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									Financial Statements
For the Year Ended April 30, 2008
Regina, Saskatchewan, Canada
University of Regina
Table of Contents

For the Year Ended April 30, 2008

Statement of Management Responsibility ........................................................2

Financial Statements and Notes

    Auditor’s Report..............................................................................................................................3
    Statement of Financial Position ....................................................................................................4
    Statement of Operations and Changes in Fund Balances .........................................................5
    Statement of Cash Flows ...............................................................................................................6
    Statement of Operations and Changes in Fund Balances - General Fund.............................7
    Statement of Operations and Changes in Fund Balances - Restricted Fund .........................8
    Note 1       Authority and Purpose............................................................................................9
    Note 2       Summary of Significant Accounting Policies ......................................................9
    Note 3       Collections ..............................................................................................................15
    Note 4       Cash .........................................................................................................................15
    Note 5       Capital Assets .........................................................................................................16
    Note 6       Long-Term Debt ...................................................................................................17
    Note 7       Due To/From Other Funds................................................................................20
    Note 8       Accounts Receivable .............................................................................................20
    Note 9       Expenses by Function ..........................................................................................20
    Note 10      Financial Instruments ...........................................................................................21
    Note 11      Employee Future Benefits ...................................................................................25
    Note 12      Employee Benefits ................................................................................................28
    Note 13      Internally Restricted Fund Balances ...................................................................28
    Note 14      Interfund Transfers ...............................................................................................29
    Note 15      Budget Versus Actual for 2008 ...........................................................................30
    Note 16      Operating Leases ...................................................................................................32
    Note 17      Investments ............................................................................................................32
    Note 18      Related Party Transactions...................................................................................34
    Note 19      Commitments ........................................................................................................38




                                                                  Page 1
University of Regina
Statement of Management Responsibility

For the Year Ended April 30, 2008



The University is responsible for the preparation of the financial statements and has
prepared them in accordance with generally accepted accounting principles as set out by the
Canadian Institute of Chartered Accountants (CICA). The University believes the financial
statements present fairly the University's financial position as at April 30, 2008 and the
results of its operations for the year then ended.

The University’s Board of Governors is responsible for overseeing the business affairs of the
University and also has the responsibility for approving the financial statements. The Board
has delegated certain of the responsibilities to its Audit and Risk Management Committee
including the responsibility for reviewing the annual financial statements and meeting with
management and the Provincial Auditor of Saskatchewan on matters relating to the financial
process. The Provincial Auditor has full access to the Audit and Risk Management
Committee with or without the presence of management.
Management maintains a system of internal controls to ensure the integrity of information
that forms the basis of the financial statements. The internal controls provide reasonable
assurance that transactions are executed in accordance with proper authorization, that assets
are properly guarded against unauthorized use and that reliable records are maintained. The
Provincial Auditor of Saskatchewan reports to the Board as to the adequacy of these
controls.

The financial statements for the year ended April 30, 2008 have been reported on by the
Provincial Auditor of Saskatchewan, the auditor appointed under The University of Regina Act.
The Auditor's Report on the following page outlines the scope of his examination and
provides his opinion on the fairness of presentation of the information in the financial
statements.




                     R. James Tomkins                David B. Button
         President and Vice-Chancellor               Vice-President (Administration)


                                    Date:            July 7, 2008




                                            Page 2
               Provincial Auditor Saskatchewan
               1500 Chateau Tower                                              Phone: (306) 787-6398
               1920 Broad Street                                                  Fax: (306) 787-6383
               Regina, Saskatchewan                                      Web site: www.auditor.sk.ca
               S4P 3V2                                             Internet e-mail: info@auditor.sk.ca

SASKATCHEWAN




                                      AUDITOR’S REPORT


To the Members of the Legislative Assembly of Saskatchewan

I have audited the statement of financial position of the University of Regina as at April
30, 2008 and the statements of operations and changes in fund balances and cash flows
for the year then ended. The University’s management is responsible for preparing these
financial statements for Treasury Board’s approval. 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 plan and perform an audit to obtain reasonable assurance
whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial
statement presentation.

In my opinion, these financial statements present fairly, in all material respects, the
financial position of the University as at April 30, 2008 and the results of its operations
and its cash flows for the year then ended in accordance with Canadian generally
accepted accounting principles.




Regina, Saskatchewan                                              Fred Wendel, CMA, CA
July 7, 2008                                                           Provincial Auditor
University of Regina
Statement of Financial Position

As at April 30, 2008
(in thousands of dollars)                                                                                                                Statement 1


                                                                   General            Restricted         Endowment               Total         Total 2007


Current Assets
Cash (Note 4)                                              $       1,098        $         782        $            -      $     1,880      $     (1,314)
Accounts receivable (Note 8)                                       5,744               12,244                     -           17,988            19,641
Inventories                                                        2,717                    -                     -            2,717             2,478
Prepaid expenses                                                     867                  123                     -              990               951
Short-term investments (Note 17)                                   1,104               37,932                    10           39,046            50,882
                                                                  11,530               51,081                    10           62,621            72,638
Long-Term Assets
Long-term investments (Note 17)                                        -              14,849                21,599            36,448            37,353
Long-term loans receivable                                             -                 904                     -               904             1,031
Accrued pension benefit asset (Note 11)                           25,275                   -                     -            25,275            33,637
Capital assets (Note 5)                                                -             199,775                     -           199,775           198,613
                                                                  25,275             215,528                21,599           262,402           270,634
                                                           $      36,805        $    266,609         $      21,609       $   325,023      $    343,272

Current Liabilities
Accounts payable and other accrued liabilities             $      11,149        $       1,842        $               -   $    12,991      $     12,684
Deferred income                                                      831                    -                        -           831               288
Current portion of long-term debt (Note 6)                             -                1,951                        -         1,951             1,845
                                                                  11,980                3,793                        -        15,773            14,817
Long-Term Liabilities
Long-term debt (Note 6)                                                -               63,252                        -        63,252            58,656
Due to (from) other funds (Note 7)                                  (548)                 548                        -             -                 -
Accrual for employee future benefits (Note 11)                     1,482                    -                        -         1,482             1,541
                                                                     934               63,800                        -        64,734            60,197
Fund Balances
Externally restricted funds                                            -              41,478                21,609            63,087            62,092
Internally restricted funds (Note 13)                             16,202               5,619                     -            21,821            32,262
Invested in capital assets                                             -             151,919                     -           151,919           170,531
Unrestricted funds                                                 7,689                   -                     -             7,689             3,373
                                                                  23,891             199,016                21,609           244,516           268,258
                                                           $      36,805        $    266,609         $      21,609       $   325,023      $    343,272




Approved by the Board of Governors


                                                          Chair, Board of Governors                                      Vice-President (Administration)



                                        The accompanying notes are an integral part of these financial statements.




                                                                       Page 4
University of Regina
Statement of Operations and Changes in Fund Balances

For the Year Ended April 30, 2008
(in thousands of dollars)                                                                                                                     Statement 2


                                                                        General            Restricted        Endowment                Total        Total 2007

Revenues
Grants and contracts
    Government of Canada                                        $      2,127        $      12,220        $              -     $    14,347      $    12,723
    Government of Saskatchewan                                        75,905                4,484                       -          80,389          104,596
    Other                                                                944                3,141                       -           4,085            4,137
Student fees                                                          38,329                   10                       -          38,339           39,538
Contributions, gifts, donations and bequests                             453                3,602                     368           4,423            7,218
Sales of services and products                                        21,739                1,188                       -          22,927           21,707
Investment income and unrealized
    gains (losses) (Note 10 (h))                                         154                2,239                     (981)         1,412            5,966
Miscellaneous income                                                   1,541                  373                       19          1,933            2,059
Income from operating leases (Note 16)                                     -                   54                        -             54               54
                                                                     141,192               27,311                     (594)       167,909          197,998

