statement of financial information prepared … · 2 statement of financial information prepared...

STATEMENT OF FINANCIAL INFORMATION

PREPARED UNDER THE FINANCIAL INFORMATION ACT

FOR YEAR ENDED MARCH 31, 2016

VANCOUVER ISLAND UNIVERSITY

900 FIFTH STREET

NANAIMO, BC

V9R 5S5

2




TABLE OF CONTENTS

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

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

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

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

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

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

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

Schedule of Suppliers of Goods and Services ................................................................. page 23

Reconciliation .................................................................................................................. page 30

Consolidated Financial Statements 2015-2016 .......................................................... Appendix 1

5




SCHEDULE OF DEBTS

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

Vancouver Island University has not incurred any debt during the 2015-16 fiscal period

6




SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS

Prepared Under Financial Information Regulation, Schedule 1, Section 5

List of Financial guarantee and indemnity agreements in force which required government approval prior to being given under the Financial Administration Act Guarantees and Indemnities Regulations (BC Reg.258/87): ATCO Structures and Logistics Ltd. British Columbia Institute of Technology as represented by British Columbia Council on Admissions and Transfer (BCCAT) Camosun College and North Island College Camosun College, North Island College, Royal Roads University and Vancouver Island University Camp Imadene Canadian Collegiate Athletic Association Canadian Recreation Excellence Corporation 2004, Capital Regional District, Canadian Recreation Excellence, PARC Commission City of Nanaimo City of Nanaimo and the Nanaimo Heritage Days Steering Committee Colleges and Institutes Canada (CICan) Commission for Environmental Cooperation Cowichan Tribes Fraser Basin Council Great Bear Initiative Heart and Stroke Foundation of Canada

7

Heiltsuk Tribal Council Her Majesty the Queen in Right of Canada as represented by Parks Canada Agency Her Majesty the Queen in Right of Canada as represented by the Minister of the Environment (3) Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Natural Gas Development Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Aboriginal Relations and Reconciliation Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Jobs, Tourism and Skills Training (2) Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Energy and Mines, Communities and Transportation Branch Ivanhoe Cambridge Inc., Ivanhoe Cambridge I Inc., Ivanhoe Cambridge II Inc., Woodgrove Holdings Inc., OPB Finance Trust II, Ontario Pension Board (3) Lil'wat Nation Mitacs Inc. Nanwakolas Council Society North Island College PanGlobal Training Systems Ltd. Regional District of Nanaimo Stz'uminus First Nation Team Dynamix Solutions LLC The Corporation of the District of North Cowichan Tides Canada Initiative Society Tides Canada Initiatives Society Timberwest Forest Company, a partnership of TimberWest Forest Corp. and Timberwest Holdings Ltd.

8




STATEMENT OF SEVERANCE AGREEMENTS

Prepared under the Financial Information Regulation, Schedule 1, Subsection 6(7)

There were no severance agreements made between Vancouver Island University and its non-unionized employees during fiscal year 2015-2016.

