LEARNING PARTNER FOR LIFE. Bow Valley College Annual Report Annual Report i

Transcription

1 LEARNING PARTNER FOR LIFE Bow Valley College Annual Report Annual Report i

2 BOW VALLEY COLLEGE HAS A POWERFUL IMPACT ON ALBERTA S FUTURE. Our unique approach to practical education means that our graduates, and the companies that hire them, are equipped to succeed for the long term. That s why we are Alberta s fastest-growing college, with over 350,000 alumni and 14,000 current learners. Here s an overview of how we are fuelling Calgary s growth and keeping Alberta strong. BVC KEEPS ALBERTA INDUSTRY THRIVING 93% of our graduates are hard at work within 6 months of graduation, filling key roles in industry and helping the economy thrive. Our work-ready graduates are trained to be productive day 1 on the job. We partner with industry to ensure we are providing learners that fulfill their ever-evolving needs. Our alumni have the soft skills teamwork, communication, intercultural competence, and active citizenship required to keep them, and the businesses that hire them, resilient and relevant for the long term. We deliver cost-effective, specifically customized training solutions for businesses, accessible any time, any place, any path, any pace. We provide direct access to outstanding Aboriginal, female, immigrant, and underrepresented workers. REIKA HAMILTON Class of 2012 Now at BVC Intercultural Centre ii Bow Valley College Annual Report 1

3 BVC BOOSTS GOVERNMENT VISION BVC delivers key programs to support the government s plan for Alberta s future. We are uniquely qualified and experienced in turning underrepresented workers into higher contributors to the economy. We are entrepreneurial and nimble enough to be quickly responsive to evolving government priorities and to address specific labour market gaps. We are Alberta s leading English language training provider, giving immigrants the opportunity to quickly contribute to the community. We have one of the most diverse learner populations of any post-secondary institution in Alberta. BVC CREATES SUCCESSFUL PATHS FOR ALL LEARNERS The BVC way means access to an excellent education any time, any place, any path, any pace. BVC creates a unique environment where learners triumph, because when our learners succeed, we all win. We deliver a uniquely caring environment that is responsive to individual learner needs, supporting their achievement throughout their working life. We give our learners a better future thanks to the credibility and confidence they gain from attending a highly regarded college. We deliver high quality courses with the latest in advanced technology to ensure accessible and flexible learning options. We include training in the soft skills that will keep learners relevant, resilient, and employable for the long term. We deliver a lifelong sense of community and belonging, inspired by successful alumni and exciting and engaging ongoing learning opportunities. BVC PROVIDES AN AWARD-WINNING WORK ENVIRONMENT BVC is a great place to learn because it s also a great place to work. We have been recognized as a Top 65 employer. We offer fulfilling work making a practical difference in people s lives, in an environment designed to help employees grow for the long term. We offer competitive market rates so we can attract the best possible candidates, because our future depends on it. 2 Bow Valley College RAJNIL PRASAD Justice Studies Class of 2014

4 VISION WE ARE AN INNOVATIVE WORLD-CLASS COLLEGE, ROOTED IN COMMUNITIES, ENABLING PEOPLE TO LEARN A BETTER LIVING TM AND LIVE A BETTER LIFE. CONTENTS 4 Bow Valley College MISSION Where people live and work, Bow Valley College will contribute to the vitality of communities and the strength of the economy through innovative adult education programs and services which equip people for successful living, lifelong learning, and work in a global, knowledge-based economy. LETESHIA GUST Practical Nursing Class of Mandate College Profile President and CEO Board Chair Board of Governors Vision 2020 Strategy Achievements Results Operational Overview Donors Volunteers Management Discussion and Analysis Financial Statements

5 WE HELP ALBERTA GROW. MANDATE Bow Valley College is a public, board-governed college operating as a comprehensive community institution under the Post-secondary Learning Act of Alberta. Operating in Calgary and throughout the surrounding region, our multi-campus college provides broad programming, including certificates, diplomas, foundational learning, and upgrading programs. Our programs and services are learner-centred, outcome-focused, and designed to provide graduates with opportunities to improve their lives, prepare for further education, and advance their careers. Bow Valley College responds to regional, community, industry, and learner demand. Our career certificate and diploma programs are primarily focused on business; administration; health; human services; legal and security; early learning and education; and information, communications, and design technologies. Our extensive foundational learning programs include adult literacy, essential skills, academic upgrading, and English as a second language, offered either independently or integrated with skills training and career development support. As a comprehensive community college with regional stewardship responsibilities, we work with communitybased adult learning partners to meet literacy and foundational learning needs and ensure access to a full spectrum of learning opportunities in the city and surrounding region. As a Campus Alberta partner, we collaborate with other educational organizations, post-secondary institutions, governments, business, and community agencies to contribute our organizational expertise to the economic and social well-being of our province. Bow Valley College is committed to expanding access for adults of varied social, cultural, economic, geographic, and academic backgrounds. As an access college, we have a special focus on creating educational opportunities for immigrants, Aboriginal peoples, international learners, persons with disabilities, older workers, at-risk youth, and the unemployed and underemployed. Our curriculum and support services reflect the diversity of our learners. We emphasize small classes, high-quality instruction, applied learning, focused work experience, and extensive learner support services. Bow Valley College offers credit and non-credit instruction year-round, on a full-time, part-time, and distributed-learning basis, both independently and through partnerships and collaboration. To meet emerging workforce needs, our programs, curricula, and educational services are also customized to meet the specific requirements of industries, educators, communities, and workplaces locally, provincially, nationally, and internationally. Bow Valley College pursues applied research activities to enhance teaching and learning, and foster innovation in support of industry sectors where our academic expertise enables such a contribution. The College is known for and engaged nationally in the research, development, and commercialization of assessment and training tools used to measure and enhance the essential skills of adults in educational and workplace settings. Bow Valley College is dedicated to providing people in our city and region with access to high-quality, efficient, and effective lifelong learning opportunities, and to the responsible educational, fiscal, and environmental stewardship of resources. JOSEPH PIMLOTT Events Management Class of 2008 Approved by Dave Hancock, Q.C. Premier and Minister of Innovation and Advanced Education April 28, Bow Valley College Mandate 7

6 COLLEGE PROFILE GERALD MATTHEWS Business Class of 2008 PROGRAM AREAS Nursing and Health Business Justice Studies Human Services Bridging Programs Academic Upgrading Adult Learning Facilitation Curriculum Development and elearning Community Services and Education Technology and Design Literacy and Essential Skills English Language Learning Career Development Services International and Intercultural Communications CENTRES FOR EXCELLENCE Centre for Excellence in Foundational Learning Centre for Excellence in Immigrant and Intercultural Advancement SCHOOLS Chiu School of Business School of Health, Justice, and Human Services For 50 years, Bow Valley College has been creating pathways to success for learners. Over 350,000 people have enhanced their personal and working lives by attending the College. Learners, our community, Alberta industry, and the province all benefit from our unique approach to learning. Any time, any place, any path, any pace. We call our unique approach to learning any time, any place, any path, any pace. This means we will help overcome barriers to success by customizing education for learner s needs, creating lifetime partnerships with learners, and integrating technology into everything we do. Because we believe every single person has the right to become the best they can be, students triumph here. Bow Valley College is Alberta s largest comprehensive community college, serving 1.4 million Albertans in Calgary and the surrounding region. Over 14,000 learners take part in year-round diploma and certificate programs, as well as adult upgrading and English language learning. For our learners, there is no limit to where they can go once their journey begins, and every journey can begin here. COMMUNITIES 8 Bow Valley College College Annual Report Profile 9 Airdrie Banff Blairmore Calgary Canmore Cochrane Hanna High River Kainai Nation Morley Okotoks Piikani Nation Siksika Nation Old Sun College Strathmore Three Hills Tsuu T ina Nation

7 MESSAGE FROM THE PRESIDENT & CEO As our community changes, so do we. At Bow Valley College, we are revisiting what it means to have a relationship with learners, alumni, government, and employer and industry partners. We are redefining how we deliver programming and services to meet the needs of diverse communities and dynamic workplaces. As we move closer to our vision for any time, any place, any path, any pace learning, we are putting meaning behind our commitment to form learning partnerships for life. This begins with growth. In , we increased our enrolment by 6.5 per cent over the previous year s intake and became Alberta s largest community college, serving a learner population of 5,456 full-load equivalents. This includes full enrolment in our Disabilities Studies Diploma, which we launched this past year in response to community demand. We are also designing program and service delivery to be even more accessible. We enhanced pathways into the College by implementing dual credit, enabling high school learners to earn College credits while completing their high school diplomas. We also improved access to high-demand career programs in communities around Calgary by blending traditional and online learning. We are following our graduates into the workplace and creating opportunities to deliver their next competency in partnership with employers. To begin, we developed custom curriculum to deliver workshops in leadership development, and intercultural competence. We are also reaching out to vulnerable workers by partnering with employers to deliver the skill assessment tools and essential skills training they need to promote safer, more productive labour forces. As we change our models, our community is taking notice. We attracted our largest philanthropic gift and named the Chiu School of Business to honour and acknowledge two dynamic entrepreneurs and community supporters. We also achieved Alberta Top 65 Employer recognition. We are redefining how we deliver programming and services to meet the needs of diverse communities and dynamic workplaces. Sharon Carry, AOE President and CEO Our accomplishments are made possible by the collective determination of our Board of Governors, executive and management team, faculty and staff, learners, community and industry partners, and the provincial and federal governments. Together, we are a powerful and diverse community, acting in concert to make an enduring contribution to the economic and social prosperity of Alberta. Sincerely, Signed on behalf of Sharon Carry Sharon Carry, AOE President and CEO 10 Bow Valley College Message from the President 11

8 MESSAGE FROM THE BOARD CHAIR I was very pleased to join the Bow Valley College Board as Chair in May 2014, and to have the opportunity to work with a very capable and forward-looking Board and executive team at the College. Education is the foundation for Alberta s future success. Bow Valley College is uniquely positioned to play a key role in this regard, contributing to the community and to Alberta s economy. The College has a clearly articulated and ambitious Vision ( Vision 2020 ), a track record of results delivery and very strong leadership. As such, it is wellpositioned for continued growth and to be resilient in the context of a challenging and ever-changing external environment. One of those challenges is striking the right balance between meeting the needs of the future and addressing near-term fiscal constraints. Bow Valley College has infrastructure capacity for growth to meet the labour force requirements of Alberta s fastest-growing city and regional economy. A priority for the Board is to ensure that the necessary operating funding is available to enable continued growth, so that we do not miss this opportunity to meet the future needs of the city, the region, and the province. This Annual Report details the achievements and the financial performance of Bow Valley College in , another very successful year in an ongoing journey toward its Vision. The College s focus on strategic planning, operational performance, and prudent financial management is evident in the results outlined in the report. The College executive, faculty, and staff are deserving of congratulations for their dedication to building better lives and more resilient communities. I also extend sincere thanks and appreciation to my colleagues on the Board of Governors, who have contributed their valuable time and expertise to governance of Bow Valley College over the past year. I particularly thank those Board members who have completed their term from the Board over the past year for their service to the College and more broadly to education in Alberta. Finally, our shared objective is to improve the accessibility and experience for learners at Bow Valley College. On behalf of the Board, we wish them great success during their time at the College and in their lives beyond. Sincerely, Signed on behalf of David Collyer David Collyer Chair, Board of Governors PUBLIC MEMBERS 1. David Collyer Current Chair (From May 2014) 2. Joanne Stalinski Chair (Until January 2014) 3. David Fulton Interim Chair (January to May, 2014) 4. Larry Bohn 5. Leslie LeQuelenec 6. Heather MacDonald 7. Philip Uglow (Until March 2014) 8. Wayne Chiu (Until December 2013) 9. Roger Gibbins 10. Cathy Orr BOW VALLEY COLLEGE MEMBERS 11. Sharon Carry President and CEO 12. Candace Cummings Non-Academic member (Until February 2014) 13. Stacie Baker Non-Academic member (From May 2014) 14. Maureen Stewart Faculty member (From October 2013) 15. Nyaitan Pach Student member (Until January 2014) 16. Enronmonse Ikoghode Student member (From April 2014) BOARD OF GOVERNORS FISCAL YEAR ACCOUNTABILITY STATEMENT The Bow Valley College Annual Report for the year ended June 30, 2014 and was prepared under the Board s direction in accordance with the Government Accountability Act and ministerial guidelines established pursuant to the Government Accountability Act. All material economic, environmental or fiscal implications of which we are aware have been considered in the preparation of this report. Signed on behalf of David Collyer David Collyer Chair, Board of Governors 12 Bow Valley College Board of Governors 13