Expenses
Salaries
      Academic                                                        43,367                  878                        -         44,245           43,393
      Other                                                           43,826                3,588                        -         47,414           45,735
Employee benefits (Note 12)                                           19,903                  323                        -         20,226           (5,639)
Operational supplies and expenses                                     10,312                2,446                        1         12,759           12,341
Travel                                                                 3,257                1,756                        -          5,013            4,599
Cost of goods sold                                                     4,304                    -                        -          4,304            4,416
Equipment, rental, maintenance & renovations                           6,874                1,379                        -          8,253            8,251
Utilities                                                              6,571                   45                        -          6,616            6,157
Amortization of capital assets                                           474               18,104                        -         18,578           18,491
Loss on disposal of capital assets                                         -                1,079                        -          1,079              561
Scholarships, bursaries and prizes                                     5,594                6,931                        -         12,525           11,626
Interest and unrealized loss (Note 10 (i))                             2,369                2,516                        -          4,885            3,631
Wascana Centre Authority levy                                            635                    -                        -            635              607
Bad debt expense                                                         107                   10                        -            117              183
                                                                     147,593               39,055                        1        186,649          154,352

Net (expenses) revenues                                                (6,401)            (11,744)                 (595)          (18,740)          43,646
Interfund transfers (Note 14)                                             739              (2,697)                1,958                 -                -

Net (decrease) increase in fund balances for year                      (5,662)            (14,441)                1,363           (18,740)          43,646
Fund balances, beginning of year
     (as restated (Note 2 (a))                                        29,553              213,457               20,246            263,256          224,612

Fund balances, end of year                                      $     23,891        $     199,016        $      21,609        $   244,516      $   268,258




                                         The accompanying notes are an integral part of these financial statements.




                                                                    Page 5
University of Regina
Statement of Cash Flows

For the Year Ended April 30, 2008
(in thousands of dollars)                                                                                                                             Statement 3


                                                                                 General            Restricted           Endowment            Total         Total 2007

Operating Activities
Net (expenses) revenues                                                  $      (6,401)       $     (11,744)       $         (595)   $    (18,740)      $    43,646
Add back items not affecting cash:
    Amortization of capital assets                                                 474               18,104                     -         18,578             18,491
    Unrealized loss (gain) on investments                                            -                  220                 2,718          2,938             (3,163)
    Unrealized loss on long-term debt                                                -                1,544                     -          1,544                  -
    Loss on disposal of capital assets                                               -                1,079                     -          1,079                561
    Donated Shares                                                                   -                    -                     -              -             (1,792)
Decrease (increase) in non-cash working capital                                  1,299                  929                     -          2,228               (656)
Decrease (increase) in accrued pension benefit asset                             8,362                    -                     -          8,362            (16,864)
Decrease in long-term accrual for employee future benefits                         (59)                   -                     -            (59)               (10)

Cash generated by operating activities                                           3,675               10,132                 2,123         15,930             40,213

Investing Activities
Purchases of investments                                                            (47)          (131,725)                (4,089)       (135,861)          (95,193)
Sales of investments                                                                  -            145,657                      8         145,665            84,455
Purchases of capital assets:
    Buildings                                                                     (269)             (15,515)                    -         (15,784)          (24,087)
    Site improvements                                                                -                 (778)                    -            (778)             (354)
    Furnishings and equipment                                                   (1,436)              (1,603)                    -          (3,039)           (3,662)
    Software                                                                       (62)                 (30)                    -             (92)              (53)
    Library resources                                                           (1,124)                   -                     -          (1,124)           (1,383)
Sale of capital assets:
    Furnishings and equipment                                                          -                    -                   -                -                15

Cash used in investing activities                                               (2,938)              (3,994)               (4,081)        (11,013)          (40,262)

Financing Activities
Repayment of long-term debt                                                           -              (1,845)                    -          (1,845)           (1,744)
Increase in long-term loan receivable                                                 -                 (11)                    -             (11)              (23)
Repayment of long-term loan receivable                                                -                 133                     -             133               163
Repayment of internal loans                                                         (67)                 67                     -               -                 -

Cash used in financing activities                                                   (67)             (1,656)                    -          (1,723)           (1,604)


Net change in cash                                                                 670                4,482                (1,958)          3,194            (1,653)
Interfund adjustments                                                            3,157               (5,115)                1,958               -                 -
Cash, beginning of year                                                         (2,729)               1,415                     -          (1,314)              339

Cash, end of year                                                        $       1,098        $         782        $            -    $      1,880       $    (1,314)


                                            The accompanying notes are an integral part of these financial statements.




                                                                       Page 6
University of Regina
Statement of Operations and Changes in Fund Balances - General Fund

For the Year Ended April 30, 2008
(in thousands of dollars)                                                                                                                                      Statement 4


                                                                                   Vacation Pay
                                                                                   and Pension
                                                                    Operating        Accrual                  Ancillary     Special Projects           Total         Total 2007

Revenues
Grants and contracts
   Government of Canada                                       $      1,740        $           -        $          -         $        387       $     2,127       $     1,841
   Government of Saskatchewan                                       74,613                    -                   -                1,292            75,905            68,758
   Other                                                               507                    -                   -                  437               944               690
Student fees                                                        37,993                    -                   -                  336            38,329            39,538
Contributions, gifts, donations and bequests                           231                    -                   -                  222               453               982
Sales of services and products                                       7,648                    -              12,253                1,838            21,739            20,750
Investment income and unrealized gains (Note 10 (h))                   154                    -                   -                    -               154               109
Miscellaneous income                                                   703                  377                 340                  121             1,541             1,696
                                                                   123,589                  377              12,593                4,633           141,192           134,364

Expenses
Salaries
   Academic                                                        42,710                     -                   -                  657            43,367            42,594
   Other                                                           40,090                     -               2,445                1,291            43,826            41,750
Employee benefits                                                  11,041                 8,427                 305                  130            19,903            (5,919)
Operational supplies and expenses                                   8,038                     -               1,080                1,194            10,312             9,649
Travel                                                              2,652                     -                  17                  588             3,257             3,003
Cost of goods sold                                                    865                     -               3,439                    -             4,304             4,416
Equipment, rental, maintenance & renovations                        5,411                     -               1,028                  435             6,874             7,021
Utilities                                                           5,984                     -                 567                   20             6,571             6,094
Amortization of capital assets                                          -                     -                 474                    -               474               481
Gain on disposal of capital assets                                      -                     -                   -                    -                 -                (1)
Scholarships, bursaries and prizes                                  5,161                     -                   3                  430             5,594             4,609
Interest and unrealized loss (Note 10 (i))                              9                     -               2,360                    -             2,369             2,852
Wascana Centre Authority levy                                         635                     -                   -                    -               635               607
Bad debt expense                                                      103                     -                   4                    -               107               174
                                                                  122,699                 8,427              11,722                4,745           147,593           117,330

Net revenues (expenses)                                                 890              (8,050)                871                 (112)           (6,401)           17,034
Interfund transfers (Note 14)                                         1,615                 (11)             (2,787)               1,922               739                 2

Net increase (decrease) in fund balances for year                     2,505             (8,061)              (1,916)               1,810            (5,662)           17,036
Fund balances, beginning of year                                     (2,444)            30,557               (4,378)               5,818            29,553            12,517

Fund balances, end of year                                    $          61       $     22,496         $     (6,294)        $      7,628       $    23,891       $    29,553




                                               The accompanying notes are an integral part of these financial statements.




                                                                           Page 7
University of Regina
Statement of Operations and Changes in Fund Balances - Restricted Fund

For the Year Ended April 30, 2008
(in thousands of dollars)                                                                                                                     Statement 5


                                                                    Capital Asset           Research                  Trust           Total        Total 2007

Revenues
Grants and contracts
   Government of Canada                                         $            -       $     11,433        $          787       $    12,220      $    10,882
   Government of Saskatchewan                                              796              3,648                    40             4,484           35,838
   Other                                                                    50              3,006                    85             3,141            3,447
Student fees                                                                 -                 10                     -                10                -
Contributions, gifts, donations and bequests                                27                225                 3,350             3,602            6,094
Sales of services and products                                             364                824                     -             1,188              957
Investment income and unrealized
   gains (losses) (Note 10 (h))                                          2,112                323                  (196)            2,239            4,316
Miscellaneous income                                                         -                260                   113               373              363
Income from operating leases (Note 16)                                      54                  -                     -                54               54
                                                                         3,403             19,729                 4,179            27,311           61,951