Board Member 2015-16 Total Expenses

Louise Mandell Chancellor $5,752.16

Warren Erhart Appointed Board Member 1,388.93

Stewart Hawthorn Appointed Board Member 528.85

Makenzie Leine Appointed Board Member 300.00

Claire Moglove Appointed Board Member 1,950.60

Jonalan Oddleifson Appointed Board Member 1,165.33

Erralyn Thomas Appointed Board Member 528.85

Terence Fitzgerald Appointed Board Member 578.85

Allan Wiekenkamp Chair 2,223.29

Chris Munro Elected Employee 428.85

Sheila Davidson Elected Employee 134.32

Chris Burnley Elected Faculty 300.00

Steven Purse Elected Faculty 528.85

Richard Harlow Elected Student 100.00

Sherry McCarthy Elected Student 581.16

Aubrey Robertson Elected Student 100.00

Michael Snoddon Elected Student 328.85

$16,918.89

Prepared Under Financial Information Regulation, Schedule 1, Section 6

STATEMENT OF FINANCIAL INFORMATIONPREPARED UNDER THE FINANCIAL INFORMATION ACT


SCHEDULE OF REMUNERATION AND EXPENSESBOARD OF GOVERNORS

9

Employee Salary and Expenses $75,000 or more

Employee NameTotal Employee

ExpensesEmployeeSalaries

Total Salary & Employee Expenses

ACOSTA, MALENA 712.27$ 89,630.72$ 90,342.99$

AGYEKUM, ERIC 1,000.00 102,818.94 103,818.94

AIKMAN, ALLAN 1,251.66 92,611.28 93,862.94

ALEXANDER, DON 1,705.80 81,319.23 83,025.03

ALEXANDER, SANDY 1,174.00 87,872.86 89,046.86

ALLEN, SUSAN 3,854.94 79,182.69 83,037.63

ALPHONSE, DANIELLE 2,544.35 74,696.43 77,240.78

ALTON, RITA 526.23 86,864.85 87,391.08

AMARAL, JOHN 1,000.00 92,281.99 93,281.99

AMOS, DARYL 1,488.31 79,182.69 80,671.00

ANSELL, JIM 7,438.61 87,872.86 95,311.47

ANTONIADIS, ANASTASIA 3,142.69 78,257.47 81,400.16

APLAND, LARS 2,036.82 77,243.73 79,280.55

ARKOS, GREGORY 1,000.00 93,365.89 94,365.89

ARMSTRONG, CLAY 1,000.00 87,872.86 88,872.86

ARMSTRONG, MARIE 9,434.67 138,886.60 148,321.27

ARNOLD, RICHARD 1,000.00 88,251.86 89,251.86

ASSAF, TANYA 34.32 89,604.58 89,638.90

ATKINSON, ANNA 1,000.00 81,319.23 82,319.23

ATKINSON, JAMES - 75,417.89 75,417.89

ATKINSON, TIM 5,896.05 128,544.79 134,440.84

AYERS, JIM 2,433.12 87,872.86 90,305.98

BAILDHAM, LORRIE 7,553.33 95,955.41 103,508.74

BAILEY, MEGAN 7,545.42 71,244.16 78,789.58

BAJKOV, LESLIE 222.04 79,182.69 79,404.73

STATEMENT OF FINANCIAL INFORMATION PREPARED UNDER THE FINANCIAL INFORMATION ACT


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

10




BALL, GEOFF 6,737.59$ 80,499.15$ 87,236.74$

BALL, GREGORY 1,000.00 82,107.27 83,107.27

BALLAM, BRUCE 4,868.16 97,814.20 102,682.36

BARCELOS, ROB 19,498.59 66,501.03 85,999.62

BARCLAY, LESLIE 1,853.14 88,594.61 90,447.75

BARNETT, MARTIN 7,073.32 90,488.92 97,562.24

BARSBY, TODD 1,000.00 89,872.86 90,872.86

BASCOM, ERIN 1,941.00 73,781.82 75,722.82

BEAUBIER, ALEXIS 2,637.51 84,980.78 87,618.29

BEBYCK, TOM - 79,655.07 79,655.07

BEESE, BILL 2,905.06 95,931.91 98,836.97

BENISKY, BARRY 691.98 98,517.02 99,209.00

BEVIS, RICK 3,954.80 90,764.73 94,719.53

BIGELOW, DAVID 2,933.50 103,889.47 106,822.97

BLACK, JOHN 4,396.17 125,438.50 129,834.67

BLACKBURN, JEAN 6,498.31 87,872.86 94,371.17

BLACKELL, MARK 4,759.25 95,200.58 99,959.83

BLAIKLOCK, FELICITY 1,667.61 87,872.86 89,540.47

BLANEY, LEIGH 2,708.95 87,872.86 90,581.81

BOTTERILL, PAM 8,260.89 73,781.82 82,042.71

BRACK, NONA 5,326.60 87,872.86 93,199.46

BRADLEY, HOLLY 3,394.12 72,556.92 75,951.04

BRAUN, MICHAEL 136.93 90,547.72 90,684.65

BRAZIER, CATHERINE 14,274.13 97,619.00 111,893.13

BRISCOE, PETER 12,752.63 105,532.28 118,284.91

BROCKLEBANK, JOANNE 1,237.50 97,606.98 98,844.48

BUFFIE, BONNIE-JEAN 1,311.48 88,251.86 89,563.34

BURGOYNE, DANIEL 1,000.00 89,001.86 90,001.86

BURNLEY, CAROLINE 1,941.32 82,835.23 84,776.55

BURNLEY, CHRIS 2,706.27 90,389.03 93,095.30

BUSH, GREGORY 1,000.00 87,872.86 88,872.86

BUTLER, DAVID 4,424.36 89,630.72 94,055.08

BUTTERWORTH, CARL 1,327.04 79,182.69 80,509.73

BUZZARD, GORDON 279.77 89,630.73 89,910.50

CADIEUX, DEAN 1,936.68 92,611.27 94,547.95

CAKE, DAVE 3,615.87 87,872.86 91,488.73

CARPENTER, MICHAEL 9,712.12 73,781.82 83,493.94

CARPENTER, PATRICK 1,000.00 87,872.86 88,872.86

CARPENTIER, SALLY 1,798.88 88,199.74 89,998.62

CARROLL, ANITA 1,979.35 87,872.86 89,852.21

11




CASWELL, SUSIE 3,513.37$ 77,913.36$ 81,426.73$

CEBULIAK, JIM - 89,630.72 89,630.72

CHASSELS, CARRIE 4,881.14 131,003.05 135,884.19

CHEUNG, STEVE - 87,665.30 87,665.30

CHICQUEN, KEITH 5,427.92 95,955.41 101,383.33

CHRISTOFFERSEN, JENNIFER 1,798.35 87,872.86 89,671.21

CHUANKAMNERDKARN, PATRICK 3,783.41 87,872.86 91,656.27

CLEGG, JEREMY 2,002.75 98,188.70 100,191.45

CLEMENTS, STEPHEN 1,299.71 95,937.63 97,237.34

CLEMOTTE, OSCAR 1,000.00 87,872.86 88,872.86

COATES, JASON 333.74 90,168.18 90,501.92

COLE, JANE 1,041.60 92,420.86 93,462.46

COLLETTE, DANA 1,798.86 98,861.87 100,660.73

CONDIE, BRUCE 30,407.52 92,885.95 123,293.47

CONLIN, ARDITH 4,676.55 74,610.62 79,287.17

COOPER, JIM 196.00 89,630.72 89,826.72

COOPER, RACHEL 1,000.00 94,315.86 95,315.86

CORNWALL, BRUCE - 83,620.31 83,620.31

CORRIN, DOUG 4,074.44 103,146.34 107,220.78

COTE, DENIS 3,710.27 75,429.09 79,139.36

COWEN, GORDON - 89,630.72 89,630.72

COX, RIKI 1,000.00 86,009.39 87,009.39

CRAN, GREG 6,472.96 69,135.77 75,608.73

CRANMER, LAURA 1,000.00 81,260.72 82,260.72

CROCKER, STEPHANIE 1,857.00 86,569.35 88,426.35

CRUICKSHANKS, NADINE 1,820.46 87,872.87 89,693.33

CUMBERS, ALAN 4,368.93 134,522.34 138,891.27

DAMES, SHANNON 3,558.14 80,425.99 83,984.13

DAOUST, MICHELLE 2,492.45 88,360.00 90,852.45

DARLING, BOB - 93,782.21 93,782.21

DAS, ANUPAM 2,500.00 88,986.58 91,486.58

DAUK, PHILIP 250.00 87,872.86 88,122.86

DAVIDSON, SHARON 5,340.65 73,513.28 78,853.93

DAVIES, ROBIN 1,000.00 92,261.91 93,261.91

DAVIS, TREVOR 22,566.52 134,522.33 157,088.85

DE LA BARRE, SUZANNE 5,170.10 88,961.93 94,132.03

DELAMERE, TOM - 87,872.86 87,872.86

DEMERS, ERIC 7,588.87 135,370.92 142,959.79

DEMERS, HELENE 1,881.92 95,073.86 96,955.78

DERBY, BRENDAN - 89,630.72 89,630.72

12




DERKSEN, TERI 1,495.82$ 75,625.89$ 77,121.71$

DESILETS, CAROL 4,925.15 90,133.77 95,058.92

DESPREZ, ROSS 1,000.00 79,907.99 80,907.99

DIAMENTE, PETER 1,088.50 76,341.67 77,430.17

DICK, BRIAN 2,960.92 92,615.69 95,576.61

DONAT, ANA MARIA 1,312.37 92,041.86 93,354.23

DOUGHTY, TERRI 1,019.24 87,872.86 88,892.10

DOWN, MICHAEL 3,023.30 82,699.99 85,723.29

DUDAS, SARAH 2,553.73 87,872.86 90,426.59

DUFF, STEFANIE 1,179.91 88,252.04 89,431.95

DUTCHUK, MARK - 88,527.64 88,527.64

DYKEMAN, BROCK 14,983.93 103,647.26 118,631.19

EAGAR, PAT 8,997.96 144,581.63 153,579.59

EASTERBROOK, GRANT 281.49 79,933.03 80,214.52

EASTON, GINA 4,146.29 77,991.02 82,137.31

EBY, EIKO 1,290.08 92,701.82 93,991.90

ECCLES, LIZ 20.28 77,016.65 77,036.93

ECKERT, LISA - 110,403.42 110,403.42

EDMONDSON, GORDON 1,701.04 75,825.19 77,526.23

EGAN, MARK 4,758.83 73,781.82 78,540.65

EGELAND, ERIN 8,080.76 89,616.26 97,697.02

EVANS, LORI 1,568.46 86,684.20 88,252.66

EVELEIGH, DARREN 27,043.24 56,419.61 83,462.85

FALVAI, JOANNE 1,000.00 95,116.29 96,116.29

FARRANT, SUSAN 8,349.14 71,622.87 79,972.01

FERGUSON, ROB 5,262.34 88,385.11 93,647.45

FISHER, PAIGE 15,833.89 87,872.86 103,706.75

FONDA, ANNETTE - 76,240.23 76,240.23

FOOTE, CHRIS 1,643.68 95,599.59 97,243.27

FORD, JENNIFER 3,418.00 72,826.18 76,244.18

FORRESTER, DAVID 1,813.32 79,182.69 80,996.01

FOSTER, JACQUELINE 375.00 88,604.70 88,979.70

FOSTER, PATRICK 930.70 75,625.89 76,556.59

FRIESEN, DUANE 1,194.40 91,880.41 93,074.81

FUNK, MARILYN 1,642.35 102,389.99 104,032.34

GABLER, JOERG 4,605.05 89,630.72 94,235.77

GALL, MARK - 80,512.03 80,512.03

GALLANT, MAURICE 2,632.00 89,630.72 92,262.72

GIBLER, JULIE 448.95 87,872.86 88,321.81

GIL, YCHA 1,286.95 78,898.28 80,185.23

13




GILCHRIST, ALAN 1,300.00$ 91,208.06$ 92,508.06$

GILL, CHRIS 15,861.08 104,231.62 120,092.70

GILLIS, LIZ 2,342.98 103,035.41 105,378.39

GILLIS, TRACY 3,042.93 89,294.31 92,337.24

