2013 201414

University of the Sunshine Coast 86% 88% 86% 87% 87%

National 81% 82% 83% 83% n/a

Target Achieved Achieved Achieved Achieved n/a

KPI 2.2: Graduate OutcomesMEASURE TARGET PERFORMANCE

Annual national comparative assessment of graduate employment and graduates undertaking further study

Achievement of the national average for bachelor degree graduates in employment or further study by 2015

2014 national data not available at time of publishing

CommentThe Graduate Outcomes measure represents a combination of the number of graduates in their preferred mode of employment (in full-time work or in part-time work and not seeking full-time work) plus the number of graduates in further full-time study as reported through responses to the Australian Graduate Survey (AGS). This composite measure indicates a ‘positive graduate outcome’.

The table below shows that the proportion of USC respondents in their preferred mode of employment or further full-time study over the period 2010 to 2013 has been lower than the comparable national fi gure. The USC results of the 2013 AGS (71%) show a decline compared to 2012 (74%), while the differential between USC and the national fi gure remains the same (9%).

Importantly, the full-time employment prospects of USC graduates several years following graduation reports a more positive result. Findings from the latest Beyond Graduation Survey (BGS) indicate a differential of 3.7 percentage points between the proportion of USC and national bachelor degree graduates who completed studies in 2009 who were in full-time employment in 2013 (USC 86.5%; national 90.2%). This compares to a 12.7 percentage point differential measured by the AGS in 2010 approximately four months after graduation (USC 63.6%; national 76.3%).

USC and National10 Graduate Outcome results12, 2010-2014 AGS SURVEY YEAR11

2010 2011 2012 2013 201414

USC 74% 77% 74% 71% 74%

National 83% 83% 83% 80% n/a

Differential13 9% 6% 9% 9% n/a

Deliver high quality teaching, learning and graduate outcomes

STRATEGICPRIORITY TWO

PERFORMANCE

8. Combination of percentage of responses that Agree or Strongly Agree with the single Overall Satisfaction Index item. 9. Results are based on domestic and international undergraduate level students only.10. The national value and institution ranking are based on Table A higher education providers only.11. Data refl ects outcomes of students who completed their qualifi cation in the year prior to the Australian Graduate Survey (AGS) year, ie data for the 2013 AGS refl ects outcomes of students who completed their qualifi cation in 2012. The AGS is administered to graduates approximately four months after completion of their qualifi cation.12. Results are based on domestic undergraduate level students only.13. Values are rounded to whole numbers.14. 2014 national data not available at time of publishing.



Dr Paul Salmon, Director of USC’s Accident Research and Professor of Human Factors, received an Australian Research Council (ARC) Future Fellowship grant of more than $849,000 for his research project: The butterfl y effect in road transport: a new complex-sociotechnical systems approach to understanding and preventing road trauma. Dr Salmon’s collaborators include The University of Southampton, Heriot-Watt University and Monash University.

Research Fellow and expert in young novice driver road safety Dr Bridie Scott-Parker won a prestigious Early Career Fellowship of almost $310,000 from the National Health and Medical Research Council (NHMRC) to continue her work on a ‘safe systems’ approach to young driver road safety, with a particular focus on the development of drivers from their pre-licence period through Learner’s and Provisional phases.

Dr Adam Polkinghorne and Professor Peter Timms were part of a team that received a further Linkage project grant of $509,100 from the ARC for improving the diagnosis, management and control of chlamydial infections in Australian Livestock, which has included the development of a new technique that enables analysis of the whole bacterial genome of a chlamydia strain infecting an animal, directly from a swab. With Australia-wide husbandry interest, project collaborators include the University of Tasmania, NSW Department of Primary Industries, McMaster University Canada, Central West Livestock Health & Pest Authority, Vaccine and Infectious Disease Organization-International Vaccine Centre, North West Livestock Health & Pest Authority, Tablelands Livestock Health & Pest Authority, Advanced Theranostics Inc. and the McGarvie Smith Institute.

Professor Thomas Schlacher together with his colleague from Griffi th University received $334,700 to carry out groundbreaking local research into how marine ecosystems are interconnected, and what impact this has on their resilience.

USC’s Executive Dean of the Faculty of Arts and Business, Professor Joanne Scott, with Flinders University and Federation University, received $179,400 to explore the history of the Australian Assistance Plan.

OverviewResearch at USC is accelerating at an exciting pace. On a range of research performance indicators USC is exceeding most of its Key Performance indicators. Between 2013 and 2014 income has increased 14.8% to $8,056,743. 227.53 HERDC weighted publication points have been collected to-date and higher degree enrolments are now at 201.8.

With the recruitment of key staff into research focus areas over the reporting period, continued and sustained growth in our research quality and capacity is expected.

Over this reporting period USC has been preparing for the Excellence in Research for Australia where we expect to submit into 10 FOR 2-digit categories and 14 in 4-digit categories, compared to the last submission where we only had a volume to submit 10 (nine 2-digit and one 4-digit).

This increase in productivity is a consequence of careful and strategic planning to build our areas of research focus at a rapid rate, to propel us into becoming a ranked institution by 2020.

USC’s Pro Vice-Chancellor (Research) Professor Roland De Marco and Professor San Ping Jiang of Curtin University received $375,500 for their collaborative research into a highly effi cient new material to produce a new type of battery based on proton exchange membrane fuel cells. This research will allow Australia to be a leader in the development of innovative clean energy technology based on direct alcohol fuel cells and will involve cutting-edge research into materials engineering.

The annual University Research Week conference at USC, themed ‘Communicate, Collaborate, Celebrate’ with this year’s focus on ‘Research that matters’, attracted more than 330 academics, higher degree by research students and external guests. Over 66 presentations were showcased and three public seminars were coordinated, including Health Research @ USC, Writers Speak and a special presentation by Professor Tim Flannery on climate change, which attracted over 350 internal and external guests. A Research Expo, Art in Research exhibition and workshops were also presented during the week. PhD student Katryna Starks’ presentation titled ‘Game chang(h)er: Exploring the video game design elements that may impact the agency and identity of adolescent girls’ won the Three Minute Thesis competition with Katryna also competing in the Australian 3MT competition in Perth.

The USC Research Fellowship scheme continues to increase USC’s research capacity and in 2014 appointed the following Research Fellows:

• Dr David Lacey, a leading expert on identity crime and security related issues. Research areas include: examining socio-technical controls in preventing and detecting identity crime; developing performance architectures to evaluate verifi cation and authentication frameworks; and investigating the impact of cyber-enabled identity theft on consumer trust and engagement. Based at USC’s Innovation Centre, on 7 October 2014, Commonwealth Minister for Justice, Hon Michael Keenan launched a national support centre for victims of identity crime called iDcare, founded by Dr David Lacey.

• Dr Tristan Pearce, an experienced researcher in the area of geography, with a focus on the human dimensions of global environmental change and a particular emphasis on human-environment relations and Indigenous knowledge in environmental decision-making.

Build research productivityand output signifi cantlyKey strategies:

• Strengthen research capability.

• Develop research groups in disciplinary and cross-disciplinary areas.

• Focus research on regionally relevant and strategic areas.

• Leverage research outputs to enable productive partnerships.

STRATEGICPRIORITY THREE

REVIEW

USC microbiologists Dr Adam Polkinghorne and Professor Peter Timms and their team—who this year led the world’s fi rst successful fi eld trial of a vaccine against chlamydia in koalas—also earned a highly competitive Discovery Project grant of almost $460,000 from the ARC for their separate, but associated research, into how chlamydia causes blindness in koalas. This project will signifi cantly expand knowledge of the koala immune system and help benefi t koala conservation efforts both locally and nationally. Research collaborators include the University of Sydney, University of Maryland, and The Walter and Eliza Hall Institute of Medical Research.


Build research productivityand output signifi cantly

STRATEGICPRIORITY THREE

PERFORMANCE

KPI 3.1: Research grants incomeMEASURE TARGET PERFORMANCE

Total HERDC reportable income (all categories) $6,000,000 by 2015 (reporting on 2015 data)

$8,056,743

CommentThe targets for 2012 and 2013 were exceeded by over $2 million. Year to date fi gures indicate that the target for 2014 has been met. The signifi cant increase in grant income is due in part to the introduction of the new USC Research Fellow scheme, which resulted in large, funded projects being transferred to USC in 2012 and 2013, and the ARC and NHMRC application development program that the Offi ce of Research and the Pro Vice-Chancellor (Research) have implemented, which has resulted in higher quality applications for funding and an increased success rate. An assessment of USC’s national ranking will be provided once 2013 data has been released.

KPI 3.2: Weighted publicationsMEASURE TARGET PERFORMANCE

Total HERDC reportable publications (all categories) weighted

250 points by 2015 (reporting on 2015 data)

227.53

CommentAlthough the target was not reached in 2011 and a slight decrease in total weighted publications was reported for 2011 journal article points remain on track. There were a large number of publications provided for the 2011 collection (101 actual publications) which were not HERDC reportable as there was no USC by-line. This is generally an indication of publications produced by staff new to USC. The total publication points for 2012 was just short of the target although broadly on track. The 2013 fi gures exceed the target by more than 40 points and the 2014 year to date fi gures indicate that we are on track to meet the 2015 target.

Total HERDC Reportable Research Income ($) by category and per full-time equivalent (FTE) teaching and research (T&R) staff by yearGRANT INCOME ($) 2010 2011 2012 2013 YTD 201415

Competitive Grants 1,191,726 315,695 2,267,254 2,565,892 4,363,639

Public Sector Funding 1,620,848 1,174,789 1,918,173 2,268,537 1,573,771

Industry/Other Funding 795,270 894,891 1,760,530 1,564,660 1,364,565

CRC16 277,675 608,253 1,086,493 620,538 754,768

Total ($) 3,885,519 2,993,628 7,032,451 7,019,627 8,056,743

TARGET 3,600,000 4,200,000 4,800,000 5,300,000

Per FTE ($) 18,519 14,255 29,798 27,061 26,909

15. YTD 31 December 2014 fi gures. Subject to change. This is unaudited HERDC Income data. Data will be audited in June 2015.16. Income received from the Seafood Cooperative Research Centre (Seafood CRC) in which the University of the Sunshine Coast (USC) was defi ned within the

Commonwealth Agreement as a Participant.

Research publications (weighted) by category, by yearPUBLICATIONS (weighted) 2010 2011 2012 2013 201417

Books 5.00 10.83 10.00 13.21

Chapters 10.14 8.51 6.94 10.23 3.79

Journal Articles 119.38 120.39 159.13 188.30 212.99

Conference Publications 32.63 25.02 23.19 38.36 10.75

Total 167.15 164.75 199.26 250.10 227.53

TARGET 190.00 200.00 210.00 230.00

17. 2014 and 2015 data subject to change. Data for 2014 will be audited in June 2015. Data for 2015 will be audited June 2016.


KPI 3.3: Higher degree by researchMEASURE TARGET PERFORMANCE

Part A: HDR student enrolments by EFTSL 155 EFTSL by 2015 (Based on 2015 data) 169.8

Part B: HDR students aligned with existing and emerging areas of research strength

60% of HDR student load in selected areas of research strength by 2015 (Based on 2015 data)

59%

Comment (Part A)The total 2013 load target of 169.8 has been exceeded (+ 21.3%). An ongoing focus on Higher Degree by Research (HDR) students, in particular in relation to the Collaborative Research Network (CRN), USC Fellows and other funded grants is anticipated to see continued increases in enrolments in the future.

Higher Degree by Research (HDR) enrolments by EFTSL

2010 2011 2012 2013 201418

Arts and Business 46.4 49.1 62.0 77.3 87.5

Science, Health, Education and Engineering 65.3 66.8 77.5 92.5 113.8

USC Law School 0.5

Total 111.7 115.9 139.5 169.8 201.8

TARGET 120.0 130.0 140.0 150.0

KPI 3.2: Weighted publications (continued)Research publications (weighted) by category, by year

0

50

100

150

200

250

2014

2013

2012

2011

2010

TotalConference PublicationsJournal ArticlesChaptersBooks

Comment (Part B)Load in strength areas at 50% in 2013 is 5% below the target of 55%. In 2012, there was a major restructuring of the Research Concentrations at USC. The existing research area of Health Science does not represent a current research strength. In future reports, a new framework with appropriate baseline data will be proposed to represent the current Areas of Research Strength as refl ected by formally recognised Research Concentrations.

Proportion of Higher Degree by Research (HDR) EFTSL in selected areas of research strength

AREAS OF RESEARCH STRENGTH 2011 2012 2013 201418

GeneCology 21.3 31.0 23.3 29.3

Sustainability Research Centre 18.5 16.5 21.3 21.0

Health Science 15.0 20.8 40.8 49.8

Non-aligned 61.0 71.3 84.5 101.8

Total EFTSL 115.8 139.5 169.8 201.8

% of total in research areas of strength 47% 49% 50% 50%

18. 2014 values are based on Census 1 and 2, 2014 data. Figures are current at time of publishing.



In December 2014 USC received a $284,000 grant from the Commonwealth Government to lead a project team of seven regional universities to fi nd the best ways of delivering state-of-the-art education to future students in regional Australia.

USC’s two primary information management systems were commissioned for redevelopment in 2014. USC’s new, innovative, user-driven website was launched in December 2014; while progress has also been made in redeveloping USC’s staff and student intranets.

USC continued its involvement, with partners, in the planning of the Skills, Academic and Research Centre (SARC) at the new Sunshine Coast University Hospital. The SARC will provide opportunities for training and collaborative research between academics, students and health staff and is expected to open in November 2016.

The Sippy Downs Learning and Teaching Hub (Building E) opened for teaching in Semester 1, 2014. The three-level building includes lecture theatres and tutorial rooms, study areas, staff offi ces, a simulation suite (The Immerse Lab) and offi ce space for student support and service delivery. The $24 million project was jointly funded by the Australian Government, USC and the Sunshine Coast Institute of TAFE, and has won several design and building awards.

Construction of the 6,500 square metre, four-storey Engineering Learning Hub started in 2014 and will be open for teaching in Semester 2, 2015. The facility will be linked to the University of Southern Queensland, with visualisation facilities to enable collaboration in producing 3D scenarios in civil and mechanical engineering. The project also includes a standalone Engineering Structures Learning Laboratory that was completed in June 2014.

Funding for the facility was secured through a $30 million grant from the Australian Government’s Education Investment Fund Regional Priorities Round. USC will contribute a further $7.2 million to the project.

USC’s newest building, the Resources Building, was completed and occupied in October 2014. This new building, funded by USC, houses administration areas including Information Services, Information Technology Services, Marketing and Communications and Human Resources.

Front entry landscaping of USC’s Sippy Downs campus was completed in July 2014. The construction consisted of a new wetlands area and lake, a series of pathways and boardwalks, and a new ceremonial quadrant. The landscaping work will attract native fauna and provide areas for relaxation and contemplation, as well as research and small group teaching. The waterways have been populated with native fi sh species as part of the Campus Waterways Management Plan.

Construction started on Stage 2a of the USC Aquatic Centre in September 2014. This facility, funded by USC, will further develop the Sports Precinct by providing male and female amenities and change rooms for the swimming pool. The design encompasses a perimeter structure to improve protection from the elements and shade for spectators. The project is expected to be complete in February 2015.

A $10 million multi-level car park project is being delivered in two stages, with a 69-bay car park completed in August 2014. Construction of the 500-bay multi-level car park commenced in September 2014 and is due for completion in May 2015. The project has been jointly funded by USC and private donors Mr and Mrs Thompson.

Develop USC for a sustainable futureKey strategies:

• Develop and enable staff to manage change and contribute to the achievement of the strategic plan.

• Invest in and continuously improve information management systems, business processes and workforce planning.

• Advance the University through key strategic partnerships.

• Maximise opportunities to develop well designed, technology rich, sustainable University sites.

STRATEGICPRIORITY FOUR

REVIEW

Staff development opportunities in 2014• Academic development workshops in

lecturing and teaching

• Being Constructively Assertive

• Building Resilience

• Cross-cultural awareness

• Defusing Explosive Situations

• Emotional Intelligence

• EO (equal opportunity) online training

• Good Decisions Training

• Learning and Teaching Week

• Media Interview Training

• Mental fi rst aid workshops

• Mental health and wellbeing awareness

• Middle management forums

• Peer Assisted Teaching Scheme (PATS) and blended learning fundamentals through USC’s Centre for Support and Advancement of Learning ånd Teåching (C-SALT)

• Report Writing

• Research workshops in partnerships, publications and grants

• Self and Time Management

• Strategic Communications

• University Research Conference.

Senior staff appointmentsExecutiveDr Scott Snyder, Pro-Vice Chancellor (Corporate Services)

Professor Karen Nelson, Pro Vice-Chancellor (Students)

Offi ce of ResearchMichelle Searle, Director

USC International Greg White, Director


KPI 4.1: Employment costs as a percentage of total revenue (adjusted)MEASURE TARGET PERFORMANCE

Employee benefi ts costs as a percentage of total revenue (adjusted) Less than 60% 61.2%

CommentThe YTD 31 December 2014 employment costs as a percentage of total revenue (adjusted) result is 61.2%.

Employment costs includes associated fringe benefi ts tax and provisions for leave entitlements (long services leave and recreation leave) relevant to the general operations of the University (excludes employment costs associated with grants and agreements).

Total revenue (adjusted) refl ects operating revenue relevant to the general operations of the University. It excludes revenue received in relation to capital grant funding, donations and research agreements.

It is noted that the 2014 August Forecast for employee benefi ts costs as a percentage of total revenue (adjusted) is 61.7%.

Employment costs as a percentage of revenue (adjusted) for USCACTUAL19 FORECAST20

2010 2011 2012 2013 YTD 2014 2014 TARGET

USC 56.1% 61.2% 60.6% 60.0% 61.2% 61.7% < 60%

Develop USC for a sustainable future

STRATEGICPRIORITY FOUR PERFORMANCE

21. Actual values YTD 31 December 2014.22. Forecast values as per 2014-2016 August Reforecast.

KPI 4.2: Operating Margin (adjusted)MEASURE TARGET PERFORMANCE

Operating profi t as a proportion of total revenue (adjusted) 4% annually 6%

CommentThe Operating Margin (Operating Profi t as a proportion of total revenue (adjusted)) of 6.21% as at 31 December 2014 exceeds the August Reforecast of 3.38%. The variance refl ects funds unexpended at 31 December 2014 relevant to revenues received in 2014 thereby requiring carry forward to 2015.

Total revenue (adjusted) refl ects operating revenue relevant to the general operations of the University. It excludes revenue received in relation to capital grant funding, donations and research agreements.

Operating margin (adjusted) for USCACTUAL21 FORECAST22

2011 2012 2013 YTD 2014 2014 TARGET

USC 7% 7% 9% 6% 3% 4% annually

19. Actual values YTD 31 December 2014.20. Forecast values as per 2014-2016 August Reforecast.0

10

20

30

40

50

60

70

80

Actual

20142013201220112010

0%

2%

4%

6%

8%

10%

12%

14%

16%

Actual

2014201320122011


23. Actual values YTD 31 December 2014.24. Forecast values as per 2014-2016 August Reforecast.

KPI 4.3: Capital ImprovementsMEASURE TARGET PERFORMANCE

Proportion of operating funds invested in capital related projects 8.5% annually 19.0%

CommentAs part of the planning framework the University identifi es the strategic asset requirements of the University, details of which are published in the Strategic Asset Management Plan (SAMP). Each year a portion of the University’s operating funds are allocated to the SAMP along with any external funding and available cash reserves to complete the SAMP project listing.

University operating funds largely consist of revenues generated by student load, commercial activities and investment income.

It is noted that not all projects are completed within the year of allocation therefore the key performance indicator for the current and future years is based on the latest budget forecast (2014 August).

The above target KPIs over the 2014-2016 period is refl ective of the University’s commitment to investing in Information Technology resources for learning, teaching and research. In addition, the commitments to continual building and infrastructure construction as a result of growth in student load and research capacity.