Expenses
Salaries
   Academic                                                                 -                 878                     -               878              799
   Other                                                                    -               3,477                   111             3,588            3,985
Employee benefits                                                           -                 323                     -               323              280
Operational supplies and expenses                                          85               2,163                   198             2,446            2,689
Travel                                                                      3               1,744                     9             1,756            1,596
Equipment, rental, maintenance & renovations                              100               1,279                     -             1,379            1,230
Utilities                                                                   1                  44                     -                45               63
Amortization of capital assets                                         18,104                   -                     -            18,104           18,010
Loss on disposal of capital assets                                      1,079                   -                     -             1,079              562
Scholarships, bursaries and prizes                                          -               2,811                 4,120             6,931            7,015
Interest and unrealized loss (Note 10 (i))                              2,516                   -                     -             2,516              779
Bad debt expense                                                            -                   4                     6                10                7
                                                                       21,888              12,723                 4,444            39,055           37,015

Net (expenses) revenues                                               (18,485)               7,006                 (265)          (11,744)          24,936
Interfund transfers (Note 14)                                           4,875               (4,511)              (3,061)           (2,697)            (353)

Net (decrease) increase in fund balances for year                     (13,610)               2,495               (3,326)          (14,441)          24,583
Fund balances, beginning of year
   (as restated (Note 2 (a))                                          165,529              25,423               22,505            213,457          193,876

Fund balances, end of year                                      $     151,919        $     27,918        $      19,179        $   199,016      $   218,459




                                         The accompanying notes are an integral part of these financial statements.




                                                                    Page 8
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


1. Authority and Purpose

     The University of Regina became an autonomous institution on July 1, 1974 by an Act of the
     Saskatchewan Legislature. Its authority is The University of Regina Act, Chapter U-5, of the
     Province of Saskatchewan. The University is a registered charitable organization under the
     Income Tax Act.

     The purpose of the University is the preservation, transmission, interpretation and enhancement
     of the cultural, scientific and artistic heritage of the human race, and the acquisition and
     expansion of new knowledge and understanding.

2. Summary of Significant Accounting Policies

     These financial statements have been prepared in accordance with generally accepted accounting
     principles as set out by the Canadian Institute of Chartered Accountants (CICA). The
     accounting policies and methods are consistent with prior year, except as described in Note 2(a).

     (a) Change in accounting policies due to recent accounting pronouncements

          Effective May 1, 2007, the University adopted the accounting recommendations for financial
          instruments – recognition and measurement (CICA Handbook Section 3855), the
          consequential amendments in financial statement presentation by not-for-profit
          organizations (CICA Handbook paragraphs 4400.19 and 4400.41 - .45) and hedges (CICA
          Handbook Section 3865) in accordance with the transitional provisions of those sections. In
          place of adopting financial instruments – disclosure and presentation (CICA Handbook
          Section 3861), the University chose to early-adopt accounting recommendations for financial
          instruments – disclosures (CICA Handbook Section 3862) and financial instruments –
          presentation (CICA Handbook Section 3863) in accordance with the transitional provisions
          of those sections. These sections provide standards for recognition, measurement,
          disclosure and presentation of financial assets, financial liabilities, non-financial derivatives
          and embedded derivatives, and describe when and how hedge accounting may be applied.
          The University has decided not to designate any hedging relationships. These sections also
          describe situations where revenues, expenses, gains or losses would need to be recognized
          directly in the statement of changes in fund balances instead of in the statement of
          operations, and what type of presentation and disclosure would be required. The University
          has no such transactions in its 2008 financial statements.

          Derivatives may be embedded in other host instruments. Under the new standards, these
          embedded derivatives would have to be measured at fair value with subsequent changes
          recognized in net income. Based on the transitional provisions of CICA Handbook
          paragraph 3855.87C, as of May 1, 2007, the University has early-adopted CICA Handbook
          paragraph 3855.07A for not-for-profit organizations and is making accounting policy choices
          to not apply CICA Handbook Section 3855 to contracts to buy or sell non-financial items
          including derivatives embedded therein, or to derivatives embedded in leases, insurance




                                                  Page 9
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

          contracts and contracts to buy or sell non-financial items in accordance with the University’s
          expected purchase, sale or usage requirements.

          The University’s financial instruments are classified and measured as follows:

                                                                       Classification              Measurement
          Cash                                                         Held for trading            Fair value
          Accounts receivable                                          Loans and receivables       Amortized Cost
          Loans receivable                                             Loans and receivables       Amortized Cost
          Investments, short-term and long-term                        See note 17                 See note 2(e)
          Interest rate swap derivatives & long-term debt,
          including current portion                                    See note 6                  See note 6
          Accounts payable and other accrued liabilities               Other liabilities           Amortized Cost

          As a result of the prospective adoption of these accounting pronouncements, certain
          investments previously recorded at cost are now recorded at fair value. Also, the fair value
          of swap derivatives, which was previously only disclosed in the notes, is now recorded in the
          financial statements. The impact of these changes is as follows:

                        April 30, 2007 fund balance, as previously stated                  $ 268,258
                        Unrealized loss balance as at April 30, 2007                          (5,002)
                        May 1, 2007 opening fund balance, as restated                      $ 263,256

     (b) Fund accounting

          The University follows the restricted fund method of accounting for contributions. Under
          fund accounting, resources are classified for accounting and reporting purposes into funds in
          accordance with specified activities or objectives.

          The Statement of Operations and Changes in Fund Balances shows the total revenues and
          expenses of the University, after elimination of interfund transactions with ancillaries and
          internal cost recoveries. The University has classified accounts with similar characteristics
          into major funds as follows:

          i)   The General Fund accounts for the University’s program delivery, service and
                  administrative activities. This fund reports unrestricted resources. The General
                  Fund is further classified as Operating, Vacation Pay and Pension Accrual Fund,
                  Ancillary, and Special Projects.

               -     General – Operating Fund contains the academic, administrative and operational
                     costs that are funded by tuition and related fees, government grants, investment and
                     miscellaneous income, and sales of goods and services to external parties. As such,
                     this Fund reports unrestricted resources and restricted resources earmarked for
                     general operating purposes.




                                                      Page 10
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

               -     General – Vacation Pay and Pension Accrual Fund records the amount of unpaid
                     vacation pay for academic and non-academic staff which will be funded from future
                     revenues. It also records the accrued pension benefit asset or liability and the
                     pension expense, other than the amount of the pension expense equal to employer
                     contributions, which is recorded in the fund from which it is paid.

               -     General – Ancillary Fund is composed of Ancillary Enterprises that provide goods
                     and services to the University community. They are composed of the Bookstore,
                     Residence Services, Printing Services, Parking Services, Food Services, automated
                     teller machines and confectionery store. Ancillary Enterprises operate on a fee-for-
                     service basis and must be self-funding. Charges to other University funds are
                     eliminated for financial statement purposes by removing them from Ancillary
                     revenues and expenses.

               -     General – Special Projects Fund consists of a number of individual funds used to
                     track operating projects’ costs and recoveries. These projects involve consulting,
                     training, and time-limited projects.

               ii) The Restricted Fund reports only restricted resources that are to be used for
               specific purposes. The Restricted Fund is further classified as Capital Asset, Research,
               and Trust.

               -     Restricted – Capital Asset Fund holds all capital assets owned by the University
                     along with the long-term debt on certain of these capital assets.

               -     Restricted – Research Fund consists of grant and contract income and expenses
                     specifically identified for research or related activities as restricted by granting
                     agencies, research institutes and other public and private organizations.

               -     Restricted – Trust Fund consists of externally restricted resources that may be used
                     in their entirety within the restrictions established by the provider of the funds. The
                     bulk of these funds are restricted for the provision of scholarships or annual
                     lectures.

               iii) The Endowment Fund reports resources contributed for endowment.
               Restrictions placed on the fund by the original provider preclude the original fund
               balance from being spent.

     (c) Use of estimates

          The preparation of financial information requires management to make estimates and
          assumptions that affect reported amounts of assets and liabilities at the date of financial
          statements and reported amounts of revenues and expenses during the year. Actual results
          could differ from those estimates.




                                                   Page 11
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     (d) Capital assets

          Purchased capital assets are recorded at cost. Donated assets are reported at fair market
          value when received by the University. The University capitalizes all assets costing more than
          $2 and all computer-related assets costing more than $.5, except library resources, which are
          capitalized regardless of cost. The University capitalizes upgrades to buildings and site
          improvements greater than $10, except for Ancillary Enterprises, which have all upgrades
          capitalized regardless of cost. Assets costing less than these thresholds are expensed in the
          year purchased.