9 VISION 2020 Vision 2020 sets the BVC direction to the year It was initiated in December 2010 as a board-driven initiative with extensive community consultation occurring in May 2011 with over 1,500 BVC staff, faculty, learners, alumni, donors, government officials, business leaders, and the public. This Annual Report describes key achievements against the 6 pillars of Vision 2020, with particular emphasis on our Learning Partner for Life objectives. 3 4 COMMUNITY CONNECTEDNESS 3.1 Community Relationships: Build strategic relationships that extend our reach into the community and engage stakeholders in our College community to enhance the learning experience and create opportunities for service learning 3.2 Community Service: Generate opportunities for learners and staff to work in service of community as part of their learning for life 3.3 Create linkages between international markets and our College community: Foster and support learning opportunities abroad that enrich learning experiences and outcomes THE DIVERSITY ADVANTAGE 4.1 Celebrate: Promote our current strengths in our internal and external communities 4.2 Workforce Training: Be a leader in the delivery of inclusive support, training, service, advocacy, and employer engagement 4.3 Multi-Language Options: Explore and expand possibilities of offering services and programming in multiple languages 1 LEARNING PARTNER FOR LIFE 1.1 Lifetime Attachments: Create the systems, policies, practices, and programming that will lead to a lifetime attachment for learners, alumni, employees, employers, and communities 1.2 New Models of Learning Partnership: Build new systems of learning that engage employers, learners, and the College directly in the learning process and outcomes 1.3 Affordable Learning: Build new strategies through advancement and partnership to open the doors to learners with socio-economic challenges 1.4 Learner-Centred Customization: Further develop pathways, programming, services, and curricula design that promote a distributed, flexible, interactive, unbundled, and supportive environment 2 EXCELLENCE IN APPLIED EDUCATION 2.1 Learning Navigator: Maintain model to provide guidance and support to learners 2.2 Franchise Model: Develop systems and criteria to maximize delivery of the Bow Valley College credential and learning experience through franchising agreements locally and internationally 2.3 Pathways: Build upon the current systems of transfer, articulation, advanced placement, and dual credit programs to create seamless options for our lifelong learners 2.4 Credential Learning: Develop innovative models to recognize, credential, and bridge learning from formal and informal sources 2.5 Training Source: Become the strategic source for professional development and training for professional organizations, accreditation bodies, employers, unions, and regulatory agencies 2.6 Integrated Learning: Foster a community of learning and service that champions a shared focus on holistic education and learner engagement 5 6 CAPACITY FOR THE FUTURE 5.1 Exploit Technology: Change the way learning and services are delivered, beginning with mobile technology and other advances to keep on the cutting edge 5.2 Well-Qualified and Engaged People: Recruit, retain, and develop our people, and foster an organization where people embrace new opportunities and continue to learn 5.3 Financial Sustainability: Raise, steward, and advance the resources the College will need through new financial models and partnerships and collaborations APPLIED RESEARCH 6.1 Teaching and Learning: Improve capacity in teaching and learning 6.2 Foundational Learning and Assessment: Develop and share our expertise in foundational learning and assessment 6.3 Health Workforce Development and Deployment: Build expertise and capacity in knowledge transfer and skills acquisitions for efficient, effective Health Services delivery 6.4 Immigrant Advancement: Develop and share our expertise in immigrant and intercultural advancement and enhance our diversity advantage 14 Bow Valley College Vision 2020 Strategy 15

10 ACHIEVEMENTS BEGINNING THE LEARNING PARTNERSHIP Dual Credit Program Engages High School Students Iniikokaan Aboriginal Centre Removes Barriers for Aboriginal Learners BEGINNING THE LEARNING PARTNERSHIP GETTING MORE RURAL HIGH SCHOOL STUDENTS INTO POST-SECONDARY EDUCATION Great progress was achieved for our Learning Partner for Life strategy. Learning Partner for Life is one of 6 key strategies we pursue to ensure we deliver on our vision and mission. It was the focus for our achievements during the year as the need for lifelong learning has never been more prevalent in society than it is right now, and it will become even more important in the future. The more educated our provincial workforce is, the more successful our province will be. Our Learning Partner for Life strategy recognizes this need and delivers the innovative programs required to help learners grow throughout their entire lives. Learning Partner for Life is reflected in our flexible approach to education any time, any place, any path, any pace to ensure all learners are included and barriers to success are minimized. We would like to use this extraordinary year of achievements across the entire Learning Partner for Life spectrum to demonstrate the powerful impact this strategy is having on learners, communities, and Alberta. Unveiled the Chiu School of Business Self-planning Makes it Easier for Learners ENHANCING THE LEARNING PARTNERSHIP WHILE AT BVC Expanded RGO Library and Learning Commons Our Dual Credit program was successfully launched in partnership with Canadian Rockies Public Schools at the start of It allows Alberta high school students in rural communities the opportunity to obtain both high school and post-secondary credits for the same course, helping to boost participation rates in postsecondary institutions by engaging learners early on. The more rural opportunities we provide for post-secondary education, the better it is for Alberta s workforce. REMOVING EDUCATIONAL BARRIERS FOR ABORIGINAL PEOPLES We launched the Iniikokaan Aboriginal Centre to give First Nations, Métis, and Inuit learners the opportunity to succeed. Iniikokaan provides programs and services aimed at enhancing Aboriginal learner success through academic and program advising, elder counselling, financial advising for sponsorship, culturally relevant information sessions, and student gatherings. The cultural support we can provide for Aboriginal learners will remove key barriers to their success. MAKING REGISTRATION AND LEARNING EASIER The College is in final phases of re-engineering systems and processes to move from a cohort-based program model to one in which learners can self-register and assume more control over course selections and learning pace. We piloted self-registration in the Chiu School of Business in and expect to roll it out across career programs next year. This is just one of many online initiatives we are undertaking to deliver any time and any place access to education for all. 16 Bow Valley College Achievements 17

11 ENHANCING THE LEARNING PARTNERSHIP WHILE AT BVC ENROLMENT INCREASING ACROSS ALL ASPECTS OF BVC We have had considerable success attracting more Learning Partners For Life making BVC Alberta s fastest growing and largest Comprehensive Community Institution: Chiu School of Business 10% growth School of Health, Justice, and Human Services 5% growth Launched New Online Services CONTINUING THE LEARNER PARTNERSHIP OFF CAMPUS EXPANDED RGO LIBRARY AND LEARNING COMMONS The end of October 2013 marked the grand re-opening of the expanded RGO Library and Learning Commons. In 2011, the initial phase was unveiled and named in recognition of a $1 million donation to the College from Ross Glen, president and founder of RGO Office Products. Now the facility has doubled in size by expanding to include a second level. To meet the growing technological and collaborative needs of today s learners, the RGO Library and Learning Commons is well equipped with workstations, computers, study rooms, and lounge space. $250,000 DONATION FROM RBC RBC s generous donation of $250,000 will go towards the establishment of the RBC Business Accelerator Centre in Bow Valley College s School of Business. The program will be aimed at providing entrepreneurs already in the marketplace with the essential foundational skills needed for business development, financial management, and other key aspects of successfully developing and operating a business. This form of entrepreneurship is already a unique strength of BVC, and this program will allow us to continue to support these powerful business generators in the Alberta economy. Centre for Excellence in Foundational Learning 3% growth Centre for Excellence in Immigrant and Intercultural Advancement 9% growth $3,000,000 DONATION A generous gift to the College by Wayne and Eleanor Chiu was recognized by the unveiling of the Chiu School of Business. The gift will allow the school to deliver a more comprehensive learner experience, enabling learners and industry to come together in ways that enhance and deepen learners understanding of the business climate. CHIU DELIVERS MORE CHOICE AND FLEXIBILITY The Chiu School of Business Administration Diploma now offers a common foundational year (Year One), followed by one year of studies in a major or specialization. This restructuring allows more choice and flexibility for learners to drive their educational programming experience and the pace at which they move through their studies. It also gives the Chiu School of Business the opportunity to make more focused curriculum revisions to proactively adapt to changing business needs. Keeping Alumni Connected Expanded Continuing Education Opportunities Bringing Training to the Workplace EXPANDED ONLINE OPPORTUNITIES We adopted a new learning management system called D2L (Desire2Learn) that facilitates immediate access to learning tools, resources, and supports wherever and whenever students need it. Now learners and teachers can be connected all the time, advancing our any time, any place, any path, any pace model of learning. CONTINUING THE LEARNING PARTNERSHIP OFF CAMPUS MORE CONTINUING EDUCATION OPPORTUNITIES We expanded our Continuing Education offerings by introducing courses in Nutrition Management as well as a Community Justice Certificate. Continued growth of our online initiatives has made more than 70 career programs and 900 courses available. Learners have more flexibility than ever to fit our programs into their busy lives. EXTENDING ALUMNI CONNECTIONS Once learners get their start at Bow Valley College, we are with them on their learning journey for life thanks to lifelong access to services like the library, Career Centre, Continuing Education, and Alumni volunteer opportunities. Alumni are strong advocates for BVC just as we are strong advocates for their continued success. LAUNCHED ONLINE VERSION OF TOWES PRIME TOWES (Test Of Workplace Essential Skills) boosts literacy skills to build a smarter and more capable workforce that results in a safer and more productive workplace. TOWES surpassed 100,000 test cases in our database, a significant milestone and an ongoing example of College commercialization and ingenuity. For over 20 years, TOWES has been helping organizations across Canada grow the skills of their workforces, making it an excellent example of the successful commercialization of an innovative research based tool from a public/private partnership. TOWES is used by a number of industries across Canada, including aerospace, automotive manufacturing, mining, transportation, and ship building. 18 Bow Valley College Achievements 19

12 ACHIEVEMENTS IN DETAIL LEARNING PARTNER FOR LIFE One of the most important pillars of our success is our Learning Partner for Life strategy. We achieved considerable success in each area of Learning Partner for Life; Lifetime Attachments, Strategic Partnerships, New Models of Learning Partnership, Learner Centred Customization, Applied Research and Innovation, Internationalization and Affordable Learning. Overall success is reflected in key metrics: Our learning community grew by 6.5 per cent in to reach 5,456 full load equivalents, making us the largest community college in Alberta. Over 980 learners graduated in , including our spring graduating class of over 600 work-ready graduates, our largest ever. Among the highest completion rates in North America 78.4% for certificate programs and 73.7% for diploma programs. LIFETIME ATTACHMENTS Create the systems, policies, practices, and programming that will lead to a lifetime attachment for learners, alumni, employees, employers, and communities. LIFETIME SUPPORT FOR ALUMNI Once they get their start at Bow Valley College, we are with them on their learning journey for life. LIFELONG ACCESS TO RGO LIBRARY AND LEARNING COMMONS BVC alumni have access to the resources, study space, and computers at the RGO Library and Learning Commons LIFELONG CAREER ENHANCEMENT SERVICES Provides alumni with career advice and connections with local employers. CONTINUING EDUCATION BVC alumni are eligible to a 10% discount on select programs and courses offered through Continuing Education. TRANSFER CREDIT FAIR Each year in November, we host a Transfer Credit Fair and invite our learners and alumni to explore pathways that leverage their current education into new learning opportunities. ALUMNI RELATIONS VOLUNTEER OPPORTUNITIES We connect alumni with volunteer opportunities that can advance their journey, and help learners to begin theirs.