GIRARD, MICHAEL 1,165.74 92,502.20 93,667.94

GOATER, TIM 6,028.12 93,186.99 99,215.11

GOLDRING, LEANNE - 75,157.81 75,157.81

GOVOROV, MICHAEL 6,777.43 87,872.86 94,650.29

GRESS, JASON 2,018.00 90,855.96 92,873.96

GRIEVE, SHEILA 9,736.55 87,267.39 97,003.94

GROOT, ERICK 1,000.00 91,024.70 92,024.70

GUGELER, JOY 1,451.09 79,739.77 81,190.86

GULBRANSON, BURKE 3,852.05 81,288.73 85,140.78

GURNEY-SMITH, HELEN 5,001.47 79,182.69 84,184.16

HAGAN, SANDRA 1,000.00 88,251.86 89,251.86

HAGEN, DEBRA 1,566.52 87,872.86 89,439.38

HAIME, COLIN 5,428.29 88,706.66 94,134.95

HALLAM, MICHAEL 7,298.90 89,630.72 96,929.62

HAMILTON, NANCY 618.89 79,182.69 79,801.58

HANNESSON, DARREN 646.44 107,059.96 107,706.40

HANNESSON, TERESA 2,159.04 91,057.86 93,216.90

HANSON, CRAIG 659.07 89,761.20 90,420.27

HARPER, KEN 7,167.91 89,322.91 96,490.82

HARRIS, COLLEEN - 82,103.03 82,103.03

HASAN, SHAHRIAR 1,000.00 88,630.86 89,630.86

HASSIB, ASHRAF 4,486.14 87,645.46 92,131.60

HAWAMDEH, MOHAMMED 5,091.98 72,842.82 77,934.80

HAYNES, KURTIS - 83,724.78 83,724.78

HEARN, DEBORAH 1,000.00 87,872.86 88,872.86

HEBERT, DARREN 25,832.17 90,133.78 115,965.95

HEBRON, JANET 2,262.19 89,630.72 91,892.91

HEESE, BRIAN 1,551.20 74,824.72 76,375.92

HEIKKILA, RICK - 93,004.35 93,004.35

HERNANDEZ, MERCEDES 1,000.00 89,936.89 90,936.89

HESKETH, JOANNA 1,983.39 97,382.76 99,366.15

HILL, JOHN 1,000.00 93,334.34 94,334.34

HINBEST, JERRY 7,731.16 96,021.36 103,752.52

HINDE, JOHN 1,008.84 94,451.78 95,460.62

HOBENSHIELD, SHARON 13,245.33 95,955.41 109,200.74

HOLDING, SARAH 7,631.48 110,108.19 117,739.67

14




HOLLENBERG, ANDREW 2,342.00$ 89,150.02$ 91,492.02$

HOLLEY, ROSEMARY 538.54 89,630.72 90,169.26

HOLROYD, ANN 2,694.66 81,030.32 83,724.98

HOLYER, GORDON 5,205.81 90,146.86 95,352.67

HOPWOOD, DAVID 3,080.00 75,593.38 78,673.38

HORNOSTY, JANINA 1,000.00 77,196.80 78,196.80

HUNT, DALE 969.78 77,409.01 78,378.79

HUNTER, BRUCE 4,149.17 87,872.86 92,022.03

HURLEY, DAN 8,925.87 118,308.69 127,234.56

IDELS, LEV 6,955.03 81,342.43 88,297.46

ILAGAN, PATRICIA 709.99 87,872.86 88,582.85

IRWIN, WES 1,231.59 89,412.97 90,644.56

JACKLIN, DEBRA 11,095.74 69,874.92 80,970.66

JACKLIN, FRED 12,287.21 107,679.87 119,967.08

JAEGER, CHRIS 2,392.92 94,358.29 96,751.21

JANZEN, HARRY 54,925.28 121,352.63 176,277.91

JARVIS, BEV 55.12 101,724.82 101,779.94

JASTER, LISA 45,633.73 61,604.24 107,237.97

JEAN LOUIS, ROSMY 5,174.79 120,725.48 125,900.27

JENSEN, KEITH 1,703.58 90,170.50 91,874.08

JOHNSON, SAMUEL - 94,160.28 94,160.28

JOHNSTONE, SANDRA 1,171.30 80,247.83 81,419.13

JONES, GARETH 61,030.22 65,312.90 126,343.12

JONES, KEVIN 14.70 77,338.85 77,353.55

JOSEFSSON, CAROLINE 1,419.89 93,967.08 95,386.97

JUNG, PIERA 1,926.52 89,610.10 91,536.62

KELLY, GEORGE 1,000.00 87,872.85 88,872.85

KELLY, SHARON 6,705.83 88,479.13 95,184.96

KENNEDY, GLENN 1,536.92 76,443.15 77,980.07

KETELSEN, JIM 2,292.65 104,844.15 107,136.80

KIRSON, RUTH 2,760.00 88,630.86 91,390.86

KLAASSEN, NIKKI 1,301.42 87,415.22 88,716.64

KLASSEN, TORI 14,473.78 73,645.31 88,119.09

KLIMES, GREG 3,703.81 75,533.03 79,236.84

KNAACK, LIESEL 8,982.11 107,854.56 116,836.67

KNOWLES, JONELLE 8,008.12 87,872.86 95,880.98

KONKIN, PATRICK 4,238.43 88,122.86 92,361.29

KOSSOWAN, SHELLEY 10,284.42 73,600.96 83,885.38

KRIVEL-ZACKS, GAIL 1,060.00 100,146.36 101,206.36

KROEK, RUTH 1,077.80 120,444.29 121,522.09

15




KROEKER, ELISABETH 2,041.22$ 88,122.87$ 90,164.09$

KROGH, ERIK 15,879.19 103,231.77 119,110.96

KRYNOWSKY, BERNIE 2,649.99 87,872.86 90,522.85

KUBOTA, SAYURI 4,578.65 87,920.69 92,499.34

KURULAK, DONNA 1,000.00 87,872.86 88,872.86

LANE, BRENDA 1,914.77 89,483.72 91,398.49

LANE, RICHARD 5,590.18 87,872.86 93,463.04

LANE, SARAH - 88,034.75 88,034.75

LANE, STEVE 16,140.21 134,522.33 150,662.54

LATULIPPE, JOHAN - 83,933.42 83,933.42

LAVOIE, CARMEN 2,996.85 85,880.55 88,877.40

LE MASURIER, GUY 2,700.00 87,872.86 90,572.86

LEAF, SCOTT 1,000.00 91,165.62 92,165.62

LEAVITT, TOM - 89,985.64 89,985.64

LEDWELL-HUNT, JANIS 2,941.61 79,525.06 82,466.67

LEGIN, SHELLEY 23,686.37 166,142.06 189,828.43

LEITH, HOPE 1,109.95 100,317.30 101,427.25

LEPAGE, JOHN 1,000.00 88,251.86 89,251.86

LESEMANN, JEROME 1,334.80 82,753.39 84,088.19

LEVINS, KEVIN 532.87 90,640.26 91,173.13

LEWIS, JEFF 1,000.00 102,030.36 103,030.36

LEWIS, RICHARD 4,620.79 102,589.51 107,210.30

LEWIS, TIMOTHY 1,444.61 95,495.01 96,939.62

LIN, ANDY 6,390.18 96,559.01 102,949.19

LITCHFIELD, WILLIAM 6,130.40 115,838.17 121,968.57

LITTLEJOHN, DEANNA 1,210.04 82,628.20 83,838.24

LITVA, KATARINA 1,356.14 80,925.99 82,282.13

LIU, HUI (JOY) 3,766.59 93,979.29 97,745.88

LIU, HUIZHU 1,000.00 97,119.20 98,119.20

LIVINGSTONE, DAVID 1,434.00 87,721.26 89,155.26

LLOYD, SUSAN - 76,503.01 76,503.01

LORD, JOANNA 995.35 74,675.06 75,670.41

LUMSDEN, SHELLEY 4,534.01 73,781.82 78,315.83

MACCARTHY, VIRGINIA 1,000.00 87,872.86 88,872.86

MACCOLL, MICHAEL 1,000.00 129,281.62 130,281.62

MACHAJ, ANNA 27,675.90 86,772.04 114,447.94

MACKAY, ROSS 6,407.34 121,352.63 127,759.97

MACMILLAN, NEIL 5,853.65 99,858.35 105,712.00

MACQUEEN, BARB - 82,034.62 82,034.62

MAGEE-CHALMERS, JESSIE 2,481.09 96,100.72 98,581.81

16




MAKEPEACE, MYRON 1,000.00$ 87,872.86$ 88,872.86$

MALBON, LES 1,000.00 91,943.82 92,943.82

MALTESEN, JEAN 6,382.46 124,594.86 130,977.32

MANSON, GERALDINE 4,367.20 82,070.30 86,437.50

MARTENS, MARTIN 3,586.25 107,417.92 111,004.17

MARTIN, JEANNIE 1,000.00 87,872.86 88,872.86

MARTIN, MELODY 1,102.96 93,447.70 94,550.66

MARTINFLATT, ASHLEIGH 1,838.82 87,872.86 89,711.68

MARTTALA, RAIMO 2,476.94 89,995.26 92,472.20

MASSON, CYNTHEA 1,000.00 87,872.86 88,872.86

MATHESON, DEBORAH 7,017.80 115,001.29 122,019.09

MATHESON, KATHLEEN 3,927.46 89,630.72 93,558.18

MATTAR, LOUIS 1,211.85 74,309.10 75,520.95

MAYONA, LEMUEL 9,028.61 67,792.98 76,821.59

MCCARTNEY, MICKI 6,913.64 81,283.48 88,197.12

MCCLUSKEY, ELLEN 1,521.33 90,396.86 91,918.19

MCCOMB, TINA 468.84 102,589.50 103,058.34

MCCRAE, LORNA 1,528.74 88,980.86 90,509.60

MCDONALD, DAN 1,000.00 93,131.21 94,131.21

MCFARLAND, DANA 3,602.32 87,872.86 91,475.18

MCGRAIL, JUSTIN 3,836.81 92,294.76 96,131.57

MCKAY, BRENDA 6,985.35 102,589.50 109,574.85

MCKINNON, SHERRI - 89,630.72 89,630.72

MCLAREN, RHONDA 165.36 85,343.22 85,508.58

MCLAUGHLIN, MARY JANE - 105,546.11 105,546.11

MCLEAN, DOUG - 89,810.83 89,810.83

MCLIN, ELIZABETH 3,292.06 81,073.69 84,365.75

MCVEIGH, COLLEEN 2,176.21 88,630.86 90,807.07

MCWHIRTER, JOY - 89,630.72 89,630.72

MEIJER DREES, LAURIE 1,000.00 91,473.36 92,473.36

MERNER, JENNIFER 1,078.75 85,024.51 86,103.26

METCALF, BARBARA 1,927.34 75,625.89 77,553.23

MILLARD, LORNA 1,037.80 79,873.53 80,911.33

MIZUNO, RITA - 89,630.72 89,630.72

MOHABEER, RAVINDRA 1,000.00 80,165.83 81,165.83

MOLL, RACHEL 9,984.59 85,327.56 95,312.15

MOLONEY, MARY ANNE 4,172.73 91,970.00 96,142.73

MORESIDE, SANDRA 282.60 89,630.72 89,913.32

MORGAN, JOHN 385.34 108,516.71 108,902.05

MOTTERSHEAD, PAUL 19,724.62 102,589.54 122,314.16

17




MULCAIR, DEBORAH 13,228.38$ 64,989.02$ 78,217.40$

MUSTAFA, SAMEER 3,447.82 89,161.46 92,609.28

NACHTSHEIM, SUZY 3,250.62 89,630.72 92,881.34

NAESCHKE, RITA - 75,814.53 75,814.53

NEILSON, LINDA - 78,719.15 78,719.15

NETHERTON, ALEXANDER 1,000.00 89,388.86 90,388.86

NEUFELD, THERESE - 76,785.11 76,785.11

NEY, TAMARAH 1,699.30 74,908.37 76,607.67

NG, PATRICK 1,430.56 96,791.74 98,222.30

NILSON, RALPH 49,464.31 208,451.58 257,915.89

NILSON, SUZANNE 1,436.08 89,641.53 91,077.61

NOAKES, DON 2,761.08 121,728.46 124,489.54

NOHR, LARRY 687.86 93,007.35 93,695.21

NOLAN, DAVID 8,068.22 79,962.04 88,030.26

NOYON, MARK 2,118.46 90,317.62 92,436.08

O'CONNOR, MAUREEN 1,778.82 104,562.41 106,341.23

OKUN, MAUREEN 1,034.00 88,630.86 89,664.86

O'NEILL, MARY 5,232.67 89,388.86 94,621.53

O'SHEA, MICHAEL 1,000.00 93,903.49 94,903.49