          Capitalized assets are amortized on a straight-line basis over their estimated useful lives as
          follows:

                            Buildings      - temporary                     20 years
                                           - permanent                     40 years
                            Site improvements                        10 to 40 years
                            Furnishings and equipment                 3 to 30 years
                            Software                                   3 to 8 years
                            Library resources                              10 years
                            Leasehold improvements                     life of lease

          Amortization of Ancillary capital assets is recorded in the General - Ancillary Fund. All
          other amortization is recorded in the Restricted - Capital Asset Fund.

          An estimate for disposals or withdrawals of library holdings for superseded, poor condition,
          irrelevant, lost or stolen books is calculated at 1.05 percent of the net capitalized value of
          library holdings at the end of the preceding year.

          Collections are not capitalized or amortized. All additions to collections are expensed in the
          year purchased.

          The original land that was transferred to the University when it became a separate legal
          institution is reported on the statement of financial position at a nominal value of $1. This
          land includes 20 acres at the College Avenue Campus and 357 acres at the Main Campus. In
          1989, the Main Campus was appraised by Crown Appraisals of Regina at four dollars per
          square foot for a total value of $62,204.

          During fiscal year 2000, the University transferred a parcel of land totaling 32.6 acres to the
          Saskatchewan Indian Federated College (SIFC), now called the First Nations University of
          Canada (FNUC), to accommodate their new building. The value of this land was estimated
          at $8,500.




                                                 Page 12
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     (e) Investments

          i)     Investments classified as available-for-sale are recorded at market, unless they are non-
                    quoted equity securities, which are carried at cost. Unrealized gains and losses are
                    recorded as direct increases or decreases to fund balance and disclosed in the
                    statement of changes in fund balances.

          ii)    Investments classified or designated as held-for-trading are recorded at fair market
                    value. Unrealized gains and losses are recognized in net revenues (expenses) as
                    changes in the market values occur. Realized gains or losses on disposal are
                    recorded in the year of disposal.

          iii)   Investments classified as held-to-maturity are carried at amortized cost using the
                    effective interest rate method. Gains or losses on disposal are recorded in the year
                    of disposal.

     (f) Inventories

          Inventories are valued at the lower of cost and net realizable value which is principally
          determined by the first in, first out method.

     (g) Donations

          Donations are recorded as revenue in the fiscal period in which they are received. Gifts-in-
          Kind, including works of art, equipment, investments and library holdings, are recorded at
          fair market value on the date of their donation.

     (h) Pledges and bequests

          Pledges and bequests are recorded as contributions in the period when pledged or
          bequeathed if the amounts to be received can be reasonably estimated and if collection is
          reasonably assured.

          Pledges and bequests of $8,504 (2007 - $1,307) were not included in the financial statements
          because their ultimate collection cannot be reasonably assured.

     (i) Interest rate swaps

          An interest rate swap is a derivative financial contractual agreement between two counter-
          parties who generally exchange fixed and floating rate interest cash flows based on a notional
          amount derived from the value of underlying assets or liabilities.

          The University has entered into interest rate swap agreements with the Canadian Imperial
          Bank of Commerce in order to manage the interest rate exposure associated with certain
          debt obligations. The contracts have the effect of exchanging the floating interest rate cash
          flows from the underlying short-term debt instruments with fixed interest rate cash flows


                                                  Page 13
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

          based on a notional amount. The University is recording these agreements at fair value. See
          Note 6 to these financial statements for details.

     (j) Revenue recognition

          Restricted contributions related to general operations are recognized as revenue of the
          General Fund in the year in which the related expenses are incurred. All other externally
          restricted contributions are recognized as revenue of the appropriate restricted fund.

          Unrestricted contributions are recognized as revenue of the General Fund in the year
          received or receivable if the amount to be received can be reasonably estimated and
          collection is reasonably assured.

          Contributions for endowment are recognized as revenue in the Endowment Fund.

          Investment income earned on Endowment Fund resources is recorded in the appropriate
          fund, depending on the external restriction placed on that income. If it must become part of
          the endowment amount, it is recognized as revenue of the Endowment Fund. If it may be
          spent for a restricted purpose, it is recorded as revenue of that restricted fund. If there are
          no restrictions on the income, it is reported as income of the General Fund. Other
          investment income is recognized as revenue of the General Fund when earned.

     (k) Transaction Costs

          Transaction costs related to financial instruments are immediately recognized in net income.

     (l) Accounting Policy Developments

          The new recommendations of the CICA for capital disclosures (CICA Handbook Section
          1535) are effective for fiscal years beginning on or after October 1, 2007. This section will
          have no impact on the University, as the University does not have any issued debt or equity
          capital.

          The new recommendation of the CICA for inventories (CICA Handbook Section 3031) will
          become effective for fiscal years beginning on or after January 1, 2008. The new
          recommendations establish standards for the determination of the cost of inventories and
          the subsequent recognition as expense, including any write-down to net realizable value and
          reversals of previous write-downs for increases to net realizable value. The University does
          not expect to be materially affected by the new recommendations.




                                                Page 14
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


3. Collections

     (a) Collection of Rare Books, Records and Papers

          The University Library maintains a collection of rare books and runs of bound old
          magazines. The collection is increased either by purchases or donations, which are minimal.
          The University does not dispose of items in this collection.

          The University of Regina Archives collects the official records of the University of Regina,
          and private papers in various disciplines. The University Archives currently does not
          purchase or sell any items. All records and papers are transferred or donated.

     (b) Art Collection

          The MacKenzie Art Gallery manages part of the University’s art collection as described in
          Note 18 to these financial statements. The University also owns various works of art
          including paintings, banners, sculptures, and drawings. Additions to and disposals of this
          collection are generally few. During the current year, the University accepted donations of
          art work totaling $2 (2007 - $2).

     (c) Collection of Geographical Maps

          The University’s map library is a reference library containing maps, air photos, atlases, globes
          and documents on cartography and land use. Most additions come in the form of donations
          from government and private individuals. It is also a depository for the National
          Topographic Survey, who sends new and revised maps to the library monthly. The map
          library does not sell any items in its collection.

     (d) Music Library Collection

          The University’s Faculty of Fine Arts maintains a collection of printed music for various
          ensembles and solo instruments. During the prior fiscal year, the University accepted a large
          donation of concert titles, jazz titles, marches, and solo titles from the Regina Lions Band
          Inc. valued at $427.


4. Cash

     The University has a revolving line of credit at the Canadian Imperial Bank of Commerce.




                                                 Page 15
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


5. Capital Assets
                                           Cost                 Accumulated Amortization            Net Book Value
                                        2008            2007          2008           2007            2008            2007


      Land                        $        1      $        1    $       -      $           -   $        1    $         1
      Buildings                       241,103         226,818        83,718         74,685         157,385       152,133
      Site Improvements                28,417          27,740        13,818         12,906          14,599        14,834
      Furnishings & Equipment          62,843          61,833        45,263         41,255          17,580        20,578
      Software                          4,194           4,107         3,846          3,683            348            424
      Library Resources                44,609          43,946        36,466         35,234           8,143         8,712
      Leasehold Improvements            2,982           2,982         1,263          1,051           1,719         1,931
                                  $ 384,149       $ 367,427     $   184,374    $   168,814     $ 199,775     $ 198,613


At year-end, the University had $44,218 (2007 - $33,006) in building, site improvements, and
equipment upgrades that were in progress. These upgrades are capitalized but not amortized at year-
end.

During the year, the University disposed of the following amounts of assets:

•    Library Resources with an original cost of $461 (2007 – $451), in accordance with the policy
     described in note 2(d);

•    Software with an original cost of $5 (2007 - $15);

•    Buildings with an original cost of $1,498 (2007 - $795);
•    Furnishings and Equipment with an original cost of $2,030 (2007 - $1,583);

•    Site Improvements with an original cost of $101 (2007 - $53).




