2007 Annual report (PDF 8.1 Mb) - University of Melbourne

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 NOTE 36: SUPERANNUATION COMMITMENTS 36.1 University employees are members of a range of superannuation funds, which are divided into the following categories: (i) Those operative and open to membership: - UniSuper (comprising the merged SSAU - Superannuation Scheme for Australian Universities and TESS - Tertiary Education Superannuation Scheme) (ii) State Government Schemes closed to future membership by University employees: - State Employees Retirement Benefits Scheme - State Superannuation Fund Some University employees receive superannuation benefits through the Superannuation Guarantee Scheme. 36.2 UniSuper Plans UniSuper is a multi employer superannuation fund operated by UniSuper Limited as the Corporate Trustee and administered by UniSuper Management Pty Ltd, a wholly owned subsidiary of UniSuper Limited. The operations of UniSuper are regulated by the Superannuation Industry (Supervision) Act 1993. (i) UniSuper offers eligible members the choice of two schemes known as the Defined Benefit Division (DBD) (previously referred to as the Defined Benefit Plan) or Accumulation Super (2) (previously referred to as the Investment Choice Plan). The contribution rate to the schemes is 21% of member’s salary, of which the member contributes 7% and the University 14%. Members can elect to reduce the level of member contributions with corresponding reductions in benefits. (ii) The University has no investment risk in respect of the Defined Benefit Division scheme. As such, both the Defined Benefit Division and the Accumulation Super (2) schemes are Defined Contribution Plans for the purposes of AASB119 Employee Benefits. UniSuper also offers a cash accumulation productivity scheme known as Accumulation Super (1) (previously referred to as the Award Plus Plan (APP)). University employees have no requirement to contribute to the scheme. The University contributes the equivalent of 3% of base salary in respect of those employees who were members of the Defined Benefit Division or the Accumulation Super (2) Plan. Employees who do not qualify for membership of Defined Benefit Division or Accumulation Super (2) will have a minimum contribution of 9% of their annual salary contributed by the University to Accumulation Super (1) prescribed under the Superannuation Guarantee Charge Act 1992. Casual and non-permanent employees, who do not qualify for membership of the Defined Benefit Division or Accumulation Super (2), are eligible for Accumulation Super (1). 36.3 State Government Schemes The University has a number of employees who are members of the State Employees Retirement Benefits Scheme and the State Superannuation Fund administered by the Government Superannuation Office. These schemes are defined benefits schemes and are closed to future University employees. At 30 June, the State Superannuation Fund was carrying total liabilities for member benefits greater than the value of the net market value of the plan’s assets. As a result an unfunded superannuation liability exists and is recognised in the financial statements of the Scheme. The University’s portion of the unfunded liability comprises of employees who transferred to the University from the former Melbourne College of Advanced Education, together with those employees of the former subsidiaries Hawthorn Institute of Education Ltd, Victorian College of Agriculture and Horticulture Ltd and the Victorian College of the Arts. As at 30 June the unfunded superannuation liability determined by the Victorian Government Superannuation Office amounted to: 2007 $’000 2006 $’000 University of Melbourne 97,111 90,723 Victorian College Of The Arts - 14,733 97,111 105,456 The values as at 30 June 2007 are the values that have been included in the accounts. Funding to meet payments incurred will be provided to the University of Melbourne by the Australian Government. The cost is shared between the State of Victoria and the Australian Government.
FINANCIAL STATEMENTS NOTE 36: SUPERANNUATION COMMITMENTS (CONTINUED) 36.4 The total superannuation contributions by the University during the year in respect of the above plans were: UniSuper - Defined Benefit Division, Accumulation Super (2) and Accumulation Super (1) 2007 2006 $’000 $’000 72,413 63,936 State Government Schemes 408 419 Other Superannuation Funds 8,988 7,818 81,809 72,173 There were no outstanding contributions at year end (2006, Nil). NOTE 37: WORKCOVER - SELF INSURANCE From 1 October 1990, the University became a Self Insurer for Workers’ Compensation and WorkCover. As part of the settlement terms with the Victorian Workcover Authority, the University is liable for all remaining claims in respect of the period prior to self insurance from 1 September 1985 up to that date. An actuarial assessment carried out as at 31 December 2007 assessed outstanding liabilities of the University in respect of both new claims incurred and the remaining claims from the period prior to self insurance at $5,652,000 ($5,062,000 at 31 December 2006) which are projected to increase to $5,742,000 by 31 December 2008. NOTE 38: RELATED PARTY TRANSACTIONS (a) Parent entities The ultimate parent entity within the Group is the University. (b) Subsidiaries The University’s Interests in subsidiaries are set out in Note 40. (c) Members of Council and Specified Executive Officers Disclosures relating to members of Council and specified executives are set out in Note 33. (d) Transactions with Related Parties The following transactions occurred with related parties: CONSOLIDATED UNIVERSITY 2007 $’000 2006 $’000 2007 $’000 2006 $’000 Funding Provided to Subsidiaries - - 6,202 18,348 Sale of Goods and Services to Subsidiaries - - 1,721 2,886 Other Related Parties 58 87 - - Purchase of Goods from Subsidiaries - - 19,578 18,087 Loans to Related Parties Loan Repayments from Subsidiaries - - - 1,250 Interest Revenue from Subsidiaries - - - 26 Interest Expense to Subsidiaries - - 166 134 The University of Melbourne Annual Report 2007 135
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ANNUAL REPORT07 A TRADITION OF INNO
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Chancellor’s Letter Chancellor’
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COUNCIL Members of Council and the
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SENIOR OFFICERS Senior Officers Pre
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HIGHLIGHTS Knowledge Transfer > Ina
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INTRODUCTION And OVERVIEW Introduct
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INTRODUCTION And OVERVIEW In 2007 M
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INTRODUCTION And OVERVIEW Lady Sout
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QUALITY PeoPLE Academic and Profess
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QUALITY PeoPLE HIGH ACHIEVING STAFF
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QUALITY PeoPLE HIGH ACHIEVING STUDE
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SECTION HEADING APPEARS HERE Perfor
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RESEARCH & ReseARCH TRAINING Resear
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RESEARCH & ReseARCH TRAINING reduci
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LEARNING & teACHING In 2006 the Uni
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LEARNING & teACHING Quality of Teac
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LEARNING & teACHING > Review the su
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Sally Firth Single mother of three
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KNOWLEDGE TRANSFER Internationally
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KNOWLEDGE TRANSFER supports ethical
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KNOWLEDGE TRANSFER of the Universit
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INTERNATIONAL ENGAGEMENT cooperatio
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INTERNATIONAL ENGAGEMENT and engage
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BINDING THE stRANDS TOGETHER The Le
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BINDING THE stRANDS TOGETHER 2007 s
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BINDING THE stRANDS TOGETHER Refurb
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BINDING THE stRANDS TOGETHER Key Pr
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BINDING THE stRANDS TOGETHER $18 mi
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BINDING THE stRANDS TOGETHER Melbou
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UNIVERSITY goVERNANCE University Go
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UNIVERSITY goVERNANCE Council and i
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UNIVERSITY goVERNANCE ACADEMIC & RE
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UNIVERSITY goVERNANCE Music Dean Pr
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STATUTORY REPORTIng TABLE 1 Objecti
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STATUTORY REPORTIng Policy and Comm
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Page 155: FINANCIAL STATEMENTS THE UNIVERSITY
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Page 164: WWW.UNIMELB.EDU.AU THE UNIVERSITY O
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2007 Annual report (PDF 8.1 Mb) - University of Melbourne

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