O'TOOLE, SHAWN 1,284.55 87,872.86 89,157.41

PAGE, NANCY 1,009.88 83,632.97 84,642.85

PALM, JUDY 3,310.35 95,116.29 98,426.64

PAPROSKI, DARREN 1,000.00 95,346.12 96,346.12

PARKER, PETE 6,018.58 80,683.87 86,702.45

PARTYKA, JOHN - 77,703.77 77,703.77

PASTRO, HEATHER 4,929.54 87,872.87 92,802.41

PATTERSON, LYNDA 1,434.43 87,872.86 89,307.29

PEARCE, BROOK 5,094.54 71,250.76 76,345.30

PELLETIER, MICHAEL 1,157.92 89,630.72 90,788.64

PELLEY, STEPHEN 1,022.26 91,486.35 92,508.61

PENNER, RAYMOND 1,000.00 97,208.01 98,208.01

PEPPER-SMITH, ROBERT 1,225.00 88,555.02 89,780.02

PEREZA ROLLS, TINA 1,198.95 87,872.86 89,071.81

PEVEC, ALEXANDER 1,451.71 92,918.09 94,369.80

PICHE, MARIE 1,812.71 84,687.95 86,500.66

PIKE, GRAHAM 41,031.59 123,205.33 164,236.92

POPPLESTONE, OWEN 1,821.98 89,283.06 91,105.04

POTTER, LEON 1,287.00 90,904.86 92,191.86

PRICE, COLLEEN 1,448.95 73,779.52 75,228.47

PRUESSE, GARA 2,300.08 88,251.86 90,551.94

18




PUGH, GLEN 1,000.00$ 102,662.51$ 103,662.51$

PURSE, STEVEN 1,000.00 105,915.16 106,915.16

PUTZ, DON 1,002.75 90,133.77 91,136.52

PYNN, DANA 210.00 89,917.29 90,127.29

RAAEN, ARLETTE - 77,433.09 77,433.09

RAMEY, CAROL 269.76 88,936.12 89,205.88

RASMUSSEN, LEIF 2,967.88 78,512.42 81,480.30

REED, JANINE 11,363.06 147,892.39 159,255.45

REED, KATHLEEN 2,333.70 76,463.83 78,797.53

REES, DAVID 7,024.65 109,579.93 116,604.58

REIMER, BRAD 1,935.31 87,872.86 89,808.17

REIMERS, TINE 2,385.87 87,872.86 90,258.73

REMBOLD, DIANE 3,088.03 73,781.82 76,869.85

RICHARDS, MARY ANN 2,413.05 81,388.38 83,801.43

RICKABY, NOELLA 2,155.30 72,881.40 75,036.70

RIEDEL, MARIAN 2,158.63 80,426.00 82,584.63

RIGGAN, ROBERT - 87,872.86 87,872.86

ROBERSON, BILL 4,196.68 87,872.86 92,069.54

ROBERTSON, TONY 1,000.00 93,785.26 94,785.26

ROBINSON, DAVID 6,451.30 96,626.99 103,078.29

ROBINSON, LYNDA 5,134.52 74,896.97 80,031.49

RODEN, MARIANNE 602.69 88,604.70 89,207.39

ROELANTS, DOMINIQUE 2,737.72 87,872.86 90,610.58

ROLLISON, LYNN 2,705.19 94,456.20 97,161.39

ROSE, LEANNE 4,971.05 89,388.86 94,359.91

RUSSELL, BONITA 6,771.40 130,006.82 136,778.22

RUZESKY, JAY 7,150.72 89,388.86 96,539.58

SACKEY, HARRY 2,661.12 102,216.60 104,877.72

SANDERS, SUSAN 1,140.98 92,372.27 93,513.25

SANRUD, HEATHER 1,396.76 87,872.86 89,269.62

SCHELL, CHARLES 1,000.00 100,431.94 101,431.94

SCHITTECATTE, CATHERINE 1,000.00 90,904.86 91,904.86

SCHROEDER, JOANNE 6,969.19 93,313.12 100,282.31

SCHULTZ, DEANNE 1,000.00 94,072.79 95,072.79

SCOW, SYLVIA 7,133.67 68,419.99 75,553.66

SEINEN, ALBERT 2,017.01 87,872.73 89,889.74

SHARDLOW, SUE - 84,500.63 84,500.63

SHARPE, KIM 2,162.78 73,781.82 75,944.60

SHAW, PAM 12,835.12 88,865.11 101,700.23

SHORE, DEBBIE 8,167.01 89,630.72 97,797.73

19




SIFTON, DANIEL 2,128.03$ 87,872.86$ 90,000.89$

SIMONS, DANIEL 4,596.72 93,751.89 98,348.61

SINCLAIR, JANET 2,671.51 80,917.79 83,589.30

SITTER, RON 2,725.22 87,712.70 90,437.92

SKIPSEY, JOE 533.34 89,630.72 90,164.06

SLOCUM, JOANNE 4,050.31 74,614.39 78,664.70

SLONOWSKY, DEAN 942.55 94,865.81 95,808.36

SMILSKI, ANDREA 448.95 92,172.90 92,621.85

SMITH, ELFIE 1,835.63 79,182.69 81,018.32

SMITH, KEITH 1,023.92 93,936.86 94,960.78

SNOW, KATHRYN 6,747.55 73,781.82 80,529.37

SPEED, ANDREW 9,908.14 95,955.41 105,863.55

SPEIGHT, PAMELA 1,272.76 91,662.86 92,935.62

SPRONK, TERRI 2,133.36 88,501.86 90,635.22

STAJIC, JANINA 471.87 75,223.54 75,695.41

STANLEY, MARNI 1,560.00 99,079.45 100,639.45

STASIUK, MARY 1,551.20 87,872.86 89,424.06

STEEL, MICHELLE 1,037.80 84,313.77 85,351.57

STEEN, GLYNIS 7,845.07 107,570.86 115,415.93

STERN, LOUISE 6,519.77 89,313.46 95,833.23

STEWART, CHARLENE 657.59 88,594.61 89,252.20

STOKES, TIM 4,342.15 88,715.97 93,058.12

STUART, CAROL 11,786.47 121,352.63 133,139.10

SULLY, BRENDA 1,000.00 87,872.86 88,872.86

SUNDBY, LESLIE 3,922.00 87,872.86 91,794.86

SUSKI, LAURA 1,000.00 87,872.86 88,872.86

SWANSON, CAROLYN 1,000.00 83,092.86 84,092.86

SWARTS, JACOBUS 1,000.00 102,073.77 103,073.77

SWORTS, LISA 1,448.95 75,393.75 76,842.70

SYLTE, KAREN 2,583.69 87,872.86 90,456.55

TAKISHITA, FAITH 1,000.00 87,872.86 88,872.86

TALBOT, IAN - 89,440.52 89,440.52

TAPLAY, ALISON 5,903.10 73,758.22 79,661.32

TAYLOR, DREW 6,138.36 86,943.97 93,082.33

TEREPOCKI, TRACEY 21,358.75 80,984.81 102,343.56

TESSIER, NATTALLE 4,056.90 71,868.57 75,925.47

THEUERKORN, FRANK 250.00 93,178.86 93,428.86

THIESSEN, ILKA 1,000.00 87,872.86 88,872.86

THOMAS, BARBARA 1,000.00 90,003.84 91,003.84

THOMPSON, DAWN 4,216.99 91,548.04 95,765.03

20




TILLAPAUGH, DON 1,326.78$ 83,832.80$ 85,159.58$

TILLEY, CARLA 1,448.95 94,698.15 96,147.10

TONG, CHRISTINE 1,000.00 77,226.20 78,226.20

TORKKO, DEBORAH 1,000.00 87,872.86 88,872.86

TOWNSEND, MELISSA 5,976.27 73,781.82 79,758.09

TROOST, WILLIAM - 103,755.99 103,755.99

TSISSEREV, ALEX 1,000.00 81,595.09 82,595.09

TURTON, AMINA 1,000.00 87,872.87 88,872.87

TWYNAM, DAVE 1,231.76 121,352.63 122,584.39

TYSOWSKI, MONICA 1,857.48 78,031.72 79,889.20

UPPAL, MANJEET 2,898.64 87,872.86 90,771.50

VALLEE, MICHEL 8,976.28 90,159.50 99,135.78

VAUGEOIS, NICOLE 12,605.37 94,498.66 107,104.03

VINDEN, SALLY 9,395.40 84,424.41 93,819.81

WAGNER, WENDY 1,333.05 107,683.49 109,016.54

WAHL, SHARON 12,262.37 90,798.11 103,060.48

WALSH, PETER - 92,004.17 92,004.17

WARSH, CHERYL 9,288.15 88,251.86 97,540.01

WATKINS, PAUL 1,037.44 85,991.74 87,029.18

WATSON, JANE 2,408.97 90,231.09 92,640.06

WEAVER, DUANE 3,983.76 87,872.86 91,856.62

WEBBER, BRYAN 3,184.00 110,844.56 114,028.56

WEBER, KATHRYN - 89,630.72 89,630.72

WEBSTER, MARK 2,479.04 77,668.01 80,147.05

WEIGHILL, AGGIE 17,568.88 101,688.49 119,257.37

WEIR, WARREN 11,440.39 121,352.63 132,793.02

WEISSFLOCH, ALEXANDRA 2,560.00 88,072.86 90,632.86

WESSELS, DAVID 750.00 91,915.53 92,665.53

WHITE, ALI 4,890.51 79,182.69 84,073.20

WHITE, DOUGLAS 8,878.59 93,359.82 102,238.41

WHITEHOUSE, IAN 2,212.52 107,535.41 109,747.93

WILKINSON, JIM 1,555.19 97,390.30 98,945.49

WILLIAMS, ALANNA 3,843.59 83,889.18 87,732.77

WILLIAMS, MARK 1,000.00 74,532.18 75,532.18

WILLIS, ROBERT 1,310.97 95,993.18 97,304.15

WILSON, CALVIN 11,354.35 115,610.84 126,965.19

WILSON, HANNAH 1,000.00 97,953.78 98,953.78

WITTY, DAVID 17,918.09 166,142.06 184,060.15

WOODWARD, DAVID 9,092.67 71,138.07 80,230.74

WOYCHUK, JOHN 3,849.75 71,738.28 75,588.03

21




WYTENBROEK, LYNN 1,000.00$ 95,350.34$ 96,350.34$

YOUNG, TRICIA 1,334.22 82,784.13 84,118.35

YOUNG, WENDY 1,338.02 121,352.63 122,690.65

ZANDBERGEN, PAUL 1,000.00 87,872.86 88,872.86

TOTAL SALARIES & EMPLOYEE EXPENSES $75,000 OR MORE 1,884,894.05$ 42,456,256.99$ 44,341,151.04$

TOTAL SALARIES & EMPLOYEE EXPENSES UNDER $75,000 $ 949,889.18 $ 35,840,103.71 $ 36,789,992.89

GRAND TOTAL: SALARIES & EMPLOYEE EXPENSES $ 2,834,783.23 $ 78,296,360.70 $ 81,131,143.93

22

Suppliers of Goods and Services Over $25,000

Vendor Name Expenses

6742505 CANADA CORP 53,087.92$

A&A CONTRACT CUSTOMS BROKERS LTD 106,892.77

ABBA FLOORCOVERINGS LTD. 30,376.50

ACCESS COPYRIGHT 84,495.18

ACER LANDSCAPING LTD. 101,192.09

ADPRO CHANGE SYSTEMS INC 34,843.49

ADVANCED AUTOMATIC DOORS LTD 41,151.60

AGIUS BUILDERS LTD 77,534.10

AGS BUSINESS SYSTEMS 26,235.07

AINCHUT ADVISORY SERVICES 220,000.00

AJ FORSYTH (DIV OF RUSSEL METALS INC.) 71,934.02

ALLEN-HARDISTY CONSULTING INC. 48,560.52

ALSCO CANADA CORP 103,504.04

AMAZON 40,748.05

APPLE CANADA INC. 218,621.48

ARCHIE JOHNSTONE PLUMBING & HEATING LTD 278,316.40

ARTHUR VICKERS 162,880.00

ART'S PLUMBING & HEATING LTD 55,074.61

ATCO STRUCTURES AND LOGISTICS LTD. 65,573.12

AURORA ROOFING LTD. 158,004.02

B&C FOOD DISTRIBUTORS 34,500.95

BC FERRIES 59,371.39

BC HYDRO & POWER AUTHORITY 1,331,810.61

BCNET 309,000.24

BELL CANADA 672,106.16


FOR THE YEAR ENDED MARCH 31, 2016

SCHEDULE OF SUPPLIERS OF GOODS AND SERVICESPrepared Under Financial Information Regulation, Schedule 1, Section 7