13 EMPLOYEES We are privileged to have our employees, who are the foundation of our success in the community. ALBERTA TOP 65 EMPLOYER 2014 was the first year that BVC won this prestigious award, and we were delighted to be featured as one of only three post-secondary institutions who made the list this year. SUPPORTIVE EMPLOYER BVC strives to provide a supportive work environment for its employees by allowing time off for volunteer efforts, and service or training in the armed forces. CELEBRATING LIFELONG LEARNERS ON STAFF Sharon Carry hosted an Employee Graduation Ceremony, recognizing all those staff who completed educational programs at BVC in EMPLOYERS We create work-ready grads thanks to a close partnership with employers to ensure our students are learning the skills they need to succeed in the workplace. LAUNCHED ONLINE VERSION OF TOWES: TOWES PRIME Our successful suite of web-based assessment tools is now available online. TOWES (Test Of Workplace Essential Skills) is used by industries across Canada to boost key literacy skills, resulting in a safer and more productive workplace. COMMUNITIES By providing motivated and well-trained graduates in vital fields, Bow Valley College has a huge impact on communities. Plus, BVC is committed to enhancing access to post-secondary education and services to rural learners through our regional stewardship program, currently bringing our successful programs to 20 centres across Southern Alberta, from High River to Cremona, and from Lake Louise to Cluny. EARLY LEARNING AND CHILDCARE CERTIFICATE NOW IN COCHRANE We launched our popular Early Learning and Child Care Certificate (ELCC) program in Cochrane in September HOSTED ALBERTA CULTURE DAYS Through the collaborative efforts of the Intercultural Centre, the Iniikokaan Aboriginal Centre, and the RGO Library and Learning Commons, the College was awarded a grant to host as a pilot celebration site for this year s celebration. It gave us an excellent opportunity to connect with the community. CANADA DAY POW WOW CONNECTS WITH THOUSANDS The Iniikokaan Aboriginal Centre and the City of Calgary partnered to deliver a traditional Pow Wow that was enjoyed by over 80,000 people at Prince s Island Park on Canada Day. ABORIGINAL AWARENESS MONTH CELEBRATION A month-long celebration featuring events that raised the value of Bow Valley College among a diverse number of key audiences. SPIRITS OF GOLD NOMINEE Bow Valley College s United Way 2013 campaign contributed more than $22,500 earning the College a nomination for the Spirit of Partnership Award Achievements 21

14 STRATEGIC PARTNERSHIPS Engage our stakeholder groups and Campus Alberta partners to create the seamless learning relationships required to keep learning for a lifetime. HELPING LEARNERS GROW ANYWHERE We have established 31 transfer and articulation agreements that facilitate seamless learner access and transferability from Bow Valley College certificate or diploma programs into related certificate, diploma, degree, and post-diploma programs at other Campus Alberta institutions. HELPING LEARNERS START ANY TIME We are expanding our successful Dual Credit program through other regions. With school boards in Calgary, Bow Corridor, and Stettler, we introduced dual credit opportunities to enable high school students to earn college credits, concurrent with a high school diploma. By providing Alberta high school students with the ability to obtain both high school and post-secondary credits for the same course without leaving the high school environment, we are boosting participation rates in post-secondary institutions. NEW MODELS OF LEARNING PARTNERSHIP Build new systems of learning that engage employers, learners, and the College directly in the learning process and outcomes. Learners can now learn anywhere, and we are at the forefront of the movement in digital learning. HIGH SCHOOL UPGRADING ONLINE Our RealTime Online and Anytime Online programs help learners to overcome time and distance barriers. RealTime Online offers face-to-face instructor-paced courses broadcast online in real time. Anytime Online allows learners to study at their own pace, accessing instructors through telephone, , chat, and meetings by appointment. Courses are presented on Desire2Learn and provide unit guides, assignments, media, and additional resources to help learners succeed wherever they are. ecampusalberta An efficient way to make our excellent programs available anywhere. We have 161 online courses available through ecampusalberta, an online program that enables learners from across the province to register in certificate, diploma, and applied degree programs. 22 Bow Valley College

15 LEARNER-CENTRED CUSTOMIZATION Further develop pathways, programming, services, and curricula design that promote a highly flexible, interactive, and supportive environment. NEW COURSE FOR THE ENERGY SECTOR The Centre for Excellence in Immigrant and Intercultural Advancement, in conjunction with Citizenship and Immigration Canada, developed a program to enhance immigrant employment opportunities in the energy sector. Our Fit in Fast: Helping Immigrant Professionals Perform in the Workplace program provides immigrants with the intercultural skills they need to advance their career in the oil and gas sector, helping both learners and employers. We worked with an advisory committee, that included oil and gas executives, to develop the online course, which we are piloting with 30 learners over the next year. We plan to build on this initiative, developing similar programs for other industries, and then take them national and international. LAUNCHED IELTS PROGRAM This fall, we brought the world s most widely recognized English language testing program to BVC. IELTS (International English Language Testing System), is used by organizations worldwide to determine English language proficiency for post-secondary entry, career advancement, and government residency requirements. Now at BVC, people can train for the test as well as take the test. CHIU SCHOOL OF BUSINESS INTEGRATES FLEXIBILITY By offering greater flexibility in our program, we open up more opportunity for learners. Initiatives like giving the students more freedom through scheduling classes using online and traditional options, and running our program 12 months a year, means more learners can get the benefit of a Chiu School of Business education. APPLIED RESEARCH AND INNOVATION Pursue ventures in applied research and innovation that result in outcomes that are enriched by the diversity of the partnerships and contribute to economic and social development. LISTED AS ONE OF CANADA S TOP 50 RESEARCH COLLEGES In mid-sized colleges, BVC placed third out of 50 mid-sized colleges thanks to the 45 formal research partnerships we had last year. PUBLISHED FRESH PERSPECTIVES 2013 Our Fresh Perspectives publication showcased the innovations and impacts of Bow Valley College applied research activity. Key research areas include: curriculum, instructor skills, andragogy (teaching strategies focused on adults), literacy and essential skills, social innovation, sustainability, community-based entrepreneurship, intercultural competence, benefits of recreation on continuing care, and the role of personal support workers (palliative care in the home). RESEARCH PROGRAM ON IMPACT OF 2013 FLOODS In partnership with Mount Royal University and others, we are embarking on a three-year, $165,000 initiative to examine The Effects and Implications of Environmental Disasters on thefamily: Communicating, Coping, and Caring Among Families Impacted by the 2013 High River Alberta Floods. BVC and its High River Campus are responsible for the strategic planning and facilitation of the research project in the community Achievements 23

16 INTERNATIONALIZATION Expand to position the college competitively to respond to global citizenry, diversity, and international opportunities. 115 NATIONS REPRESENTED ON CAMPUS Learners can come to BVC from anywhere to begin their journey thanks to our unique approach to education. We currently have close to 1,000 international learners on campus. FIRST INTERNATIONAL ALUMNI RECEPTION Our growing presence on the international stage was reflected at a reception held for all international alumni. HOSTED INTERNATIONAL DELEGATIONS We continue to host delegations from countries around the world to build on our 30 years of international partnership collaboration. BVC ATTENDS THE ASIAN DEVELOPMENT BANK S 5 TH BUSINESS OPPORTUNITIES FAIR BVC International Education representatives met with Asian education specialists to introduce BVC s strengths and capacity in delivering Technical and Vocational Education and Training (TVET) projects a core operational area of ADB. AFFORDABLE LEARNING Build new strategies through advancement and partnership to open the doors to learners with socioeconomic challenges. To help our learners overcome financial barriers on their journey to success, Bow Valley College has a robust and growing bursary program. TOTAL BURSARIES IN 2014 INCREASE TO $320,303 Up $20,000 from The total count of bursaries disbursements have also increased from 590 to 627. TOTAL SCHOLARSHIPS IN 2014 INCREASE TO $272,924 Up $27,000 from PREMIER S SCHOLARSHIP LUNCHEON The Premier s Luncheon is an annual event where we connect with community leaders to raise the profile of the College and recognize the extraordinary learners we have here. I want to give my children a stable life and be a role model for them. Kristen Woodhouse Aboriginal Addictions Counselling Diploma School of Health, Justice, and Human Services This award reinforces my genuine commitment and hard work in order to reach my goal of being a productive resident who adds value to my community. Marisol Ortiz Arias English Language Learning Centre for Excellence in Immigrant and Intercultural Advancement 24 Bow Valley College

17 EXCELLENCE IN APPLIED EDUCATION Our focus of providing work-ready graduates with the skills needed to succeed in the workforce and meet the needs of society drive us to deliver Excellence in Applied Education. A prime example of this is our Disabilities Studies program that launched this year. A certificate and/or diploma program that trains people to support the well-being of children and adults with disabilities, while taking an active role in creating inclusive and diverse communities. We achieved full enrollment in no time, reflecting the growing demand for this field. Here are some of our other Excellence in Applied Education achievements for : We established more flexible admissions and programming, including: Learners with 30 post-secondary credits (with prerequisites) can begin Year II of a specialization in the Business Administration Diploma program Health Care Aide graduates and internationally educated nurses can access integrated pathways into the Practical Nurse Diploma program; Academic Upgrading learners can access a growing number of offerings through flexible learning classes or online English Language Learners can access everything from literacy to advanced language studies programming; full-time, part-time, evening, and online Supported by the Alberta Government, we created 100 new learning spaces to improve access to career programming in the region as well as in high-demand career areas. To meet increasing demand, we added $100,000 to the College s emergency bursaries, a mechanism that the College leverages quickly for learners in financial distress; the retention rate of emergency bursary recipients is 74 per cent. We opened our newly renovated two-storey RGO Library and Learning Commons, providing enhanced services to learners, employees, and partners. With support of industry advisory program committees and communities of practice, we work to keep our programming curriculum engaging, relevant, and current. Through high fidelity simulation, technology, and curriculum, we create teaching and learning environments that mirror the workplace Achievements 25

18 COMMUNITY CONNECTEDNESS As Alberta s largest comprehensive community college, we have a great responsibility to the communities we serve. They are, in turn, vital to our success, so we have established close connections with communities throughout southern Alberta. For example, in response to the 2013 Alberta Floods recovery, we delivered wellbeing workshops to business owners and residents in the Town of High River. Here are some of our other Community Connectedness achievements for : With a financial impact of $359.7 million added to the local economy, Bow Valley College is an essential economic contributor in Calgary and the surrounding region. In addition, the College returns 16.9 per cent to provincial taxpayers (return on investment from increased tax contribution by BVC graduates and economic impact of Bow Valley College operations) and 24.1 per cent to learners (increase of their earning potential) on their respective investments in the College. Gifts from our community of supporters and donors enable us to innovate, enrich teaching and learning, and catalyze other forms of community support and engagement. We named our Chiu School of Business to honour our largest gift to date by community philanthropists and Trico Homes founders, Wayne and Eleanor Chiu. Our community of supporters gifted us with $110,000 at our 9th annual golf tournament, bringing our Academic Excellence Scholarship Endowment to more than $900,000, and over $145,000 in contributions and provincial matching grants at our 19th annual Premier s Scholarship Luncheon. We established the RBC Business Accelerator Centre with a focus on community-based entrepreneurship; the Business Accelerator Centre provides skills-based training and mentorship to new Canadians wishing to start a business or support an existing business We enhanced learner services at regional sites through a combination of technology upgrades and staff training to deliver real-time services such as application and registration services. We facilitated the successful delivery of our awardwinning Early Learning and Child Care Diploma in Jamaica. 26 Bow Valley College

19 THE DIVERSITY ADVANTAGE To reflect the growing diversity of the population in Alberta, we are expanding the services and programs in multiple languages and leading in the delivery of inclusive programs. The new Iniikokaan Aboriginal Centre is an excellent example. It is a distinctive, spiritual space to help Aboriginal learners succeed. Learners can access resources, cultural Elders, gathering and ceremonial space, quiet study areas, and cultural workshops. Here are some of our other Diversity Advantage achievements for : In partnership with the City of Calgary, we hosted a Canada Day Pow Wow that attracted over 80,000 spectators and participants. People from 115 countries who speak 98 different languages enrich our learning community. We launched a new overseas office in India and Mexico to strengthen international student recruitment, as well as brokering partnerships. Our curriculum and service systems are designed with enhanced accessibility features built-in to remove any barriers for learners with disabilities. We delivered three parenting group sessions in partnership with the YWCA that included parenting workshops. We launched the Come as you are initiative, a peer discussion group in support of sexually and gender diverse (LGBTTQQ12SAA) learners Achievements 27