                                                      Page 16
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


6. Long-Term Debt

(a) The details of the debentures, loans, bankers’ acceptances and swap debt are as follows:

                                                               Interest
                                                                Rate at
                                                               April 30,
                                              Maturity           2008                        2008            2007

Held-for-Trading:
Bankers’ Acceptances supporting buildings or infrastructure, principal outstanding, at market
      Riddell Centre [note (b)]           May 1, 2008          3.86286%                  $      460      $      562
      FNUC Parking Lot [note (c)]         May 1, 2008          3.86286%                         426             444
      Luther College [note (d)]           May 1, 2008          3.86286%                         593             667
      New Residences [note (e)]           May 1, 2008          3.86286%                      37,582           38,403
      Multi-purpose [note (f)]            May 30, 2008         3.49143%                      13,545           14,040

Bankers’ Acceptances supporting annual Capital grant, principal outstanding, at market
      2003-04 Capital Grant [note (g)]    May 28, 2008         3.72860%                        1,096           1,170
      2004-05 Capital Grant [note (h)]    May 30, 2008         3.49143%                        1,506           1,599
      2005-06 Capital Grant [note (i)]    May 20, 2008         3.80429%                        1,632           1,718

Interest Rate Swap Agreements, at market (implemented 2008, no retroactive restatement [note (k)])
      Riddell Centre [note (b)]           April 2012            4.880%                              12              -
      FNUC Parking Lot [note (c)]         April 2023            5.780%                              42              -
      Luther College [note (d)]           Oct 2014              5.170%                              26              -
      New Residences [note (e)]           Oct 2029              6.107%                         5,364                -
      Multi-purpose [note (f)]            Dec 2024              5.260%                          890                 -
      2003-04 Capital Grant [note (g)]    Jan 2019              5.240%                              55              -
      2004-05 Capital Grant [note (h)]    Dec 2019              4.900%                              70              -
      2005-06 Capital Grant [note (i)]    April 2021            5.130%                              87              -
                                                                                         $ 63,386        $ 58,603




                                                     Page 17
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

                                                             Interest
                                                              Rate at       Annual
                                                             April 30,     Payments
Other Liabilities:                            Maturity         2008         (P&I)         2008        2007
Debenture, secured by building, principal outstanding, at amortized cost
        College West Residence            Dec 31, 2024          7.25%         $155    $ 1,503     $ 1,547
        Daycare Centre                    Jan 6, 2014           5.19%          $54         314         351
                                                                                      $ 1,817     $ 1,898

Total held-for-trading and other liability debt instruments                           $ 65,203    $ 60,501
Less:
Current Portion of held-for-trading                                                   $ (1,865)   $ (1,764)
Current Portion of other liabilities                                                       (86)        (81)
                                                                                      $ (1,951)   $ (1,845)
Long-Term Portion                                                                     $ 63,252    $ 58,656


(b) An interest rate swap agreement has been entered into for Riddell Centre financing which fixes
    the effective interest rate at 4.88% over the period ending April 2012.

(c) An interest rate swap agreement has been entered into for FNUC Parking Lot financing which
    fixes the effective interest rate at 5.78% over the period ending April 2023.

(d) An interest rate swap agreement has been entered into for Luther College financing which fixes
    the effective interest rate at 5.17% over the period ending October 2014.

(e) An interest rate swap agreement has been entered into for New Residence financing which fixes
    the effective interest rate at 6.107% over the period ending October 2029.

(f) An interest rate swap agreement has been entered into for Multipurpose financing which fixes
    the effective interest rate at 5.26% over the period ending December 2024.

(g) An interest rate swap agreement has been entered into for the 2003-04 Capital Grant financing
    which fixes the effective interest rate at 5.24% over the period ending January 2019. An
    agreement has been entered into whereby the loan will be retired by targeted government grants.

(h) An interest rate swap agreement has been entered into for the 2004-05 Capital Grant financing
    which fixes the effective interest rate at 4.90% over the period ending December 2019. An
    agreement has been entered into whereby the loan will be retired by targeted government grants.

(i) An interest rate swap agreement has been entered into for the 2005-06 Capital Grant financing
    which fixes the effective interest rate at 5.13% over the period ending April 2021. An agreement
    has been entered into whereby the loan will be retired by targeted government grants.



                                                   Page 18
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


(j) The interest and principal repayments for the next five years are:

                                                               Interest            Principal
      2008/09                                                $ 3,371              $ 1,951
      2009/10                                                   3,258                2,064
      2010/11                                                   3,138                2,184
      2011/12                                                   3,011                2,310
      2012/13                                                   2,880                2,315

(k) The fair values of the debt instruments and swap derivatives as at April 30, 2007 are shown in
    the table below. The fair values of the debt instruments are determined using discounted cash
    flow analysis based on current incremental borrowing rates for similar borrowing arrangements.
    The fair values for the swap derivatives are determined by marked-to-market valuations provided
    by CIBC World Markets, Toronto. For 2008, new Financial Instrument policies were adopted,
    without retroactive restatement. Unrealized losses are now recorded and included in the debt
    balance numbers in the financial statements.
                                                                                              2007

      Held-for-Trading:
      Riddell Centre Bankers’ Acceptance Debt                                         $     562
      FNUC Parking Lot Bankers’ Acceptance Debt                                             444
      Luther College Bankers’ Acceptance Debt                                               667
      Residence Bankers’ Acceptance Debt                                                 38,403
      Multi-purpose Bankers’ Acceptance Debt                                             14,040
      2003-04 Capital Grant Bankers’ Acceptance Debt                                      1,170
      2004-05 Capital Grant Bankers’ Acceptance Debt                                      1,599
      2005-06 Capital Grant Bankers’ Acceptance Debt                                      1,718
      Riddell Centre Swap agreement                                                          (3)
      FNUC Parking Lot Swap agreement                                                       (31)
      Luther College Swap agreement                                                         (12)
      Residence Swap agreement                                                           (4,450)
      Capital Swap agreement 2003-04                                                        (22)
      Capital Swap agreement 2004-05                                                        (12)
      Capital Swap agreement 2005-06                                                        (37)
      Multi-purpose Swap agreement                                                         (435)
                                                                                         53,601
      Less Principal Outstanding                                                        (58,603)
      Unrecorded unrealized loss on held-for-trading                                  $ (5,002)

      Other Liabilities:
      College West Building Debenture                                                 $   1,467
      Daycare Centre Loan                                                                   317
                                                                                          1,784
      Less Principal Outstanding                                                          1,898
      Unrecorded unrealized loss on other liabilities                                 $    (114)



                                                   Page 19
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


7. Due To/From Other Funds

                                                          Interest         Annual
      Purpose and Funds Involved                           Rate       Repayment Terms              2008           2007

      Restricted - Trust holds the assets to pay the          n/a    As pensions are paid,       $ 648          $ 682
      pensions under the Supplementary Executive                      this amount will be
      Retirement Plan recorded in General – Vacation                       reduced
      and Pension Accrual


      Restricted – Capital Asset Fund loan to General –       n/a     $100,000 annually          $ 100          $ 200
      Operating Fund to help pay for equipment for
      the Centre for Kinesiology and Health Services.



8. Accounts Receivable

     Accounts receivable are composed of the following:
                                                                                                 2008             2007
      Trade accounts receivable                                                               $ 15,816        $ 15,669
      Loans receivable (current portion)                                                            78               74
      Pledges receivable                                                                         3,340            5,156
      Allowance for doubtful accounts                                                           (1,246)         (1,258)

      Net receivables                                                                         $ 17,988        $ 19,641

9. Expenses by Function
                                                                                                  2008           2007
      Credit Instruction & Non-sponsored research                                            $   69,851   $     52,216
      Non-Credit Instruction                                                                      5,644          4,339
      Library                                                                                     6,510          5,485
      External Relations                                                                          1,951          1,392
      Computing                                                                                   4,916          3,838
      Administration and General                                                                 15,496         13,634
      Physical Plant                                                                             18,368         14,554
      Student Services                                                                            8,389          6,109
      Ancillary                                                                                  11,723         11,633
      Special Projects                                                                            4,745          4,130
      Capital                                                                                    21,888         19,814
      Research                                                                                   12,724         12,807
      Trust & Endowment                                                                           4,444          4,401
      Total Expenses                                                                         $ 186,649    $ 154,352




                                                            Page 20
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


10. Financial Instruments

     a) Significant financial instruments, terms and conditions:

          The University’s significant financial instruments consist of cash, accounts receivable, long-
          term loans receivable, accounts payable, short-term and long-term investments, interest rate
          swap derivatives and long-term debt instruments. There are no significant terms and
          conditions related to financial instruments classified as current assets or current liabilities
          that may affect the amount, timing, or certainty of future cash flows. Significant terms and
          conditions for the long-term financial instruments are disclosed separately in these notes.