23


BELMAR CONSULTING GROUP INC. 93,571.20$

BENTO NOUVEAU LTD. 29,916.37

BEST WESTERN 39,448.11

BILL MCWHINNIE 35,380.35

BLACK BOX NETWORK SERVICES 38,613.02

BLACK PRESS GROUP LTD 45,325.19

BLANCHET GRAPHICS 34,644.76

BLOOMBERG FINANCE LP 36,053.48

BRITISH COLUMBIA SAFETY AUTHORITY 25,362.82

BROADVIEW PRESS 33,544.12

BRUCE CAMPBELL 42,876.75

C2F INC 44,086.49

CALEDONIA FIRE PROTECTION LTD 63,076.31

CAMEX EQUIPMENT SALES & RENTALS INC 67,200.00

CAMOSUN COLLEGE 36,180.46

CAN-ACHIEVE EDUCATION CONSULTANTS LTD. 40,542.50

CANADIAN RESEARCH KNOWLEDGE NETWORK 428,013.96

CANAM CONSULTANTS LTD. 42,339.00

CANEM SYSTEMS LTD 455,246.92

CENTAUR PRODUCTS INC 27,945.75

CETACEA CONTRACTING LTD. 40,155.54

CHECKWITCH POIRON ARCHITECTS INC. 67,830.00

CHEVRON CANADA LIMITED 77,848.78

CITY OF NANAIMO 332,616.27

CITY OF PARKSVILLE 44,697.12

COAST BASTION HOTEL 88,833.04

COCA-COLA REFRESHMENTS 123,163.78

COLLEGES AND INSTITUTES CANADA 31,229.70

COMPTON FUNDRAISING CONSULTANTS CANADA LTD 90,300.00

CONCISE SYSTEMS CORPORATION 59,012.36

CONSULAB EDUCATECH INC. 86,106.65

COPCAN CIVIL LTD. 34,322.30

COSMED USA INC. 45,219.66

COUNCIL OF PRAIRIE AND PACIFIC 92,387.16

COWICHAN TRIBES 72,822.00

CVI JOBS / THE CAREER CENTRE 40,000.00

DASCO EQUIPMENT INC. 32,437.55

DATA A LA CARTE CONSULTING INC. 56,139.37

DAVIES PARK & ASSOCIATES (VANCOUVER) INC. 216,280.24

DELTA AIRLINES 36,136.81

DEN MAR ELECTRIC LTD. 103,598.15

24


DESIGNED AIR SYSTEMS LIMITED 68,526.25$

DUBWEAR CLOTHING CO 49,057.12

DYNACON CONTRACTING 63,739.90

DYNAMIC SPECIALTY VEHICLES 89,600.00

EBSCO CANADA LTD 35,564.31

EDITIONS DU RENOUVEAU PEDAGOGIQUE INC 25,079.61

EDUGLOBAL CHINA LIMITED 98,691.27

ELEPHANT CONVERSATIONS LTD. 30,975.00

EMC PUBLISHING LLC 25,299.64

ESC AUTOMATION INC 140,068.17

FESTO DIDACTIC LTD. 43,028.16

FINNING (CANADA) 222,712.00

FISHER SCIENTIFIC 72,317.73

FIVE STAR EMBROIDERY & SILK SCREEN LTD 33,510.79

FLORENCE AND ABROAD 35,352.07

FOLIOT FURNITURE 334,836.12

FOLLETT HIGHER EDUCATION GROUP 61,674.78

FORTISBC - NATURAL GAS 366,771.44

FPP EDU MEDIA LLC 32,557.80

FRIESENS CORPORATION 32,622.26

GABRIOLA SILVICULTURE 37,911.92

GARDAWORLD CASH SERVICES CANADA CORPORATION 31,053.17

GASPARD LP 37,863.47

GCB IT SERVICES 103,071.60

GOOGLE 53,432.94

GORDON FOOD SERVICE CAN. LTD 635,851.26

GRAND & TOY LTD. 451,206.21

GRAPHIC OFFICE INTERIORS LTD 256,832.30

GREAT BEAR INITIATIVE SOCIETY 204,924.00

GREGG DISTRIBUTORS 44,928.47

GROK EDUCATION SERVICES 109,169.37

HAARSMA WASTE INNOVATIONS INC. 99,671.84

HARBOUR ELECTRICAL SERVICES LTD. 60,897.90

HAZELWOOD CONSTRUCTION SERVICES INC. 378,853.87

HB ELECTRIC LTD 28,552.19

HEILTSUK TRIBAL COUNCIL 72,850.00

HENRY SCHEIN CANADA INC 28,573.20

HOMEWOOD HEALTH INC. 48,383.37

HOSKIN SCIENTIFIC LTD 73,697.92

HOTLINE APPAREL SYSTEMS INC 35,597.11

HOULE ELECTRIC LIMITED 76,969.15

25


HUB CITY GLASS LTD 27,227.13$

IBM CANADA LIMITED 50,232.01

IDP EDUCATION LTD. 42,861.94

IGNITE TECHNICAL RESOURCES INC. 31,598.28

INLAND KENWORTH PARKER PACIFIC 156,452.90

INSURANCE CORPORATION OF BRITISH COLUMBIA (ICBC) 63,063.25

IONICON ANALYTIK GESELLSCHAFT MBH 369,738.00

ISLAND IRRIGATION, LANDSCAPING & HYDROSEEDING 48,745.50

ISLAND KEY COMPUTER LTD. 108,161.04

ISLAND SAVINGS INSURANCE SERVICES LTD. 138,051.60

JEUNE BROS. TENT & AWNING LTD. 26,679.24

JJL INTERNATIONAL EDUCATION EXCHANGE PROMOTION 51,335.50

JOHN PREDYK 49,248.36

JOHN WILEY & SONS CANADA LTD 203,854.15

KAO CANADA INC. 34,868.51

KLEANZA CONSULTING LTD. 30,488.27

KONE INC 71,513.22

KPMG LLP 62,359.50

LEWKOWICH ENGINEERING ASSOCIATES LTD 29,122.98

LINKEDIN IRELAND 33,383.52

LITERACY CENTRAL VANCOUVER ISLAND 85,588.00

LITERACY NOW COWICHAN SOCIETY 40,000.00

LOGIN CANADA 199,373.50

LONG VIEW SYSTEMS 675,622.91

LOOMIS EXPRESS 33,318.09

MALCOLM DUNNETT 36,645.51

MAPLE LEAF EDUCONNECT PVT. 62,739.63

MARTELL/CORAL REFRIGERATION 48,204.63

MATRIX VIDEO COMMUNICATION CORPORATION 126,124.31

MATT KUZMINSKI 30,051.50

MAYNARDS INDUSTRIES LTD 142,951.00

MCCARTAN CONTRACTING 266,035.33

MCGRAW-HILL RYERSON LTD 162,434.56

MHPM PROJECT MANAGEMENT INC. 37,432.50

MICROSOFT 43,258.83

MID-ISLAND FENCE PRODUCTS 25,200.00

MINISTER OF FINANCE 246,015.63

MITCHELL PRESS LIMITED 30,171.75

MNP LLP 44,959.60

MONERIS SOLUTIONS 303,791.38

MONK OFFICE SUPPLY LTD 74,179.79

26


MONKEY BAY WILDLIFE SANCTUARY 59,599.44$

MORNEAU SHEPELL LTD. 27,240.00

MOUNT BENSON MECHANICAL (1991) 114,375.24

MPS 75,695.86

NANAIMO ECONOMIC DEVELOPMENT CORPORATION 38,406.28

NANAIMO SHEET METAL LTD 28,560.88

NANWAKOLAS COUNCIL 116,669.12

NEBRASKA BOOK COMPANY 94,581.64

NELSON EDUCATION LTD 406,516.67

NEOPOST CANADA LTD. 137,393.71

NORTH ISLAND COLLEGE 454,351.89

OLYMPUS CANADA INC 66,641.60

ORACLE CANADA ULC 121,868.15

ORGANIZATION FOR WORLDWIDE EDUCATION 274,790.48

ORIAC 32,224.61

ORYX SIMULATIONS AB 327,110.42

OUGHTRED COFFEE & TEA LTD. 37,992.78

OXFORD UNIVERSITY PRESS 101,000.12

PACIFIC PLUMBING & HEATING 49,668.64

PACWEST 25,747.98

PANAGO ENTERPRISES LTD. 27,496.34

PANGLOBAL TRAINING SYSTEMS LTD. 36,562.80

PANTHEON SYSTEMS INC. 29,678.20

PARKSVILLE HEAVY EQUIPMENT 26,916.01

PARTNERS IN GRIME 38,287.33

PATTERSON DENTAL SUPPLY INC 30,758.78

PATTISON OUTDOOR ADVERTISING 29,521.25

PAYLESS BUILDING MAINTENANCE LTD 896,731.54

PAYMENT SOURCE 29,364.18

PEARSON EDUCATION CANADA 401,525.90

PERI FORMWORK SYSTEMS INC. 32,929.63

PERKINELMER HEALTH SCIENCES CANADA,INC. 25,262.10

PERKINS+WILL CANADA ARCHITECTS CO. 68,477.36

POST-SECONDARY EMPLOYERS' ASSOCIATION 25,027.75

PRACTICAL STRATEGIES INCORPORATED 29,388.44

PRAXAIR DISTRIBUTION 283,994.39

PRECISION CRANE 97,072.64

PRECISION DECORATING LTD. 131,116.45

PROQUEST LLC 169,062.84

PROVINCE OF BRITISH COLUMBIA 71,328.82

PUROLATOR COURIER LTD 40,537.65

27


PUTRENKO VIKTOR VALENTINOVICH 39,063.05$

QUALITY FOODS 31,916.23

RAM ELECTRIC 27,600.35

RB ENGINEERING LTD. 65,818.79

READ JONES CHRISTOFFERSEN LTD. 32,699.03

REAL CANADIAN SUPERSTORE 25,565.76

RENEE'S CATERING 27,123.06

RICHARD PAYNE 83,994.00

RITCHIE BROS. AUCTIONEERS 126,564.20

ROGERS WIRELESS INC 78,871.75

RONALD MCDONALD HOUSE CHARITIES CANADA (RMHC) 32,000.00

SCALAR DECISIONS INC. 51,903.31

SEA-BIRD ELECTRONICS, INC. 66,440.54

SERVITECH TRAINING LTD. 29,221.50

SHANDONG INSTITUTE OF BUSINESS AND TECHNOLOGY 61,131.00

SHATEX MANUFACTURING CORP 37,220.89

SHAW ELECTRICAL SERVICES LTD. 26,561.93

SHEEN ARNOLD MCNEIL 72,012.65

SHEFFMAN & COMPANY 38,808.00

SHELL ENERGY NORTH AMERICA (CANADA) INC. 112,215.25

SIMON FRASER UNIVERSITY 253,764.72

SIRSI/DYNIX 53,680.65

SITECH WESTERN CANADA SOLUTIONS LTD 612,622.99

SNOW CAP ENTERPRISES LTD 81,395.89

SOFTCHOICE LP 52,685.75

SOLARWINDS 63,407.93

SOULES CONSULTING LTD. 39,288.68

SPICERS CANADA ULC 39,316.81

STAPLES 36,675.76

STARGARDEN CORPORATION 62,228.69

STEVE MARSHALL FORD LINCOLN LTD 36,685.60

STZ'UMINUS FIRST NATION 56,376.00

SYSCO VICTORIA INC 245,980.17

T-BASE COMMUNICATIONS INC 64,731.75

TEAM DYNAMIX SOLUTIONS LLC 27,290.20

TEAM SALES 60,349.88

TECHNIFIELD CONTRACTING LTD. 55,053.03