20 CAPACITY FOR THE FUTURE Innovation will be the key to success and we are leading the way learning evolves, including making more opportunities to learn available online. The introduction of D2L (Desire2Learn), a new learning management system that facilitates immediate access to learning tools, resources, and supports where and when needed, is a prime example. Here are some of our other Capacity For the Future achievements for : We have enhanced our operational capacity to recover from disasters: Conducted a Business Impact Analysis across the College. Redeveloped a comprehensive Information Technology Disaster Recovery Plan. Developed comprehensive department-specific Business Recovery Plans. Bow Valley College attained recognition as a Top 65 Alberta Employer. Established the 50th Anniversary People s Fund to provide leadership training, professional development, and enhance credentials of employees. We developed and delivered an internal leadership training workshop that engaged over 50 management and other personnel in leadership training and strengthened the College s succession planning. APPLIED RESEARCH With so much expertise and knowledge here at Bow Valley College, it is imperative that we develop new ways to share this knowledge to benefit all. There is a significant amount of applied research being done at the College, reflected in Fresh Perspectives 2013 a publication showcasing the innovations and positive contributions of Bow Valley College applied research activity. Here are some of our other Applied Research achievements for : In collaboration with Mount Royal University and other partners, we will participate in a Social Sciences and Humanities Research Council (SSHRC) funded project on the effects and implications of environmental disasters on the family, with an emphasis on the community of High River in the aftermath of the 2013 Alberta floods. We continue to inform and enrich our programming and services by drawing on areas of research activity and communities of practice, including curriculum design, instructor skills, andragogy, literacy and essential skills, social innovation, sustainability, community-based entrepreneurship, and intercultural competence. The Adult Literacy Research Institute (ALRI) at Bow Valley College in Calgary has created a resource in the area of adult literacy and essential skills programming. Stories from the Field: Professional Development for Adult Literacy Practitioners explore current issues, innovations and challenges in teaching and learning reading, writing, numeracy, and technology. This information from the field will highlight the work that is being undertaken and advance the development of literacy and essential skills programs. 28 Bow Valley College

21 Achievements 29

22 RESULTS BEING A LEARNING PARTNER FOR LIFE ,825 5,124 5,456 Total full-load equivalents 13,319 13,977 14,280 Total unduplicated headcount 4,100 3,791 3,854 2,836 3,834 4,269 Total unduplicated non-credit headcount Number of registrations through ecampusalberta 1 DELIVERING EXCELLENCE IN APPLIED EDUCATION % 78.7% 78.4% Certificate Completion Rates 72.8% 76.6% 73.7% Diploma Completion Rates 92.9% 94.0% 92.8% Percentage of graduates employed across career programs within a specified period following completion OPTIMIZING OUR COMMUNITY CONNECTEDNESS % 88.6% 85.8% Percentage of graduates satisfied with Bow Valley College learning and services across career programs GROWING CAPACITY FOR THE FUTURE % 53% 47% 19% 16% 20% Government of Alberta Grant as a percentage of revenue Entrepreneurial contracts as a percentage of total revenue $ 12,665 $13,959 $14,499 Cost per full-load equivalent 1 The numbers have been restated to reflect a change in counting methodology from Active to Starting. This change in methodology aligns with the move to course based registrations and ecampusalberta reporting. 2 The finalized Alberta Innovation and Advanced Education (IAE) survey results aren t available as of yet. The reported draft figures are prepared by Bow Valley College. 3 Alberta Grants Includes Amortization Revenues. 30 Bow Valley College

23 OPERATIONAL OVERVIEW ENROLMENT FULL-LOAD EQUIVALENT DISTRIBUTION Centre for Excellence in Foundational Learning Centre for Excellence in Immigrant and Intercultural Advancement School of Health, Justice, and Human Services ,283 1,300 1,344 1,215 1,297 1,418 1,557 1,715 1,801 Chiu School of Business TOTAL 4,825 5,124 5,456 CAMPUS LOCATIONS 1. Airdire 4 Total Includes Prior Learning Assessment and Recognition (PLAR) FLEs Source Data - Office of Institutional Analysis Annual snapshot of Agresso Student. Last Updated - October 23, Bow Corridor Banff Canmore 3. Calgary North Campus South Campus Correctional Centre Remand Centre Rocky Mountain Plaza Other Campuses* 4. Cochrane 5. Hanna 6. High River 7. Lake Louise 8. Morley Stoney Nakoda 9. Okotoks 10. Rocky Mountain House 11. Siksika Nation 12. Stand Off Kainai/Blood Tribe 13. Stettler 14. Strathmore Three Hills *Calgary Other Campuses includes offerings in the city of Calgary where campus is not specified on the Agresso student system Source Data: Office of Institutional Analysis Annual Snapshot of Agresso Student. Last Updated: October 24,

24 DONORS HELPING ALBERTA GROW $1,000,000 + Wayne and Eleanor Chiu $100, ,999 Anonymous The Calgary Foundation RBC Foundation RGO Office Products $50,000-99,999 Anonymous Marlene and Don Campbell Canadian Imperial Bank of Commerce Konica Minolta Business Solutions Canada Limited Mawer Investment Management OnX Enterprise Solutions Ltd. Sodexo $10,000-49,999 Alberta Blue Cross Anonymous ATB Financial Axia NetMedia Corporation Esmail and Safana Bharwani Charitable Foundation Bow Valley College Students Association Bow Valley Credit Union Lori Caltagirone, Sunesis Consulting Inc. Diversified Staffing Services Ltd. Duke Projects Inc. ENMAX Corporation Follett of Canada, Inc. GEC Architecture Jim and Josie Gray Graycon Group Bradley Harms Imperial Oil Foundation Lou W. MacEachern The Rotary Club of Calgary Sharp s Audio Visual Stuart Olson TELUS $5,000-9,999 AltaLink Anonymous Arcturus Realty Corporation ARPI S Industries Ltd. Bethany Care Society The Calgary Airport Authority Canadian Insurance Claims Managers Association Canadian Western Bank Canem Systems Ltd. Sharon Carry Gordon Case and Susan Nelson City of Calgary Peter Hayvren KBM Commercial Floor Coverings Inc. Sue Lee and Leslie LeQuelenec Anne McKenzie Estate of Avis Carr Rogers Communications Inc. Valerie Seaman ServiceMaster of Calgary Jim Ulrich United Way of Calgary, Donor Choice Program Laurel Wood $1,000-4,999 Albi Homes Ltd. Anonymous Cynthia L. Bandet Bennett Jones LLP Bernelle Construction Management Ltd. BMO Financial Group George Brookman Elza Bruk Ron and Christine Burke Business and Professional Women s Club of Calgary Calgary Economic Development Calgary Hotel Association Calgary Marriott Downtown Hotel Calgary Sun Sharon Cameron Canada Safeway Cenovus Energy Chinese Christian Wing Kei Nursing Home Association Harry & Martha Cohen Foundation Lynn and Craig Connell Roman Cooney Devon Canada Corporation Bonnie DuPont N. Murray Edwards Charitable Foundation The Fishers Franklin Templeton Investments Fraser Milner Casgrain LLP Kevin and Debbie Gregor Diane Hardy Dick and Lois Haskayne Fund Dixie Heron Valerie Hoey and Morgan Chetty 32 Bow Valley College

25 Bob Holmes Human Resources Institute of Alberta Lorne and Pat Larson N.Lau and J.Bolton Acstencia Inc. Dr. Rupinder Mangat M Ann McCaig McKesson Canada Inc. Norton Rose Fulbright Odgers Berndtson Pirie Foundation Read Jones Christoffersen Ltd. Shaw Communications Inc. Sien Lok Society of Calgary Janet Soles and Rod Sobchishin Stewart Title Guaranty Company The Brenda Strafford Foundation Ron Taylor Family TD Insurance Meloche Monnex Trico Homes UP TO $999 Jennifer Acevedo Beatrice Maria Pereira Albano Arlayna Alcock Katalina Bardell Iba Boda Bow Valley College Faculty Association Shaku Brar Calgary Herald Calgary Police Service Carscallen LLP Ron Casey Lina Chan Joan Chapman Alice Charland Gerald Chipeur Anjali Chugh Mary Davey Brian J. Evans Lindsey Fiebig Mary Anne Fish The Frank Family Michael Gaschnitz Alexandra Gomez Richard Gotfried Chris Goulard Bruce Graham David Grixti GrowthPoint Group The Healthy Feet Clinic Susan Hessel Richard & Shirley Houde Hana Taleb Imai June Jeffery Lori Jensen, Learner Success Services Susan Jolliffe Lorrie Keon-Morris Andrea Kiss-Parciu Carolyn Lindsay Mackenzie Investments Nora MacQuarrie Laurel Madro Mainland Information Systems L. Houck Marsh Canada Ltd. Shelley McConnell The McKeown Family Conrad Murphy Frances Murphy The Beaupre-Olsen Family Tina Overwater Charles Pankratz John Piercy Sonja Quirouette Respect Group Jeremy Robinson Jerry Rudelic Carol and Larry Ryder Mick Mulloy and Marnie Schaetti Donna Schendel Michael Schryvers Debbie Scott Keith Seel Simon and Schuster Canada SNC Lavalin ATP Inc. SNC Lavalin Inc. SNC Lavalin O&M Logistics Inc. Joanne Stalinski Stantec Engineering Gail Thauberger Denise Theunissen Karen Thomas R and C Tomlinson Philip Uglow Unit 4 Business Software VMware Hunter Wight Teresa Woo-Paw Reiko Yoshizawa YWCA ZSA Legal Recruitment Donors 33

26 34 Bow Valley College

27 VOLUNTEERS HELPING COMMUNITIES THRIVE Bow Valley College faculty and staff are truly rooted in communities giving of their personal time, energy, and creativity to community organizations throughout southern Alberta. Airdrie and District Chamber of Commerce Airdrie Rotary Club Alberta International Medical Graduate Association Alberta Teachers of English as a Second Language Alexandra Centre Society Bengali Association of Calgary Brown Bagging for Calgary s Kids Business and Professional Women s Club of Calgary Calgary and Area Public and Separate Schools Calgary Catholic Immigration Society Calgary Centre for Spiritual Living Calgary Distress Centre Calgary Drop-In and Rehab Centre Calgary Folk Music Festival Calgary Homeless Foundation Calgary Humane Society Calgary Interfaith Foodbank Calgary Multicultural Centre Calgary Outdoor Recreation Enthusiasts Calgary Regional Partnership Calgary Social Entrepreneurship and Innovation Committee Campus Alberta Council of Presidents Campus Calgary Council of Presidents Canada West Foundation Canadian Blood Services Centre for Affordable Water and Sanitation Technology Colleges and Institutes Canada Community Associations Creative Airdrie Society ecampusalberta EchoLogic Land Corporation Faith-based community and spiritual services Feeding our Futures Further Education Society of Alberta Habitat for Humanity Heart and Stroke Foundation Immigrant Youth Outreach Project Inglewood Childcare Development Centre Inspire!africa Made by Momma MEOW Foundation Momentum Group Nose Creek Swim Club Opera in the Village Pawsitive Match Rescue Foundation Pet Access League Society Queensland Community Garden SEEDS Connections Seniors Resource Services South Health Campus Development Council Sunrise Community Link Resource Centre Talent Pool Development Society of Calgary The Arthritis Society The Children s Cottage Society The Mustard Seed Tour d Airdrie Fun Run United Way Calgary and Area Victim Service Units Wings of Hope for Africa Youth Singers of Calgary Volunteers 35