Capital projects expenditure as a portion of total operating funds

ACTUAL23 FORECAST24

2011 2012 2013 YTD 2014 2014 2015 2016 TARGET

USC total operating funds ($’000) 109,595 122,239 139,789 156,310 151,241 157,951 166,252 8.5% annually Capital projects expenditure ($’000) 14,937 25,130 20,871 29,767 26,432 24,326 13,781

Proportion (%) 13.6% 20.6% 14.9% 19.0% 17.5% 15.4% 8.3%

0%2%4%6%8%

10%12%14%16%18%20%

2014201320122011

Actual

22%


Faculty of Science, Health, Education and

Engineering

School of Education

School of Nursing and

Midwifery

School of Science and Engineering

School of Health and

Sport Sciences

University leadership (principal offi cers)Vice-Chancellor and President University CEO, responsible to University Council for strategic development, organisational leadership and day-to-day operations of the University.

Professor Greg Hill CertTeach Qld, BA(Hons) Qld, PhD Qld

Commenced as Vice-Chancellor and President, University of the Sunshine Coast in 2011 following a term of offi ce as Vice-Chancellor and President Designate from June 2010 and Deputy Vice-Chancellor from 2005–2010. Lead Vice-Chancellor, Universities Australia Indigenous Higher Education; Member, Australian Government Aboriginal and Torres Strait Island Higher Education Advisory Council; Member, Universities Australia; Foundation Member, Regional Universities Network; Board Member, Education Australia Limited; Board Member, IDP Education Pty Limited; Member, Queensland Tertiary Admissions Centre Ltd; and Fellow, Queensland Academy of Arts and Sciences. Charles Darwin University—Foundation Professor of Tropical Environmental Science 1995–2004; Dean 1997–2004. Program Leader, Tropical Savannas CRC; Director, Centre for Tropical Wetlands Management; Chair, Northern Territory Board of Studies; Member, Kakadu National Park Research Advisory Committee; Member, AVCC Indigenous Advisory Committee. University of Queensland 1979–1994—Reader in Geographical Sciences; Director, ARC Key Centre in Land Information Studies. Research interests in remote sensing, wildlife ecology, resource management, environmental planning and education. National recognition for research, teaching innovation and technology transfer to developing countries.

Governance

School of Social Sciences

Office of the Vice-Chancellor and President

School of Communication

Faculty of Arts and Business

Office of Research

Office of the Pro Vice-Chancellor

(Research)

Executive Projects Unit

School of Business


(Students)

Student Life and Learning

AcademicSecretariat

Student Administration

Office of the Pro Vice-Chancellor (International and Quality)

USC International

Marketing and Communications


(Corporate Services)

Facilities Management

Financial Services

Human Resources

Information Technology

Services

Development Office

Office of the Pro Vice-Chancellor (Engagement)

Innovation Centre Sunshine

Coast Pty Ltd

Office of the Deputy

Vice-Chancellor

Strategic Information and Analysis

Unit

USC Gympie

USC Law School

Information Services

Centre for Support and

Advancement of Learning

and Teaching


Deputy Vice-Chancellor Chair of Academic Board, overseeing the academic functions (learning and teaching) of the University, with responsibility for related support areas such as the Centre for Support and Advancement of Learning and Teaching, Information Services, Strategic Information and Analysis Unit, USC Gympie and USC Law.

Professor Birgit Lohmann BSc (Hons) Adel., PhD Flin.

Appointed to the University in 2010, taking up the position of Deputy Vice-Chancellor from February 2011. Chair of Academic Board and Promotions Committee, member of University Council, Executive, Honorary Awards Committee, Senior Staff Forum and Student Liaison Committee. Previously Head of the School of Science and Director of the Centre for Quantum Dynamics at Griffi th University and Pro Vice-Chancellor (Learning and Quality) at the University of Adelaide. Member of the Regional Universities Network Deputy Vice-Chancellor Academic Group, member of the Universities Australia Deputy Vice-Chancellor/Pro Vice-Chancellor (Academic) Group, member of the Offi ce for Learning and Teaching Grants Standing Committee and Deputy Chair, QTAC Board. Research interests in atomic and molecular physics.

Pro Vice-Chancellor (International and Quality)Oversees, manages and provides advice on internationalisation, quality assurance and improvement, organisational and program reviews, and marketing and communications.

Professor Robert ElliotBA(Hons) NSW, MA La Trobe, DipEd Melb., PhD Qld

Pro Vice-Chancellor (International and Quality) and Professor of Philosophy. A founding staff member of the University. Member of University Council, University Executive, and Learning and Teaching Committee, Deputy Chairperson of Academic Board and Chairperson of the Internationalisation Advisory Committee. Former foundation Dean of Arts and subsequently Dean, Faculty of Arts and Social Sciences, University of the Sunshine Coast, from 1995–2005.

Pro Vice-Chancellor (Corporate Services)Oversees the University’s planning, budgeting, infrastructure, human resources, fi nancial and information technology services and implements internal controls and risk management systems.

Dr Scott Snyder (from 23 June 2014)PhD Adel

Appointed to the University in June 2014. Attends meetings of University Council, Planning and Resources Committee and Audit and Risk Management Committee. Previously, from Charles Darwin University where he held the role of Chief Operating Offi cer, and has also held roles as Executive Dean and Pro Vice-Chancellor.

Pro Vice-Chancellor (Corporate Services) Oversees the University’s planning, budgeting, infrastructure, human resources, fi nancial and information technology services and implements internal controls and risk management systems.

Bernard Lillis (until 11 April 2014)BA (Hons), FCMA

Appointed to the University in July 2013. Attends meetings of University Council, Planning and Resources Committee and Audit and Risk Management Committee. Previously, Chief Operating Offi cer and Registrar at University of Southern Queensland. General management experience includes the integration of sustainable university resource planning and budget management with governance, risk and legal services, fi nancial services, human resources, facilities management, ICT services, marketing and advancement, student and academic services, technology transfer, commercial services and student residential accommodation.


Pro Vice-Chancellor (Research) Oversees, manages and advises on University research activity, aligning research effort with the University’s goals and advancing the research profi le of the University.

Professor Roland De Marco BSc, MSc RMIT, PhD La Trobe, MRACI

Appointed to the University in 2010, taking up the newly-created Pro Vice-Chancellor (Research) role from January 2011. Member of Academic Board and Chairperson of the Research Management Committee. He is Member of the Board of the SmartWater Centre headquartered at Griffi th University, and previously served as Chair (2011-2012) of the Queensland Nuclear Magnetic Resonance Spectroscopy Network headquartered at The University of Queensland. He presently serves on the Australian Institute of Nuclear Science and Engineering (AINSE) Materials, Structures and Dynamics Specialist Committee. He is also a member of the Editorial Board of the Elsevier journal Sensors and Actuators B: Chemical, and is Handling Editor of the Elsevier journal Sensing and Biosensing Research. Previously Professor of Chemistry, along with Chemistry Department Head 2001–2007, Dean of Research in Science and Engineering 2007–2009 and Associate Deputy Vice-Chancellor (Research) 2010 at Curtin University. Recipient of the 2008 RACI Lloyd Smythe Medal for excellence in research in Analytical Chemistry.

Pro Vice-Chancellor (Engagement) Oversees the University’s links with its primary stakeholders and its regional community in achieving the teaching and learning and research priorities of the University.

Professor Mike Hefferan BA Qld, GradDipMgmt C.Qld, MAppSci, PhD QldUT

Pro Vice-Chancellor (Engagement) and Professor of Property and Development. Appointed to the University in 2008. Member of Academic Board, Executive and Foundation Board, and Chair of Innovation Centre Sunshine Coast Pty Ltd. Immediate past President of the Australian Property Institute (Queensland Division), Chair of the API’s National Education Board and board member of Regional Development Australia (Sunshine Coast) and the Sunshine Coast Business Council. Registered Urban and Rural Valuer, Fellow of the Australian Institute of Company Directors, Urban Development Institute of Australia, Australian Property Institute and Royal Institution of Chartered Surveyors.

Pro Vice-Chancellor (Students)Chair of the Learning and Teaching Committee, with responsibility for USC’s strategies for student engagement and success and oversight of the support areas of Student Administration, Student Life and Learning and Academic Secretariat.

Professor Karen NelsonBIT(Hons) QUT, PhD QUT

Appointed to the University in 2014 to take up the newly created role of Pro Vice-Chancellor (Students). Member of the Academic Board, and Chair of the Learning and Teaching Committee. Active research interests in student learning engagement, success and experiences of higher education, student retention, fi rst year in higher education and information and knowledge systems in organisations. Adjunct Professor in the Information Systems School, Science and Engineering Faculty at Queensland University of Technology.

Executive Dean, Faculty of Arts and Business Oversees the Faculty of Arts and Business, comprising the School of Business, School of Communication, School of Social Sciences, the Sustainability Research Centre and the Engage Research Cluster.

Professor Joanne Scott BA(Hons) Qld, GradCertEd QldUT, GradCertCulturalHtge Deakin, PhD Qld

One of the longest-serving members of the University. Became the inaugural Head of the School of Social Sciences (2006-2010), and chaired USC’s Learning and Teaching Committee (2007–2010). She commenced her current role as Executive Dean of the Faculty of Arts and Business in January 2012. Member of Academic Board, Executive, Planning and Resources Committee, Senior Staff Forum, and Equity Advisory Committee. Research interests include Australian and oral history.


Executive Dean, Faculty of Science, Health, Education and Engineering Oversees the Faculty of Science, Health, Education and Engineering, comprising the School of Science and Engineering, School of Education, School of Health and Sport Sciences, School of Nursing and Midwifery, GeneCology Research Centre and several research clusters.

Professor John Bartlett BSc (Hons) Newcastle, PhD Newcastle

Appointed to the University in 2011, taking up the position of Executive Dean, Faculty of Science, Health, Education and Engineering in February 2012. Member of Academic Board, Executive, Innovation Centre and Industry Advisory Group, Senior Staff Forum and Equity Advisory Committee. Previously Head of the School of Natural Sciences and Dean-Elect of the School of Science at the University of Western Sydney and Acting Head, Institute of Materials Engineering and Science at the Australian Nuclear Science and Technology Organisation. Research interests include materials chemistry and nanotechnology.

University Council (governing body)Under the University of the Sunshine Coast Act 1998, the University is governed by an 18-member Council representing University and community interests.

Council has the power to manage and control University affairs, property and fi nances, and appoint University staff. Where allowed under the Act, Council may delegate its powers to an appropriately qualifi ed member of Council or member of the University’s staff; or to an appropriately qualifi ed committee that includes one or more members of Council.

The Council met six times in 2014. Additionally, an overnight Council Retreat was held and councillors participated in a number of other special engagement activities throughout the year, including lunch with members of the local Gympie Regional Council and other key stakeholders in Higher Education from the Gympie region.

Council leadershipChancellorLeads Council and presides at Council meetings.

John M Dobson OAM

Elected Chancellor in 2007 for an inaugural term from 1 April 2007 to 31 March 2012. Re-elected in 2011 for a term from 1 April 2012 to 31 March 2017. Member of the University Council since 1997. Parish Priest of Caloundra Parish between 1982 and 2012, Dean of the North Coast Deanery within the Catholic Church between 1992 and 2012. Contributions to the community include founding privately-funded residential care facilities for the aged and for people with intellectual disabilities, co-founding a retirement village and a comprehensive college (in partnership with the United Church) and developing support groups for prisoners and their families.

Deputy ChancellorActs as Chancellor in the absence of the Chancellor or when the offi ce of Chancellor is vacant.

David JeffriesBCom Qld, FCA, FAICD, FFin

Re-elected as Deputy Chancellor in March 2014 for a two year term commencing 5 March 2014. Member of University Council since August 2006. Member of Foundation Board in 2008 and 2009. Chairperson of Planning and Resources Committee (PRC) since 2010 and member of PRC since August 2006. Fellow, Institute of Chartered Accountants in Australia, Australian Institute of Company Directors and Financial Services Institute of Australasia. Business contributions include numerous positions as company director/adviser, and as senior executive in the fi nancial services sector: Deputy Chief Executive of Bank of Queensland Limited, Chief Executive Offi cer of First Australian Building Society, State Chairman of the Institute of Chartered Accountants, Australian representative on the Financial and Management Accounting Committee of the International Federation of Accountants.


Council membershipThe Council comprises three offi cial members, six members appointed by the Governor in Council, fi ve elected members and four additional members appointed by the Council. The term of offi ce of the majority of members is four years. The term of offi ce for student members is two years. 2014 was the fi rst year of the Seventh University Council.

The Council membership for 2014 was as follows:

Chancellor John M Dobson OAM

Deputy Chancellor David Jeffries, BCom Qld, FCA, FAICD, FFin

Vice-Chancellor and President Professor Greg Hill, CertTeach Qld, BA(Hons) Qld, PhD Qld

Chairperson of the Academic Board Professor Birgit Lohmann, BSc (Hons) Adel., PhD Flin.

Six members appointed by the Governor in Council Dr Suzanne Innes, BA(Hons), BEdSt Qld, GradCertTESOL UNE, MSchM EdD C.Qld

David Jeffries, BCom Qld, FCA, FAICD, FFin

Julie-Anne Mee, BBus C.Qld, MAdmin Griff., FCPA

Debra Bennet

Jacquelyn Wright, BBus(Comp) NTU, Master of Computing Studies Deakin, GDipEd(Adult) S.Aust., GDipEd(Primary) NTU

Bruce Cowley, BCom, LLB(Hons) Qld, FAICD

Two elected members of the University’s academic staff Professor Robert Elliot, BA(Hons) NSW, MA La Trobe, DipEd Melb., PhD Qld

Dr Mark Sayers, BAppSci CCAE, MAppSci Canberra, PhD RMIT

One elected member of the University’s general staff Jon Dickins, BA (Hons) Griff.

Two elected members of the student body Sonya Wallace, BNursSc USC, GCertPR USC, MACN

Chelsea Wallis, BBus, GCEcon, GCA (Pol&IR), JP(Qual), MQJA

Four additional members Robert Hubbard, BA(Hons), FCA, MAICD

Natasha Read, BCom Griff., MBA Sunshine Coast, FAIM, GAICD

Scott Williams AM, QDAH Qld, BEc, GradDipCompSc, GradDipFinMangt, GradDipRurAcc NE, HonDLitt NE, FAICD

Emeritus Professor Gerard Sutton AO, BE(Hons), MEngSc UNSW, PhD CUA, HonDSc UOW

Council SecretaryBernard Lillis, Pro Vice-Chancellor (Corporate Services) and Council Secretary (until 11 April 2014)

Dr Scott Snyder, Pro Vice-Chancellor (Corporate Services) and Council Secretary (from 23 June 2014)


Council decisions in 2014In 2014, Council:

• Approved appointments to Council and its committees

• Noted 2014 Corporate Performance Reports against the Key Performance Indicators in the University’s Strategic Plan (2011-2015)

• Noted reports on 2014 performance against the University’s top level plans (2011-2015)

• Considered the results of the End of Term Evaluation of the Sixth Council

• Endorsed proposed amendments to the University of the Sunshine Coast Student Guild Constitution

• Re-elected the Deputy-Chancellor for a two-year term

• Noted that the Audit and Risk Management Committee was of the view that the University’s 2013 Annual Financial Statements were compliant with the Australian Accounting Standards and appropriate for sign-off

• Approved that the membership fee for the Student Guild be the sum of $10 for the calendar year 2015, for Ordinary Members

• Endorsed the process by which the allocations to the Student Guild from the Student Services and Amenities Fund had been derived

• Noted the 2013 Student Guild Audited Annual Financial Statements

• Noted the Annual Reports on:

– Activities of the Foundation Board– Programs accredited, reaccredited or discontinued– Awards conferred– Sustainability management

• Approved amendments to the Schedule of Delegations and Preamble

• Approved the planned expenditure of a cash donation in excess of $100,000

• Noted quarterly reports on Facilities Management

• Approved a proposal from the Program Accreditation and Course Approval Working Group of Academic Board, regarding changes to the processes for Program Accreditation and Course Approval

• Approved the naming of a building, which had been donated to USC

• Approved changes to the composition and Terms of Reference of the Academic Board

• Noted the 2013 Institutional Performance Portfolio Report

• Approved the Vice-Chancellor and President’s (VCP’s) 2014 Key Performance Indicators

• Approved the 2013 December Outcomes Report of the University Consolidated Budget

• Approved the April 2014–2016 Reforecast University Triennial Budget

• Approved the 2014 June Budget Outcomes Report

• Approved the 2014 August Reforecast of the University’s Consolidated Budget

• Adopted the 2015–2017 University Triennial Budget

• Approved the 2014 September Outcomes of the University Consolidated Budget

• Approved the change of the internal audit resourcing model to a co-sourced model

• Approved the 2015 Strategic Asset Management Plan

• Approved the establishment of a new Controlled Entity—USC Retail Pty Ltd (USC Retail).

New policiesIn 2014, Council:

• Approved the Naming—Governing Policy

• Approved the Animal Ethics—Governing Policy

• Approved the Equity and Diversity—Governing Policy

• Noted the new Preventing and Responding to Workplace Bullying—Managerial Policy.

Amended policiesIn 2014, Council:

• Approved amendments to the Honorary Awards—Governing Policy

• Approved amendments to the Use of the University Seal—Governing Policy

• Approved amendments to the Controlled Entities—Governing Policy

• Approved amendments to the Internationalisation—Governing Policy

• Approved amendments to the Delegations Framework—Governing Policy

• Noted amendments to the Anti-Discrimination and Freedom from Harassment—Governing Policy.

Rescinded policiesIn 2014, Council:

• Approved rescission of the Care and Use of Animals in Teaching and Research Statement and Criteria for Review by Animal Ethics Committee

• Approved rescission of the Equity—Governing Policy.


University committees

Academic Board The University’s Academic Board was established under the University of the Sunshine Coast Act 1998 as the University’s senior academic body.

In 2014 its members included: • Deputy Vice-Chancellor [Chairperson]

• Pro Vice-Chancellor (Research)

• Pro Vice-Chancellor (International and Quality)

• Pro Vice-Chancellor (Engagement)

• Pro Vice-Chancellor (Students)

• Faculty Executive Deans

• Faculty Associate Deans (Learning and Teaching)

• Faculty Associate Deans (Research)

• Chairpersons of Academic Board standing committees

• Heads of Schools

• Three elected academic staff members from each faculty

• One undergraduate and one postgraduate student

• External representative of TAFE

• Director, Student Administration

• Director, Student Life and Learning

• Director, Centre for Support and Advancement of Learning and Teaching

• Director, Information Services.

The role of the Academic Board is to: • advise Council on teaching, scholarship and research matters

concerning the University

• formulate proposals for academic policies of the University

• monitor the academic activities of the University’s faculties

• promote and encourage scholarship and research at the University.

In 2014 the Academic Board met six times. The Board did not receive any remuneration in 2014.

The terms of reference of Academic Board in 2014 were as follows: 1. To monitor academic integrity and academic standards, and assure the

quality of teaching, research and research training

2. To foster discourse and deliberation on issues related to higher education through informed and open discussion

3. To approve and amend academic policy

4. To foster excellence and innovation in teaching, learning, scholarship and research

5. To advise Council and make recommendations where appropriate on the academic strategic directions and practices of the University

6. To accredit and where appropriate recommend to Council regarding the introduction of new programs

7. To approve any new courses, signifi cant program amendments and program and course discontinuations

8. To confer academic awards of the University, other than Honorary awards.

Academic Board decisions in 2014 Strategic and academic quality assurance developments in 2014 included: • Academic Board monitored programs to ensure compliance with the

Australian Qualifi cations Framework.

• Academic Board approved initial faculty responses to reviews of the following programs:– Justice and Legal Studies– Social Science– Business– Paramedic Science– Biomedical Science and Medical Laboratory Science

• Approved the recommendations of the Report of the Role of Program Leader Working Group.

• Approved the Implementation Plan for the Report on Review of Academic Board.

• Approved the establishment of an Embedding Aboriginal and Torres Strait Islander Knowledges and Perspectives in Curriculum Working Party

• Approved the Blended Learning Strategy.

Policy developments in 2014 included: • Approved the renaming and revision of the Research Centres—

Academic Policy to the Research Concentrations—Academic Policy

• Approved the new Higher Degrees by Research—Academic Policy

• Approved the rescission of the Doctoral Degrees—Academic Policy

• Approved the rescission of the Research Masters Degrees—Academic Policy

• Approved the new Learning and Teaching Grants, Awards and Fellowships—Academic Policy

• Approved the rescission of the Learning and Teaching Grants Scheme (LTGS)—Academic Policy

• Approved the new Academic Timetable—Academic Policy.