     b) Price risk - currency risk:

          The University has minimal exposure to currency risk.

     c) Price risk - market risk:

          Market risk is the risk that the value of a financial instrument will fluctuate. This fluctuation
          could result from changes in market conditions, such as interest rates. The University is
          exposed to market risk due to its investment in equity mutual funds. Investing with a
          reputable company who maintains a diversified portfolio minimizes this risk. The University
          is also exposed to market risk as a result of executing interest rate swap agreements. At any
          given time subsequent to execution, a derivative instrument will have a market value – the
          University will either have to make a payment, or will be entitled to receive a payment, in
          order to effectively pay the fixed interest rate under each swap agreement.

     d) Price risk - interest rate risk:

          Interest rate risk is the risk that future cash flows associated with a monetary financial
          instrument will fluctuate in amount due to changes in interest rates. The University is
          exposed to interest rate risk in its investment in money market and bond mutual funds and
          bank line of credit. The University mitigates its interest rate risk on its floating-rate debt
          obligations by entering into fixed interest rate swap agreements.

     e) Credit risk:

          Credit risk is the risk that a party owing money to the University will fail to discharge that
          responsibility. The University is exposed to credit risk from the potential non-payment of
          accounts and long-term loans receivable and non-return of money invested in mutual funds
          and other investments. It is also exposed to credit risk, or counter-party risk, through
          potential default under the interest rate swap derivative contracts.

          The carrying amount of financial assets on the Statement of Financial Position represents the
          University’s maximum credit risk exposure, unless the swap contracts are in favourable
          positions (positive fair values). The notional amounts of the swaps are not indicative of the



                                                 Page 21
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

          credit risk associated with derivative contracts. Current credit exposure is represented by the
          current replacement cost of all outstanding contracts in a favourable position.

          The maximum exposure to credit risk at the reporting date was:

                                                                                   2008              2007
            Cash and cash equivalents                                         $    1,881    $            -
            Held-to-maturity investments                                           5,071                35
            Held-for-trading investments                                          70,422            88,200
            Trade accounts receivable                                             15,816            15,669
            Pledges receivable                                                     3,340             5,156
            Loans receivable                                                         982             1,105
                                                                              $ 97,512      $ 110,165

          The University limits its credit exposure related to the swaps by dealing with a counter-party
          believed to have a good credit standing.

          The University minimizes credit risk related to investments by investing with reputable
          companies.

          The pledges receivable are from reputable corporations with a history of paying what they
          have pledged to the University.

          The maximum exposure to credit risk for trade accounts receivable at the reporting date by
          type of customer was:

                                                                                   2008              2007
            Related parties                                                   $    1,490        $    1,590
            Students and employees                                                 1,124               926
            Federal government –for research grants                                8,355             8,191
            Various companies                                                      3,953             4,234
            Canada Revenue Agency – GST rebates and Input Tax Credits                894               728

                                                                              $ 15,816          $ 15,669


          The actual credit risk from receivables from students and employees is minimal as the
          University has various methods of recourse for collection such as withholding transcripts,
          certificates or degrees and payroll deduction.

          The actual credit risk from research receivables from the federal government is minimal. As
          long as employees carry out the required research and reporting, the University continues to
          receive the grants as awarded by the federal government.




                                                Page 22
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

          The change in the allowance for doubtful accounts receivable in respect of trade receivables
          during the year was as follows:

                                                                                       2008        2007
            Allowance for doubtful accounts at May 1                                 $ 1,258     $ 1,183
            Accounts written off                                                       (169)       (212)
            Recoveries                                                                    40         104
            Provision for losses                                                         117         183
            Allowance for doubtful accounts at April 30                              $ 1,246      $ 1,258


     f)   Liquidity risk:

          Liquidity risk is the risk that the University is unable to meet its financial commitments as
          they become due or can do so only at excessive cost. The University manages its cash
          resources based on financial forecasts of anticipated cash flows and business cases.

          The interest and principal repayments on debt for the next five years is disclosed in Note
          6(j). Management believes that future cash flows from operations, short and long-term
          investments, and availability under existing credit facilities will be adequate to support these
          financial liabilities as they become due.

     g) Fair value:

          Fair values approximate amounts at which financial instruments could be exchanged
          between willing parties based on current markets for instruments with similar characteristics
          such as risk, principal and remaining maturities.

          The carrying amounts of cash, short-term investments, accounts receivable, accounts payable
          and accrued liabilities approximate their fair value due to their immediate or short-term
          nature.

          The fair value of investments in HTC Purenergy Class “B” shares, GPM Real Property (11)
          Limited Partnership units, and NORREP Performance 2005 Flow-Thru Ltd. Partnership
          Units is determined by reference to their quoted bid price at the reporting date.

          The fair value of investments in mutual funds is based on market value statements from
          PH&N.

          The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for
          reasonableness by discounting estimated future cash flows based on the terms and maturity
          of each contract and using the interest rate of the underlying banker’s acceptance debt.




                                                 Page 23
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     h) Investment income and unrealized gains (losses):

                                                                     General     Restricted   Endowment             Total
            Interest income from unimpaired held-to-
                 maturity investments                                $      -     $    333      $         1    $      334
            Interest income from loans and receivables                     64           60                -           124
            Interest/dividend income from financial
                 instruments held for trading                              48         2,066           1,736         3,850
            Interest income on bank deposits                               42                             -            42
            Change in fair value of financial instruments
                 held-for-trading                                            -        (543)          (2,718)       (3,261)
            Change in fair value of financial instruments
                 designated as held-for-trading                              -         323                 -          323

            Total                                                    $    154    $    2,239         $ (981)    $    1,412




     i)   Interest expense and unrealized loss:

                                                                     General     Restricted   Endowment             Total
            Interest expense from financial liabilities
                  measured at amortized cost                     $        110     $     17      $          -   $      127
            Interest expense from financial instruments held
                  for trading                                            2,244         955                 -        3,199
            Change in fair value of debt instruments held-
            for-trading                                                     -         1,544                -        1,544
            Other interest expense                                         15             -                -           15

            Total                                                $       2,369   $    2,516     $          -   $    4,885




                                                            Page 24
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


11. Employee Future Benefits

     The University is responsible for the administration of three pension plans.

     The Pension Plan for the Academic and Administrative Employees of the University of
     Regina (Academic Plan) is a defined benefit (DB) best earning average pension plan, combined
     with a defined contribution (DC) component. The DB component was closed to new members
     effective January 1, 2000.

     The University of Regina Supplementary Executive Retirement Plan (SERP) is a DB best
     earning average pension plan, combined with a DC component. The University’s intention is to
     top up the pension allowed through the Academic Plan. The University is responsible for
     making benefit payments under the terms of the SERP as they become due and is not required
     to fund the obligation in advance. Included in the accrued pension benefit asset below is a
     liability of $366 (2007 - $388) relating to the unfunded SERP. The University has set aside cash
     in the Restricted - Trust Fund equal to the actuary’s calculation of the accrued benefit liability
     added with the DC liability. This cash is still available to the University’s creditors, and therefore
     is not used to compute the accrued benefit asset or liability.

     The University of Regina Non-Academic Pension Plan (Non-Academic Plan) is a DB final
     average pension plan.

     Actuarial valuations are completed at least every 3 years as prescribed by statute. The University
     funds the plans based on the amounts recommended by the actuary with minimum amounts
     specified in accordance with the plans and in the collective bargaining agreements. The assets
     including any potential surplus in the plan are for the benefit of the members and their
     beneficiaries. There is no provision that allows for the withdrawal of surplus by the University.

     The cost of DB pensions is determined using the projected benefit method prorated on services,
     management’s best estimates of expected long-term rate of return on plan assets, salary
     escalation, and inflation, along with a discount rate determined by reference to market interest
     rates on high-quality debt instruments with cash flows that match the timing and amount of
     expected benefit payments. This cost is expensed as the employees provide services. Past service
     costs arising from plan amendments and changes in assumptions are amortized on a straight-line
     basis over the estimated average remaining service lifetime of the employee group (Academic
     Plan – 9.0 years, Non-Academic Plan – 14.4 years, SERP – 0 years). Experience gains and losses
     and gains or losses arising from plan curtailments and settlements are recognized in the year in
     which they occur. For purposes of calculating the expected return on plan assets, pension assets
     are valued at fair value extrapolated from December 31, 2007.