28 MANAGEMENT DISCUSSION AND ANALYSIS The following discussion and analysis of the financial statements should be reviewed in conjunction with the audited financial statements and accompanying notes to the financial statements. The financial statements represent the financial position and results of operations for Bow Valley College for the year ended June 30, STATEMENT OF FINANCIAL POSITION TOTAL ASSETS Total Assets have decreased by $60 thousand over the past year to a total of $ million. Cash and cash equivalents decreased $22.48 million as funds were used to finance the expansion project consisting of the renovation of the existing North Campus building and the construction of the South Campus building. Portfolio investment increased during the year, by $12.70 million as surplus cash was driven towards longer term investment positions. Tangible assets increased by a net amount of $8.44 million. During the year tangible capital assets increased by $16.44 million associated with College capital expenditure; also during this period, tangible assets decreased by $8 million as the asset base was amortized over its useful live. TOTAL LIABILITIES Total Liabilities have decreased by $18.01 million to $ million over the past year which is primarily due to the decrease in deferred revenue. During the year, the College recognized as revenue $16.36 million of funding received and deferred in previous years. NET ASSETS Net Assets have increased by $17.95 million, which is primarily a reflection of excess revenue over expenses. As a result of operations, the College increased its Unrestricted Net Assets to a total of $5.46 million, which is 6.0% of annual operations expenditures. The Board increased Internally Restricted Net Assets by a net of $12.45 million to $50.49 million. This is intended to support life cycle replacements to college building infrastructure, replenish funds to support the on going college technology innovations, and establish funds to support a variety of initiatives of Vision Endowments, which form part of Net Assets, also increased during the year by $0.42 million. Endowment contributions and transfers constituted $0.29 million of this increase; the remaining $0.13 million represented capitalized interest earned on investments in the endowment portfolio. 36 Bow Valley College

29 STATEMENT OF OPERATIONS REVENUES In the fiscal year, Operating Revenues increased by 13.4% from $91.97 million to $ million. As a public institution, Bow Valley College receives a significant part of its operating revenue from the Province of Alberta. During the year, 46.8% (53.1% in 2013) of total revenue was received as operating grants from the Ministry of Innovation and Advanced Education. Federal and other grants accounted for 5.8% of total revenues in 2014 (6.6% in 2013). In 2014, revenue from sales of services and products increased by $3.44 million to become 14.6% of total revenue (12.9% in 2013). This increase was primarily due to insurance proceeds received to repair South and West Campuses following the flood of June Investment income increased by $5.62 million during the year and represented 7.1% of total revenue (1.8% in 2013). This one time adjustment in investment revenue was due to interest earned on capital contributions from the Ministry of Innovation and Advanced Education, the City of Calgary and Bow Valley College over the years from 2007 to During this period the College was implementing its facility expansion project and interest earned on these funds were deferred to fund any possible cost overruns. Donations increased by $2.40 million during the year and represented 4.2% of total revenue (2.2% in 2013). 7.1% 4.2% 46.8% REVENUES 5.8% 21.4% 14.6% 16% 0.3% 39.3% Investment income Donations & other contributions Government and Alberta grants Federal and other grants Student tuition and fees Sales of services and products Institutional Support Ancillary Services Instruction and Training EXPENSES As a public sector employer whose prime mandate is the delivery of educational and human services, the major annual expenditure is compensation and benefits. Of the total annual expenditures of $90.49 million ($85.7 million in 2013), $56.44 million ($55.71 million in 2013) or 62.4% of total expenditures (65% in 2013) were directed toward employee compensation. 37% (34.4% in 2013) of expenditures were focused on supplies and services, utility costs, cost of goods sold, and amortization of capital assets. Maintenance and repairs was higher than the prior year by $3.9 million due to costs incurred to repair facilities associated with flood remediation work. Scholarship and bursary funding for students accounted for $601 thousand ($551 thousand in 2013), 0.7% of total expenditures (0.6% in 2013). EXPENSES 20% 24.4% Academic and Student Support Facility Operations & Maintenance Management Discussion & Analysis 37

30 NATURAL DISASTER REMEDIATION IMPACT ON THE FINANCIAL STATEMENTS The June 2013 flood caused the College to sustain significant damage to building components and building systems at its West and South Calgary campus locations. The initial estimate of flood recovery costs was $9 million in clean up, remediation, and capital replacement. During the 2014 year, the College has focused on recovery efforts. Although the South Campus was fully repaired, damage to the West Campus was more severe. Remediation work continues on this building and it is now expected that the West Campus will reopen in Spring As of June 30th, 2014, total costs incurred on the flood remediation effort were $7 million. As expected, the majority of these costs have been funded through insurance proceeds. Included in sales of services and product revenue are insurance proceeds of $6.88 million ($4.4 million received in cash with $2.4 million accrued as receivable). The Minister s Flood Recovery Task Force had approved a one time stabilization fund of $5.6 million to the College as a result of the flood; of the $5.6 million one time stabilization, the College has accessed $0.3 million. The following outlines the impact of this remediation effort on the College s Statement of Operations: ADJUSTED STATEMENT OF OPERATIONS YEAR ENDED JUNE 30, 2014 (in thousands) Reported Excluding Results Flood Flood REVENUE Government of Alberta grants $ 48,777 $ - $ 48,777 Federal and other grants 6,095-6,095 Student tuition and fees 22,327-22,327 Sales of services and products 15,280 6,883 8,397 Investment income 7,431-7,431 Donations and other contributions 4,392-4, ,302 6,883 97,419 EXPENSE Salaries and benefits $ 56,441 $ 175 $ 56,266 Materials, supplies and services 11, ,530 Maintenance and repairs 12,389 6,037 6,352 Amortization of capital assets 7,997-7,997 Cost of goods sold Scholarship and bursaries Utilities 1,712-1,712 $ 90,489 $ 7,020 $ 83,469 OPERATING SURPLUS $ 13,813 $ (137) $ 13,950 Remove one-time investment income recognition (5,622) - (5,622) Remove recognition of undesignated doations (3,300) - (3,300) ADJUSTED OPERATING SURPLUS $ 4,891 $ (137) $ 5, Bow Valley College

31 MANAGEMENT S RESPONSIBILITY FOR REPORTING Bow Valley College s management is responsible for the preparation, accuracy, objectivity, and integrity of the information contained in the Annual Report, including the financial statements, performance results, and supporting management information. Systems of internal control are designed and maintained by management to produce reliable information to meet reporting requirements. The system is designed to provide management with reasonable assurance that transactions are properly authorized, are executed in accordance with all relevant legislation, regulations, and policies, reliable financial records are maintained, and assets are properly accounted for and safeguarded. The Annual Report has been developed under the oversight of the Audit and Risk Management Council, as well as approved by the Board of Governors and is prepared in accordance with the Government Accountability Act and the Post-Secondary Learning Act. The Auditor General of the Province of Alberta, the institution s external auditor appointed under the Auditor Genteral Act, performs an annual independent audit of the financial statements prepared in accordance with Public Sector Accounting Standards. Signed on behalf of Sharon Carry and Gayle Burnett FINANCIAL STATEMENTS Independent Auditor s Report Statement of Financial Position Statement of Operations Statement of Cash Flows Statement of Remeasurement Gains and Losses Notes to the Financial Statements Annual Report 39

32 Independent Auditor s Report To the Board of Governors of Bow Valley College Report on the Financial Statements I have audited the accompanying financial statements of Bow Valley College, which comprise the statement of financial position as at June 30, 2014, and the statements of operations, remeasurement gains and losses, and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion, the financial statements present fairly, in all material respects, the financial position of Bow Valley College as at June 30, 2014, and the results of its operations, its remeasurement gains and losses, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards. [Original signed by Merwan N. Saher, FCA] Auditor General October 29, 2014 Edmonton, Alberta 40 Bow Valley College

33 STATEMENT OF FINANCIAL POSITION AS AT JUNE 30 (thousands of dollars) ASSETS Cash and cash equivalents (note 3) $ 26,510 $ 48,994 Portfolio investments (note 4) 53,019 40,316 Accounts receivable 5,887 4,900 Inventories and prepaid expenses Tangible capital assets (note 6) 292, , , ,211 LIABILITIES Accounts payable and accrued liabilities 8,201 9,406 Employee future benefit liabilities (note 18) 843 1,229 Deferred revenue (note 7) 262, ,168 Capital lease obligation (note 11) , ,148 NET ASSETS Accumulated surplus Accumulated operating surplus (note 9) 98,200 84,632 Accumulated remeasurement gains 4, Endowments (note 8) 3,047 2, ,013 88,063 $ 378,151 $ 378,211 Contractual obligations and contingent liabilities (note 11 and note 12) Approved by: Signed on behalf of David Collyer Chair, Board of Governors Signed on behalf of Sharon Carry President & CEO The accompanying notes are part of these financial statements Financial Statements 41

34 STATEMENT OF OPERATIONS YEAR ENDED JUNE 30 (thousands of dollars) Budget 2014 (note 21) REVENUES Government of Alberta grants (note 16) $ 46,885 $ 48,777 $ 48,872 Federal and other grants 6,142 6,095 6,095 Student tuition and fees 20,727 22,327 21,542 Sales of services and products 8,057 15,280 11,837 Investment income (note 13) 1,802 7,431 1,631 Donations and other contributions 551 4,392 1,991 84, ,302 91,968 EXPENSES (note 14) Instruction and training 35,158 35,563 35,503 Academic and student support 20,175 18,085 18,424 Facility operations and maintenance 16,117 22,023 10,058 Institutional support 12,429 14,465 18,555 Ancillary services ,161 84,164 90,489 85,701 OPERATING SURPLUS - 13,813 6,267 Transfer to endowments (note 8) (245) (70) Change in accumulated operating surplus 13,568 6,197 Accumulated operating surplus, beginning of year 84,632 78,435 Accumulated operating surplus, end of year (note 9) $ 98,200 $ 84,632 The accompanying notes are part of these financial statements The accompanying notes are part of these financial statements 42 Bow Valley College

35 STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30 (thousands of dollars) OPERATING TRANSACTIONS Operating surplus $ 13,813 $ 6,267 Add (deduct) non-cash items: Expended capital recognized as revenue (6,777) (4,893) Amortization of capital assets 7,997 5,748 Loss on disposal of capital assets 16 - Change in employee future benefits liabilities (386) 120 Total non-cash items Increase in accounts receivable (987) (1,097) (Increase) decrease in inventories and prepaid expenses (293) 442 Decrease in accounts payable and accrued liabilities (1,205) (7,304) Increase (decrease) in deferred revenue (10,197) 5,059 Total change in working capital (12,682) (2,900) Cash (applied to) provided by operating transactions 1,981 4,342 CAPITAL TRANSACTIONS Acquisition of tangible capital assets (note 6) (16,454) (37,982) Cash applied to capital transactions (16,454) (37,982) INVESTING TRANSACTIONS Purchase of investments, net of sales (8,310) 29,908 Endowment investment earnings (note 8) Cash (applied to) provided by investing transactions (8,176) 29,980 FINANCING TRANSACTIONS Endowment contributions Repayments of capital lease obligation (56) (177) Cash (applied to) provided by financing transactions DECREASE IN CASH AND CASH EQUIVALENTS (22,484) (3,588) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 48,994 52,582 CASH AND CASH EQUIVALENTS, END OF YEAR (note 3) $ 26,510 $ 48,994 The accompanying notes are part of these financial statements The accompanying notes are part of these financial statements Financial Statements 43

36 STATEMENT OF REMEASUREMENT GAINS AND LOSSES YEAR ENDED JUNE 30 (thousands of dollars) Accumulated remeasurement gains, beginning of year $ 809 $ - Unrealized gains attributable to portfolio investments 4, Amounts reclassified to Statement of Operations (124) - Accumulated remeasurement gains, end of year $ 4,766 $ 809 The accompanying notes are part of these financial statements The accompanying notes are part of these financial statements