Academic Board accredited the following programs in 2014: • BU734 Master of Management

• SE303 Bachelor of Education (Secondary) / Bachelor of Science

• AE304 Bachelor of Education (Secondary) / Bachelor of Arts

• AR700 Master of International Development,

• AR642 Graduate Diploma in International Development (exit pathway only)

• AR550 Graduate Certifi cate in International Development (exit pathway only)

• AR702 Master of Professional Psychology

• BU350 Bachelor of Business (Supply Chain Management)

• AR339 Bachelor of Design and Marketing

• AB312 Bachelor of Laws / Bachelor of Commerce (Financial Planning)

• AB313 Bachelor of Laws / Bachelor of Property Economics and Development.


• AR405 Bachelor of Psychology (Honours)

• AR101 Diploma in Languages

• SC335 Bachelor of Health and Community Care Management

• AR645 Graduate Diploma in Psychology

• ED307 Bachelor of Education (Secondary) (Graduate Entry)

• SC373 Bachelor of Health Science (Applied Health Promotion)

• SC374 Bachelor of Health Science (Applied Environmental Health)

• SC375 Bachelor of Health Science (Epidemiology and Public Health)

• SC376 Bachelor of Health Science (Health Communication)

• SC377 Bachelor of Health Science (Prosthetics and Orthotics)

• SC320 Bachelor of Animal Ecology

• SC385 Bachelor of Medical Science

• SC425 Bachelor of Engineering (Civil) (Honours) / Bachelor of Environmental Science

• BU101 Diploma in Business

• AR115 Diploma in Communication

• AB101 Diploma in General Studies

• AR111 Diploma in Social Science.

Academic Board approved the discontinuation of the following programs: • ED501 Graduate Certifi cate in Professional Learning

• AE301 Bachelor of Education / Bachelor of Arts

• BE301 Bachelor of Education / Bachelor of Business

• SE301 Bachelor of Education / Bachelor of Science

• BU733 Master of Management

• AR505 Graduate Certifi cate in Arts

• SA305 Bachelor of Arts / Bachelor of Science (Psychology and Exercise Science)

• AB303 Bachelor of Arts / Bachelor of Business (Design and Marketing)

• AB306 Bachelor of Arts / Bachelor of Business (Psychology and Human Resource Management)

• SB302 Bachelor of Business / Bachelor of Science (Sport Management)

• AB302 Bachelor of Arts / Bachelor of Business (Marketing Communication)

• SA303 Bachelor of Arts / Bachelor of Health (Human Services and Health Promotion

• SC708 Master of Climate Change Adaptation and SC608 Graduate Diploma in Climate Change Adaptation (exit point only)

• SC525 Graduate Certifi cate in Sustainability

• AR201 Associate Degree in Arts (retained as an exit point for some Faculty of Arts and Business programs)

• SC318 Bachelor of Environmental Health Science

• SC334 Bachelor of Health Promotion.

In 2014, the Academic Board also approved the following: • A process for future elections of members to Academic Board

• Annual Summary Report on Student Academic Misconduct for 2013

• Amendments to the Standing Orders for Academic Board and its Standing Committees

• Minor changes to the composition and terms of reference of its standing committees

• Introduction of 157 new courses

• Discontinuation of 18 courses

• Substantial changes to programs

• Conferral of individual student awards.

In 2014, the Academic Board received the following:

• The 2012 and 2013 Annual Reports from the Sustainability Research Centre

• The 2013 Annual Report from the Forestry Industries Research Centre.

Audit and Risk Management CommitteeThe Audit and Risk Management Committee (ARMC) has fi ve major areas of responsibility:1. Monitoring internal control and risk management

2. Monitoring of internal audit activities

3. Monitoring of external audit activities

4. Oversight and appraisal of fi nancial reporting

5. Oversight of any fraud or ethics issues.

Membership of ARMC is approved by Council and consists of a minimum of four and a maximum of six persons, and includes the Chancellor ex offi cio, up to two members co-opted by the Chancellor and at least one other member of Council. At least one ARMC member must be a member of the professional accounting or audit bodies in Australia and have a professional accounting, management consultancy or audit background. Additionally, at least one member should possess expertise within the education sector. The initial term of offi ce of members is a period not exceeding three years, and may be extended for further terms subject to the composition and skill requirements of the Committee.

The ARMC’s activities in 2014 were in accordance with its Terms of Reference and had due regard to Queensland Treasury’s Audit Committee Guidelines. Four regular meetings and one special meeting of the ARMC were held in 2014. The Committee assessed reports on Risk Management, the Delegations review, Procurement Analysis, Fraud Control, Work Health and Safety, Workforce Planning (Safety Offi cers), Internal and External Audit Matters, Insurance, Legislative Compliance and the University’s 2013 Annual Financial Statements. A recommendation to Council was made by the Committee regarding a proposed new Internal Audit Business Model. A self-evaluation of ARMC was also conducted in 2014.

The outcomes of the Committee’s discussions and advice to Council were provided to Council via the minutes of its meetings.

The Audit and Risk Management Committee did not receive any remuneration in 2014.


Planning and Resources Committee

Chancellor’s Committee

Animal Ethics Committee

Human Research Ethics Committee

Learning and Teaching Committee

Research Degrees Committee

Honorary Awards Committee

Research Management Committee*

Internal Research Grants Sub-committee

Audit and Risk Management Committee

Academic Board

University Council

Art Acquisition Advisory Committee

Internationalisation Advisory Committee

Sustainability Advisory Committee

Academic Managers Forum

Deans GroupEquity Advisory Committee

Senior Staff Forum

Indigenous Advisory Committee

Executive

Regional Engagement

Advisory Committee

Student Liaison Committee

Sustainability Management Committee

Student Engagement Steering Committee

DeputyVice-Chancellor

Vice-Chancellor and President


Planning and Resources CommitteeThe role of the Planning and Resources Committee (PRC) is to recommend the strategic directions of the University to Council, in the context of development of the University’s plans and their resourcing strategies. The Committee also provides advice to Council on issues arising from these plans. The key areas of concern to the Committee are planning and strategy, fi nancial resources, asset management (including information technology) and human resources.

Members of the PRC include the Chancellor, the Deputy Chancellor (who currently chairs the Committee), the Vice-Chancellor and President, the Executive Dean of the Faculty of Arts and Business, three external members with specifi c expertise in strategic fi nancial management and planning and up to two members co-opted by the Chancellor. The Deputy Vice-Chancellor, Pro Vice-Chancellor (Corporate Services), the Chief Financial Offi cer, and the Director, Facilities Management attend meetings of the Committee and have participating, but not voting, rights.

Five meetings of PRC were held in 2014. Discussion focused on fi nancial matters, budget reports, reports from the University’s controlled entity (Innovation Centre Sunshine Coast Pty Ltd), planning matters including reports on outcomes for the key performance indicators in the University’s previous and current strategic and top level plans, and funding and progress of capital projects. The Committee also endorsed the Procurement Management Plan and Principal’s Project Requirements for a new multi-level car park at the Sippy Downs Campus.

The outcomes of the Committee’s discussions and advice to Council were provided to Council via the minutes of its meetings.

Recommendations to Council related to:• Reforecasts of the University Consolidated Budget

• Appointments to the Innovation Centre Sunshine Coast Pty Ltd Board of Directors

• Membership of the Planning and Resources Committee

• The 2015 Strategic Asset Management Plan

• The University’s Triennial Budget (2015-2017)

• The 2014 Top Level Plan Performance Reports

• The 2014 Corporate Performance Reports

• Relevant policies.

The Planning and Resources Committee did not receive any remuneration in 2014.

Honorary Awards CommitteeThe Chancellor chairs the fi ve-member Honorary Awards Committee, which seeks, considers and recommends to Council nominations for honorary awards, in accordance with the University’s Honorary Awards—Governing Policy. In addition to the Chancellor, the Committee’s composition includes the Vice-Chancellor and President, the Deputy Vice-Chancellor and up to three University Council members. The Honorary Awards Committee met twice in 2014 to consider nominations for honorary awards.

The following honorary awards were presented in 2014:Doctor of the University• Professor Ian Chubb AC

• Dr Thong Khon

• Bill Bailey

Senior Fellow of the University• Jim Varghese AM

• Raul Weychardt

• Ken Hicks

• Dr Ken Wishaw

• Ian McConachie AM

The Honorary Awards Committee did not receive any remuneration in 2014.

Monitoring qualityThe University conducts internal audits within the relevant terms of reference and has due regard to Queensland Treasury’s Audit Committee Guidelines. The University monitors overall quality through a system of reports against performance indicators and planned targets, and scheduled regular reviews and internal audits of performance. The latter often include input from external sources.

The Council, committees and senior managers monitor quality, performance, standards and outcomes via performance reports and data, particularly in relation to the University’s fi nances, Strategic Plan and thematic top-level plans such as those supporting access to the USC experience; delivery of high quality teaching, learning and graduate outcomes; building research productivity and output; and preparing USC for a sustainable future.


Improvement plans are developed in response to review and audit fi ndings and regular reports on progress in achieving those plans are provided to senior University staff and such bodies as the University Executive, Academic Board, Council committees and the Quality and Standards Committee.

During 2014, a scheduled major evaluative review of the Faculty of Science, Health, Education and Engineering was held.

Formal reviews of the following programs were also undertaken in 2014:• Associate Degree in Business

• Bachelor of Business

• Bachelor of Business (Human Resource Management)

• Bachelor of Business (International Business)

• Bachelor of Business (Management)

• Bachelor of Business (Marketing)

• Bachelor of Business (Tourism, Leisure and Event Management)

• Bachelor of Property Economics and Development

• Bachelor of Arts/Bachelor of Business (Design & Marketing)

• Bachelor of Business/Bachelor of Commerce (Accounting)

• Bachelor of Business/Bachelor of Commerce (Financial Planning)

• Bachelor of Business (Honours)

• Graduate Certifi cate in Business Research

• Bachelor of Social Science (Psychology)

• Bachelor of Social Science (Psychology)( Honours)

• Master of Psychology (Clinical)

• Associate Degree in Medical Laboratory Science

• Bachelor of Biomedical Science

• Bachelor of Nutrition

• Bachelor of Nutrition and Dietetics

• Bachelor of Regional and Urban Planning (Honours)

• Master of Regional and Urban Planning

• Bachelor of Paramedic Science

• Bachelor of Nursing Science

• Bachelor of Nursing Science: Graduate Entry

• Bachelor of Nursing Science/Bachelor of Midwifery

• Master of Midwifery

• Bachelor of Occupational Therapy.

There continued to be ongoing reporting and monitoring of progress in implementation of, and outcomes from, action plans arising from formal reviews held in 2013 or earlier.

The quality and standards framework is published online at www.usc.edu.au/quality

BenchmarkingDuring 2014 the University participated in a range of academic, industry and professional benchmarking activities as part of its quality assurance and continuous quality improvement processes. Cumulative inventories of benchmarking activities are maintained and updated annually. Benchmarking activities and fi ndings are used for identifying and planning improvement actions and setting or adjusting performance or improvement targets.

Controlled entities Council approved a Policy for the Establishment and Operation of Controlled Entities in December 2006.

Innovation Centre The University established the Innovation Centre Sunshine Coast Pty Ltd (ICSC) on 26 October 2000, under the University of the Sunshine Coast Act 1998 Part 2(6) with a free standing Board. The company’s mission is to support the start-up and growth of knowledge-based businesses and to promote benefi cial interaction between these businesses and the University of the Sunshine Coast (USC).

To cap off the year, in December 2014 ICSC was recognised as one of the top 10 university-based business incubators in the Asia and Oceania region by the UBI Index. The ICSC operates a 1500-square metre, purpose-built business incubator facility on the USC campus.

The ICSC provides a successful business incubator program, high-speed fi bre/wireless connections, fl exible offi ce space, video studio, business mentoring, investment readiness, extensive networking and event opportunities and collaborative links to USC research and talent. The ICSC mission, members and general activities are fully detailed at www.innovationcentre.com.au .

Dividends:No dividends have been paid or declared during or since the 2014 fi nancial year (2013: nil).

Review and results of operations:With an improving economic climate, the ICSC had a relatively strong year attracting 22 new member companies. ICSC occupancy has averaged 97% in 2014 and the quality of member applications has been impressive, with a strong focus on technology-based startups. Throughout 2014, the ICSC was home to 33 resident companies, 11associate companies and more than 140 entrepreneurs (including 16 students and 29 student interns). Many of these companies excelled in their respective fi elds, winning a total of 10 industry awards throughout 2014.

The ICSC net profi t / loss for the fi nancial year was a profi t of $59,684 (2013: profi t of $35,722) based on total revenue of $1,184,490 in 2014 (2013: $957,171). This result has increased retained earnings to $125,321. In addition, the ICSC received signifi cant in-kind support of $202,400 in 2014 (2013: $44,600) from contributors including:

• Big Air Sponsorship—providing $75,000 in ICT technical services;

• Microsoft BizSpark Program—providing approximately $48,000 of software to ICSC members;

• Poole Group—providing $2,500 of accounting and related services;

• ICSC Mentor Panel—providing approximately $55,300 of volunteered mentoring and advice; and

• ICSC Board of Directors—approximately $21,600 of volunteered time.


In 2014 the ICSC assisted members raise over $3 million in early stage capital and organised 25 business related events engaging 987 people, including 63 students. The ICSC and USC School of Business initiated the inaugural Startup Weekend Sunshine Coast which took place at the Innovation Centre on May 2-4 2014. The highly successful event attracted more than 190 attendees, 42 innovative pitches and 17 enterprising teams over a 54-hour period. The event secured signifi cant media coverage and the ICSC / USC were also mentioned in both Houses of Parliament. The event winner was USC School of Business (New Venture Establishment) student Wilfrid Watson-Russell from Phenomec.

The ICSC Business Pitch Competition saw Nano-Nouvelle win the investment pitch category (with CloudDC second). Sunshine Coast Mayor Mark Jamieson opened the event and there were three angel investors from Silicon Valley in attendance. The concept category was won by USC New Venture Establishment student: Anne Ross from Hive Haven. The ICSC also introduced a new category into the Sunshine Coast Business Awards (Best Entrepreneurial ICSC Startup of the Year Award which went to CloudDC in 2014).

In 2014, the ICSC/USC Entrepreneur in Residence role expanded, servicing ICSC clients, USC staff, students and the broader business community on the Sunshine Coast. This mentoring and business development advice is augmented by the CEO and 22 high-calibre mentor panel members. These mentors are experts in their fi elds and provide advice and support in all business areas including fi nance, marketing, commercialisation, IP, digital strategy, project management and HR. The ICSC also provided more than 1,300 hours of mentoring this year (553 hours by the Mentor Panel and 765 hours by the Entrepreneur in Residence and CEO, including 135 hours to students).

The ICSC UniConnect program has expanded in 2014 with a focus on student work-integrated learning opportunities. In 2014, 29 students undertook internships/work placements with ICSC companies, and 63 students attended various ICSC events. The ICSC Entrepreneur in Residence also provided over 130 hours of mentoring to USC students over the course of the year.

To cap off the year, in December 2014 ICSC was recognised as one of the top 10 university-based business incubators in the Asia and Oceania region by the UBI Index.

ICSC Board Members:• Professor Mike Hefferan (Chairperson)

• Mr Andrew Fern

• Ms Julie-Anne Mee (Company Secretary)

• Professor John Bartlett

• Mr Tim Eldridge

• Dr Kirsten Baulch.

The Board met fi ve times in 2014. The ICSC Board did not receive any remuneration in 2014.

Company Members:• Mr Mark Paddenburg (ICSC CEO)

• Ms Janet O’Hara (ICSC Board Minute Secretary).


Statutory obligations and complianceBest practice for governance The University complies with the Voluntary Code of Best Practice for the Governance of Australian Universities, as implemented by the industry body, Universities Australia.

In 2014 the University took into consideration the Queensland Government objectives for the community, including contributing to the goal of growing a four pillar economy by reducing Queensland’s unemployment rate to four per cent within six years.

Information privacy In compliance with Queensland’s Information Privacy Act 2009, the University has an Information Privacy Policy and associated procedures to ensure the appropriate management of personal information. A privacy statement is available on the University’s website and appropriate privacy statements are included on University forms. The Information Privacy Policy is available at www.usc.edu.au/privacypolicy

One formal request under the Information Privacy Act was processed in 2014.

Right to InformationIn compliance with Queensland’s Right to Information Act 2009, the University has a Right to Information Policy and associated procedures to provide requested information as easily as possible. The Publication Scheme on the University’s website, outlining the classes of information available publicly, is updated regularly. Requests for information are managed where possible through administrative release processes.

One formal request under the Right to Information Act was processed in 2014.

Workforce planning, attraction and retentionAs at 31 March 2014, the Full Time Equivalent (FTE) staffi ng was 1022, inclusive of casual staff. This was an 11 percent increase on 31 March 2013, with the growth remaining consistent with the University’s Workforce Planning process.

The 2013* staff retention rate increased to 93 percent. The 2013* separation rate decreased to seven percent.

The University maintains a number of key policies and procedures related to workforce development and management, including Workforce Planning and Staff Recognition and Reward.

Workplace health and safetyIn 2013*, USC average time lost to injury was 9.9 days per workers’ compensation incident, with a total of 10 claims accepted by WorkCover Queensland during the year.

The introduction of enhanced Health, Safety and Wellbeing strategies for the University continued during 2014, with initiatives including Health Safety and Wellbeing blogs, Health Safety and Wellbeing Blitzs which provide a suite of in-house activities ranging from ergonomic self-assessments and stretching sessions to risk assessment and incident reporting workshops. The implementation of new Risk Management Safety Software (RMSS) to assist in the safe placement of students whilst on workplace integrated learning was a major new initiative for the University.

* Figures are the most up-to-date available at time of publishing.

Equity and work-life balance initiativesEducation and awareness of equal opportunity in the workplace continued throughout 2014 with training sessions conducted by the Anti-Discrimination Commission Queensland and staff access to an online equal opportunity training package.

Workshops, including “Preventing Discrimination, Harassment and Bullying’, ‘Building Resilience and Capacity’, ‘Being Constructively Assertive’ and ‘Emotional Intelligence’, were conducted to support staff in the development of skills that will create healthy work-life balance.

In 2014, the University of the Sunshine Coast supported the Australian Human Rights Commission campaign “Racism. It stops with me.” USC committed to preventing racism by pledging to undertake activities over the next three years in support of the campaign, including adding the campaign logo and information about the campaign to the University’s website and promoting the campaign through internal communications.

The University allows for 26 weeks paid maternity leave to be paid on a 50 percent basis over the 52 week parental leave period. The University also provides fl exible work arrangements and job sharing options for staff returning from parental leave. A privately owned and operated childcare facility is available on campus for staff and students.

The University of the Sunshine Coast supports the Queensland Carers Charter as detailed in the Carers (Recognition) Act 2008, through fl exible work practices and remote access facilities for staff and students.

The University ensures staff and students are provided with relevant information and support as required. At the time of a staff member’s commencement USC provides information with regard to carer’s leave and fl exible working options to assist in their caring responsibilities. This information is available on the USC Portal for staff to access. The University’s Employee Assistance Program also includes provision of support to staff family members.

Staff are provided with the opportunity to comment on any proposed changes to policy relating to carer’s leave or fl exible working options. This includes conducting focus groups with affected staff members whose views are then taken into consideration in the formulation of those policies.

Due to the fl exible working options available at USC, staff who identify as carers are supported to meet both their work and caring responsibilities.

The University also has a Disability Action Plan to assist in providing equal access to quality education for the whole community; to improve the teaching and learning environment for students and staff; and to raise awareness of disability issues and responsibilities as a foundation for good practice in equitable service provision. The Plan was reviewed during 2014.

There is a range of disability support services and facilities available to staff and students, with all activities guided by the Disability Discrimination Act 1992. Support is tailored to the personal needs of staff and students, delivered by a qualifi ed Disability Services Offi cer. Examples of support services include physical access, visual aids and better hearing.

Performance management frameworkThe University has a Performance Management Policy and Performance Planning and Review (PPR) Policy and Procedures, with both ongoing and fi xed term staff participating in an annual Performance Planning and Review process.


Leadership and management developmentIn 2014 a number of staff development initiatives were facilitated to enhance the supervisory and leadership skills of University staff. These included topics such as the ‘The Conversation Series’, where individual sessions were conducted on challenging conversations, coaching conversations and change conversations, ‘Supervisor Essentials’, ‘Resilience and Capacity Development’, and ‘Leadership Essentials’. Additional development opportunities were also provided for executive and senior staff through both executive and senior staff retreats.