TECTONICA MANAGEMENT INC 114,141.51

TELUS COMMUNICATIONS 75,404.33

TENLINE SALES LTD 33,037.46

TERRY C. HOLLAND 37,711.72

28


THE COMFORT GROUP HEATING CORP. 50,421.46$

THE FACE & BODY CLINIC LIMITED 27,249.60

TOP LINE ROOFING LTD. 855,848.10

TRANE CANADA ULC 28,696.11

TS'ZIL LEARNING CENTRE 132,415.00

TYCO INTEGRATED FIRE & SECURITY CANADA, INC. 62,412.52

UAP/NAPA 117,066.73

UNITY BUSINESS SYSTEMS LTD 40,066.50

UNIVERSITIES CANADA 67,504.61

UNIVERSITY OF HERTFORDSHIRE 188,617.42

UNIVERSITY OF THE FRASER VALLEY 71,301.00

UNIVERSITY OF TORONTO PRESS INC 35,017.54

UNIVERSITY OF VICTORIA 63,580.68

UNIVERSITY, COLLEGE & INSTITUTE 84,747.21

VANCOUVER ISLAND CONFERENCE CENTRE 36,389.84

VANCOUVER ISLAND HEALTH AUTHORITY 65,948.12

VINCI PARK SERVICES CANADA INC. 139,765.87

VIU STUDENTS' UNION - WUSC COMMITTEE 30,900.00

VIUFA - VANCOUVER ISLAND UNIVERSITY FACULTY ASSOC 81,843.21

WESTBURNE WEST 137,376.01

WESTCOAST ROOF INSPECTION 78,099.00

WESTERN FINANCIAL GROUP 27,757.17

WESTPARK PARKING SERVICES (2015) 551,666.56

WESTVIEW FORD 101,794.56

WET LABS INC. 43,270.54

WHEATON PONTIAC-BUICK 52,131.91

WILD ROVER ENTERPRISES LTD. 48,198.00

WINDSOR PLYWOOD LTD 43,912.90

WOODGROVE CHRYSLER 35,500.00

WORDSWORTH & ASSOCIATES 121,407.01

Total: Vendors of Goods and Services over $25,000 28,592,619.30$

Total for Vendors Under $25,000 9,159,404.17$

Total for Suppliers of Goods and Services 37,752,023.47$

Total Paid to Receiver General For Canada 3,985,989.29

Total Paid for Other Fringe Benefits 13,452,485.21

Total Schedule A: Suppliers of Goods and Services 55,190,497.97$

29

Total per Schedule of Employee Remuneration and Expenses 81,131,144$

Total per Schedule of Board Expenses 16,919

Total per Schedule of Suppliers of Goods and Services 55,190,498

Total per Financial Information Act Submission 136,338,561$

Capital fund amortization not included in Vendor file 8,147,061

Capital fund expenditures not included in Statement of Operations (7,552,104)

Operating capital expenditures not included in Statement of Operations (864,286)

Consolidation adjustments - Related Entities 2,687,795 GST rebate (755,447) Other Adjustments 173,254

138,174,834$

Total per Statement of Operations, Consolidated Financial Statements 138,174,834$


FOR THE YEAR ENDED MARCH 31, 2016

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

30

Appendix 1


CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2016

VANCOUVER ISLAND UNIVERSITY Consolidated Financial Statements Table of Contents

Page

Statement of Administrative Responsibility for Financial Statements

Independent Auditors' Report

Consolidated Statement of Financial Position 1

Consolidated Statement of Operations and Accumulated Operating Surplus 2

Consolidated Statement of Changes in Net Debt 3

Consolidated Statement of Cash Flows 4

Consolidated Statement of Remeasurement Gains and Losses 5

Notes to Consolidated Financial Statements 6

KPMG LLP St. Andrew’s Square II 800-730 View Street Victoria BC V8W 3Y7 Canada Telephone (250) 480-3500 Fax (250) 480-3539

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP.

INDEPENDENT AUDITORS’ REPORT

To the Board of Governors of Vancouver Island University and the Minister of Advanced Education

We have audited the accompanying consolidated financial statements of Vancouver Island University, which

comprise the consolidated statement of financial position as at March 31, 2016, the consolidated statements of

operations and accumulated operating surplus, changes in net debt, cash flows and remeasurement gains and

losses for the year then ended, and notes, comprising a summary of significant accounting policies and other

explanatory information.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation of these consolidated financial statements in accordance with the

financial reporting provisions of Section 23.1 of the Budget Transparency and Accountability Act of the Province

of British Columbia, and for such internal control as management determines is necessary to enable the

preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or

error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We

conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards

require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance

about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

consolidated financial statements. The procedures selected depend on our judgment, including the assessment

of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In

making those risk assessments, we consider internal control relevant to the entity's preparation of the

consolidated financial statements in order to design audit procedures that are appropriate in the circumstances,

but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

estimates made by management, as well as evaluating the overall presentation of the consolidated financial

statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Vancouver Island University

Page 2

Opinion

In our opinion, the consolidated financial statements of Vancouver Island University as at March 31, 2016, are

prepared, in all material respects, in accordance with the financial reporting provisions of Section 23.1 of the

Budget Transparency and Accountability Act of the Province of British Columbia.

Emphasis of Matter

Without modifying our opinion, we draw attention to note 1(a) to the consolidated financial statements which

describes the basis of accounting and the significant differences between such basis of accounting and Canadian

public sector accounting standards.

Chartered Professional Accountants May 26, 2016 Victoria, Canada

VANCOUVER ISLAND UNIVERSITYConsolidated Statement of Operations and Accumulated Operating Surplus

As at March 31, 2016, with comparative information for March 31, 2015

Budget 2016 2015

(note 1(k))

RevenueProvince of British Columbia grants 55,493,524$ 60,946,959$ 60,025,356$

Government of Canada grants 1,518,892 1,284,213 1,709,754

Other grants and contracts 3,333,816 2,527,741 1,986,027

Tuition and student fees 57,587,999 56,477,453 53,046,708

Sales of goods and services 8,548,049 8,280,894 7,823,723

Rental income 2,651,193 2,912,784 2,428,873

Investment income 1,377,902 1,866,719 1,642,050

Gifts, grants and bequests 766,200 1,033,935 359,012

Revenue recognized from deferred capital contributions (note 9) 4,594,012 4,884,273 4,563,636

Actuarial plan curtailment gain (note 6) - 2,468,500 -

Loss on investments - (566) (325)

Other 795,302 792,349 1,216,944

136,666,889 143,475,254 134,801,758

Expenses (note 15)

Instruction & Student Support 124,775,518 126,391,824 121,714,142

Ancillary 11,891,371 11,783,010 11,522,650

136,666,889 138,174,834 133,236,792

Annual operating surplus - 5,300,420 1,564,966

Endowment contributions (note 14) - 289,337 702,788

Annual surplus - 5,589,757 2,267,754

Accumulated operating surplus, beginning of year 71,642,432 71,642,432 69,374,678

Accumulated operating surplus, end of year 71,642,432$ 77,232,189$ 71,642,432$

See accompanying notes to consolidated financial statements.