37 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 1. Authority and Purpose The Board of Governors of Bow Valley College is a corporation which manages and operates Bow Valley College ("the College") under the Post-Secondary Learning Act (Alberta). All members of the Board of Governors are appointed by either the Lieutenant Governor in Council or the Minister of Innovation and Advanced Education, with the exception of the President, who is an ex officio member. Under the Post-Secondary Learning Act, Campus Alberta Sector Regulation, the College is a comprehensive community institution offering diploma and certificate programs as well as a full range of continuing education programs and activities. The College is a registered charity, and under section 149 of the Income Tax Act (Canada), is exempt from the payment of income tax. 2. Summary of Significant Accounting Policies and Reporting Practices a. General Canadian Public Sector Accounting Standards (PSAS) and Use of Estimates These financial statements have been prepared in accordance with Canadian PSAS. The measurement of certain assets and liabilities is contingent upon future events; therefore, the preparation of these financial statements requires the use of estimates, which may vary from actual results. College management uses judgment to determine such estimates. Employee future benefit liabilities and amortization of tangible capital assets and the revenue recognition for expended capital are the most significant items based on estimates. In management's opinion, the resulting estimates are within reasonable limits of materiality and are in accordance with the significant accounting policies summarized below. These significant accounting policies are presented to assist the reader in evaluating these financial statements and, together with the following notes, should be considered an integral part of the financial statements. b. Non-use of Net Debt Model Presentation PSAS require a net debt presentation for the statement of financial position in the summary financial statements of governments. Net debt presentation reports the differences between financial assets and liabilities as net debt or net financial assets as an indicator of the future revenues required to pay for past transactions and events. The College operates within the government reporting entity, and does not finance all its expenditures by independently raising revenues. Accordingly, these financial statements do not report a net debt indicator Financial Statements 45

38 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) c. Valuation of Financial Assets and Liabilities The College's financial assets and liabilities are generally classified and measured as follows: Financial Statement Components Cash and cash equivalents Treasury bills and money market pooled funds Portfolio investments Bonds Pooled funds Accounts receivable Accounts payable and accrued liabilities Measurement Amortized cost Fair value Fair value Fair value Amortized cost Amortized cost Unrealized gains and losses from changes in the fair value of financial instruments are recognized in the Statement of Remeasurement Gains and Losses except for the restricted portions which are recognized as a liability under deferred revenue. Upon settlement, the cumulative gain or loss is reclassified from the Statement of Remeasurement Gains and Losses and recognized in the Statement of Operations. All financial assets are tested annually for impairment. When financial assets are impaired, impairment losses are recorded in the Statement of Operations. A write-down of a portfolio investment to reflect a loss in value is not reversed for a subsequent increase in value. For financial instruments measured using amortized cost, the effective interest rate method is used to determined interest revenue or expense. Transaction costs are a component of cost for financial instruments measured using cost or amortized cost. Transaction costs are expensed for financial instruments measured at fair value. Investment management fees are expensed as incurred. The purchase and sale of cash and cash equivalents and portfolio investments are accounted for using the trade date accounting. The College does not use foreign currency forward contracts or any other type of derivative instruments for trading or speculative purposes. Management evaluates contractual obligations for the existence of embedded derivatives and elects to either designate the entire contract for fair value measurement or separately measure the value of the derivative component when characteristics of the derivative are not closely related to the economic characteristics and risks of the contract itself. Contracts to buy or sell non-financial items for the College s normal purchase, sale or usage requirements are not recognized as financial assets or financial liabilities. Embedded derivatives are treated on a prospective basis. Financial assets and liabilities recorded in foreign currencies are translated to Canadian dollars at the year-end exchange rate. 46 Bow Valley College

39 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) d. Revenue Recognition All revenues are reported on the accrual basis of accounting. Cash received for which goods or services have not been provided by year end is recognized as deferred revenue. The College recognizes government grants, donations and other contributions as follows: Government transfers Government transfers are referred to as government grants. Government transfers and the associated external restricted investment income are recorded as deferred revenue if the terms for use of the transfer or the terms along with the College s actions and communications as to the use of transfer create a liability. These transfers are recognized as revenue as the terms are met and when applicable, the College complies with its communicated use of the transfer. Government transfers without terms for the use of transfer are recorded as revenue when the College is eligible to receive the funds. Donations and non-government contributions Donations and non-government contributions are received from individuals, corporations and private sector not-for-profit organizations. Donations and non-government contributions may be unrestricted or restricted for operating, capital or research purposes. Restricted donations, non-government contributions and realized and unrealized gains and losses for the associated externally restricted investment income, are recorded as deferred revenue if the terms for use, or the terms along with the College s actions and communications as to the use, create a liability. These grants and donations are recognized as revenue as the terms are met and when applicable the College complies with its communicated use. Unrestricted non-government grants and donations are recognized as revenue in the year received or in the year the funds are committed to the College if the amount can be reasonably estimated and collection is reasonably assured. In-kind donations of services and materials are recognized at fair value when a fair value can be reasonably determined. While volunteers contribute an indeterminable number of hours per year to assist the College, such contributed services are not recognized in these financial statements because a fair value cannot be reasonably determined. Grants and donations related to land Grants and donations for the purchase of land are recognized as a liability when received and as revenue when the land is purchased. An in-kind contribution of land is recognized as revenue at the fair value of the land when a fair value can be reasonably determined. When the fair value cannot reasonably be determined, the in-kind grant or donation is recorded at nominal value Financial Statements 47

40 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) Endowments Donations that must be maintained in perpetuity are recognized as a direct increase in endowment net assets when received or receivable. Realized gains and losses attributable to portfolio investments that also must be maintained in perpetuity are also recognized as a direct increase in endowment net assets when received or receivable. Investment income Investment income includes dividend and interest income, and realized gains or losses on the sale of portfolio investments. Unrealized gains and losses on portfolio investments that are not from restricted transfers, donations or contributions are recognized in the Statement of Accumulated Remeasurement Gains and Losses until the related investments are sold. Once realized, these gains or losses are recognized in the Statement of Operations. Investment income from restricted grants and donations is recognized as deferred revenue when the terms for use create a liability, and is recognized as investment income when the terms of the grant or donation are met. Insurance Proceeds Insurance proceeds recoverable for the repair of damages to campus buildings caused by the 2013 flood have been accrued based upon costs incurred and approved by the College s insurance providers. e. Inventories Inventories held for resale are valued at the lower of cost and net realizable value. Inventories held for consumption are valued at cost or net replacement cost. Cost is determined by weighted average. f. Tangible Capital Assets Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets. Cost includes overhead directly attributable to construction and development, as well as interest costs that are directly attributable to the acquisition or construction of the asset. Work in progress, which includes facilities and improvement projects and development of information systems, is not amortized until after the project is complete and the asset is in service. Construction in progress includes the costs directly attributable to the construction including engineering, legal fees, and interest on specific debt attributed to the construction of capital assets. 48 Bow Valley College

41 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) The cost, less residual value, of the tangible capital assets, excluding land, is amortized on a straight-line basis over the estimated useful lives as follows: Building, leasehold and site improvements Furniture and equipment, computer equipment and software Learning resources (equipment) 3-40 years 3-10 years 2 years Tangible capital assets are written down when conditions indicate they no longer contribute to the College s ability to provide goods and services, or when the value of future economic benefits associated with the capital assets are less than their net book value. Impairments of capital assets are written down as an expense in the Statement of Operations. Contributed capital assets are recorded as revenues at their fair market value on the date of donation except in circumstances where fair value cannot be reasonable determined which are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at their carrying value. Capital lease obligations are recorded at the present value of the minimum lease payments excluding executor costs. The discount rate used to determine the present value of lease payments is the College s rate for incremental borrowing set by the Bank of Canada. Works of art, historical treasures and collections are expensed when purchased and accounted for in the appropriate function category on the Statement of Operations. g. Employee Future Benefits Pension The College participates with other employers in the Public Service Pension Plan (PSPP) and the Management Employees Pension Plan (MEPP). These pension plans are multi-employer defined benefit pension plans that provide pensions for the College s participating employees, based on years of service and earnings. The College does not have sufficient plan information on the PSPP or MEPP to follow the standards for defined benefit accounting, and therefore follows the standards for defined contribution accounting. Accordingly, pension expense recorded for PSPP or MEPP is comprised of employer contributions to the plans that are required for its employees during the year, which are calculated based on actuarially pre-determined amounts that are expected to provide the plan s future benefits. Long Term Disability The College contributes both the employer and employee portions of the MEPP and PSPP pension premiums and the employer portion of premiums for health, dental and health spending account contribution on behalf of employees on long term disability for the duration of their leave, until retirement age, or until the termination of the benefit, whichever is longer. The annual cost and ongoing liability for these benefits are determined by management s estimate based on a Financial Statements 49

42 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) present value calculation taking into account the number of employees per year, the discount rate, retirement age of employee, and the period of employee disability. The cost is expensed in full when the event that obligates the College occurs. Employee Transitional Leave The College provides for the President and CEO to accrue a transitional leave to be taken or paid out either during or at the end of the executive appointment. The expense for this benefit is computed each year calculating the earned or accrued portion by multiplying the completed years of service by the individual s salary and benefits in effect at the year end. h. Funds and Reserves Certain amounts, as approved by the Board of Governors, are set aside in accumulated surplus for future operating and capital purposes. Transfers to and from funds and reserves are an adjustment to the respective fund when approved. i. Future Accounting Changes In June 2010, the Public Sector Accounting Board issued PS 3260 Liability for Contaminated Sites, effective for fiscal years starting on or after April 1, Contaminated sites are a result of contamination being introduced into air, soil, water, or sediment of a chemical, organic, or radioactive material, or live organism that exceeds an environmental standard. The College would recognize a liability related to the remediation of such contaminated sites subject to certain recognition criteria. Management does not expect the implementation of this standard to have a significant impact on the financial statements in the next fiscal period. 3. Cash and Cash Equivalents Cash $ 19,430 $ 10,271 Money market funds, short-term notes and treasury bills 7,080 38,723 Cash and cash equivalents $ 26,510 $ 48,994 Cash equivalents include short-term investments with a maximum maturity of 90 days at date of purchase. 50 Bow Valley College

43 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 4. Portfolio Investments The composition, fair value, and annual market yields on portfolio investments are as follows: 2014 Investments at fair value Market Yield Level 1 Level 2 Level 3 Total Bonds Canadian bonds - $ - $ - $ - $ - Pooled investment funds - Canadian government and corporate bonds 2.45% - 29,602-29,602 Equities Pooled investment funds - Canadian equity 2.32% - 15,810-15,810 Pooled investment funds - Foreign equity 2.06% - 7,607-7,607 $ - $ 53,019 $ - $ 53, Investments at fair value Market Yield Level 1 Level 2 Level 3 Total Bonds Canadian bonds 1.77% $ - $ 1,622 $ - $ 1,622 Pooled investment funds - Canadian government and corporate bonds 2.76% - 23,462-23,462 Equities Pooled investment funds - Canadian equity 2.71% - 12,726-12,726 Pooled investment funds - Foreign equity 2.19% - 2,506-2,506 $ - $ 40,316 $ - $ 40,316 Level 1 - Quoted prices in active markets or quoted from financial institutions for identical assets or liabilities. Level 2 - Market-based inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Level 3 - Inputs for the asset or liability that are not based on the observable market data; assumptions are based on the best internal and external information available and are most suitable and appropriate based on the type of financial instrument being valued in order to establish what the transaction price would have been on the measurement date in an arm s length transaction Financial Statements 51

44 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) The average annualized effective yields on the money market investments ranged from 0.87% to 1.34% ( % to 1.52%), Canadian bonds investment yields range from 2.39% to 2.66% ( % to 3.00%), and equity pooled fund yields range from 2.16% to 2.74% ( % to 3.04%). Terms to maturity of fixed income investments are as follows: Canadian government and corporate bonds - range from less than one year to thirty one years; Money market funds, short-term notes, and treasury bills - less than one year. The primary objective of the College's investment policy is to have an established investment strategy, which will preserve capital and achieve a growth rate beyond the rate of inflation. It is also to provide a secure and consistent income flow to meet daily operations, longer-term operating and capital needs and endowment requirements. The College has policies and procedures in place governing asset mix, diversification, exposure limits, credit quality and performance measurement. The College, through two investment advisors, invests primarily in Canadian bonds and pooled investment funds containing Canadian government and corporate bonds, Canadian equities and foreign equities. Management has consulted with its investment advisors with regard to the components of its investment portfolio and the College s exposure to embedded derivatives is restricted to holdings in a short term bond pooled fund in which derivatives represent less than 1% of the total portfolio value. The College's Audit and Risk Management Council, a subcommittee of the Board of Governors, has delegated authority for oversight of the College's investments. The Audit and Risk Management Council meets regularly to monitor investments, to review investment manager performance, to ensure compliance with the College's investment policies and to evaluate the continued appropriateness of the College's investment policies. The unrealized gains and losses on restricted funds are as follows: Unrealized gains or losses on restricted funds Net unrealized gains, beginning of year $ 311 $ - Unrealized gains attributable to: Portfolio investments 4,326 1,120 Less unrestricted amounts reclassified to the Statement of Remeasurement Gains and Losses: Portfolio investments (3,957) (809) Net unrealized gains recorded in deferred revenue, end of year $ 680 $ Bow Valley College

