Annual Report 2010/11

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Notes to the Consolidated Financial StatementsFor the Year Ended June 30, 2011 (thousands of dollars)Note 14Internally Restricted Net AssetsInternally restricted net assets represents the amount of unrestricted net assets that have been set aside forspecific purposes. Those amounts are not available for other purposes without the approval of the Board anddo not have interest allocated to them. Internally restricted net assets are summarized as follows:AppropriationsBalance atfrom (returnedbeginning of Disbursements to) unrestricted Balance atyear during the year net assets end of yearAppropriations for capital activities:University Service Centre $ 17,919 $ (12,493) $ (4,926) $ 500ERP renewal/tech. enhancement 11,083 (10,114) 2,031 3,000Capital renewal & replacement 7,952 (4,290) 2,500 6,162Music degree - renovations - - 2,500 2,500Infrastructure maintenance 5,000 - - 5,000Campus and Program Development 16,000 (11,875) 20,500 24,62557,954 (38,772) 22,605 41,787Appropriations for operating activities:Program & operating contingency 17,172 - - 17,172Student tuition reinvestment 1,000 - - 1,000Scholarships & bursaries 1,907 (174) - 1,733Sustainability 500 - - 500Special projects 465 (20) - 445Student technology reserve 1,590 (1,246) 698 1,04222,634 (1,440) 698 21,892$ 80,588 $ (40,212) $ 23,303 $ 63,679Note 15Salary & Employee Benefitstreasury Board directive 12-98 under the Financial Administration Act of the Province of Alberta requires thedisclosure of certain salary and employee benefits information.2011 2010otherother Cash Non-cashBase Salary Benefits Benefits(1) (2) (3) Total TotalGovernanceChairman of the Board $ - $ 6 $ - $ 6 $ 7Board Members - 30 - 30 30executivePresident (4) 291 1 344 636 433Provost and Executive Vice President, Academic (5) 238 11 47 296 290vice President, University Services (5) 224 11 45 280 283vice President, Fund Development and CommunityRelations (5) 201 11 37 249 240vice President, Student Services (5) 190 11 32 233 226Executive Director, Human Resources 155 1 25 181 179Executive Director, Strategic Planning 154 1 24 179 18054 grant Macewan university
Notes to the Consolidated Financial StatementsFor the Year Ended June 30, 2011 (thousands of dollars)(1) Base salary includes pensionable base pay.(2) Other cash benefits includes overtime, lump sum payments, honoraria, vacation payouts, and carallowances.(3) Other non-cash benefits include the University’s share of all employee benefits and contributions orpayments made on behalf of employees including pension, health care, dental coverage, out-of-countrymedical benefits, group life insurance, long and short-term disability plan, professional membershipsand tuition. Other non-cash benefits also includes the employer’s share of the cost of additional benefitsincluding Supplemental Executive Retirement Plan, sabbaticals or other special leave with pay, financialplanning services, retirement planning services, concessionary loans, and club memberships.(4) The University provides an automobile, the value of which is not included in other non-cash benefitfigures. Other non-cash benefits includes $279 (2010 - $87) representing the service cost for anapproved sabbatical leave to be taken in the 2011-12 year. The accrued obligation for the sabbatical leaveas at June 30, 2011 is $366. For 2010, other non-cash benefits figure includes the taxable benefit for thepurchase of the University’s leased vehicle.(5) Vice Presidents receive a car allowance, the value of which is included in other cash benefits.Under the terms of the Supplemental Executive Retirement Plan (SERP), executive officers may receivesupplemental retirement payments. Retirement arrangement costs as detailed below are not cash paymentsin the period but are period expense for rights to future compensation. Costs shown reflect the total estimatedcost to provide annual pension income over an actuarially determined post employment period. The SERPprovides future pension benefits to participants based on years of service and earnings. The cost of thesebenefits is actuarially determined using the projected benefit method pro-rated on services, a market interestrate, and management’s best estimate of expected costs and the period of benefit coverage. Net actuarialgains and losses of the benefit obligations are amortized over the average remaining service life of theemployee group. Current service cost is the actuarial present value of the benefits earned in the current year.Other costs include amortization of actuarial gains and losses and interest accruing on the actuarial liability.the current service cost and accrued obligation for each executive under the SERP is outlined in the followingtable:AccruedAccruedObligation Service Interest Actuarial ObligationJune 30, 2010 Cost Cost Loss (Gain) June 30, 2011President $ 201 $ 34 $ 13 $ 3 $ 251Provost and Executive Vice President, Academic 86 21 6 1 114vice Presidents:University Services 61 15 4 - 80Student Services 37 9 2 (2) 46Fund Development and Community Relations 24 12 2 - 38Executive DirectorsHuman Resources 7 1 1 (2) 7Strategic Planning 9 1 1 (4) 7$ 425 $ 93 $ 29 $ (4) $ 543the significant actuarial assumptions used to measure the accrued benefit obligation are disclosed in Note 9.consolidated financial statements 2010/2011 55
Page 8 and 9: About Grant MacEwanUniversityBoard
Page 10 and 11: 10 grant Macewan universityOperatio
Page 12 and 13: PeopleSoft program has enhanced sys
Page 14 and 15: surveys of baccalaureate students.
Page 16 and 17: Progress Report on Achievement ofSt
Page 18 and 19: The university has developed a rang
Page 20 and 21: external webinars and workshops on
Page 22 and 23: • Complete the implementation of
Page 24 and 25: ecommendations on locations for the
Page 26 and 27: Performance MeasuresMacEwan Univers
Page 28 and 29: Academic Programmingand DeliveryDeg
Page 30 and 31: to enhance services. Implementation
Page 32 and 33: Discussion and AnalysisThe followin
Page 34 and 35: • Expenditures funded through the
Page 36 and 37: ContentsManagement’s Responsibili
Page 38 and 39: Independent Auditor’s ReportTo th
Page 40 and 41: Consolidated Statement of Operation
Page 42 and 43: Consolidated Statement of Cash Flow
Page 44 and 45: Notes to the Consolidated Financial
Page 60: Grant MacEwan UniversityP.O. Box 17

Annual Report 2010/11

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