2


Consolidated Statement of Changes in Net Debt


Budget 2016 2015

(note 1(k))

Annual surplus -$ 5,589,757$ 2,267,754$

Acquisition of tangible capital assets - (8,606,513) (6,068,145)

Write-off of tangible capital assets - 137,113 -

Amortization of tangible capital assets 7,214,603 8,147,061 7,549,882

7,214,603 (322,339) 1,481,737

Acquisition of prepaid expense - 246,071 (672,613)

Net restricted endowment contributions - (308,645) (702,788)

Net effect of remeasurement gains - (388,121) 442,437

- (450,695) (932,964)

Decrease in net debt 7,214,603 4,816,723 2,816,527

Net debt, beginning of year (91,310,981) (91,310,981) (94,127,508)

Net debt, end of year (84,096,378)$ (86,494,258)$ (91,310,981)$


3


Consolidated Statement of Cash Flows


2016 2015

Cash provided by (used in):

Operations:

Annual operating surplus 5,300,420$ 1,564,966$

Items not involving cash:

Amortization of tangible capital assets 8,147,061 7,549,882

Write-off of tangible capital assets 137,113

Revenue recognized from deferred capital contributions (4,884,273) (4,563,636)

Change in employee future benefits (2,227,461) 412,257

Change in non-cash operating working capital:

Decrease (increase) in accounts receivable (522,688) 203,096

Decrease (Increase) in prepaid expenses 246,071 (672,613)

Decrease (increase) in inventories held for sale 45,020 (43,412)

Increase in accounts payable and accrued liabilities 290,695 2,002,385

Increase (decrease) in deferred contributions (772,795) 1,512,227

Increase (decrease) in deferred revenue (1,617,512) 3,766,775

4,141,651 11,731,927

Capital activities:

Cash used to acquire tangible capital assets (8,606,513) (6,068,145)

Financing activities:

Increase in endowments 289,337 702,788

Received deferred capital contributions 5,365,908 2,657,940

5,655,245 3,360,728

Investing activities:

Net purchase of investments (616,877) (3,618,828)

Net change in cash 573,506 5,405,682

Cash, beginning of year 26,927,926 21,522,244

Cash, end of year 27,501,432$ 26,927,926$

Cash is comprised of cash and cash equivalents.


4


Consolidated Statement of Remeasurement Gains and Losses


2016 2015

Unrealized gains (losses) attributed to:

Long term bonds (107,494)$ (14,076)$

Equity investments (274,264) 449,987

Foreign currency translation (5,000) 1,929

(386,758) 437,840

Amounts reclassified to the statement of operations:

Equity investments 566 325

Foreign currency translation (1,929) 4,272

(1,363) 4,597

Net remeasurement gains (losses) for the year (388,121) 442,437

Accumulated remeasurement gains, beginning of year 990,112 547,675

Accumulated remeasurement gains, end of year 601,991$ 990,112$


5

VANCOUVER ISLAND UNIVERSITY Notes to Consolidated Financial Statements Year Ended March 31, 2016

6

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

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

Budget Transparency and Accountability Act These consolidated financial statements have been prepared in accordance with Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia supplemented by certain regulations (257/2010 and 198/2011) issued by the Province of British Columbia Treasury Board. The Budget Transparency and Accountability Act requires that the consolidated financial statements be prepared in accordance with the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada, or if the Treasury Board makes a regulation, the set of standards and guidelines that comprise generally accepted accounting principles for senior governments in Canada as modified by the alternate standard or guideline or part thereof adopted in the regulation. The issued regulations require all taxpayer supported organizations in the school, University, college and hospital sectors to adopt Canadian public sector accounting standards without any PS4200 elections, effective their first fiscal year commencing after January 1, 2012. The regulations require that restricted contributions received or receivable are to be reported as revenue depending on the nature of the restrictions on the use of the funds by the contributors as follows: (i) Contributions for the purpose of acquiring or developing a depreciable tangible capital asset or contributions in the form of a depreciable tangible capital asset are recorded and, referred to as deferred capital contributions, recognized in revenue at the same rate that amortization of the related tangible capital asset is recorded. The reduction of the deferred capital contributions and the recognition of the revenue are accounted for in the fiscal period during which the tangible capital asset is used to provide services. (ii) Contributions restricted for specific purposes other than those for the acquisition or development of a depreciable tangible capital asset are recorded as deferred contributions and recognized in revenue in the year in which the stipulation or restriction on the contributions have been met. For British Columbia taxpayer supported organizations, these contributions include government transfers and externally restricted contributions.


7

1. Significant accounting policies (continued) Public sector accounting standards

The accounting policy requirements under the Regulations are significantly different from the requirements of Canadian public sector accounting standards which require that: (i) Government transfers, which do not contain a stipulation that creates a liability, be recognized as revenue by the recipient when approved by the transferor and certain eligibility criteria have been met, and (ii) Externally restricted contributions be recognized as revenue in the period in which the resources are used for the purpose or purposes specified. As a result, revenue recognized in the Consolidated Statement of Operations and certain related deferred capital contributions, would be recorded differently under Canadian public sector accounting standards.

b. Basis of consolidation The University has consolidated the assets, liabilities, revenues and expenses of all funds and controlled entities after the elimination of inter-entity transactions and balances. The consolidated financial statements include the accounts of the University, its wholly owned subsidiary, Western Student Housing Ltd. (“WSH”), and its controlled entities, Vancouver Island University Foundation (the "Foundation"), The International High School at Vancouver Island University Association and The High School at Vancouver Island University Association – (collectively “the High Schools”), and Milner Gardens and Woodland Society (“Milner Gardens”). WSH manages real-estate holdings of the University used for student residences. The Foundation is a registered charity incorporated under the Society Act (British Columbia). The main purposes of the Foundation are fundraising in order to further the interests of the University and administering the University’s endowment funds. The High Schools are registered charities incorporated under the Society Act (British Columbia). They jointly operate a private high school for local and international students. The High Schools’ fiscal year-end of June 30, 2015 have been consolidated into these financial statements. No material transactions or events have occurred between July 1, 2015 and March 31, 2016. Milner Gardens manages donated funds and operate fundraising events specifically in support of Milner Gardens.

c. Revenue recognition Revenue is recognized when amounts can be reasonably estimated and when collection is reasonably assured as follows: Operating government grants with or without eligibility criteria stipulations are recognized when received or receivable. Grants, containing stipulations as to their use, are recognized as revenue in the period the transfer is authorized and all eligibility criteria have been met, except when and to the extent that the transfer gives rise to an obligation and meets the definition of a liability.


8

1. Significant accounting policies (continued) Other unrestricted revenue, including student fees, interest, and sales of goods and services, are reported as revenue at the time the services or products are provided. As discussed above, contributions restricted for the purpose of acquiring or developing a depreciable tangible capital asset are recorded as deferred capital contributions until the amount is invested in tangible capital assets. If the tangible capital asset has a limited life, the amount invested is recorded as a deferred capital contribution and amortized over the remaining useful life of the related capital assets on the same basis as the related cost. Investment income includes interest recorded on an accrual basis and dividends recorded as declared and realized gains and losses on the sale of investments. Endowment contributions are recognized in the period in which they are received or earned. Investment income earned on externally restricted endowment contributions is deferred until used for the specific purpose. Gifts-in-kind are only recorded if the University would have otherwise have paid for them. Gifts-in-kind are recorded at fair market value on the date of the donation or at a nominal value when fair value cannot be reasonably determined. Unrestricted donations and grants are recorded as revenue when receivable if the amounts can be estimated and collection is reasonable assured. Pledges from donors are recorded when payment is received or when the transfer of property is complete. Volunteers contribute service to assist the University in carrying out its mission. Such contributions of services are not recognized in these financial statements.

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

e. Inventories for resale

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

f. Employee future benefits

The University and its employees make contributions to two multi-employer joint trustee plans. These plans are defined benefit plans, providing a pension on retirement based on the member’s age at retirement, length of service and highest earnings averaged over five years. Inflation adjustments are contingent upon available funding. As the assets and liabilities of the plans are not segregated by institution, the plans are accounted for as defined contribution plans and any contributions of the University to the plans are expensed as incurred.


9

1. Significant accounting policies (continued) Sick leave benefits and retirement severance benefits are also available to the University’s employees. The costs of these benefits are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. The obligation under these benefit plans are accrued based on projected benefits as the employees render services necessary to earn the future benefits. Actuarial gains and losses are amortized over the expected average remaining service life of the employees. Vacation entitlements earned by employees for future use are valued at the fiscal year end and accrued as a liability.

g. Non-financial assets

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

(i) Tangible capital assets

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

Asset Years

Buildings 5 - 40 Library books 10 Site Improvements 10 - 20

Computing equipment and software 5 Furniture and equipment 5 -10 Vehicles 5 Leasehold improvements Term of Lease

Work in progress is not amortized until the asset is available for productive use. (a) Land use rights

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

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


10

1. Significant accounting policies (continued)

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

i. Use of estimates

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

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

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

(ii) Cost category: Gains and losses are recognized in the Statement of Operations and Accumulated Surplus when the financial asset is derecognized due to disposal or impairment.

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


11

1. Significant accounting policies (continued)

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

k. Budget figures

Budget figures have been provided for comparative purposes and have been derived from the 2015-2016 Consolidated Resource Plan approved by the Board of Governors of the University on March 26, 2015. The budget is reflected in the Statement of Operations and Accumulated Surplus and the Statement of Changes in Net Financial Debt.

2. Financial instruments

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

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

The Standards require an organization to classify fair value measurements using a fair value hierarchy, which includes three levels of information that may be used to measure fair value:

Level 1 - Unadjusted quoted market prices in an active market for identical assets or liabilities,

Level 2 - Observable or corroborated inputs, other than level 1, such as quoted prices for similar assets or liabilities in inactive markets or market data for substantially the full term of the assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Bonds and fixed term instruments and pooled funds are classified as level 2 in the fair value hierarchy.


12

2. Financial instruments (continued) Financial asset impairment At each year-end date, the University is required to evaluate and record any other-than-temporary impairment of its financial assets, other than those carried at fair value. Accordingly, the University has compared the carrying value of each of these financial assets to its fair value as at March 31, 2016. No provision for impairment was recorded in the current year, as the fair value of all financial assets exceeded or did not differ significantly from their carrying value. Risk management policy The University, as part of its operations, has established objectives to mitigate risk related to financial instruments as risk management objectives. All significant financial assets and financial liabilities of the University are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Financial instruments are exposed to risk through the normal course of operation. These risks are managed through the University’s collection procedures, investment guidelines and other internal policies and procedures. These risks include: a. Foreign currency risk

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

b. Credit risk Financial instruments that potentially subject the University to concentrations of credit risk include cash and cash equivalents, accounts receivable, and investments in other than equity investments. The maximum credit risk exposure is $49,494,713 (2015 - $49,126,732). The University’s credit exposure is limited due to the large customer base, regular monitoring of the receivables and providing allowances for potentially uncollectable amounts. Total financial instruments that are past-due, but not considered to be impaired, are $71,096 (2015 - $251,622). The University believes there is minimal credit risk associated with its marketable securities and accounts receivable as the University expects that its counterparties will meet their obligations.