45 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 5. Financial Risk Management The College is exposed to a variety of financial risks including market risks (price risk, currency risk and interest rate risk), credit risk and liquidity risk. To manage these risks, the College invests in a diversified portfolio of investments that is guided by policies approved by the Board of Governors that outline risk and return objectives. The long term objective of the College investment policy is to achieve a long term real rate of return in excess of fees and expenses and maintain the real value of the fund. The College is exposed to the following risks: Market Risk Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, its issuer or general market factors affecting all securities. To manage this risk, the College has established an investment policy with a target asset mix that is diversified by asset class with individual issuer limits and is designed to achieve a long-term rate of return that in real terms equals or exceeds total endowment expenditures with an acceptable level of risk. The following details the College s portfolio sensitivity to a 0.15% % increase or decrease in the market prices. The sensitivity rate is determined by the College's investment advisors using the historical annualized standard deviation for the total endowment fund over a four year period. At June 30, 2014, if the market prices had a 2.98% ( %) increase or decrease with all other variables held constant, the increase or decrease in remeasurement gains and losses and endowment net assets externally restricted contributions for the year would have been a total increase or decrease of $1,580 ( $762). Foreign Currency Risk The College s exposure to foreign currency risk is not material. The College maintains a US bank account in an amount less than $5 thousand. No vendor related transactions were processed through this account in the 2014 fiscal year. The College does not invest in investments or pooled funds denominated in foreign currencies. The College does not use foreign currency forward contracts or any other type of derivative financial instruments for trading or speculative purposes. Liquidity Risk The College maintains a short-term line of credit that is designed to ensure funds are available to meet current and forecasted financial requirements, including construction and development cash flows, as cost effectively as possible. As at June 30, 2014, the College had committed borrowing facilities of $4 million, none of which has been drawn Financial Statements 53

46 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) Credit Risk The College is exposed to credit risk on investments arising from the potential failure of a counterparty, debtor, or issuer to honor its contractual obligations. To manage this risk, the College only invests in investment grade issuers as guided by the Investment Policy. The credit risk from accounts receivable is relatively low as the majority of balances are due from government agencies and corporate sponsors. Credit risk from tuition is managed through restricted enrolment activities for students with delinquent balances and maintaining standard collection procedures. The credit rating for Canadian government and corporate bonds held is as follows: June 30, 2014 June 30, 2013 AAA 33% 36% AA 29% 22% A 24% 35% BBB 9% 7% Below BBB 5% - 100% 100% Interest Rate Risk Interest rate risk is the risk that future cash flows or fair values will fluctuate due to the volatility of market interest rates. The College is exposed to this risk on its interest bearing assets; cash deposits, bonds and pooled portfolio investments. Cash deposits are affected directly as they earn interest at market rates. The interest rate risk on cash deposits is managed by contractually setting interest rates with banking institutions. Bonds are affected indirectly as they are subject to fluctuations in market values. Bonds are currently invested at the shorter end of the yield curve to reduce market volatility. The terms of maturity of interest-bearing securities held by the College are as follows: Asset class < 1 year 1-5 years >5 years Average effective market yield Money market funds, shortterm notes and treasury bills 100% 1.35% Canadian government and corporate bonds 25% 75% 2.78% 54 Bow Valley College

47 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) Commodity Price Risk The College is exposed to commodity price risk as a result of substantial electricity and natural gas usage required to operate the College s facilities. To mitigate these risks, the College has entered into contracts to fix the price for electricity, gas and steam. 6. Tangible Capital Assets Buildings, leasehold, and site improvements Furniture and equipment, computer equipment and software Learning resources Land Total 2013 Cost Beginning of year $ 264,358 $ 12,786 $ 503 $ 36,626 $ 314,273 $ 276,293 Acquisitions 14,274 2, ,454 37,982 Disposals - (84) - - (84) (2) 278,632 14, , , ,273 Accumulated Amortization Beginning of year 21,789 8, ,682 24,936 Amortization expense 6,670 1, ,997 5,748 Disposals - (68) - - (68) (2) 28,459 9, ,611 30,682 Net book value at June 30, 2014 $ 250,173 $ 5,203 $ 30 $ 36,626 $ 292,032 $ 283,591 Net book value at June 30, 2013 $ 242,569 $ 4,337 $ 59 $ 36,626 $ 283,591 Included in building, leasehold and site improvements is $(450) ( $6,851) recorded as construction in progress, which is not amortized as the assets are not yet available for use. Included in furniture and equipment, computer equipment and software is work in progress of $923 ( $167). Included in learning resources is work in progress of $4 (2013 nil). Included in equipment and computer hardware and software is a capital lease for photocopier equipment. The present value of the capital lease is $597. The related accumulated amortization on the capital lease is $299 ( $179). Amortization of $119 ( $119) is included in the Statement of Operations. There were no in-kind contributions in Financial Statements 55

48 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 7. Deferred Revenue Deferred revenue is comprised of unearned externally restricted grants and donations, and prepaid tuition and other fees. Deferred revenues are set aside for specific purposes as required either by legislation, regulation or agreement Research and special purpose Restricted Capital Tuition and other fees Total Unspent Spent Balance, beginning of the year $ 9,242 $ 22,286 $ 242,140 $ 5,500 $ 279,168 Grants, donations and contributions received 3, ,166 8,777 Investment income - realized gain (loss) unrealized gain (loss) 436 (67) 369 Transfers to/from research and special purpose (54) Unearned capital acquisition transfers - (14,297) 14, Transfer to revenue (8,264) (5,629) (6,777) (4,824) (25,494) Transfer to endowments (21) (21) Balance, end of the year $ 4,849 $ 2,455 $ 249,660 $ 5,842 $ 262, Bow Valley College

49 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) The expendable portion of endowed funds is included in total deferred revenue above as follows: Balance, beginning of year $ $ 509 $ 244 Investment - realized gains unrealized gains Disbursements (scholarships and bursaries) (67) (51) Transfer to endowment principal (134) (72) Balance, end of year $ 884 $ Restricted Research and special purpose Capital Tuition and other fees Total Unspent Spent Balance, beginning of the year $ 10,538 $ 51,919 $ 212,434 $ 3,800 $ 278,691 Grants, donations and contributions received 7,177 4,834-5,759 17,770 Investment income - realized gain (loss) (note 13) unrealized gain (note 4) Transfers to/from research and special purpose 610 (610) Unearned capital acquisition transfers - (34,599) 34, Transfer to revenue (9,262) - (4,893) (4,059) (18,214) Transfer to endowments (100) (100) Balance, end of the year $ 9,242 $ 22,286 $ 242,140 $ 5,500 $ 279, Financial Statements 57

50 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 8. Endowments Endowments consist of externally restricted donations to the College, and internal allocations by the College's Board of Governors, the principal of which is required to be maintained intact in perpetuity. Investment income earned on endowments must be used in accordance with the various purposes established by the donors or the Board of Governors. Benefactors as well as College policy stipulate that the economic value of the endowments must be protected by limiting the amount of income that may be expended and reinvesting unexpended income. Under the Post-secondary Learning Act, the College has the authority to alter the terms and conditions of endowments to enable: income earned by the endowment to be withheld from distribution to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment. encroachment on the capital of the endowment to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment if, in the opinion of the Board of Governors, the encroachment benefits the College and does not impair the long-term value of the fund. In any year, if the investment income earned on endowments is insufficient to fund the spending allocation, the spending allocation is first funded from any prior years investment income withheld for future spending, and once this is fully used or if no balance exists, then the spending is funded from the cumulative capitalized income. However, for individual endowment funds without sufficient cumulative capitalized income, endowment principal is used in that year. This amount is expected to be recovered by future investment income. The composition of endowments is as follows: Balance, beginning of year $ 2,622 $ 2,231 Endowment contributions Investment - realized gains (note 13) Transfer to endowments Balance, end of year 3,047 2,622 Cumulative contributions 2,811 2,520 Cumulative capitalized income Balance, end of year $ 3,047 $ 2, Bow Valley College

51 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) The expendable portion of endowed funds is included in total deferred revenue (note 7). During the 2014 year, cumulative capitalized income of $140 ( $108) was required to cover the approved endowment spending allocation of $67 ( $51) and the transfer of $134 ( $72) to unrestricted net assets. 9. Accumulated Operating Surplus The funds and reserves are established to show a breakdown of accumulated operating surplus. The composition of accumulated surplus is as follows: Unrestricted surplus Investment in capital assets Internally restricted net assets (note 10) Accumulated surplus NET ASSETS, June 30, 2012 $ 2,655 $ 38,402 $ 37,378 $ 78,435 Operating surplus 6, ,267 Net transfers (4,197) - 4,127 (70) Acquisition of capital assets (3,383) 3, Amortization of capital assets 738 (738) - - Net change in investment in capital leased assets (60) Net expenditures of internally restricted net assets 3,469 - (3,469) - NET ASSETS, June 30, ,489 41,107 38,036 84,632 Operating surplus 13, ,813 Net transfers (14,985) - 14,740 (245) Acquisition of capital assets (2,157) 2, Amortization of capital assets 1,100 (1,100) - - Net change in investment in capital leased assets (107) Net book value of assets disposals 16 (16) - - Net expenditures of internally restricted net assets 2,286 - (2,286) - NET ASSETS, June 30, 2014 $ 5,455 $ 42,255 $ 50,490 $ 98,200 Investment in capital assets represents the amount of the College s accumulated surplus that has been invested in the College s capital assets.!! Financial Statements 59

52 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 10. Internally Restricted Net Assets Internally restricted net assets represent amounts set aside by the College's Board of Governors for specific purposes. Those amounts are not available for other purposes without the approval of the Board and do not have interest allocated to them. Internally restricted net assets are summarized as follows: 2014 Balance at Beginning of Year Appropriations from Unrestricted Net Assets Transfers and Adjustments Disbursements During the Year Balance at End of Year Appropriation for Capital Activities Facilities and IT Infrastructure Improvements $ 21,425 $ 6,622 $ - $ (68) $ 27,979 Appropriation for Operating Activities Special initiatives fund 10, (1,500) (1,092) 8,330 College technology plan 5,036 4,000 - (1,112) 7,924 Fund development 680 3,964 1,500-6,144 Premier s luncheon Strategic Emergency Fund (10) - Board of Governors' scholarship 64 (50) - (4) 10 $ 38,036 $ 14,740 $ - $ (2,286) $ 50, Bow Valley College

53 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 11. Contractual Obligations a) The College has contractual obligations which are commitments that will become liabilities in the future when the terms of the contracts or agreements are met. The estimated aggregate amount payable for the unexpired terms of these contractual obligations are as follows: Capital projects $ 6,553 $ 10,686 Long-term leases 502 1,748 Service contracts 6,305 9,077 Information System and Technology $ 13,360 $ 21, Capital Long-term Service projects leases contracts Total Fiscal year: 2015 $ 6,553 $ 320 $ 3,624 $ 10, ,099 2, Thereafter $ 6,553 $ 502 $ 6,305 $ 13,360 In order to manage its exposure to the volatility in the energy sector, the Board of Governors have entered into a contract, beginning January 1, 2013, to fix it s energy price at $ /kWh. The contract ends December 31, In order to manage its exposure to the volatility in the natural gas industry, the Board of Governors have entered into a one year contract, beginning December 2013, to fix it s gas price at $3.39/GJ. The contract ends December 30, Financial Statements 61