Enterprise agreementThe University’s current Enterprise Agreement has a nominal expiry date of 30 June 2013 and the University has continued negotiations with the National Tertiary Education Union (NTEU) for a new University of the Sunshine Coast Enterprise Agreement.

Student complaints and appealsThe University has a Student Complaints and Appeals Policy, which provides a framework to administer, manage and report on student complaints and appeals. In 2014, the Offi ce of the Deputy Vice Chancellor received and Investigated six formal complaints.

Ethical standardsIn compliance with the Public Sector Ethics Act 1994, the University’s Staff Code of Conduct—Governing Policy (the Code) defi nes acceptable conduct for staff of the University. The Code is shaped around four key ethical principles that are intended to guide ethical decision making and behaviour. The ethical principles are:

• integrity and impartiality• promoting the public good• commitment to the system of government• accountability and transparency.

Sessions on the Code are conducted in the Middle Managers Forums and Supervisor Essentials program. The University maintains a Staff Code of Conduct webpage to provide further education for staff, providing a basis for discussion at work area meetings on the meaning of the Code.

Corporate information systems and records management The continuing development of the University’s corporate information systems included the following activities in 2014:

• AV replacements (capital replacement): 10 venues, some 2013 funded, comprising 8 computer labs and 2 tutorial rooms were upgraded as part of Semester 1, 2014 preparation activities. 8 venues including Lecture Theatre 7 (including the installation of video-conferencing capabilities), Lecture Theatre 3, 2 computer labs, 3 tutorial rooms and 1 meeting room were upgraded prior to semester 2, 2014. During summer 2014/15, an additional 11 venues including the Innovation Centre Auditorium (fi rst phase for FAB fl ipped class room trial), building T gymnasium and adjoining café, all Noosa venues and other tutorial rooms will be upgraded. Each upgrade continues the transition from AMX to Crestron control realising signifi cant improvements in functionality, ease of use and supportability.

• PC replacements (capital replacement): the 2014 PC replacement program adopted a new funding model which centralised costs that were formerly borne by cost centres whenever laptops and higher specifi ed computers were replaced. This greatly simplifi ed the procurement and replacement process, reduced fi nancial system overheads by eliminating inter-cost centre journals and generated signifi cant good will. Wet lab replacements were deferred, at the request of FoSHEE’s Technical Services staff, until January 2015. All PC life-cycle activities are now undertaken from the ITS workshop in Building R.

• ePortfolio Implementation: Following the successful trial in 2013, the implementation of PebblePad saw the take up in courses gaining momentum in the blended learning environment. This roll out is to continue across 2015 which will also see an evaluation of the overall benefi ts.

• SIS Consolidated: Continuing from 2013, the key focus for this initiative in 2014 was the on-line admissions form (AAWS). This work is progressing and planned to provide an April 2015 delivery.

• Library Implementation Phase 2: Following the completion of Phase 1 (Discovery) in March, Phase 2 focussed on the procurement of a new Library system. Contract negotiations have been completed with implementation to commence early in 2015 for a planned completion mid-year.

• USC Digital Workplace / Enabling Technologies: Following the delivery of a proof of concept for SharePoint in 2013 and its subsequent evaluation in early 2014, the implementation of SharePoint enabling technologies was performed to support the development of the USC Digital Workplace. This is now well progressed with a beta release of MyUSC planned for January 2015. Travel Requisition workfl ow is planned for early 2015 with further functionality to be made available across the year.

• Unifi ed Communications: Together with the implementation of a contact support system (Geomant) in IT Services, the Unifi ed Communications initiative saw the rollout across the University of Lync desktop collaboration capabilities. The provision of Lync telephones is well progressed and will be completed in early 2015. This will also see the decommissioning of the PABX.

• Space and Asset Management: 2014 saw the implementation and signifi cant development of the space and asset management system which was released in December. With signifi cant benefi ts already being realised, this system will continue to be developed, have data populated and be further integrated in 2015.

• HR online timesheet: this system which was implemented in 2013, was piloted in early 2014 and adopted institutionally later in the year.

• HR eAppointments: Electronic appointment processing capability was implemented within the HR system in July 2014.

• Timetable System upgrade: The timetable system was upgraded in early 2014.

• COR109 Campus Solutions: This initiative, which will allow students to more readily migrate between tutorial groups in this core University course, was completed in September for use in semester 1, 2015.

• Load Model Phase 2: This initiative saw the development of improvements to the Load Model system.

• MexOps upgrade: The building maintenance system was upgraded in early 2014.

• Data Warehouse Implementation Planning Study: The implementation study was completed in August with the delivery of the Business Case. Development of the Data Warehouse will commence in 2015.

• Novell replacement: This initiative saw the implementation of a new self-service password reset system as well as the decommissioning of more than 30 Novell servers. A new identity management solution (FIM) was being tested late in the year for implementation in early 2015.

• HRP eRecruitment: The feasibility into eRecruitment was completed in early 2014 with the deployment of the on-boarding solution occurring by the end of the year, with adoption to occur in 2015.


• HR Risk Assessment: A HR risk assessment system was implemented early in the year.

• Planning and Reporting Tool Feasibility: The requirements for a corporate planning, risk and reporting tool were identifi ed and an appropriate solution determined. This system is to be implemented in 2015.

• IRM enhancement: This initiative saw the development of improvements to the Interim Results Module.

• Research Master Additional Modules: This project has focussed on business process reengineering for Grants, Ethics and Research Higher Degrees. Subsequent system implementation is to commence with deployment of the Grants eForms solutions in early 2015.

• Finance System upgrade: The Finance system upgrade delivered the deployment of remote fi nancial transaction approval on mobile devices and effi ciency in the attaching of supporting documentation. The project will continue into 2015 to support the development and deployment of additional BI Dashboards.

• Records Management Feasibility: This feasibility study has delivered the business requirements defi nition with a Request for Proposal (RFP) in early 2015 to deliver a Business Case for subsequent implementation.

• Program and Course Design: In 2014 this initiative focused on business process analysis and policy review and consultation. It is to continue in 2015 to determine future business processes and assess solution options for implementation.

• SQL Server 2012 upgrade: A SQL Server 2012 cluster environment was established in 2014 to support new systems with existing databases being migrated across 2015.

• Offi ce, Outlook and Internet Explorer upgrade: A pilot deployment of Offi ce 2013 occurred late in 2014 along with an IE browser upgrade. This was extended to all staff in December and will see the deployment to student computer environments for semester 1, 2015.

Records managementIn compliance with Queensland’s Public Records Act 2002, the University manages its records through a corporate recordkeeping system, a central team of specialised records and information offi cers, and designated records liaison offi cers in each faculty and cost centre. The Records Management Governing Policy outlines the framework for records management within the University. Internal audits are conducted on a rolling schedule to ensure appropriate records management and staff training is undertaken on a regular basis. In 2014, the Records Management Services unit was incorporated into a broader Information Management Services unit to provide a more coordinated approach to records and information management for the University.

Implementation of the University’s Information Management Strategy is continuing. The Strategy is designed to provide a vision, priorities and plan for the best use of the University’s information assets. It aims to take a holistic, sustainable approach to the development of robust systems infrastructure, sound information governance, and an organisational culture of information sharing.


University of the Sunshine Coast

Annual fi nancial report

Report by members of Council . . . . . . . . . . . . . . . . . . . . . . 34

Financial Statements Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Statement of comprehensive income . . . . . . . . . . . . . . . . 42

Statement of fi nancial position . . . . . . . . . . . . . . . . . . . . . 43

Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . 44

Statement of cash fl ows . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Notes to the fi nancial statements . . . . . . . . . . . . . . . . . . . 46

Statement of certifi cation . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Independent auditor’s report . . . . . . . . . . . . . . . . . . . . . . . 91


Financial StatementsReport by members of the University CouncilFor the year ended 31 December 2014

Council is the governing body of the University of the Sunshine Coast and is responsible for the governance of the affairs and concerns of the University. Council’s powers, duties and authorities are prescribed by the University of the Sunshine Coast Act 1998.

The members of the Council present their report for the 31 December 2014 financial year on the consolidated entity consisting of the University of the Sunshine Coast and controlled entity, the Innovation Centre Sunshine Coast Pty Ltd (ICSC).

It is recommended that this report be read in conjunction with the full details published in the 2014 Annual Report. The Annual Report provides a comprehensive record of the University’s performance in 2014, plans for the future and achievements documented against the aims and objectives of the University’s Strategic Plan 2011-2015.

Members of the University Council

The following persons were members of the Council during 2014.

Name and Qualifications Appointment / Election / Resigned / Retired /Term completed

ChancellorMr John DOBSON OAM

Deputy ChancellorMr David JEFFRIES, BCom Qld., FCA, FAICD, FFin

Vice-Chancellor and President Professor Greg HILL, CertTeach, BA(Hons), PhD Qld.

Chairperson of the Academic BoardProfessor Birgit LOHMANN, BSc (Hons) Adel., PhD Flin.

Six members appointed by the Governor in CouncilMs Debra BENNET

Mr Bruce COWLEY, BCom, LLB(Hons) Qld. FAICD

Dr Suzanne INNES, BA (Hons), BEdSt Qld., GradCertTESOL UNE, MSchM EdD C.Qld.

Mr David JEFFRIES, BCom Qld., FCA, FAICD, FFin

Ms Julie-Anne MEE, BBus C.Qld., MAdmin Griff., FCPA

Ms Jacquelyn WRIGHT, BBus(Comp) NTU, Master of Computing Studies Deakin, GDipEd(Adult) S.Aust., GDipEd(Primary) NTU


Financial StatementsReport by members of the University Council

For the year ended 31 December 2014


Two members of the University’s academic staffProfessor Robert ELLIOT, BA(Hons) NSW, MA La Trobe, DipEd Melb., PhD Qld.

Dr Mark SAYERS, BAppSci CCAE, MAppSci UC, PhD RMIT

One member of the University’s full-time general staffMr Jon DICKINS, BA(Hons) Griff

Two members of the student bodyMs Sonya WALLACE, BNursSc, GCertPR, MACN

Ms Chelsea WALLIS, BBus, GCEcon, GCA (Pol & IR), JP (Qual), MQJA.

Four additional members appointed by CouncilMs Natasha READ, BCom Griff., MBA Sunshine Coast, FAIM, GAICD

Mr Robert HUBBARD, BA(Hons), FCA

Mr Scott WILLIAMS, AM, QDAH Qld, BEc, GradDipCompSc GradDipFinMangt, GradDipRurAcc NE, Hon.DLitt(NE) FAICD

Mr Gerard SUTTON, AO,BE(Hons),MEngSc UNSW,PhD CUA, Hon DSc UOW

Members of the Audit and Risk Management Committee

The following persons were members of the Audit and Risk Management Committee during the year and up to the date of this report.


Member of Council (Chairperson)Ms Julie-Anne MEE, BBus C.Qld., MAdmin Griff., FCPA Co-opted as Chairperson

31 January 2014 to 21 February 2014

Mr Robert HUBBARD, BA(Hons), FCA Appointed 22 February 2014


Member of the professional accounting bodies or audit bodies in Australia with a professional accounting, management consultancy or audit background (external)

Ms Catherine BLUNT, BCom Griff., MBA Deakin, CPA, CIA, CISA, CFIIA Reappointed 30 March14

Mr Gary McLENNAN, BCom UTas, Graduate Diploma – ICAA (CA Program), CA

Ms Natasha READ, BCom Griff., MBA Sunshine Coast, FAIM, GAICD

Up to two members co-opted by the ChancellorMs Julie-Anne MEE, BBus C.Qld., MAdmin Griff., FCPA Co-opted as a member

31 January 2014 to 21 February 2014Vacant



Members of the Planning and Resources Committee

The following persons were members of the Planning and Resources Committee during the year and up to the date of this report.


Deputy Chancellor (Chairperson)Mr David JEFFRIES, BCom Qld., FCA, FAICD, FFin

Re-elected 5 March 2014


Vice-Chancellor and President Professor Greg HILL, CertTeach BA(Hons) PhD Qld.

One Executive Dean or Director nominated by the Vice-Chancellor and President and appointed by CouncilProfessor Joanne SCOTT, Executive Dean, Faculty of Arts and Business, PhD Qld.,GradCertCulturalHtge Deakin, GradCertEd Qld.UT , BA(Hons) Qld.

Reappointed 19 June 2014

Three members with expertise in strategic financial management and planning, at least one of whom must be a member of CouncilMr Bruce COWLEY BCom, LLB(Hons) Qld, FAICD

Mr John GALLAGHER LLB Qld., Graduate Diploma in Applied Finance & Investment – Securities Institute of Australia

Scott WILLIAMS, AM, QDAH Qld, BEc, GradDipCompSc GradDipFinMangt, GradDipRurAcc NE, Hon.DLitt(NE) FAICD

Up to two members co-opted by the ChancellorVacantVacant

Meetings and record of attendanceSix (6) ordinary meetings of Council were held during the year. Confirmed non-confidential minutes of the meetings are available to members of the University community for perusal upon request. In 2014, Council meetings were held on 4 March, 7 April, 24 June, 26 August, 21 October and 9 December. Additionally, a 1.5 day Council Retreat was held on 7-8 April.

Four (4) ordinary meetings of the Audit and Risk Management Committee (ARMC) were held during the year. In 2014, ARMC meetings were held on 21 February, 29 May, 31 July and 20 November.

Five (5) ordinary meetings of the Planning and Resources Committee (PRC) were held during the year. In 2014, PRC meetings were held on 21 February, 29 May, 31 July, 3 October and 20 November.




Member Listing Board (Council) Meetings

Audit & Risk ManagementCommittee

Planning & ResourcesCommittee

A B A B A B

John DOBSON OAM 6 6 1 4 1 5David JEFFRIES 6 6 5 5Professor Greg HILL 6 6 5 5Professor Birgit LOHMANN 4 6Debra BENNET 3 6Bruce COWLEY 5 6 3 5Jon DICKINS 6 6Professor Robert ELLIOT 5 6Robert HUBBARD 5 6 4 4Dr Suzanne INNES 3 6Julie-Anne MEE 6 6 1 1Natasha READ 6 6 3 4Mark SAYERS 6 6Gerard SUTTON AO 5 6Sonya WALLACE 5 6Chelsea WALLIS 5 6Scott WILLIAMS AM 6 6 5 5Jacquelyn WRIGHT 4 6Catherine BLUNT 4 4Gary McLENNAN 4 4John GALLAGHER 4 5Joanne SCOTT 2 5

A = Number of meetings attendedB = Number of meetings held during the time the member held office or was a member of the council or committee during the year

Principal Activities

The University of the Sunshine Coast was established under the Sunshine Coast University College Act 1994 and officially opened in 1996. Full university powers were granted to the University under the University of the Sunshine Coast Act 1998.

The main functions of the University as set out in the Act are:

to provide education at university standard; andto provide facilities for, and encourage, study and research; andto encourage the advancement and development of knowledge, and its application to government, industry, commerce and the community; andto provide courses of study or instruction, at the levels of achievement the council considers appropriate, to meet the needs of the community; andto confer higher education awards; andto disseminate knowledge and promote scholarship; andto provide facilities and resources for the wellbeing of the university’s staff, students and other persons undertaking courses at the university; andto exploit commercially, for the university’s benefit, a facility or resource of the university, including, for example, study, research or knowledge, or the practical application of study, research or knowledge, belonging to the university, whether alone or with someone else; andto perform other functions given to the university under the Act or another Act.

There were no significant changes in the nature of the activities of the University during the year.



Review of Operations

For 2014, the University is reporting a consolidated operating surplus of $38.6M. The operating surplus includes capital grant funding without matching expenditure of $25.8M for the construction commitments in 2014. Adjusting for this sum, the underlying surplus is $12.7M or a 6.7% margin on total income (adjusted for capital revenue). This compares with a budgeted target of 3.4%.

Student load grew by 9.4% year on year with International numbers increasing significantly.

Staff numbers, including sessional staff, grew by 12% on 2013. Employee costs at 50.7% were contained below the Council target of 60% of total income.

As at 31 December 2014, the University’s net worth was $301.5M compared with $234.6M in 2013. Cash and current term deposit balances at $71.3Mare historically high but largely reflect the build-up of funds to finance future commitments.

In 2014, the University continued its commitment to supporting significant growth through: infrastructure construction; expansion of USC’s footprint; improving retention; outreach; sustainability; development of new programs and investment in quality research; learning; teaching; and the information technologies (simulation and visualisation) that underpin these. Further strategies were developed to drive future expansion through rapid growth in student enrolments from a wider region and attracting a diverse and sustainable International student cohort, aligned with USC’s teaching and researching programs.

In 2014, the University continued to consolidate plans to expand its metropolitan base at South Bank, Brisbane and introduced the Guaranteed Early Offer Scheme at the Gympie Campus. The highly effective scheme has significantly increased demand for USC places from Gympie-based Year 12 school-leavers and, due to its success, will be implemented more broadly.

In 2014 USC programs were offered in the new fields of study of Law, Creative Industries and Transport Technologies. The University also finalised arrangements for the Bachelor of Animal Ecology to commence offer from Semester 1, 2015.

A significant infrastructure investment in 2014 related to the construction of the $37 Million Engineering Learning Hub (ELH) precinct which will significantly add to the visualisation and simulation environments of USC and facilitate enhanced student experiences through advanced teaching methodologies and immersion in global best practice.

In April, Professor Karen Nelson commenced as the inaugural Pro Vice-Chancellor for Students. Professor Nelson chairs the University’s Learning and Teaching Committee and is responsible for Student Administration, Student Life and Learning and the Academic Secretariat. Her work will focus on engendering high levels of engagement and offering challenging learning opportunities for students.

In August, the Learning and Teaching Hub (LTH) was officially opened. The building features the Immerse Studio, which is equipped with six overlapping projectors that provide for 270-degree viewing of images and videos in extremely high definition. It also includes precise sound and video recording equipment to capture how participants perform in simulated scenarios, with easy playback available for assessment. In July the building topped the category for Health and Education Facilities between $5 Million and $20 Million at QMBA’s 2014 Sunshine Coast Housing and Construction Awards and was one of three finalists for the ‘Project of the Year’ award, cementing USC’s reputation for state of the art teaching and learning facilities. In December 2014, contractor InDesign Technologies, received Crestron’s Education Project of the Year Award for its cutting-edge design and installation of audiovisual infrastructure in USC’s LTH.

In September, the construction of a $10 million multi-level carpark commenced. This facility will be the first of its kind on the Sippy Downs campus and was funded by a $5 Million gift to USC earlier this year by a local philanthropist, which will be matched dollar-for-dollar by the University. Not only will the carpark help keep USC ahead of demand for parking bays as it continues to grow, revenues raised from its operation will fund an exciting new scholarship scheme.

In November, USC celebrated the opening of its second new building for 2014. The $4.7 million Resources Building fronts Sippy Downs Drive and includes the University’s Mail and Print Services, offices for Human Resources, Marketing and Communications and Information Management Services and an IT Services workshop. Construction of this new building has enabled some strategic redevelopment of the University and the inclusion of some administration areas in it means that some high-priority useable teaching spaces on the main part of campus are no longer required to house administrative departments.

In November, the University received national recognition for its innovative waste management system, winning the 2014 Green Gown Award for Carbon Reduction. USC’s “Recycling from the Desktop” program has led to a 75 percent reduction in throwaway waste. The award reflects the scale of the success of this new system, both from a financial and environmental perspective. In 2014, USC also introduced an innovative water bottle refilling system that is expected to dramatically reduce the amount of plastic waste across campus.

In November, senior academics from USC received almost $890,000 in major grants funding from the Australian Research Council (ARC). USC’s Pro Vice-Chancellor (Research) Professor Roland De Marco and Professor San Ping Jiang of Curtin University in Perth received $375,500 for their collaborative research into a highly efficient new material to produce a new type of battery based on proton exchange membrane fuel cells. USC’s Associate Professor Thomas Schlacher and Professor Rod Connolly of Griffith University have received $334,700 to carry out groundbreaking research into how marine ecosystems are interconnected and what impact that has on their resilience.