13

2. Financial instruments (continued)

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

d. Liquidity risk

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

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


14

3. Accounts receivable

2016 2015

Trade accounts receivable

$ 2,252,767

$ 1,565,266

Due from Federal government 498,740 709,040

Due from Provincial government 1,202,152 1,145,544

Due from other government organizations 232,666 243,787

$ 4,186,325 $ 3,663,637

4. Investments

2016 2015

Cash and cash equivalents $ 1,240,955 $ 2,135,733

Bonds and fixed term instruments – at fair value 18,989,799 18,390,175 Pooled funds – at fair value 24,167,588 23,643,678

$ 44,398,342 $ 44,169,586

Classified as:

Portfolio investments 31,189,868 31,269,757 Restricted endowment investments 13,208,474 12,899,829

$ 44,398,342 $ 44,169,586

Fixed term investments mature between June 2016 – February 2021 and have a total maturity/face value of $19,258,981 (2015 - $19,953,903). Interest rates range between 1.25% and 4.8%.


15

5. Accounts payable and accrued liabilities

2016 2015

Trade payables and accrued liabilities

$ 6,758,286

$ 7,565,797

Salaries and benefits payable 3,560,560 2,436,531

Payable to government agencies 1,623,769 1,649,592

$ 11,942,615 $ 11,651,920

6. Employee future benefits

a. Vacation, termination benefits, and compensated absences

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

2016 2015

Accrued benefit obligation, beginning of year $ 14,666,060 $ 14,404,860 Unamortized actuarial gains , beginning of year 650,963 499,906

15,317,023 14,904,766 Current service cost 894,921 836,336 Interest cost 223,100 293,800 Benefits paid (1,015,321) (832,708) Gain loss on event driven liabilities (2,468,500) 331,000 Amortization of actuarial (gain) (65,106) (49,900) Increase (decrease) in vacation liability 203,445 (166,271)

Accrued benefit obligation, end of year $ 13,089,562 $ 15,317,023

Accrued benefit obligation, end of year consists of:

Accrued liability, end of year $ 12,515,895 $ 14,666,050 Unamortized actuarial gains, end of year 573,667 650,973

Accrued benefit obligation, end of year $ 13,089,562 $ 15,317,023


16

6. Employee Future Benefits (continued)

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

2016 2015

Discount rate for termination benefits 2.70% 2.70% Expected future inflation rate 2.70% 2.20%

In 2015, an actuary was engaged to assess the University’s employee future benefits obligation. This obligation is made up of a number of programs including the University’s retirement incentive program. The 2015 actuarial assessment of the retirement incentive program resulted in a liability increase of $2,800,900. In 2016, the University’s retirement incentive program was actuarially reassessed to determine the impact of changes made to the program. This evaluation resulted in a plan curtailment gain and corresponding liability decrease of $2,468,500. The impact of actuarial assessments on the University’s retirement incentive program over the last two years are displayed below.

2016 2015

Employee future benefits liability increase (decrease) $ (2,468,500) $ 2,800,900

Accumulated surplus increase (decrease) 2,468,500 (2,800,900)


17

6. Employee Future Benefits (continued)

b. Pension liability The University and its employees contribute to College Pension Plan and Municipal Pension Plan, jointly trusteed pension plans. The boards of trustees for these plans represent plan members and employers and are responsible for the management of the pension plan including investment of assets and administration of benefits. The pension plans are multi-employer contributory pension plans. Basic pension benefits provided are based on a formula. As at August 31, 2015 the College Pension plan has about 14,000 active members from senior administration and instructional staff and approximately 6,000 retired members. As at August 31, 2014 the Municipal Pension Plan has about 182,000 active members, with approximately 5,800 from post-secondary institutes.

The most recent actuarial valuation for the College Pension Plan as at August 31, 2012 indicated a $105 million deficit for basic pension benefits. The next valuation will be as at August 31, 2016 with results available later in 2016. The most recent actuarial valuation for the Municipal Pension Plan as at December 31, 2012 indicated a $1.370 billion deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available later in 2016. Employers participating in the plans record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the plans record accrued liabilities and accrued assets for the plans in aggregate, with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the plans. The University paid $6,937,934 (2015 - $6,730,073) for employer contributions to the Plans during the fiscal year.

7. Deferred revenue

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

2016 2015

Tuition $ 11,999,754 $ 13,857,302

Donations 6,684,940 6,574,478

Grant and contract service funding 2,968,861 2,929,411

Other 283,855 193,731

$ 21,937,410 $ 23,554,922


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8. Deferred contributions

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

2016 2015

Balance, beginning of year $ 5,000,636 $ 3,488,409

Contributions received during the year 4,281,626 5,011,107

Revenue recognized from deferred contributions (5,054,421) (3,498,880)

Balance, end of year $ 4,227,841 $ 5,000,636

9. Deferred capital contributions

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

2016 2015

Balance, beginning of year

$ 98,876,990

$ 100,782,686

Contributions received during the year - cash 5,365,908 2,657,940 Revenue recognized from deferred capital contributions (4,884,273) (4,563,636)

Balance, end of year $ 99,358,625 $ 98,876,990

At March 31, 2016 $701,399 (2015 - $1,096,341) in unspent deferred capital contributions were included in deferred capital contributions.


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10. Tangible capital assets

Cost Balance at

March 31, 2015 Additions & WIP

Transfers In

Write-offs & WIP Transfers

Out

Balance at March 31,

2016 Land $ 12,401,247 $ - $ - $ 12,401,247

Buildings 193,977,602 2,372,279 - 196,349,881

Work In Progress (“WIP”) 260,197 30,725 137,115 153,807

Site improvements 7,032,173 910,297 776,527 7,165,943

Leasehold improvements 400,236 - - 400,236

Furniture and equipment 22,390,856 3,731,628 1,786,530 24,335,954

Computing equipment and software 8,207,389 1,241,567 1,176,000 8,272,956

Library books 2,770,642 154,711 304,979 2,620,374

Vehicles 707,511 165,307 - 872,818

$ 248,147,853 $ 8,606,513 $ 4,181,151 $ 252,573,216

Accumulated amortization

Balance at March 31, 2015 Write-offs

Amortization expense

Balance at March 31,

2016 Land $ - $ - $ - $ -

Buildings 66,799,779 - 4,783,629 71,583,407

Work In Progress - - - -

Site improvements 6,909,926 776,527 120,166 6,253,565

Leasehold improvements 60,036 - 40,024 100,060

Furniture and equipment 17,209,581 1,786,530 2,166,246 17,589,297

Computing equipment and software 6,268,709 1,176,000 666,871 5,759,580

Library books 1,722,464 304,979 234,781 1,652,266

Vehicles 428,795 - 135,344 564,139

$ 99,399,290 $ 4,044,036 $ 8,147,061 $ 103,502,314


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10. Tangible capital assets (continued)

Net book value March 31, 2016

Net book value March 31, 2015

Land $ 12,401,247 $ 12,401,247

Buildings 124,766,475 127,177,823

Work In Progress 153,807 260,197

Site improvements 912,378 122,247

Leasehold Improvements 300,176 340,200

Furniture and equipment 6,746,656 5,181,275

Computing equipment and software 2,513,376 1,938,680

Library books 968,108 1,048,178

Vehicles 308,679 278,716

$ 149,070,902 $ 148,748,563

(a) Contributed tangible capital assets

There were no contributed tangible capital asset additions to land, buildings, or equipment in 2016 or 2015.

(b) Works of art and historical treasures

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

(c) Write-off of tangible capital assets The write-off of tangible capital assets during the year was $4,044,036 (2015 - $3,111,526). Writedowns were only applied to fully depreciated tangible capital assets that have reached pre-established age thresholds set beyond their useful lives.

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


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11. Accumulated operating surplus The accumulated operating surplus is comprised of the following:

2016 2015

Investment in tangible capital assets

$ 49,712,277

$ 49,871,573

Endowments (note 14) 13,208,474 12,899,829

Internally restricted surplus 14,311,438 8,871,030

$ 77,232,189 $ 71,642,432

12. Contractual obligations

The nature of the University’s activities can result in multiyear contracts and obligations whereby the University will be committed to make future payments. Currently the University has no significant contractual obligations related to operations that extend beyond the 2015-16 fiscal year.

13. Contingencies

a. Letters of credit: The University had a total of $455,865 in letters of credit outstanding at March 31, 2016 for a bond posted on behalf of the High Schools to the Ministry of Finance and Corporate Relations. These letters of credit can be drawn upon to refund tuition to students if the High Schools fail to provide or complete the related academic program. No provision has been made for this contingency in the financial statements.

b. Legal claims: The nature of the University’s activities is such that there is usually litigation pending or in process at any time. With respect to unsettled claims at March 31, 2016, management believes the University has valid defenses and appropriate insurance coverage in place. In the event any claims are successful, management believes that such claims are not expected to have a material effect on the University’s financial position.


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

2016 2015

Balance, beginning of year

$ 12,899,829

$ 12,197,041

Contributions received 289,337 702,788

Capitalized interest 19,308 -

$ 13,208,474 $ 12,899,829

15. Expenses by object

The following is a summary of expenses by object:

2016 2015

Salaries & benefits

$ 97,401,645

$ 95,244,287

Fees & purchased services 10,615,693 8,938,247

Travel & training 2,905,176 2,861,678

Scholarships & bursaries 3,028,941 2,304,184

Equipment rental & maintenance 1,554,672 1,681,240

Utilities, insurance & taxes 2,851,378 2,691,705

Materials & supplies 7,561,155 7,811,810

Amortization of capital assets 8,147,061 7,549,882

Cost of goods sold 4,109,113 4,153,759

$ 138,174,834 $ 133,236,792

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

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