54 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) b) The College has long-term capital lease obligations for computer equipment and multifunction print devices. Capital lease obligations are included in service contract obligations. Principal repayments for the capital lease obligation are due as follows: Year Total 2015 $ Total $ 317 Less amounts representing interest at 3%: $ 29 Present value of net minimum capital lease payments $ 288 Total imputed interest expense on leases for the year is $7 ( $10). 12. Contingent liabilities The College, in the conduct of its normal activities, is a defendant in a number of legal proceedings. While the ultimate outcome and liability of these proceedings cannot be reasonably determined at this time, the College believes that any settlement will not have a material adverse effect on the financial position or the results of operations of the College. Based on legal advice, administration has concluded that none of the claims meet the criteria for recording an accrued liability under PSAS. The College has identified a potential liability related to the existence of asbestos in a number of its facilities. Although not a current health hazard, upon renovation or demolition of these facilities, the College may be required to take appropriate remediation procedures to remove the asbestos. As the College has no legal obligation to remove the asbestos in these facilities as long as the asbestos is contained and does not pose a public health risk, the fair value of the obligation cannot be reasonably estimated due to the indeterminate timing and scope of the removal. The asset retirement obligations for these assets will be recorded in the period in which there is certainty that the renovation or demolition project will proceed and there is sufficient information to estimate the fair value of the obligation. 62 Bow Valley College

55 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 13. Investment Income Income on investments held for endowments $ 140 $ 108 Income on other investments 1,803 2,305 Amounts deferred 5,622 (710) Investment income on endowments capitalized (note 8) (134) (72) Investment income $ 7,431 $ 1, Financial Statements 63

56 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 14. Expense Functions The College uses the following functions on its Statement of Operations: Instruction and training Includes all expenses relating to programming and training within the College, for credit and noncredit courses. This function also includes non-sponsored research and educational activities undertaken by the faculty and within departments. Academic and student support Includes activities directly relating to the support of the academic functions of the College s such as libraries and galleries, as well as expenses for the deans. This category includes functions that support individual students or groups of students, such as student service administration, student recruitment, records and admissions, counseling or career services, social development and recreation, financial aid administration, and any other centralized student support group. Facility operations and maintenance Includes utilities costs and centralized management of grounds and facilities and operations and maintenance of physical capital assets for all College activities. This function also includes utilities, facilities administration, building maintenance, custodial services, landscaping and grounds keeping, and major repairs and renovations. Bow Valley College maintains service and operating contracts with external vendors for facilities operations and maintenance, security and custodial services. Amortization of buildings and capital assets is also included with the exception of those attributable to Ancillary Services. Institutional support Includes expenses for executive management, public relations, alumni relations/ development, corporate insurance premiums, corporate finance, human resources and any other centralized College wide administrative services. This category also includes computing, network and data communication expenses. Ancillary services Includes expenses for operations outside of the normal functions of instruction and research such as bookstores, food services, residences and housing, laundry and parking services. This will also include amortization directly related to ancillary services. Bow Valley College maintains service and operating contracts with external vendors for its food services, printing, parking and bookstore operations. 64 Bow Valley College

57 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 15. Expense by Object The following is a summary of expense by object: Budget Actual Actual Salaries and benefits $ 55,525 $ 56,441 $ 55,709 Materials, supplies and services 11,296 11,339 11,773 Maintenance and repairs 7,192 12,389 8,490 Amortization of capital assets 7,978 7,997 5,748 Cost of goods sold ,143 Scholarship and bursaries Utilities 1,595 1,712 1,287 Balance, end of year $ 84,164 $ 90,489 $ 85, Financial Statements 65

58 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 16. Related Party Transactions and Balances The College operates under the authority and statutes of the Province of Alberta. Transactions and balances between the College and the Government of Alberta (GOA) are measured at the exchange amount and summarized below: (1) Revenue from GOA Innovation and Advanced Education: Operating grants $ 36,298 $ 37,960 Health Workforce Action Plan 1,176 1,176 Infrastructure Maintenance grant Other 1, Total Innovation and Advanced Education 39,503 40,572 Other GOA departments and agencies Other Post-secondary Institutions Total contributions received 39,635 41,528 Add: Amortization of deferred capital contributions 6,777 4,893 Add: Amortization of deferred non-capital contributions 2,896 4,444 Less: Deferred revenue (531) (1,993) 48,777 48,872 Accounts Receivable: Innovation and Advanced Education 59 1 Other Post-secondary Institutions Accounts Receivable: Other Post-secondary Institutions 23 9 $ 23 $ 9 During the year, the College conducted business transactions with related parties, including Ministries of the Province of Alberta, other public colleges, and corporations for which certain Board members of the College served as management. The revenue earned from these business transactions amount to $4,980 ( $5,093) and are included in these financial statements. These transactions were entered into on the same business terms as with non-related parties and are recorded at fair market values. (1) In the prior year, the College only reported funds received and recognized as revenue from current year funding. The prior year balances have been restated to include funding received from prior years and recognized as revenue as at June 30, No restatement is required to the Statement of Financial Position or Statement of Operations. 66 Bow Valley College

59 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 17. Salary and Employee Benefits Base salary (1) Other cash benefits (2) Other cash benefits (3) Total Total Governance (4) Chair of the Board of Governors $ - $ 4 $ - $ 4 $ 4 Members of the Board of Governors Executive President and Chief Executive Officer (5) Vice President, Learning Services Vice President, College Services (6) Vice President, Enrolment & Learner Services (7) Associate Vice President, College Advancement Vice President, Campus Development (8) $ 854 $ 111 $ 143 $ 1,108 $ 1,161 (1) (2) (3) Base salary includes pensionable base pay. Other cash benefits include bonuses, vacation payments, overtime, lump sum payments and honoraria. Other non-cash benefits include College's share of all employee benefits and contributions or payments made on behalf of employees including pension, health care, dental coverage, vision coverage, out of country medical benefits, group life insurance, accidental death and dismemberment insurance, Long and short term disability plan, Employment Insurance, Canada Pension Plan, Worker's Compensation, professional memberships and tuition fees. (4) (5) (6) (7) (8) The majority of the twelve College Board members do not accept honoraria from the College. From the total amount of $14 ( $14) for Board honoraria, $14 ( $14) was not accepted by members and was allocated to student scholarships. Other cash benefits include cash in lieu of contributions to the Management Employees' Pension Plan. During the fiscal period, two cash payments of $22 were processed; one of those payments related to fiscal period The Vice President College Services was occupied by more than one individual at different times during the fiscal year and the position was vacant for a portion of the year. The Vice President Enrolment & Learner Services was on leave for a portion of the fiscal year. The Vice President, Campus Development retired in December 2013 and the position will not be replaced as the campus development project has drawn to a close Financial Statements 67

60 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 18. Employee Future Benefit Liabilities Employee transitional leave The College provides for the President and CEO to accrue a transitional leave to be taken or paid out either during or at the end of the executive appointment. A portion of the leave is contingent upon completing the term of service and the individual s salary and benefits in effect at the end of the service are paid for the duration of the leave or are paid out in a lump sum. Leave costs as detailed in the schedule below are not cash payments in the period but are period expenses for the rights to future compensation. Costs shown reflect the total estimated cost to provide leave benefits. The cost of these benefits is determined using the value of the benefits earned in the current year by calculating the earned or accrued portion by multiplying the completed years of service by the individual s salary and benefits in effect at the year end. Benefits continuance while on long term disability The College contributes both the employer and employee portion of the MEPP and PSPP pension premiums and the employer portion of premiums for health, dental and health spending account contribution on behalf of employees on long term disability (LTD) for the duration of their leave, until retirement age, or until the termination of the benefit, whichever is longer. The annual cost and ongoing liability for these benefits is determined by management s estimate based on a present value calculation taking into account the number of employees per year, the discount rate, retirement age of employee, and the period of employee disability. 68 Bow Valley College

61 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) The employee future benefits liabilities and expenses are as follows: Expenses LTD Health & Pension premiums Transitional leave Employee future benefits liability LTD Health & Pension premiums Transitional leave Employee future benefits liability Current service cost $ (238) $ 35 $ (203) $ 228 $ 46 $ 274 Less: Previous service costs recognized (183) - (183) (154) - (154) Total expenses (421) 35 (386) (120) Financial Position Accrued benefit obligation Beginning of year 1, , ,109 Net current service cost (421) 35 (386) Balance, end of year $ 601 $ 242 $ 843 $ 1,022 $ 207 $ 1,229 The significant management assumptions used to measure the accrued benefit obligation are as follows: Accrued Benefit Obligation: LTD Health & Pension premiums Transitional leave LTD Health & Pension premiums Transitional leave Average Inflation rate 2.14 % % - Average discount rate 3.00 % % Financial Statements 69

62 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) Defined benefit plans accounted for on a defined contribution basis Bow Valley College participates in two multi-employer pension plans, the Public Services Pension Plan (PSPP) and the Management Employees Pension Plan (MEPP). Management Employee Pension Plan (MEPP) The MEPP Plan is a multi-employer contributory defined benefit pension plan for eligible management employees of the Province of Alberta and approved provincial agencies and public bodies. As the College does not have sufficient information to follow the accounting standards for defined benefit plans, it is accounted for on a defined contribution basis. The pension expense recorded in these financial statements is $418 ( $321). At December 31, 2013 the MEPP reported an actuarial surplus of $50,457 ( deficiency of $303,423). In accordance with the Public Sector Pension Plans Act, the actuarial surplus or deficit is determined by an actuarial funding valuation performed at a minimum every three years. The last actuarial funding valuation of the MEPP took place in For the calendar year ended December 31, 2013, MEPP reported employer contributions of $109,101 ( $104,685). For the calendar year 2013, the College s employer contributions to the MEPP were $365 ( $321). Other than the requirement to make additional contributions, the College does not bear any risk related to the MEPP deficiency. Public Service Pension Plan (PSPP) The Public Service Pension Plan (PSPP) is a multi-employer contributory defined benefit pension plan for faculty and exempt and support staff members. As the College does not have sufficient information to follow the accounting standards for defined benefit plans, it is accounted for on a defined contribution basis. The pension expense recorded in these financial statements is $4,223 ( $3,880). An actuarial valuation of the PSPP was carried out as at December 31, 2012 and was then extrapolated to December 31, At December 31, 2013, the PSPP reported an actuarial deficiency of $1,254,678 ( $1,645,141). For the year ended December 31, 2013, PSPP reported employer contributions of $315,830 ( $257,350). For the 2013 calendar year end, the College s employer contributions were $4,225 ( $3,331). The PSPP s deficiency is being discharged through additional contributions from both employees and employers until 2028 ( ). Other than the requirement to make additional contributions, the College does not bear any risk related to PSPP deficiency. 70 Bow Valley College

63 Notes to the Financial Statements Year ended June 30, 2014 (in thousands) 19. Funds Held on Behalf of Others The College holds the following funds on behalf of others over which the Board has no power of appropriation. Accordingly, these funds are not included in the College's financial statements Bow Valley College Students' Association $ 219 $ 10 Other $ 270 $ Natural Disaster The June 2013 flood caused the College to sustain significant damage to building components and building systems at its West and South Calgary campus locations. The initial estimate of flood recovery costs was $9 million in clean-up, remediation and capital replacement. During the 2014 year, the College has focused on recovery efforts. Although the South Campus was fully repaired, damage to the West Campus was more severe. Remediation work continues on this building and it is now expected that the West Campus will reopen in December As of June 30th, 2014, total costs incurred on the flood remediation effort were $7 million. As expected, the majority of these costs have been funded through insurance proceeds. Included in sales of services and product revenue are insurance proceeds of $6.8 million ($4.4 million received in cash with $2.4 million accrued as receivable). The College is continuing to work with its property and casualty insurers on claims and estimates to finalize claims within the year. The Minister s Flood Recovery Task Force had approved a one-time stabilization fund of $5.6 million to the College as a result of the flood; of the $5.6 million one-time stabilization, the College has accessed $0.3 million. 21. Budget Comparison The College's budget was approved by the Board of Governors as presented to the Minister of Innovation and Advanced Education as part of the College's submission of its Comprehensive Institutional Plan. 22. Approval of Financial Statements The financial statements were approved by the Board of Governors Financial Statements 71

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65 Bow Valley College A proud partner in Campus Alberta This Bow Valley College Annual Report has been published at bowvalleycollege.ca/about_us/annualreport Produced in-house by Bow Valley College Marketing & Communications, December

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