USC’s Executive Dean of the Faculty of Arts and Business Professor Joanne Scott and Flinders University’s Professor Melanie Oppenheimer and Federation University’s Professor Erik Eklund will explore the history of the Australian Assistance Plan after receiving $179,400 to research the national project, which was introduced in the 1970s to stimulate and support community volunteering. In 2014, USC microbiologists earned a highly competitive Discovery Project grant from the Australian Research Council for their study into how chlamydia causes blindness in koalas. Dr Adam Polkinghorne and Professor Peter Timms – who recently led the world’s first successful field trial of a vaccine against chlamydia in koalas gained an ARC Discovery Project grant of $458,600 for this separate but associated research project.

As part of planning activities towards sustaining growth, in December 2014 a review of University Administration was embarked upon with the aim of:

Improving the capacity of the University to deliver on key strategic aspirations and thrive in an increasingly deregulated Higher Education sector (capacity)Improving the quality of administrative service delivery, by developing and implementing innovation and good practice (quality)Reviewing expenditure on administrative support activities (efficiency)Supporting the University service culture with administrative staff guided by a common set of core principles that enable, support and foster effective and efficient service delivery (service).

In December, USC was awarded a $284,000 grant from the Office of Learning and Teaching to lead a project, in collaboration with seven other regional universities, to find the best ways of delivering state-of-the-art education to students of the future.

In December, University Council approved the establishment of USC Capital and Commercial Pty Ltd, which will manage for commercial purposes:

Provision of catering servicesVenue and equipment hireLeasing of premisesThe gymnasium or other sporting facilities.

Other developments in 2014 included the launch of USC’s first sOOC (small Open Online Course) in April. The Digital Workplace Design project commenced this year, which is aimed at replacing the existing staff intranet/Portal. The Data Warehouse and Business Intelligence Strategy Development Project, which will lead the transition to an electronic records management system at USC also commenced.

Throughout 2014, discussions continued regarding opportunities for involvement with the Sunshine Coast University Hospital (SCUH) and Skills, Academic and Research Centre (SARC). Due to open in 2016, the SCUH facility will cost around $2 Billion to build and will incorporate the $60 Million SARC.

Significant Changes in the State of Affairs

During the year there were no significant changes in the state of the affairs of the University.

Matters Subsequent to the End of the Financial Year

On 5 January 2015, the University registered USC Capital and Commercial Pty Ltd a proprietary company, limited by shares. The entity is considered to be a wholly owned subsidiary of the University and will form part of the Consolidated entity in future reporting periods.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the University or the consolidated entity, the results of those operations or the state of affairs of the University in future financial years.

Likely Developments and Expected Results of Operations

Disclosure of information regarding likely developments, future prospects and business strategies of the operations of the University in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the University. Accordingly, this information has not been disclosed in this report.

Environmental Regulation

The University’s operations are undertaken in accordance with any environmental regulations of the Commonwealth, State or Territory.


Financial StatementsIncome statement



Financial StatementsStatement of comprehensive incomeFor the year ended 31 December 2014

Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000

Operating Result after income tax for the period 38,581 20,448 38,536 20,413

I tems that will not be reclassified to profit or loss

Gain (loss) on revaluation of land and buildings, net of tax 23(a) 28,316 (1,116) 28,316 (1,116)

Total other comprehensive income 28,316 (1,116) 28,316 (1,116)

Total comprehensive income 66,897 19,332 66,852 19,297

Total comprehensive income attributed to non-controllinginterest - - - -

Total comprehensive income attributed to members of the University of the Sunshine Coast 66,897 19,332 66,852 19,297

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated Parent entity


Financial StatementsStatement of fi nancial position


Parent entity

Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000ASSETSCurrent assets Cash and cash equivalents 14 11,068 14,243 10,852 14,014 Receivables 15 9,985 4,207 9,961 4,246 Other financial assets 16 60,272 55,000 60,272 55,000 Other non-financial assets 16 2,778 2,610 2,777 2,610Total current assets 84,103 76,060 83,862 75,870

Non-current assets Receivables 16 19 - 19 - Other financial assets 16 100 372 100 372 Property, plant & equipment 17 255,432 196,117 255,383 196,059 Intangible assets 18 1,657 1,651 1,657 1,651 Other non-financial assets 16 334 139 334 139Total non-current assets 257,542 198,279 257,493 198,221

Total assets 341,645 274,339 341,355 274,091

LIABILITIESCurrent liabilities Trade and other payables 19 7,246 4,087 7,122 3,957 Borrowings 20 1,648 1,566 1,648 1,566 Provisions 21 13,431 12,187 13,396 12,159 Other liabilities 22 3,328 6,522 3,328 6,519Total current liabilities 25,653 24,362 25,494 24,201

Non-current liabilities Borrowings 20 10,605 12,226 10,605 12,226 Provisions 21 3,887 3,146 3,885 3,143Total non-current liabilities 14,492 15,372 14,490 15,369

Total liabilities 40,145 39,734 39,984 39,570

Net assets 301,500 234,605 301,371 234,521

EQUITY Reserves 23(a) 96,934 68,618 96,934 68,618 Retained surplus 23(b) 204,566 165,987 204,437 165,903Parent entity interest 301,500 234,605 301,371 234,521

Total equity 301,500 234,605 301,371 234,521

The above statement of financial position should be read in conjunction with the accompanying notes.

Consolidated


Financial StatementsStatement of changes in equityFor the year ended 31 December 2014

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Financial StatementsStatement of cash fl ows


Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000Cash flows from operating activities Australian Government grants received 2(h) 158,774 138,515 158,774 138,515 OS-HELP (net) 2(h) (73) (122) (73) (122) State Government grants received 2,906 1,085 2,906 960 Local Government grants received 349 291 349 291 HECS-HELP - Student payments 3,468 3,417 3,468 3,417 Receipts from students fees and other customers 36,277 32,912 35,240 31,988 Interest received 3,231 2,873 3,225 2,869 Interest and other costs of finance paid 11 (775) (868) (775) (868) Payments to suppliers and employees (inclusive of GST) (166,110) (149,705) (165,085) (148,783) GST recovered/(paid) 4,568 3,729 4,599 3,761Net cash provided by / (used in) operating activities 29 42,615 32,127 42,628 32,028

Cash flows from investing activitiesProceeds from sale of property, plant and equipment 37 44 37 44Payments for property, plant and equipment (39,016) (28,521) (39,016) (28,521)Proceeds from financial assets 55,000 45,000 55,000 45,000Payments for financial assets (60,272) (55,000) (60,272) (55,000)

Net cash provided by / (used in) investing activities (44,251) (38,477) (44,251) (38,477)

Cash flows from financing activitiesRepayment of borrowings (1,539) (1,444) (1,539) (1,444)

Net cash provided by / (used in) financing activities (1,539) (1,444) (1,539) (1,444)

Net increase / (decrease) in cash and cash equivalents (3,175) (7,794) (3,162) (7,893)Cash and cash equivalents at beginning of the financial year 14,243 22,037 14,014 21,907

Cash and cash equivalents at the end of the financial year 14(a) 11,068 14,243 10,852 14,014

The above statement of cash flows should be read in conjunction with the accompanying notes.



Financial StatementsNotes to the fi nancial statementsFor the year ended 31 December 2014

Notes Contents of the notes to the financial statements

1 Summary of significant accounting policies

Income2 Australian Government financial assistance including Australian Government loan programs

(HELP)

3 State and Local Government financial assistance

4 Fees and charges

5 Investment revenue and income

6 Consultancy and contracts

7 Other revenue and income

Expenses

8 Employee related expenses

9 Depreciation & amortisation

10 Repairs and maintenance

11 Borrowing costs

12 Impairment of assets

13 Other expenses

Assets

14 Cash and cash equivalents

15 Receivables

16 Other financial and non-financial assets

17 Property, plant and equipment

18 Intangible assets

Liabilities

19 Trade and other payables

20 Borrowings

21 Provisions

22 Other liabilities

Equity

23 Reserves and retained earnings

Other

24 Key management personnel disclosures

25 Remuneration of auditors

26 Commitments

27 Related parties

28 Events occurring after the balance sheet date

29 Reconciliation of operating result after income tax to net cash flows from operating activities

30 Financial risk management31 Fair value measurements32 Acquittal of Australian Government financial assistance


Financial StatementsNotes to the fi nancial statements


Note 1 Summary of significant accounting policies

The University of the Sunshine Coast (the University) is established under the University of the Sunshine Coast Act 1998 and is a statutory body as defined by the Financial Accountability Act 2009.

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied for all years reported unless otherwise stated. The financial statements include separate statements for the University as the parent entityand the consolidated entity consisting of the University and its subsidiaries.

The principal address of the University is 90 Sippy Downs Drive, Sippy Downs, Queensland.

a) Basis of preparation

The annual financial statements represent the audited general purpose financial statements of the University. They have been prepared on an accrual basis and comply with the Australian Accounting Standards.

Additionally the statements have been prepared in accordance with the following statutory requirements:Higher Education Support Act 2003 (Financial Statement Guidelines)Financial and Performance Management Standard 2009, issued under Section 57 of the Financial Accountability Act 2009

The University is a not-for-profit entity and these statements have been prepared on that basis. Some of the Australian Accounting Standards requirements for not-for-profit entities are inconsistent with the International Financial Reporting Standards (IFRS) requirements.

Date of authorisation of issue

The financial statements were authorised for issue by the University on 20 February 2015.

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss and certain classes of property, plant and equipment.

Critical accounting estimates

The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the University’s accounting policies. The estimates and underlyingassumptions are reviewed on an ongoing basis. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below:

ProvisionsThe liability for other long-term employee benefits such as annual leave and long service leave is recognised in current provisions for employee benefits if it is not expected to be settled wholly before twelve months after the end of the reporting period. Further information is contained in note 1(s).

Fair value of property, plant and equipmentLand, buildings, infrastructure, library heritage and art collections are measured at fair values less any accumulated depreciation and accumulated impairment losses. All such assets are valued by an external valuer on a cyclical basis, or earlier if there is material movement. Further information is contained in note 1(m).

Impairment of assetsAll non-current physical and intangible assets are assessed for impairment on an annual basis. Further information is contained in note 1(g). All financial assets are assessed for impairment on an annual basis. Further information is contained note 1(k).

DepreciationProperty, plant and equipment, other than land and the library heritage and art collection are depreciated over their estimated economic useful lives. Further information is contained in note 1(m).

b) Basis of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the University (“parent entity”) as at 31 December 2014 and the results of all subsidiaries for the year then ended. The University and its subsidiary together are referred to in this financial report as the consolidated entity.

Subsidiaries are all those entities (including structured entities) over which the Group has control. The Group has control over an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Power over the investee exists when the Group has existing rights that give it current ability to direct the relevant activities of the investee.



The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Returns are not necessarily monetary and can be only positive, only negative, or both positive and negative.

Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.

Intercompany transactions, balances and unrealised gains on transactions between consolidated entity companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.

c) Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the University’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Australian dollars, which is the University’s functional and presentation currency.

d) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances,rebates and amounts collected on behalf of third parties.

The consolidated entity recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits willflow to the consolidated entity and specific criteria have been met for each of the consolidated entity’s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The consolidated entity bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Revenue is recognised for the major business activities as follows:

Government grants

Grants are recognised at their fair value where the University obtains control of the right to receive the grant, it is probable that economic benefits will flow to the consolidated entity and it can be reliably measured.

HELP Payments

Revenue from HELP is categorised into those received from the Australian Government and those received directly from students. Revenue is recognised and measured in accordance with the above disclosure.

Student fees and charges

Fees and charges are recognised as income in the year of receipt, except to the extent that fees and charges relate to courses to be held in future periods. Such receipts (or portion thereof) are treated as income in advance in liabilities. Conversely, fees and charges relating to debtors are recognised as revenue in the year to which the prescribed course relates.

Consultancy and Contracts / Fee for Service

Contract revenue is recognised in accordance with the percentage of completion method. The stage of completion is measured by reference to labour hours incurred to date as a percentage of estimated labour hours for each contract.

Other human resources revenue is recognised when the service is provided.

Interest

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. This is generally recorded on receipt from the relevant financial institution or as accrued revenue in respect of fixed term investments.

Contributions

Grants, contributions, donations and gifts that are non-reciprocal in nature are recognised as revenue in the year in which the University obtains control over them. Where grants are received that are reciprocal in nature, revenue is recognised over the term of the funding arrangements.




Lease income

Lease income from operating leases is recognised as income on a straight-line basis over the lease term.

e) Taxation

The University and its controlled entity are, by virtue of Section 50-5 of the Income Tax Assessment Act 1997, exempted from the liability to pay income tax. The University and its controlled entity are, however, subject to Payroll Tax, Fringe Benefits Tax (FBT) and Goods and Services Tax (GST).

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the item of expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component on investing and financing activities, which are disclosed as operating cash flows.

f) Leases

All of the current leases held by the University are considered to be operating leases. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis, over the period of the lease.

The University has not entered into and does not hold any finance leases.

g) Impairment of assets

The carrying amounts of all assets are reviewed for indicators of impairment at each reporting date. If an indicator of impairment exists, the asset’s recoverable amount is estimated. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.

The asset’s recoverable amount is determined as the higher of the asset’s fair value less costs to sell and depreciated replacement cost.

An impairment loss is recognised immediately in the Income Statement, unless the asset is carried at a re-valued amount. When the asset is measured at a re-valued amount, the impairment loss is offset against the asset revaluation surplus of the relevant class to the extent available.

h) Cash and cash equivalents

For statement of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.

i) Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest rate method, less provision for impairment. Trade and other receivables are due for settlement no more than 30 days from the date of recognition. Receivables arising from student fees are recognised as amounts receivable, as sanctions are applied to students who do not pay.

Collectability of trade and other receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off in the year in which they are impaired and are recognised in the income statement. A provision for impairment is established when there is objective evidence that the consolidated entity will not be able to collect all amounts due according to the original terms of receivables.

Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial. The amount of the provision is the difference between the asset’s carrying amount andthe present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement.

j) Prepayments

Payments for goods and services which are to be provided in future years are recognised as prepayments. Prepayments are recorded in other non-financial assets in the statement of financial position.



k) Investments and other financial assets

Classification

The consolidated entity classifies its investments in the following categories: loans and receivables, held-to-maturity investments, and available-for-sale financial assets. The classification depends on the purpose for which the investments were acquired. The consolidated entity determines the classification of its investments at initial recognition and, in the case of assets classified as held-to-maturity, re-evaluates this designation at each reporting date.

(i) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Loans and receivables are included in receivables in the statement of financial position.

(ii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the consolidated entity has the positive intention and ability to hold to maturity.

(iii) Available-for-sale financial assets

Available-for-sale financial assets, comprising principally marketable equity securities, are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the intention is to dispose of the investment within 12 months of the statement of financial position date.

Regular purchases and sales of financial assets are recognised on trade-date - the date on which the consolidated entity commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.

When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised in other comprehensive income are included in the income statement as gains and losses from investment securities.

Subsequent measurement

Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest method.

Fair Value

The fair values of investments and other financial assets are based on quoted prices in an active market. If the market for a financial asset is not active (and for unlisted securities), the consolidated entity establishes fair value by using valuation techniques that maximise the use of relevant data.These include reference to the estimated prices in an orderly transaction that would take place between market participants at the measurement date.

Impairment

The consolidated entity assesses at each balance date whether there is objective evidence that a financial asset or group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of a security below its cost is considered in determining whether the security is impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss -measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit and loss - is removed from equity and recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed through the income statement.

l) Fair value measurement

The fair value of assets and liabilities must be measured for recognition and disclosure purposes.

The consolidated entity classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- Level 1Quoted (unadjusted) market prices in active markets for identical assets or liabilities




- Level 2Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

- Level 3Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Fair value measurement of non-financial assets is based on the highest and best use of the asset. The consolidated entity considers market participants use of, or purchase price of the asset, to use it in a manner that would be highest and best use.

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the consolidated entity for similar financial instruments.

m) Property, plant and equipment

Each class of property, plant and equipment is carried at fair value or cost, less where applicable, any accumulated depreciation and impairment losses. Assets are valued at their fair value in accordance with the Queensland Treasury and Trade’s Non-Current Asset Policies for the Queensland Public Sector’.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the consolidated entity and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Land

The asset recognition threshold for land is $1. Land is not depreciated.

Buildings and infrastructure assets

The asset recognition threshold for building and infrastructure assets is $10,000.

Capital works in progress

Capital works in progress is shown at a value that recognises the extent of completion of work, as represented by progress payments to date.Contracts signed for the purpose of building projects that have not been completed and / or commenced at 31 December 2014 have been disclosed as capital expenditure commitments (refer Note 26).

Library reference collection

The library reference collection is valued at fair value in accordance with NCAP 7 - Accounting for Library Collections Policy. The asset recognition threshold for library reference collection is $5,000.

Leasehold improvements

Leasehold improvements are valued at cost. The asset recognition threshold for leasehold improvements is $5,000.

Plant and equipment

All other plant and equipment assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Items of plant and equipment with a value of equal to or greater than $5,000 are recorded at cost less depreciation and impairment losses. Additions with a value of less than $5,000 are expensed in the year of purchase. Plant and equipment donated to the University is recorded at valuation in the year of donation.

Art collection

The University’s art collection is valued at fair value, with donations to the collection, being independently valued on receipt and then in accordance with the University’s revaluation policy (minimum every five years). In respect of art collections the asset recognition threshold is $1. Art is not depreciated.

Revaluations

Land, building, infrastructure, library reference collection and art collections are revalued every 5 years by external independent valuers in accordance with Queensland Treasury and Trade’s Non-Current Asset Policies for the Queensland Public Sector (NCAP). In 2014 a formal revaluation of land, buildings and infrastructure (all valued at fair value) was performed by APV Valuers and Asset Management. With the exception of the Art collectionwhich was last comprehensively revalued as at 31 December 2013 all remaining assets are due for formal revaluation again in 2019. A desktop revaluation was performed for the Art collection as at 31 December 2014.



Accumulated depreciation at the date of revaluation is restated proportionately with the change in the gross carrying amount of the asset, as mandated by Queensland Treasury and Trade. The carrying amount of the asset after revaluation equals its revalued amount.

Revaluation increments are recognised in other comprehensive income and accumulated in equity under the heading asset revaluation surplus,except where the increment reverses a previously recognised decrement. In such cases the increments are recognised as revenue in the income statement. Revaluation decrements are recognised as an expense in the income statement except where the decrement reverses a revaluation increment held in the asset revaluation surplus.

Depreciation

Property, plant and equipment, other than land and the library heritage and art collection are depreciated on a straight line basis over their expected useful lives at the following rates:

Item Useful Life (years)

Depreciation Rate (%)

Freehold Buildings 40 2.5

Infrastructure Assets 20 5

Leasehold Improvements 10 10

Plant and Equipment

Computer Hardware 3 33.3

Motor Vehicles 5 20

Other Plant & Equipment 10 10

Depreciation is charged from the month after acquisition or, in respect of buildings and infrastructure assets under construction, from the month after the asset is completed and ready for use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Change in accounting estimates – reassessment of asset useful livesThe University has reassessed the remaining lives of its building and infrastructure assets using a more sophisticated asset condition based assessment model. The refined condition assessment model utilises a methodology that better represents the pattern in which each asset’s future economic benefits are expected to be consumed. The adoption of the new methodology from 31 December 2014 (as a result of the 2014 revaluation process) will result in a significant decrease in depreciation expense from 1 January 2015.

For the year ended 31 December 2015 the accounting result will be as follows:- Buildings depreciation will reduce to approximately $2.7M (2014: $4.8M)- Infrastructure depreciation will reduce to approximately $0.2M (2014: $1.1M)

Disposals

Gains or losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the income statement. When re-valued assets are sold, it is University policy to transfer the amounts included in asset revaluation surplus in respect of those assets, to retained earnings.

n) Intangible assets

Research and development

Expenditure on research activities, undertaken with the prospect of obtaining new scientific or technical knowledge and understandings, is recognised in the income statement as an expense, when it is incurred.

Software development

Expenditure on development activities relating to the design and testing of new or improved products, are recognised as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalised comprises all directly attributable costs including costs of materials, services, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the income statement as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Capitalised development expenditureis recorded as intangible assets and amortised from the point at which the asset is ready for use. Amortisation is calculated using the straight-line method to allocate the cost over the period of the expected benefit, which is 5 years.

The intangible asset recognition threshold is $100,000 for software development.




Amortisation

Intangible assets are amortised on a straight line basis over their expected useful lives. The useful life of software development in 2014 is 5 years (2013: 5 years).

o) Trade and other payables

These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

p) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities, which are not an incremental cost relating to the actual draw-down of the facility, are recognised as prepayments and amortised on a straight-line basis over the term of the facility.

Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in other income or other expenses.

Borrowings are classified as current liabilities unless the consolidated entity has an unconditional right to defer settlement of the liability for at least 12 months after the statement of position date and does not expect to settle the liability for at least 12 months after the statement of financial position date.

q) Borrowing costs

Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed.

r) Provisions

Provisions are recognised when: the consolidated entity has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as a finance cost.

s) Employee benefits

Short-term obligations

Liabilities for short-term employee benefits including wages and salaries, non-monetary benefits and profit-sharing bonuses are measured at the amount expected to be paid when the liability is settled, if it is expected to be settled wholly before twelve months after the end of the reporting period, and is recognised in other payables. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates payable.

Other long-term obligations

The liability for other long-term employee benefits such as annual leave and long service leave is recognised in current provisions for employee benefits if it is not expected to be settled wholly before twelve months after the end of the reporting period. It is measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to the expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Regardless of the expected timing of settlements, provisions made in respect of employee benefits are classified as a current liability, unless there is an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date, in which case it would be classified as a non-current liability.



Retirement benefit obligations

All employees of the University of the Sunshine Coast are entitled to benefits on retirement, disability or death from the consolidated entity superannuation plan. The consolidated entity has a defined benefit section and a defined contribution section within its plan. The defined benefit section provides defined lump sum benefits based on years of service and final average salary. The defined contribution section receives fixed contributions from consolidated entity companies and the consolidated entity’s legal or constructive obligation is limited to these contributions. The employees of the parent entity are all members of the defined contribution section of the consolidated entity’s plan.

Superannuation

The UniSuper Defined Benefit Division (DBD), which is the predominant plan within the University, is a defined benefit plan under superannuation law however, as a result of amendments to Clause 34 of the UniSuper Trust Deed; it is deemed a defined contribution plan under Accounting Standard AASB 119 Employee Benefits. The DBD receives fixed contributions from the consolidated entity and the consolidated entity's legal or constructive obligation is limited to these contributions. Additionally, any actuarial risk and investment risk falls on the consolidated entity's employees.

Termination Benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts an offer of benefits in exchange for the termination of employment. The consolidated entity recognises termination benefits either when it can no longer withdraw the offer of those benefits or when it has recognised costs for restructuring within the scope of AASB137 that involves the payment of termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal of providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits not expected to be settled wholly before twelve months after the end of the reporting period are discounted to present value.

t) Rounding and Comparative amounts

Amounts in the financial report have been rounded to the nearest $1,000. Where necessary, comparative information has been reclassified to enhance comparability in respect of changes in presentation adopted in the current year.

u) Authority to issue financial report

The financial statements were authorised for issue by the Chancellor, Vice-Chancellor & President, and the Pro Vice-Chancellor (Corporate Services) at the date of signing the Statement of Certification.

v) New accounting standards and interpretations

The following Accounting Standards and Interpretations applicable to the University have been published and are not mandatory for the 31 December reporting period. The University has assessed their application to the 2014 financial report and has determined that they do not have material impact.

AASB 9 Financial InstrumentsAASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint OperationsAASB 2014-4 Clarification of Acceptable Methods of Depreciation and AmortisationAASB 15 Revenue from Contacts with CustomersAASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements




# 1 Includes the basic CGS grant amount, CGS-Regional Loading, CGS-Enabling Loading, Maths and Science Transitional Loading and Full Fee Places Transitional Loading# 2 Includes Equity Support Program# 3 Includes Collaboration & Structural Adjustment Program# 4 Program is in respect of FEE-HELP for Higher Education only and excludes funds received in respect of VET FEE-HELP.# 5 Includes Grandfathered Scholarships, National Priority and National Accommodation Priority Scholarships respectively.# 6 Includes Institutional Grants Scheme

Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 2 Australian Government financial assistance including

Australian Government loan programs (HELP)

(a) Commonwealth Grant Scheme and Other Grants 32.1

Commonwealth Grant Scheme #1 76,134 71,347 76,134 71,347Indigenous Support Program 296 355 296 355

Partnership & Participation Program #2 1,823 1,999 1,823 1,999Disability Support Program 51 39 51 39

Diversity & Structural Adjustment Fund #3 - 700 - 700Improving the Quality of Maths & Science Teaching Program 190 - 190 -Promotion of Excellence in Learning & Teaching 286 352 286 352Reward Funding - 342 - 342Total Commonwealth Grants Scheme and Other Grants 78,779 75,135 78,779 75,135

(b) Higher Education Loan Programs 32.2HECS - HELP 42,840 38,543 42,840 38,543FEE - HELP #4 1,265 1,116 1,265 1,116SA - HELP 1,382 1,098 1,382 1,098Total Higher Education Loan Programs 45,486 40,757 45,486 40,757

(c) Scholarships 32.3Australian Postgraduate Awards 584 508 584 508International Postgraduate Research Scholarships 67 66 67 66

Commonwealth Education Cost Scholarships #5 108 (49) 108 (49)

Commonwealth Accommodation Scholarships #5 51 (400) 51 (400)Indigenous Access Scholarships 136 22 136 22Indigenous Staff Scholarships - 43 - 43Total Scholarships 946 190 946 190

(d) EDUCATION Research 32.4Joint Research Engagement Program #6 831 636 831 636Research Training Scheme 1,201 1,045 1,201 1,045Research Infrastructure Block Grants 196 120 196 120Sustainable Research Excellence in Universities 356 208 356 208Total EDUCATION - Research Grants 2,584 2,009 2,584 2,009

(e) Other Capital Funding 32.5Education Investment Fund 23,800 11,609 23,800 11,609Total Other Capital Funding 23,800 11,609 23,800 11,609

(f) Australian Research Council(i) Discovery 32.6(a)Project 406 410 406 410Future Fellowships 281 179 281 179Early Career Researcher Award 301 271 301 271Total Discovery 988 860 988 860

(ii) Linkages 32.6(b)Project 538 228 538 228Total Linkages 538 228 538 228

Total ARC 1,526 1,089 1,526 1,089




2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 2 Australian Government financial assistance including Australian Government loan programs (HELP) (continued)

(g) Other Australian Government financial assistanceNon-capitalDepartment of Industry, Innovation, Science, Research and Tertiary Education Apprenticeship Other 3 10 3 10 Collaboration with China Eucalypt - 40 - 40 Collaborative Research Network 903 1,857 903 1,857 Co-ordinated Schools Outreach Program (HEPP) 478 478 478 478 Headstart to Indonesian Program for Teachers - 310 - 310 Indigenous Engagement Program (HEPP) 205 205 205 205 Indigenous Tutorial Assistance Scheme 268 196 268 196 International Study Grants - Outbound Exchange Program 423 126 423 126 More Aboriginal & Torres Strait Islander Teachers Initiative 35 - 35 - National Indigenous Cadetship Program 49 42 49 42 Office for Learning & Teaching 31 87 31 87 UQ Consortium Agreement - 95 - 95AusAid 1,459 1,519 1,459 1,519Australian Centre International Agriculture Research 1,368 712 1,368 712Australian Council of the Arts - 118 - 118Australian Forest Operations Research Alliance (AFORA) 266 - 266 -Australian Institute of Marine Sciences 124 48 124 48Australian Institute of Nuclear Science & Engineering (AINSE) 17 19 17 19Australian Seafood Cooperative Research Centre 746 553 746 553Australian Sports Commission 10 19 10 19Australian Synchrotron - 8 - 8Australian Universities 295 316 295 316CRC for Forestry - 185 - 185CSIRO - 96 - 96Department of Agriculture, Fisheries & Forestry 114 91 114 91Department of Climate Change 92 - 92 -Department of Defence 82 10 82 10Department of Foreign Affairs & Trade 2,965 6 2,965 6Department of Sustainability, Environment, Water, Population & Communities - 8 - 8Fisheries Research Development Corporation - 25 - 25Future Farm Industries CRC 15 - 15 -Grains Research & Development Corporation 31 134 31 134Health Workforce Australia 1,542 1,297 1,542 1,297National Climate Change Adaptation Research Facility - 17 - 17National Health & Medical Research Council 757 525 757 525Pacific Agriculture Research for Development Initiative (PARDI) 330 - 330 -Plant Biosecurity CRC 5 4 5 4Rural Industries Research Development Corporation 120 73 120 73Young & Well Cooperative Research Centre - 18 - 18Total Non-capital 12,733 9,246 12,733 9,246

Total Australian Government financial assistance 165,855 140,034 165,855 140,034





2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 2 Australian Government financial assistance including HECS - HELP and other Australian Government loan programs (continued)

ReconciliationAustralian Government Grants [a+c+d+e+f+g] 120,369 99,277 120,369 99,277HECS - HELP payments 42,840 38,543 42,840 38,543FEE - HELP payments 1,265 1,116 1,265 1,116SA - HELP payments 1,382 1,098 1,382 1,098

Total Australian Government financial assistance 165,855 140,034 165,855 140,034

(h) Australian Government Grants received - cash basisCGS and Other EDUCATION Grants 77,867 75,714 77,867 75,714Higher Education Loan Programmes 45,337 40,855 45,337 40,855Scholarships 946 190 946 190EDUCATION Research 2,584 2,009 2,584 2,009Other Capital Funding 18,800 10,609 18,800 10,609ARC Grants - Discovery 988 860 988 860ARC Grants - Linkages 538 228 538 228Other Australian Government Grants 11,713 8,049 11,713 8,049Total Australian Government funding received - cash basis 158,774 138,515 158,774 138,515OS HELP (Net) 32.7 (73) (122) (73) (122)

Total Australian Government Grants received - cash basis 158,701 138,393 158,701 138,393

All entities are listed by their known titles at time of signing the relevant agreement.


Note 3 State and Local Government financial assistanceBurnett Mary Regional Group for Natural Resources 30 - 30 -Central South East Queensland (SEQ) Distributor-Retailer Authority 63 - 63 -Department Environment & Heritage Protection 91 - 91 -Department of Aboriginal & Torres Strait Islander & Multicultural Affairs - 15 - 15Department of Employment, Economic Development & Innovation 240 298 119 173Department of Justice, Victoria 31 - 31 -Department of Agriculture, Fisheries & Forestry 113 195 113 195Department of Natural Resources & Mines - 139 - 139Department of National Parks, Recreational Sport & Racing 102 - 102 -Department of Science, Information Technology, Innovation & Arts - 120 - 120Department of Transport & Main Roads 173 - 173 -Gold Coast City Council 20 - 20 -Foresty Corporation of New South Wales - 50 - 50Gympie Regional Council 24 - 24 -Moreton Bay Regional Council 30 - 30 -New South Wales Main Roads - 15 - 15Noosa Shire Council 17 - 17 -North Burnett Regional Council 14 - 14 -Queensland Health 130 189 130 189Queensland Police Service 35 - 35 -Sunshine Coast Health Foundation 20 - 20 -Skills Queensland - 13 - 13Queensland Hospital & Health Service 38 26 38 26Sunshine Coast Regional Council 194 291 194 291Other - 25 - 25Total Non-capital 1,366 1,376 1,245 1,251

CapitalDepartment of Education,Training & Employment 2,010 - 2,010 -Total Capital 2,010 - 2,010 -

Total State and Local Government financial assistance 3,376 1,376 3,255 1,251

All entities are listed by their known title at the time of signing the relevant agreement.



2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 4 Fees and chargesCourse fees and chargesFee-paying overseas students 19,846 14,510 19,846 14,510Fee-paying domestic postgraduate students 1,806 1,668 1,806 1,668Fee-paying domestic non-award students 254 213 254 213Total course fees and charges 21,906 16,391 21,906 16,391

Other non-course fees and charges396 418 396 418

Applications and late fees 25 34 25 341 - 1 -

Library fines 39 41 39 41Conferences, activities & excursions 189 162 189 162Rental charges 400 463 - -Hire of equipment and facilities 777 692 777 780Accomodation services - 66 - 66Other 210 353 212 353Total other non-course fees and charges 2,037 2,229 1,639 1,854

Total fees and charges 23,943 18,620 23,545 18,245

Note 5 Investment revenue and incomeInterest 3,096 3,175 3,090 3,171Dividends 5 5 5 5Total investment revenue and income 3,101 3,180 3,095 3,176

Note 6 Consultancy and contractsConsultancy 334 295 324 290Contract research 1,732 1,797 1,732 1,797Total consultancy and contracts 2,066 2,092 2,056 2,087

Note 7 Other revenue and incomeDonations and bequests 7,538 595 7,538 595Scholarships, sponsorships and prizes 177 139 87 85Food services 3,640 3,006 3,640 3,006Sales - publications and printing 700 666 700 666Parking permits 1,272 1,070 1,272 1,070Other 912 484 859 428Total other revenue and income 14,239 5,960 14,096 5,850


Student Services and Amenities Fees from students

Examination fees




2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 8 Employee related expensesAcademicSalaries 41,791 37,206 41,791 37,206Contributions to superannuation and pension schemes funded 6,205 5,375 6,205 5,375Payroll tax 2,236 2,003 2,236 2,003Workers' compensation 143 211 143 211Long service leave - transfer to provision 711 532 711 532Annual leave - transfer to provision 664 571 664 571Other 225 160 225 160Total academic 51,975 46,058 51,975 46,058

Non-academicSalaries 46,317 40,492 45,918 40,110Contributions to superannuation and pension schemes funded 6,880 6,072 6,834 6,028Payroll tax 2,499 2,211 2,478 2,209Workers' compensation 161 249 158 229Long service leave - transfer to provision 789 630 789 628Annual leave - transfer to provision 696 625 689 612Other 192 150 183 144Total non-academic 57,534 50,429 57,049 49,960

Total employee related expenses 109,509 96,487 109,024 96,018

Note 9 Depreciation and amortisationAmortisation 559 1,010 559 1,010Buildings 4,811 4,555 4,811 4,555Leasehold improvements 79 74 74 69Plant & equipment 2,470 1,865 2,466 1,857Infrastructure 1,073 982 1,073 982Total depreciation and amortisation 8,992 8,486 8,983 8,473

Note 10 Repairs & maintenanceMaintenance-buildings/grounds 1,755 1,930 1,755 1,930Maintenance-plant & equipment 1,846 1,378 1,837 1,378Minor alterations/works 832 859 827 822Total repairs and maintenance 4,433 4,167 4,419 4,130

Note 11 Borrowing costsInterest payments 775 868 775 868Total borrowing costs 775 868 775 868

Note 12 Impairment of assetsReceivables - student fees and loans 79 8 79 8Receivables - trade receivables 3 - 2 -Total impairment of assets 82 8 81 8




2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 13 Other expensesScholarships, grants and prizes 12,724 10,208 12,724 10,458Non-capitalised equipment 6,161 5,272 6,125 5,242Advertising, marketing and promotional expenses 2,745 2,152 2,722 2,131Bank fees & charges 283 229 282 228Professional fees - audit, legal & consulting 8,510 6,831 8,475 6,767Insurance 444 426 444 426General consumables 1,522 1,343 1,522 1,343Postage, printing and stationery 725 680 715 672Telecommunications 853 938 775 868Travel & entertainment 3,734 3,183 3,728 3,176Subscriptions and memberships 977 999 974 998Rental, hire and other leasing fees 2,631 1,799 2,622 1,779Motor vehicles 199 209 196 194IT software and licences 2,864 2,260 2,788 2,259Commissions paid 1,649 1,030 1,649 1,030Food and catering 2,196 1,670 2,196 1,670Staff development and recruitment 1,167 1,145 1,156 1,123Occupancy & utilities 3,073 2,865 3,021 2,819Accomodation services 13 80 13 80Student activities and excursions 432 326 432 326Other 791 489 1,010 480Total other expenses 53,693 44,134 53,569 44,069


2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 14 Cash and cash equivalents

Cash at bank and on hand 1,546 1,303 1,330 1,074Deposits at call 9,522 12,940 9,522 12,940Total cash and cash equivalents 11,068 14,243 10,852 14,014

(a) Reconciliation to cash at the end of the yearThe above figures are reconciled to cash at the end of the year as shown in the statement of cash flows as follows:

Balance as above 11,068 14,243 10,852 14,014Less: Bank overdrafts - - - -Balance as per statement of cash flows 11,068 14,243 10,852 14,014

(b) Cash at bank and on handCash at bank 1,530 1,287 1,314 1,058Non-interest bearing - floats and petty cash 16 16 16 16

1,546 1,303 1,330 1,074

(c) Deposits at call9,522 12,940 9,522 12,9409,522 12,940 9,522 12,940


Deposits at call




Impaired receivables

As at 31 December 2014 current receivables of the consolidated entity with a nominal value of $82k (2013: $66k) were impaired. The individually impaired receivables mainly relate to student tuition and library doubtful debts.

Movements in the provision for impaired receivables are as follows:

As at 31 December 2014, trade receivables of $691k (2013: $1.1M) were past due (greater than 30 days) but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these receivables is asfollows:

The creation and release of the provision for impaired receivables has been included in 'other expenses' in the income statement. Amountscharged to the provision account are generally written off when there is no expectation of recovering additional cash.

The other amounts within receivables do not contain impaired assets and are not past due. Based on credit history, it is expected that these amounts will be received when due.

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 15 Receivables

CurrentStudent fees and loans 148 116 148 116Less: Provision for impaired receivables (80) (66) (80) (66)Trade receivables 3,534 1,996 3,477 1,970Less: Provision for impaired receivables (2) - (2) -

3,600 2,046 3,543 2,020Taxes receivable 1,659 811 1,659 811Accrued revenue 4,726 1,344 4,726 1,344Sundry loans and advances 1 6 1 6Amounts receivable from wholly owned subsidiaries - - 33 65Total current receivables 9,985 4,207 9,961 4,246

Non-currentTrade receivables 19 - 19 -Total current receivables 19 - 19 -

Total receivables 10,004 4,207 9,980 4,246


2014 2013 2014 2013$'000 $'000 $'000 $'000

At 1 January 66 100 66 100Provision for impairment recognised during the year 14 15 14 15Receivables written off during the year as uncollectable (50) (19) (50) (19)Unused amount reversed 52 (30) 52 (30)At 31 December 82 66 82 66


2014 2013 2014 2013$'000 $'000 $'000 $'000

1 to 3 months 11 1,089 11 1,073Over 3 months 680 28 680 18

691 1,117 691 1,091




Financial Assets not available for use

As at 31 December 2014 the consolidated entity held $31.6M (2013: $20.0M) of financial assets that were restricted as per relevant grant agreements and not available for use.

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 16 Other financial and non-financial assets

CurrentOther financial assetsHeld to maturity - term deposits 60,272 55,000 60,272 55,000

60,272 55,000 60,272 55,000Other non-financial assetsPrepayments 2,778 2,610 2,777 2,610

2,778 2,610 2,777 2,610

Total current other assets 63,050 57,610 63,049 57,610

Non-currentOther financial assetsHeld to maturity - term deposit - 272 - 272Other financial assets 100 100 100 100

100 372 100 372Other non-financial assetsPrepayments 334 139 334 139

334 139 334 139

Total non-current other assets 434 511 434 511

Total other financial assets and non-financial assets 63,484 58,121 63,483 58,121





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Software (development costs)

TotalSoftware

(development costs)

Total

$'000 $'000 $'000 $'000

At 1 January 2013-Cost 4,557 4,557 4,557 4,557Accumulated amortisation (3,478) (3,478) (3,478) (3,478)Net book amount 1,079 1,079 1,079 1,079

Year ended 31 December 2013Opening net book amount 1,079 1,079 1,079 1,079Additions 1,582 1,582 1,582 1,582Amortisation charge (1,010) (1,010) (1,010) (1,010)Closing net book amount 1,651 1,651 1,651 1,651

As at 31 December 2013-Cost 6,139 6,139 6,139 6,139Accumulated amortisation (4,488) (4,488) (4,488) (4,488)Net book amount 1,651 1,651 1,651 1,651

Year ended 31 December 2014Opening net book amount 1,651 1,651 1,651 1,651Additions 565 565 565 565Amortisation charge (559) (559) (559) (559)Closing net book amount 1,657 1,657 1,657 1,657

As at 31 December 2014-Cost 6,704 6,704 6,704 6,704Accumulated amortisation (5,047) (5,047) (5,047) (5,047)Net book amount 1,657 1,657 1,657 1,657




(a) Foreign currency risk

The carrying amounts of the consolidated entity's and parent entity's trade and other payables are in Australian Dollars.