     The University accounts for the cost of all employee future benefits including DC pension plans,
     severance payouts, early retirement top-ups, dental premiums, disability insurance, and other
     compensated absences on an accrual basis computed using a market-related discount rate. The
     University accounts for retirement bonuses for members of the Administrative, Professional and
     Technical (APT) bargaining union on an accrual basis. The calculations for this APT retirement



                                                 Page 25
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     bonus allocate the transitional obligation over an estimated average remaining service lifetime of
     13.6 years.

     The cost of DC benefits is expensed as earned by employees.

     The status of all Employee Future Benefits is as follows:

                                                                           2008                         2007
                                                               Pension        Non-Pension    Pension       Non-Pension
      Change in plan assets:
        Fair value of plan assets at beginning of year     $ 286,810           $         -   $ 268,243       $         -
        Employer contributions                                 2,283                     -       2,245                 -
        Employee contributions                                 2,284                     -       2,245                 -
        Benefit payments                                     (17,588)                    -     (17,615)                -
        Expected return on plan assets                        18,220                     -      18,317                 -
        Experience gain (loss)                               (12,537)                    -      13,375                 -
      Fair value of plan assets at end of year             $ 279,472           $         -   $ 286,810       $         -

      Change in benefit obligations:
        Benefit obligation at beginning of year            $ (239,192)         $   (2,756)   $ (259,225)     $   (3,029)
        Current service cost                                   (5,991)               (416)       (6,706)           (339)
        Employee contributions                                 (2,281)                   -       (2,245)               -
        Interest on benefit obligations                       (12,257)               (137)      (14,900)           (156)
        Past service improvement cost                               -                    -             -           (113)
        Benefit payments                                       17,612                  733       17,622              880
        Experience gain (loss)                                 20,963                (102)       26,262                -
      Net benefit obligation at end of year                $ (221,146)         $   (2,678)   $ (239,192)     $   (2,757)



      Funded status:
        Plan assets in excess of benefit obligation        $     58,323        $   (2,637)   $     47,618    $   (2,757)
        Unamortized past service costs                            6,576                 99          7,165            108
        Unamortized transitional obligation                           -                690              -            770
        Valuation Allowance                                     (39,624)                 -       (21,146)              -
      Accrued pension benefit asset (liability)
         recognized in Statement of Financial Position     $     25,275        $   (1,848)   $    33,637     $   (1,879)

      Included in Accounts payable and other accrued
         liabilities                                                  -              (366)            -            (338)
      Long-term portion                                    $     25,275        $   (1,482)   $    33,637     $   (1,541)




                                                         Page 26
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

                                                                          2008                               2007
                                                           Pension           Non-Pension         Pension        Non-Pension
      Pension expense:
        Current service cost                               $     5,991          $     416        $      6,706      $     339
        Interest on benefit obligations                         12,257                137              14,900            156
        Expected return on plan assets                         (18,220)                 -            (18,317)              -
        Amortization of past service costs                         590                  -                 590              -
        Amortization of transitional liability                       -                 80                   -             80
        Immediate recognition of remaining
           (gains) losses                                      (8,426)                 61            (39,637)                 -
        Valuation Allowance                                    18,478                   -              21,146                 -
        Amortization of plan improvements                           -                   9                   -                 5
      Defined benefit pension expense recognized in
          Statement of Operations and Changes in
          Fund Balances                                    $ 10,670                        -     $ (14,612)                   -
      Defined contribution pension expense                   $ 2,534                       -     $   2,326                    -
      Other non-pension employee future benefit
           expense                                                   -         $      703                    -     $     580




                                                                          2008                            2007
      Assumptions as at April 30:                          Pension           Non-Pension         Pension     Non-Pension
        Discount rate                                         6.00%                 6.0%             5.20%        5.20%
                                                                 to                                   to
                                                              6.30%                                  5.30%
         Expected long-term rate of return on plan            6.50%                    -             6.50%            -
           assets                                                 to
                                                              6.75%
         Inflation                                            2.50%                 2.50%             2.50%               -
         Salary increase, Academic Plan and SERP              3.00%                     -             3.00%               -
         Salary increase (inflation and productivity)         3.00%                     -             3.00%               -
            Non-Academic Plan
        Salary increase, APT retirement bonus                  0.50%                3.00%             0.50%            3.00%
         Salary increase (seniority, merit and             Between                      -        Between                   -
                                                          (0.0558)%                             (0.0558)%
            promotion) Non-Academic Plan                      and                              and 2.8053%
                                                           2.8053%                              depending
                                                          depending                               on age
                                                            on age
         Expected disability rate increase                         -                 Nil                 -              Nil




                                                        Page 27
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

    Allocation of Pension Plan Assets at Market Value
                                                                                                 2008            2007
      Asset category
      Canadian equities                                                                         17 %             16 %
      U.S. equities                                                                             18 %             20 %
      Non-North American equities                                                               17 %             19 %
      Real Estate                                                                                7%               6%
      Bonds                                                                                     34 %             34 %
      Mortgages                                                                                  3%               2%
      Short-term investments                                                                     4%               3%
                                                                                                100%             100%



12. Employee Benefits
                                                                                                 2008             2007

      Pension Expense – Defined Benefit (Note 11)                                            $ 10,670        $ (14,612)
      Pension Expense – Defined Contribution (Note 11)                                           2,534             2,326
      Non-Pension Employee Future Benefits (Note 11)                                               703               580
      All other employee benefits                                                                6,319             6,067
                                                                                              $ 20,226         $ (5,639)


13. Internally Restricted Fund Balances

      Funds involved and policy:                                                                 2008            2007
      General – Vacation Pay and Pension Accrual: Pension Accrual can only be used to
                 benefit pension plan members, vacation accrual can only be used as
                 vacation                                                                $     22,497    $ 30,557
      General – Ancillary: Ancillary operations must be self-funding. Positive fund
                 balances are used by ancillaries while negative fund balances must be
                 recovered.                                                                (6,295)         (4,377)
      General Fund total                                                                 $ 16,202        $ 26,180

      Restricted – Research: Certain research is sponsored by various faculties and
                 departments within the University.                                      $      3,468    $       4,030
      Restricted – Trust: Amounts transferred from General – Ancillary Fund to be used
                 for future parking facilities.                                                 2,151            2,052
      Restricted Fund total                                                              $      5,619    $       6,082




                                                             Page 28
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


14. Interfund Transfers

     Each year, the University transfers amounts between its funds for various purposes. These
     include funding capital asset purchases, and reassigning fund balances to support certain
     activities.

                                                          General                Restricted              Endowment
                                                       2008         2007      2008            2007   2008       2007

      Asset purchases recorded in Restricted –
            Capital Asset Fund                      $ (2,891)   $ (3,583) $ 2,891       $ 3,583      $      -   $    -
      Support for central computing assets               730         730    (730)         (730)             -        -
      Support for asset purchases                     (1,408)       (764)   1,408           764             -        -
      Physical Plant Capital Projects                    236         124    (236)         (124)             -        -
      Capital Transfer to Operating                      596         259    (596)         (259)             -        -
      Trust support of fundraising campaign              123           -    (123)             -             -        -
      Trust support for Engineering, Business
           Administration & other                       460              -     (460)            -           -        -
      Trust support for CKHS Mortgage Payments          250           250      (250)        (250)           -        -
      Administrative support from research            4,088         3,788    (4,088)      (3,788)           -        -
      Support for special projects                    1,450           535    (1,450)        (535)           -        -
      Support for Research                           (1,036)         (230)     1,036          230           -        -
      Ancillary parking revenue to building trust      (450)         (667)       450          667           -        -
      New Residence debt payments from Ancillary       (805)         (758)       805          758           -        -
      Ministry of Advanced Education, Employment
            & Labour – Technology Enhanced
            Learning funds                            (145)        689       145          (689)            -     -
      Trust Funds transferred to Endowment               -           -   (1,914)          (440)       1,914    440
      Interest on various fund balances               (146)          -       146              -            -     -
      Other miscellaneous transfers                   (313)       (371)      269            460          44    (89)
                                                    $ 739       $    2 $ (2,697)        $ (353)      $ 1,958 $ 351




                                                       Page 29
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


15. Budget Versus Actual for 2008

     General – Operating Fund:
                                                                         Budget              Actual

      Revenues                                                           $ 125,002         $ 123,589
      Expenses                                                             (126,486)         (122,699)
      Net revenues (expenses)                                                (1,484)              890
      Interfund Transfers                                                     1,684             1,615
      Net increase in fund balance for year                              $      200        $    2,505

     The University’s General – Operating Fund revenue budget of $132,167 is net of internal
     operating recoveries of $3,493, indirect costs from research of $2,035, transfer from Technology
     Enhanced Learning Funds of $412, transfer of an administrative fee from Ancillaries of $265,
     and transfer of space rental from Ancillaries of $960 resulting in the disclosed revenue budget
     above of $125,002.