For an analysis of the sensitivity of trade and other payables to foreign currency risk refer to note 30.

(a) Assets pledged as security

Security for loan liabilities from the QTC is a guarantee of due performance and observance of the University’s obligations under the facility by the Treasurer of Queensland in favour of QTC. No one specific asset has been pledged as security for current and non-current borrowings.

(b) Financing arrangements

The following facilities have been taken out under Queensland Government arrangements:

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 19 Trade and other payables

CurrentOS-HELP Liability to Australian Government 32.7 (103) (30) (103) (30)Creditors 3,667 776 3,578 682Accrued expenses 3,682 3,341 3,647 3,305Total trade and other payables 7,246 4,087 7,122 3,957


2014 2013 2014 2013$'000 $'000 $'000 $'000

Note 20 BorrowingsCurrentSecured Loan - Queensland Treasury Corporation 1,648 1,566 1,648 1,566Total current secured borrowings 1,648 1,566 1,648 1,566

Non-CurrentSecured Loan - Queensland Treasury Corporation 10,605 12,226 10,605 12,226Total non-current secured borrowings 10,605 12,226 10,605 12,226

Total borrowings 12,253 13,792 12,253 13,792


2014 2013 2014 2013

$'000 $'000 $'000 $'000Queensland Treasury Corporation

Credit standby arrangementsTotal facilities QTC - Overdraft/Short-term Funding Facility 4,000 4,000 4,000 4,000Total facilities 4,000 4,000 4,000 4,000

Used (Drawndown) at balance date QTC - Overdraft/Short-term Funding Facility - - - -

- - - -Unused (Undrawn) at balance date QTC - Overdraft/Short-term Funding Facility 4,000 4,000 4,000 4,000

4,000 4,000 4,000 4,000





Note 20 Borrowings (continued)

Queensland Treasury Corporation loan/overdraft facilities consist of the following:

$15 million fixed loan facility. The loan is repayable in quarterly instalments of equal size such that the advance amount and interest (including capitalised interest) and fees calculated thereon are fully repaid at the end of the expected term of 17 years.

QTC Debt Pools- $10 million 3 Year Debt Pool (adjusted from 6 Year Debt Pool on 22 October 2014), expected term of 4 years.

$4 million Overdraft/short term funding facility. No overdraft exists at reporting date as funds are currently being drawn from the QTC Capital Guarantee Fund.

(c) Fair value

(d) Risk exposures

The exposure of the consolidated entity's and parent entity's borrowings to interest rate changes is considered minimal as all major borrowings are held with State Government entities in fixed rate arrangements.

The carrying amounts of the consolidated entity's and parent entity's borrowings are in Australian Dollars.

For an analysis of the sensitivity of borrowings to interest rate risk refer to Note 30.

Carrying amount $'000

Fair Value $'000

Carrying amount $'000

Fair Value $'000

Non-traded financial liabilities Queensland Treasury Corporation 12,253 13,581 13,792 14,704

12,253 13,581 13,792 14,704

2014 2013



Employee benefits

The long service leave provision reflects the amount of long service leave accrued as at 31 December 2014. It is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future salary increases, experience of employee departures and periods of service. Expected future payments are discounted using Reserve Bank of Australia’s indicative mid rates of selected Commonwealth Government securities.

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 21 Provisions

Current provisions expected to be settled wholly within 12 monthsEmployee benefits Annual leave 6,565 5,894 6,530 5,866 Long service leave 650 594 650 595Subtotal 7,215 6,488 7,180 6,461

Current provisions expected to be settled wholly after more than 12 monthsEmployee benefits Annual leave 1,038 1,223 1,038 1,223 Long service leave 5,178 4,476 5,178 4,475Subtotal 6,216 5,699 6,216 5,698Total current provisions 13,431 12,187 13,396 12,159

Non-Current Employee benefits Long service leave 3,887 3,146 3,885 3,143Total non-current provisions 3,887 3,146 3,885 3,143

Total provisions 17,318 15,333 17,281 15,302


2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 22 Other liabilities

Current Income in advance 3,114 5,572 3,114 5,572Australian Government Unspent Financial Assistance - 831 - 831Other liabilities 214 119 214 116Total other liabilities 3,328 6,522 3,328 6,519


Note 23 Reserves and retained earnings

(a) Reserves

Freehold land Freehold buildings

Infrastructure assets Art collection Total

Consolidated and Parent $'000 $'000 $'000 $'000 $'000

Balance - 1 January 2013 10,720 54,569 4,217 228 69,734Revaluation increments - - - 626 626Revaluation decrements - (1,603) (139) - (1,742)Balance - 31 December 2013 10,720 52,966 4,078 854 68,618

Balance - 1 January 2014 10,720 52,966 4,078 854 68,618Revaluation increments 5,277 16,120 6,689 230 28,316Revaluation decrements - - - - -Balance - 31 December 2014 15,997 69,086 10,767 1,084 96,934




Note 24 Key management personnel disclosures

The following details for key executive management personnel include those positions that had authority and responsibility for planning, directing and controlling the activities of the University during 2014. Further information on these positions can be found in the body of the Annual Report.

(a) Names of responsible persons and executive officers Appointment / Election / Resigned / Retired /Term completed


Deputy ChancellorMr David JEFFRIES, BCom Qld., FCA, FAICD, FFin

Vice-Chancellor and President Professor Greg HILL, CertTeach, BA(Hons), PhD Qld.

Chairperson of the Academic BoardProfessor Birgit LOHMANN, BSc (Hons) Adel., PhD Flin.

Six members appointed by the Governor in CouncilMs Debra BENNET

Mr Bruce COWLEY, BCom, LLB(Hons) Qld. FAICD

Dr Suzanne INNES, BA (Hons), BEdSt Qld., GradCertTESOL UNE, MSchM EdD C.Qld.

Mr David JEFFRIES, BCom Qld., FCA, FAICD, FFin

Ms Julie-Anne MEE, BBus C.Qld., MAdmin Griff., FCPA

Ms Jacquelyn WRIGHT, BBus(Comp) NTU, Master of Computing Studies Deakin, GDipEd(Adult) S.Aust., GDipEd(Primary) NTU

Two members of the University’s academic staffProfessor Robert ELLIOT, BA(Hons) NSW, MA La Trobe, DipEd Melb., PhD Qld.

Dr Mark SAYERS, BAppSci CCAE, MAppSci UC, PhD RMIT

One member of the University’s full-time general staffMr Jon DICKINS, BA(Hons) Griff

Two members of the student bodyMs Sonya WALLACE, BNursSc, GCertPR, MACN

Ms Chelsea WALLIS, BBus, GCEcon, GCA (Pol & IR), JP (Qual), MQJA.

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 23 Reserves and retained earnings (continued)

(b) Retained surplusMovements in retained earnings were as follows:Retained earnings at 1 January 165,987 145,538 165,903 145,489Net operating result for the year 38,581 20,448 38,536 20,413Retained earnings at 31 December 204,566 165,987 204,437 165,903





Note 24 Key management personnel disclosures (continued)

(b) Remuneration of Council members, executives and key management personnel

Remuneration for the University’s key executive management personnel is established in accordance with the approved delegations by Council to the Vice-Chancellor & President under the University of the Sunshine Coast Act 1998 and the Senior Staff Remuneration Policy. The remuneration and other terms of employment for the key executive management personnel are specified in employment contracts. The contracts may provide for the provision of other benefits including motor vehicles.

Remuneration packages for key executive management personnel comprise the following components:

Short term employee benefits which include:o Base – consisting of base salary, allowances and leave entitlements paid and provided for the entire year or for that part of the

year during which the employee occupied the specified position. Amounts disclosed equal the amount expensed in the statement of comprehensive income.

o Non-monetary benefits – consisting of provision of vehicle together with fringe benefits tax applicable to the benefit.Long term employee benefits include long service leave accrued.Redundancy payments are not provided for within individual contracts of employment. Contracts of employment provide only for notice periods or payment in lieu of notice on termination, regardless of the reason for termination.

Total fixed remuneration is calculated on a ‘total cost’ basis and includes the base and non-monetary benefits, long term employee benefits and post employment benefits.

No Council Member is entitled to any Retirement Benefit arising from their role as a Council Member. The University leases and maintains a motor vehicle for the Chancellor in his role as head of the University council.

2014 2013 2014 2013Remuneration of Council members$30,000 to $39,999 1 - 1 -$40,000 to $49,999 - 1 - 1

Remuneration of executive officers$110,000 to $119,999 1 - 1 -$160,000 to $169,999 - 1 - 1$220,000 to $229,999 2 - 2 -$260,000 to $269,999 - 1 - 1$270,000 to $279,999 1 - 1 -$280,000 to $289,999 - 2 - 2$290,000 to $299,999 1 - 1 -$300,000 to $309,999 1 - 1 -$320,000 to $329,999 - 1 - 1$330,000 to $339,999 1 1 1 1$340,000 to $349,999 - 1 - 1$350,000 to $359,999 1 - 1 -$370,000 to $379,999 - 1 - 1$380,000 to $389,999 1 - 1 -$640,000 to $649,999 - 1 - 1$660,000 to $669,999 1 - 1 -




Note 24 Key management personnel disclosures (continued)

(c) Key management personnel compensation

1 January 2014 – 31 December 2014

1 January 2013 – 31 December 2013

(d) Performance payments

The basis for performance bonuses paid or payable in the 2014 financial year is set out below:

No performance bonuses were paid or payable in the 2013 financial year.

(e) Loans to key management personnel

No loans were made to any key management personnel during the period.

Long Term

Employee

Benefits

Post Employment

Beneftis

Termination

Benefits

Total

Remuneration

Base Salary

$'000

Bonus Payments

$'000

Non-Monetary

Benefits

$'000

$'000 $'000 $'000 $'000

Chancellor - - 39 - - - 39

Vice-Chancellor & President 486 30 50 12 89 - 667

Deputy Vice-Chancellor 300 - 25 8 52 - 384

Pro Vice-Chancellor, Research 264 - 22 7 45 - 337

Pro Vice-Chancellor, Engagement 226 - 32 10 36 - 303

Pro Vice-Chancellor, International & Quality 279 - 23 7 47 - 356

Pro Vice-Chancellor, Corporate Serv ices (from 24/06/14) 181 - 12 4 30 - 228

Pro Vice-Chancellor, Corporate Serv ices (to 19/04/14) 91 10 8 - 9 - 118

Pro Vice-Chancellor, Students (from 22/04/14) 172 - 22 4 27 - 225

Executive Dean, Faculty of Arts and Business 205 - 23 6 38 - 272

Executive Dean, Faculty of Science, Health, Education and Engineering 230 - 25 6 38 - 299

Total Remuneration 2,433 40 280 64 411 - 3,228

Position

(resignation or commencement date if applicable)

Short Term Employee Benefits

Long Term

Employee

Benefits

Post Employment

Beneftis

Termination

Benefits

Total

Remuneration

Base Salary

$'000

Bonus Payments

$'000

Non-Monetary

Benefits

$'000

$'000 $'000 $'000 $'000

Chancellor - - 43 - - - 43

Vice-Chancellor & President 508 - 45 12 80 - 645

Deputy Vice-Chancellor 299 - 24 7 50 - 380

Pro Vice-Chancellor, Research 256 - 22 6 44 - 328

Pro Vice-Chancellor, Engagement 213 - 33 9 33 - 288

Pro Vice-Chancellor, International & Quality 264 - 22 7 45 - 338

Pro Vice-Chancellor, Corporate Serv ices (from 15/07/13) 135 - 9 3 12 - 159

Pro Vice-Chancellor, Corporate Serv ices & CFO (to 13/07/13) 175 - 19 4 28 121 347

Executive Dean, Faculty of Arts and Business 196 - 23 5 35 - 259

Executive Dean, Faculty of Science, Health, Education and Engineering 224 - 24 5 35 - 288

Total Remuneration 2,270 - 264 58 362 121 3,075

Position

(resignation or commencement date if applicable)

Short Term Employee Benefits




It is not the University's policy to employ QAO (the main auditor) on assignments additional to their statutory audit. It is the University's policy to seek competitive tenders for all major consulting projects where tendering is considered likely to deliver value for money.

Non-cancellable leases relate to office equipment, motor vehicles and property and there are no implicit interest rates. The significant operating leases of the University are held with the Noosa Shire Council in relation to the occupation of Noosa J Building (term of 10 years)and the Qld Government in relation to Dilli Village, Fraser Island (term of 15 years though currently nil commitment in funds) and various facilities within TAFE. The office equipment and motor vehicle leases are generally for a term of 2-5 years. The lease agreements do not provide for purchase options at the end of the lease term nor escalation clauses beyond the standard agreed terms.

All operating lease arrangements are considered to be of standard terms with no unusual restrictions.

2014 2013 2014 2013

$ $ $ $Note 25 Remuneration of auditors

During the year the following fees were paid for services provided by the auditor of the parent entity, its related practices and non-relatedaudit firms:

Assurance services

(a) Audit ServicesFees paid to the Queensland Audit Office:Audit and review of financial reports and other audit work under the Corporations Act 2001 and the Financial Accountability Act 2009 144,000 143,800 125,300 125,300Total remuneration of auditors 144,000 143,800 125,300 125,300


2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 26 Commitments

(a) Capital commitmentsCapital expenditure contracted for at the reporting date but not recognised as liabilities is as follows:

Property, plant and equipmentPayable:Within one year 17,786 22,604 17,786 22,604Later than one year but not later than five years - 3,170 - 3,170Later than five years - - - -Total Property, plant and equipment 17,786 25,774 17,786 25,774

Intangible assetsPayable:Within one year 780 719Later than one year but not later than five years - 689 - 664Later than five years - - - -Total intangible assets - 1,469 - 1,383

Total capital commitments 17,786 27,243 17,786 27,157

(b) Lease commitmentsCommitments in relation to leases contracted for at the reporting date but not recognised asliabilities payable:

Within one year 1,035 780 834 719Later than on year but not later than five years 931 689 669 664Later than five years - - - -Total lease commitments 1,966 1,469 1,503 1,383




Note 27 Related parties

(a) Parent entities

The ultimate Australian parent entity within the consolidated entity is the University of the Sunshine Coast which at 31 December 2014owns 100% (2013: 100%) of the issued ordinary shares of the Innovation Centre Sunshine Coast Pty Ltd (ICSC).

(b) Subsidiaries

The primary purpose of ICSC is to provide regional leadership and support for new business designed to create wealth and generate employment on the Sunshine Coast.

Controlled entity comparative figures2014$’000

2013$’000

Total assets 323 314Total liabilities 212 248Total revenue 1,060 957Operating result for the reporting period 45 36

(c) Key management personnel, Directors and specified executives

Directors of ICSC who are also key management personnel of the University are:

Ms Julie-Anne MEE Professor Michael HEFFERANProfessor John BARTLETT

Refer to note 24 for key management personnel of the consolidated entity.

(d) Transactions with related parties

The University purchases goods and services from external parties on behalf of ICSC for which it is subsequently reimbursed. No fee is charged in relation to this arrangement. The University also provides a grant for ICSC expending in an approved manner. For 2014 ICSC received $250,000 (2013: $250,000). The University has lease arrangements with the wholly owned subsidiary ICSC in relation to the space occupied in the Incubator and Accelerator.

(e) Outstanding balances

As at 31 December 2014, the wholly owned subsidiary ICSC owed the University an amount of $32,963 (2013: $65,422) through normal intercompany arrangements.

Note 28 Events occurring after the balance sheet date

On 5 January 2015, the University registered USC Capital and Commercial Pty Ltd a proprietary company, limited by shares. The company is considered to be a wholly owned subsidiary of the University and will form part of the consolidated entity in future reporting periods. The objective of the company is to enter into and manage commercial arrangements.

There are no other events that have occurred after the balance sheet date that may significantly affect the operations of the University or the consolidated entity, the results of those operations or the state of affairs of the University in future financial years.




Note 30 Financial risk management

The consolidated entity's activities expose the consolidated entity to a variety of financial risks, including: market risk, credit risk, and liquidity risk.

The Council has overall responsibility for the establishment and oversight of the risk management framework. The Council has established the Audit and Risk Management Committee, which oversees how management monitors compliance with the consolidated entity's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the consolidated entity. The Audit and Risk Management Committee are assisted in its oversight role by Internal Audit.

Risk management policies are established to identify and analyse the risks faced by the consolidated entity, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies are reviewed regularly to reflect changes in market conditions of the consolidated entity's activities.

(a) Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the consolidated entity's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising return.

The consolidated entity does not hold any derivatives or other financial liabilities related to the management of market risk.

(i) Foreign exchange risk (currency risk)The currency in which the consolidated entity's activities and associated transactions are conducted is primarily the Australian dollar (AUD). As such, the consolidated entity's exposure to currency risk on sales, purchases and borrowings is minimal.

(ii) Price riskAs the consolidated entity has not entered into any complex financial arrangements any exposure to price risk is immaterial.

(iii) Cash flow and fair value interest rate risk.The consolidated entity's investment policy is to only invest with; major banking institutions, Queensland Treasury Corporation (QTC) and other Government associated entities, and to only borrow from QTC and other Government associated entities.

The consolidated entity's current portfolio of investments consists of floating and fixed rate investments in the form of cash holdings with three major banking institutions, deposits held with QTC in a Capital Guaranteed Cash Fund, and a limited number of shares. The Capital Guaranteed Cash Fund enables USC to invest surplus funds in the short-term money market. The fund is run on a similar basis to a cash management account, with customers’ deposits pooled together to take advantage of the more attractive interest rates and economies of scale available for larger investments with floating rate exposure.

The consolidated entity's current portfolio of borrowings consists of a mix of fixed rate funding and debt pool funding sourced through QTC.Pool lending is akin to fixed rate lending but offers greater flexibility as lump sum re-payments can be made. Such flexibility is not available with QTC's fixed rate loans, and QTC do not offer variable rate funding. Pool lending protects borrowers from large fluctuations in market value interest rates therefore reducing interest rate risk.

QTC’s debt pools are structured to protect customers against adverse interest rate movements. This protection is achieved by matching the term of the loan with the term of the QTC debt pool as closely as possible. To achieve this it is necessary to move the loan through

2014 2013 2014 2013

$'000 $'000 $'000 $'000Note 29 Reconciliation of operating result after income tax to net cash flows from

operating activities

Operating result for the period 38,581 20,448 38,536 20,413Depreciation and amortisation 8,992 8,486 8,983 8,473Non-cash donations (1,559) (80) (1,559) (80)Net (gain) / loss on sale of non-current assets (17) 81 (17) 81(Increase) / decrease in trade and other receivables (5,797) (2,754) (5,734) (2,751)(Increase) / decrease in other assets (363) 223 (362) 223(Decrease) / increase in trade and other payables 3,989 (140) 3,995 (176)(Decrease) / increase in other liabilities (3,194) 4,276 (3,191) 4,273(Decrease) / increase in provisions 1,985 1,587 1,979 1,572Net cash provided by / (used in) operating activities 42,615 32,127 42,628 32,028




Note 30 Financial risk management (continued)

the appropriate debt pools during the term of the loan. Book rate reviews are performed periodically to safeguard against excessive interest rate risk and can be triggered by a number of events including lump sum repayments.

For interest rates applicable to each class of asset or liability refer to individual notes to the financial statements. For further details regarding interest rate risk refer to Note 30(c).

(iv) Summarised sensitivity analysisThe following table summarises the sensitivity of the consolidated entity’s financial assets and financial liabilities to interest rate risk. As the consolidated entity is not subject to foreign exchange risk or other price risk, sensitivity analysis of these risks has been excluded.

(b) Credit risk

Credit risk is the risk of financial loss to the consolidated entity if a customer fails to meet its contractual obligations, and arises principally from the consolidated entity's receivables from customers and, for the parent entity, receivables due from subsidiaries.

The carrying amount of the consolidated entity's financial assets represents the maximum credit exposure.

Trade ReceivablesThe consolidated entity's exposure to credit risk is influenced mainly by the individual characteristics of each customer. Approximately 77% (2013: 81%) of the consolidated entity's revenue is attributable to Australian Government Financial Assistance, however, the arrangements are largely advancements rather than receivables.

The University's Financial Management Policy establishes a credit policy under which each new customer is analysed individually for creditworthiness before the consolidated entity's standard payment and delivery terms and conditions are offered. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Council.

More than 70% (2013:> 70%) of the consolidated entity's customers have been transacting with the consolidated entity for over 3 years, and losses have occurred infrequently. The consolidated entity does not require collateral in respect of trade and other receivables.

Carrying amount

Result Equity Result Equity

$'000 $'000 $'000 $'000 $'000

11,068 (111) (111) 111 11110,004 - - - -60,272 (603) (603) 603 603

100 - - - -

7,246 - - - -12,253 - - - -

(713) (713) 713 713

Carrying amountResult Equity Result Equity

$'000 $'000 $'000 $'000 $'000

14,243 (142) (142) 142 1424,207 - - - -

55,272 (553) (553) 553 553100 - - - -

4,087 - - - -13,792 - - - -

(695) (695) 695 695Total increase/(decrease)

Term depositsOther financial assets

Financial LiabilitiesTrade and other payablesBorrowings

31 December 2013

Financial assetsCash and cash equivalentsReceivables

Total increase/(decrease)

Interest rate risk-1% 1%

Other financial assets

Financial LiabilitiesTrade and other payablesBorrowings

31 December 2014

Financial assetsCash and cash equivalentsReceivablesTerm deposits

Interest rate risk

-1% 1%



Note 31 Fair value measurements (continued)

The consolidated entity measures and recognises the following assets and liabilities at fair value on a recurring basis:Freehold landFreehold buildingsInfrastructure assetsArt and library reference collection

The consolidated entity does not measure and recognise any liabilities at fair value on a recurring basis.

b) Fair value hierarchy

The University categorises assets and liabilities measured at fair value into a hierarchy based on the level of inputs used in measurement

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2 – inputs other than quoted prices within level 1 that are observable for the asset or liability either directly or indirectlyLevel 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs)

i) Recognised fair value measurementsFair value measurements recognised in the statement of financial position are categorised into the following levels at 31 December 2014.

There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. For transfers in and out of level 3 measurements see (d) below.

The consolidated entity’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

2014 2013 2014 2013

$'000 $'000 $'000 $'000

Financial assetsCash and cash equivalents 11,068 22,037 11,068 22,037Receivables 10,004 1,453 10,004 1,453Other financial assets 60,372 45,372 60,372 45,372Total financial assets 81,444 68,862 81,444 68,862

Financial liabilitiesTrade and other payables 7,246 3,299 7,246 3,299Borrowings 12,253 15,236 13,581 16,489Total financial liabilities 19,499 18,535 20,827 19,788

Fair ValueCarrying Amount

Fair value measurements at 31 December 2014

Recurring fair value measurements2014 Level 1 Level 2 Level 3

Non-financial assets $'000 $'000 $'000 $'000

Freehold land 20,900 - 20,900 -Freehold buildings 172,515 - 840 171,675Infrastructure assets 19,064 - - 19,064Art and library reference collection 2,906 - - 2,906Total non-financial assets 215,385 - 21,740 193,645

Fair value measurements at 31 December 2013

Recurring fair value measurements2013 Level 1 Level 2 Level 3

Non-financial assets $'000 $'000 $'000 $'000

Freehold land 15,224 - - 15,224Freehold buildings 136,228 - - 136,228Infrastructure assets 11,845 - - 11,845Art and library reference collection 2,576 - - 2,576Total non-financial assets 165,873 - - 165,873




ii) Disclosed fair valuesThe consolidated entity has a number of assets and liabilities which are not measured at fair value, but for which the fair values are disclosed in the notes.

The fair value of assets or liabilities traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices for identical assets or liabilities at the balance sheet date (level 1). This is the most representative of fair value in the circumstances.

The fair values of held-to-maturity investment and interests in associates that are disclosed in note 16 were determined by reference to published price quotations in an active market (level 1).

The carrying value less impairment provision of trade receivables and payables is a reasonable approximation of their fair values due to the short-term nature of trade receivables. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the consolidated entity for similar financial instruments (level 3).

The fair value of non-current borrowing disclosed in note 20 is estimated by discounting the future contractual cash flows at the current market interest rates that are available to the consolidated entity for similar financial instruments. For the period ending 31 December 2014, the borrowing rates were determined to be between 5.7% and 7.13% (2013 between 5.7% and 6.75%) depending on the type of borrowing. The fair value of current borrowing approximates the carrying amount, as the impact of discounting is not significant (level 2).

c) Valuation techniques used to derive level 2 and level 3 fair valuesi) Recurring fair value measurementsThe fair value of financial instruments that are not traded in an active market (for example over the counter derivatives) is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

Land, buildings and infrastructure are valued independently at least every five years. At the end of each reporting period, the consolidated entity updates their assessment of the fair value of each asset class, taking into account the most recent independent valuations. The consolidated entity determines the property’s value within a range of reasonable fair value estimates.

The best evidence of fair value is current prices is an active market for similar properties. Where such information is not available the consolidated entity considers information from a variety of sources, including:

Current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differencesDiscounted cash flow projections based on reliable estimates of future cash flowsCapitalised income projections based on a property’s estimated net market income, and a capitalisation rate derived from an analysis of market evidence

Where there is directly comparable market evidence Level 2 valuation inputs were used to value land held in freehold title (investment and non-investment) as well as land used for special purposes which is restricted in use under current zoning rules. Sales prices of comparable land sites in close proximity are adjusted for differences in key attributes such as property size. The most significant inputs into this valuation approach are price per square metre.

Specialised buildings were valued using the cost approach using professionally qualified Registered Valuers. The approach estimated the replacement cost for each building by componentising the buildings into significant parts with different useful lives and taking into account a range of factors. While the unit rates based on square metres could be supported from market evidence (level 2) other inputs (such as estimates of residual value, useful life, pattern of consumption and asset condition) required extensive professional judgement and impacted significantly on the final determination of fair value. As such these assets were classified as having been valued using level 3 valuation inputs.

The University’s major infrastructure assets are unique in design or there was insufficient observable market evidence to support the valuation. As a result the valuation was performed using the cost approach. The approach estimated the replacement cost for each asset by componentising the assets into significant parts with different useful lives and taking in to account a range of factors. While the unit rates based on similar capacity could be supported from market evidence (level 2) other inputs (such as estimates of residual value, useful life, pattern of consumption and asset condition) required extensive professional judgement and impacted significantly on the final determination of fair value. As such these assets were classified as having been valued using level 3 valuation inputs.




During the year there were a number of new projects completed where the actual cost was recorded and the impact of depreciation at year end was negligible. While these could be classified as valued at level 2, given the low proportion of the total portfolio that these represented and the likelihood that in future valuations they would most likely be valued at level 3, the University has adopted a policy that all infrastructure assets are deemed to be valued at level 3.

ii) Non-recurring fair value measurementsThe University did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at the end of the reporting period.

d) Fair value measurements using significant unobservable inputs (level 3)The following table is a reconciliation of level 3 items for the periods ended 31 December 2014 and 2013:

(i) Transfers between levels 2 and 3 and changes in valuation techniquesIn 2014, the valuation technique for land changed from level 3 to level 2. In 2014 it was considered that there was directly comparablemarket evidence using Level 2 valuation inputs to value land held in freehold title (investment and non-investment) as well as land used for special purposes which is restricted in use under current zoning rules. Sales prices of comparable land sites in close proximity are adjusted for differences in key attributes such as property size. The most significant inputs into this valuation approach are price per square metre.

This method differed to 2013 where it was considered that there were no directly comparable sales of land parcels of this size or development potential, which is highly subjective and could fall within a large range of uses and densities. These were subsequently valued at the level 3 valuation input hierarchy by using the professional judgement of a Registered Valuer who adjusted the price per square metre of sales from sites not in close proximity which provided only a low level of comparability.

(ii) Valuation inputs and relationships to fair valueThe following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements. See (c) above for the valuation techniques adopted.

DescriptionFair value at 31Dec 2014 $’000

Unobservable inputs*

Range of inputs (probability weighted

average)

Relationship of unobservable inputs to fair value $’000

Lower Upper Lower UpperFreehold buildings 171,675 Relationship between asset

consumption ratings scale and the level of consumed service potential

(2.5)% 2.5% (4,292) 4,292

Infrastructure assets 19,064 Condition of the asset where it could not be determined through physicalinspection. Relationship between asset consumption ratings scale and the level of consumed service potential

(2.5)% 2.5% (477) 477

*There were no significant inter-relationships between unobservable inputs that materially effects fair value

$'000 $'000 $'000 $'000 $'000

Level 3 Fair value measurements 2014Opening balance 15,224 136,229 11,846 2,575 165,874Acquisitions - 24,977 1,603 125 26,705Transfers out of Level 3 (15,224) (840) - - (16,064)Disposals - - - (25) (25)Recognised in profit or loss - (4,811) (1,073) - (5,884)Recognised in other comprehensive income - 16,120 6,689 231 23,040Closing balance - 171,675 19,064 2,906 193,645

Level 3 Fair value measurements 2013Opening balance 15,224 136,927 11,025 1,851 165,027Acquisitions - 5,460 1,943 98 7,501Disposals - - (1) - (1)Recognised in profit or loss - (4,555) (982) - (5,537)Recognised in other comprehensive income - (1,603) (139) 626 (1,116)Closing balance 15,224 136,229 11,846 2,575 165,874

TotalFreehold landFreehold

buildingsInfrastructure

assets

Art & library reference

collection





(iii) Valuation processes

The valuation process is managed by a team in the University's Financial Services department which engages external valuers to perform the valuations of assets required for reporting purposes. The Financial Services team reports to the PVC, Corporate Services (via the Chief Financial Officer). Discussions on valuation processes are held every 12 months including changes in level 2 and 3 fair values.

The University engages external, independent and qualified valuers to determine the fair value of the Universities land, buildings, infrastructure and major plant on a regular basis (minimum of five years). An annual assessment is undertaken to determine whether the carrying amount of the assets is materially different from the fair value. If any variation is considered material a revaluation is undertaken either by comprehensive revaluation or by applying an interim revaluation using appropriate indices.

As at 31 December 2014 a comprehensive revaluation was undertaken for all the asset classes land, buildings and infrastructure by APV Valuers and Asset Management. In 2013 a desktop valuation was undertaken for the same asset classes.

The main level 3 inputs used are derived and evaluated as follows:

Relationship between asset consumption rating scale and the level of consumed service potential - Under the cost approach the estimated cost to replace the asset is calculated and then adjusted to take account of an accumulated depreciation. In order to achieve this, the valuer determines an asset consumption rating scale for each asset type based on the inter-relationship between a range of factors. These factors and their relationship to the fair value require professional judgment and include asset condition, legal and commercial obsolescence and the determination of key depreciation related assumptions such as residual value, useful life and pattern of consumption of the future economic benefit.

The consumption rating scales were based initially on the past experience of the valuation firm and industry guides and were then updated to take into account the experience and understanding of the University’s own asset management and finance staff. Theresults of the valuation were further evaluated by confirmation against the University’s own understanding of the assets and the level of remaining service potential.

Asset Condition - The nature of infrastructure assets is that there are a very large number of assets which comprise the network and as a result it is not physically possible to inspect every asset for the purposes of completing a valuation. As a consequence reliance is placed on the accuracy of data held in the asset management system and its associated internal controls. This includes regular planned inspections and updates to the system following maintenance activities and renewal treatments.




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Note 32 Acquittal of Australian Government financial assistance32.5 Other capital funding

32.6 Australian Research Council Grants

Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000

Financial assistance received in CASH during the reporting period (total cash received from the Australian Government for the program) 18,800 10,609 18,800 10,609

Net accrual adjustments 5,000 1,000 5,000 1,000

Revenue for the period 2(e) 23,800 11,609 23,800 11,609

Surplus/(deficit) from previous year 5,971 9,703 5,971 9,703

Total revenue including accrued revenue 29,771 21,312 29,771 21,312

Less expenses including accrued expenses 21,728 15,341 21,728 15,341

Surplus/(deficit) for reporting period 8,043 5,971 8,043 5,971

Parent Entity (HEP) ONLY

TotalEducation Investment Fund

(a) Discovery Notes 2014 2013 2014 2013 2014 2013 2014 2013

$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

Financial assistance received in CASH during the reporting period (total cash received from the Australian Government for the program) 406 410 281 179 301 271 988 860

Net accrual adjustments - - - - - - - -

Revenue for the period 2(f)(i) 406 410 281 179 301 271 988 860

Surplus/(deficit) from previous year 156 56 63 110 91 - 310 166

Total revenue including accrued revenue 562 466 344 289 392 271 1,298 1,026

Less expenses including accrued expenses 327 310 122 226 256 180 705 716

Surplus/(deficit) for reporting period 235 156 222 63 136 91 593 310

(b) Linkages Notes 2014 2013 2014 2013

$'000 $'000 $'000 $'000

Financial assistance received in CASH during the reporting period (total cash received from the Australian Government for the program) 538 227 538 227

Net accrual adjustments - - - -

Revenue for the period 2(f)(ii) 538 227 538 227

Surplus/(deficit) from previous year 206 - 206 -

Total revenue including accrued revenue 744 227 744 227

Less expenses including accrued expenses 511 21 511 21

Surplus/(deficit) for reporting period 233 206 233 206



Total

Fellowships TotalProjects Early Career

Projects




32.7 OS - HELP

32.8 Student Services and Amenities Fee

Notes 2014 2013

$'000 $'000

Cash received during the reporting period 344 126

Cash spent during the reporting period 417 248

Net cash received 2(h) (73) (122)

Cash surplus/(deficit) from previous period (30) 92

Cash surplus/(deficit) for reporting period (103) (30)

Parent entity (HEP) ONLY

Unspent/(overspent) revenue from previous period 588 546

SA-HELP Revenue Earned 2(b) 1,381 1,098

Student Services and Amenities Fees direct from Students 4 396 418

Total revenue expendable in period 2,365 2,062

Student Services expenses during period (1,609) (1,474)

Unspent/(overspent) Student Services Revenue 756 588


Financial StatementsStatement of certifi cationFor the year ended 31 December 2014


Financial StatementsIndependent auditor’s report



Financial StatementsIndependent auditor’s reportFor the year ended 31 December 2014

GlossaryABS SEIFA

Australian Bureau of Statistics Socio-Economic Indexes for Areas

ACIARAustralian Centre for International Agricultural Research

AGSAustralian Graduate Survey

AIMEAustralian Indigenous Mentoring Experience

AINSEAustralian Institute of Nuclear Science and Engineering

APTAdministrative, Professional and Technical (Staff)

ARCAustralian Research Council

ARMCAudit and Risk Management Committee

BOLDInternational Barcode of Life Database

CDCensus Collection District

CEQCourse Experience Questionnaire

CGSCommonwealth Grant Scheme

CRICOSCommonwealth Register of Institutions and Courses for Overseas Students

CRNCollaborative Research Networks

CSIROCommonwealth Scientifi c and Industrial Research Organisation

CSPCommonwealth Supported

DEDepartment of Education (previously the Department of Education, Employment and Workplace Relations and the Department of Education, Science and Training)

DIDepartment of Industry (previously the Department of Industry, Innovation, Science, Research and Tertiary Education and the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education)

EFTSLEquivalent Full-Time Student Load

EIFEducation Investment Fund

EIREntrepreneur in Residence

EMBAExecutive Master of Business Administration

FTEFull-time equivalent (Staff)

GOGlobal Opportunities

HDRHigher Degree by Research (Student)

HEPPPHigher Education Participation and Partnerships Program

HERDCHigher Education Research Data Collection

HWAHealth Workforce Australia

IASASInternational Association of Student Affairs and Services

ICSCInnovation Centre Sunshine Coast

ICTInformation and Communication Technology

KPIKey Performance Indicator

NHMRCNational Health and Medical Research Council

NMRNuclear Magnetic Resonance

NTEUNational Tertiary Education Union

OLTOffi ce for Learning and Teaching (Australian Government)

OSIOverall Satisfaction Index

PGPostgraduate

PPRPerformance, Planning and Review (Staff)

PRCPlanning and Resources Committee

QDAFFQueensland Government Department of Agriculture, Fisheries and Forestry

SAMPStrategic Asset Management Plan

SARCSkills, Academic and Research Centre

SCHHSSunshine Coast Hospital and Health Service

SESSocio-economic status

TEPTertiary Enabling Pathway

TESOLTeaching English to Speakers of Other Languages

TEQSATertiary Education Quality and Standards Agency

TPPTertiary Preparation Pathway

UGUndergraduate

USCUniversity of the Sunshine Coast

WILWork Integrated Learning

YTDYear to Date

IndexAcademic Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Acknowledgement of Country . . . . . . . . . . . . . . . . . . IFCBasis of Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Academic Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Audit and Risk Management . . . . . . . . . . . . . . . . . . . 25Honorary Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Planning and Resources . . . . . . . . . . . . . . . . . . . . . . . 27

Controlled entities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Equal opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Ethical standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Executive management . . . . . . . . . . . . . . . . . . . . . . . . . 18External scrutiny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Financial report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Index to fi nancial statements . . . . . . . . . . . . . . . . . . 33Auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Notes to the fi nancial statements. . . . . . . . . . . . . . . 46Remuneration disclosures . . . . . . . . . . . . . . . . . . . . . 73Report by members . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Statement of cash fl ows . . . . . . . . . . . . . . . . . . . . . . . 45Statement of certifi cation . . . . . . . . . . . . . . . . . . . . . 90Statement of changes in equity . . . . . . . . . . . . . . . . 44Statement of comprehensive income. . . . . . . . . . . . 42Statement of fi nancial position. . . . . . . . . . . . . . . . . 43

Functions and powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Information systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Innovation Centre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Key fi ve-year fi gures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Key performance indicators . . . . . . . . . . . . . . . . . . . . . . . 7

Access and engagement . . . . . . . . . . . . . . . . . . . . . . . . 8Learning and teaching . . . . . . . . . . . . . . . . . . . . . . . . 10Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Sustainable development . . . . . . . . . . . . . . . . . . . . . . 15

Legislative compliance . . . . . . . . . . . . . . . . . . . . . . . . . . 30Copyright. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFCInformation privacy. . . . . . . . . . . . . . . . . . . . . . . . . . . 30Public sector ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Right to information . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Management and accountability . . . . . . . . . . . . . . . . . 18Audit committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Internal audit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Organisational structure. . . . . . . . . . . . . . . . . . . . . . . . . 18Operating environment . . . . . . . . . . . . . . . . . . . . . . . . . . 3Outputs and performance measures

(see Key performance indicators) . . . . . . . . . . . . . . . . 7Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Statutory obligations

(see Legislative compliance) . . . . . . . . . . . . . . . . . . . . 30Strategic framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Strategic planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Student complaints and appeals. . . . . . . . . . . . . . . . . . 31Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15University Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Vision statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Workforce planning, retention and turnover . . . . . . . 30Workplace health and safety . . . . . . . . . . . . . . . . . . . . . 30

MAROOCHYDORE DC QLD 4558AUSTRALIATel: 07 5430 1234Fax: 07 5430 1111Web: www.usc.edu.auCRICOS Provider Number: 01595D

The University of the Sunshine Coast began as the Sunshine Coast University College.

Founded in 1994, the fi rst students started at the Sippy Downs campus in 1996. In 1998

the new institution was granted full university status, and became the University of the

Sunshine Coast on 1 January 1999.

The 100-hectare Sippy Downs campus lies around 90km north of Brisbane on land that

was once a cane farm. In addition to the main site at Sippy Downs, the University has

teaching sites offering award programs at Gympie and South Brisbane, as well as study

support centres offering tertiary preparatory programs at Noosa, Caboolture and North

Lakes. In 2014, USC had a total operating revenue of more than $215.4 million and

employed 821 staff (full-time equivalent).

USC has a fi ve-star rating for teaching quality, generic skills, and graduate satisfaction,

which is recognised in the 2015 Good Universities Guide*.

At Census 1 2014, there were 9,652 students (including 1,108 postgraduates and 1,057

international students) enrolled in more than 140 academic programs in two faculties:

Arts and Business; and Science, Health, Education and Engineering.

In 2014, the University conferred 1,718 degrees, bringing alumni numbers to 14,164.

*The rating of fi ve stars for teaching quality, generic skills and graduate satisfaction were awarded to USC by the Good Universities’ Guide 2015 using information obtained from the Graduate Careers Australia’s Course Experience Questionnaire.

annual report 2014 - university of the sunshine coast€¦ · annual report 2014 1 standing on...

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