     The University’s General – Operating Fund expense budget of $132,167 is net of library
     acquisitions of $3,132, internal operating recoveries of $3,493, a $200 deficit reduction provision,
     and increased by salaries of Canada Research Chairs of $1,144 which are funded by interfund
     transfers from the research fund resulting in the disclosed expense budget above of $126,486.

     The Interfund transfer budget of $1,684 is comprised of transfers-in excluded from revenue
     budget and transfers-out excluded from expense budget as noted above.


      General – Ancillary Fund:                                          Budget              Actual

      Revenues                                                           $ 12,514          $ 12,593
      Expenses                                                             (13,355)          (11,722)
      Net revenues (expenses)                                                 (841)              871
      Interfund Transfers                                                     (960)           (2,787)
      Net decrease in fund balance for year                              $ (1,801)         $ (1,916)

     The Ancillary Fund revenue and expense budget is net of internal sales of $1,592. The Ancillary
     expense budget is also net of $960 space rental charges treated as interfund transfers to General
     Operating.




                                                Page 30
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

      General – Special Projects Fund:                  Budget           Actual

      Revenues                                          $  3,475     $  4,633
      Expenses                                            (3,475)      (4,745)
      Net revenues (expenses)                                  -         (112)
      Interfund Transfers                                      -        1,922
      Net decrease in fund balance for year             $      -     $ 1,810


      Restricted – Capital Asset Fund:                  Budget           Actual

      Revenues                                          $   1,751    $   3,403
      Expenses                                            (34,543)     (21,888)
      Net revenues (expenses)                             (32,792)     (18,485)
      Interfund Transfers                                   3,006        4,875
      Net decrease in fund balance for year             $ (29,786)   $ (13,610)


      Restricted – Research Fund:                       Budget           Actual

      Revenues                                          $ 22,500     $  19,729
      Expenses                                            (22,500)     (12,723)
      Net revenues (expenses)                                   -        7,006
      Interfund Transfers                                       -       (4,511)
      Net increase in fund balance for year             $       -    $   2,495


      Restricted – Trust Fund:                          Budget           Actual

      Revenues                                          $  8,151     $     4,179
      Expenses                                            (1,017)         (4,444)
      Net revenues (expenses)                              7,134            (265)
      Interfund Transfers                                      -          (3,061)
      Net increase in fund balance for year             $ 7,134      $    (3,326)


      Endowment Fund:                                   Budget           Actual

      Revenues                                          $  1,415     $      (594)
      Expenses                                            (1,415)             (1)
      Net revenues (expenses)                                  -            (595)
      Interfund Transfers                                      -           1,958
      Net increase in fund balance for year             $      -     $     1,363



                                              Page 31
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)



     Revenues are primarily dependent upon contributions, gifts, donations, bequests and investment
     returns.


16. Operating Leases

     During the year, the University leased out one building, the Daycare Building. The following
     table discloses information about this property.
                                                                            2008               2007

      Capital cost                                                         $    577            $    577
      Accumulated amortization                                                  201                 187
      Amortization expense                                                       14                  15
      Outstanding debt                                                          314                 351
      Principal & interest paid (net)                                            54                  54
      Income from Operating Leases                                               54                  54

     The University also leases 5,092 square feet of space in the Centre for Kinesiology, Health and
     Sport Building to Health Pro Management Limited (Health Pro) for a base rent of $110 per year
     and additional rent based on a cost per square foot which can be adjusted annually. The
     effective date of this lease is August 1, 2004. The lease revenue received from Health Pro during
     the year was $145 (2007 - $145).


17. Investments
                                                                               2008                2007
      Long-Term Investments

      Held-for-Trading:
      PH&N Canadian Money Market Fund Series O                         $    2,362          $    1,798
      PH&N Bond Fund Series O                                              10,632              10,663
      PH&N Canadian Equity Fund Series O                                    7,990               7,723
      PH&N Overseas Equity Pension Trust Series O                           3,712               3,905
      PH&N U.S. Equity Fund Series O                                        3,737               4,170
      PH&N Currency-Hedged Overseas Equity Fund
           Series O                                                            3,700               4,037
      PH&N Currency-Hedged U.S. Equity Series O                                3,675               4,394
      NORREP Performance 2005 Flow-Thru Ltd.
           Partnership Units                                                    -                 313
                                                                      $    35,808         $    37,003




                                               Page 32
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

                                                                            2008                2007
      Designated as Held-for-Trading:
      140,000 HTC Purenergy Inc. Class “B” shares
              (in escrow until Dec 2009)                               $     638           $     315
      GPM Real Property (11) Limited Partnership units                         2                   -
                                                                       $     640           $     315
      Held-to-Maturity:
      Canada Savings Bonds (3%, due Nov 1, 2007)                       $        -          $      25
      Canada Savings Bonds (3%, due Nov 1, 2008)                                -                 10
                                                                                -                 35
                                                                      $    36,448         $    37,353

      Short-Term Investments
      Held-for-Trading:
      Legg-Mason Canadian Money Market Fund                           $    32,669         $    46,610
      UBS Money Market Fund                                                 1,104               1,057
      NORREP Performance 2005 Flow-Thru Ltd.
             Partnership Units (expected to be sold in 2008)                 202                    -
      AGS Energy 2005-1 Flow-Thru Ltd. Partnership
             Units (sold May 2007)                                              -                434
      NORREP Performance 2004 Flow-Thru Ltd.
             Partnership Units (sold June 2007)                                 -                108
      CIBC – Res Canada Housing Trust
                 (3.07%, due Sept 07)                                           -               2,673
                                                                      $    33,975         $    50,882
      Held-to-Maturity:
      ScotiaBank Non-Redeemable GIC
                 (3.52%, matures May 12, 2008)                              5,061                   -
      Canada Savings Bonds (3%, due Nov 1, 2008)                               10                   -
                                                                            5,071                   -
                                                                      $    39,046         $    50,882

     The University also owns 15 Class A Common Shares of CVIC Software Services Canada, a
     non-publically traded company. This constitutes a 15% equity position in the company. The
     other 85 shares are held by CVIC Software Engineering Company Limited in Jinan, China.
     Management is treating these 15 shares as Available for Sale since fair value cannot be reliably
     measured. These shares are held for computer science educational and relationship purposes
     rather than for their income-earning potential. When the University obtained the shares, the
     company was in a start-up phase, and the shares had no value. The University obtained the
     shares for a minimal amount of one dollar per share. The shares are not included above as they
     would show a zero value.



                                                 Page 33
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)


18. Related Party Transactions

a) Government of Saskatchewan

     The University receives a significant portion of its revenue from the Government of
     Saskatchewan and has a number of its Board of Governors members appointed by the
     Government of Saskatchewan. To the extent that the Government exercises significant
     influence over the operations of the University, all Saskatchewan Crown agencies, such as
     corporations, boards and commissions, are considered related parties to the University.

     Included in Grants and contracts – Government of Saskatchewan are Operating and other grants
     and contracts received from the Ministry of Advanced Education, Employment and Labour as
     follows:
                                                                        2008              2007
      General – Operating:                                         $ 74,613         $ 68,721
      General – Special Projects:                                      1,249                13
      General Fund total                                           $ 75,862         $ 68,734

      Restricted – Capital:                                             $     795          $    29,768
      Restricted – Research:                                                  929                2,023
      Restricted Fund total                                             $   1,724          $    31,791


     The University currently leases land to the Saskatchewan Opportunities Corporation (SOCO).
     The lease is for 99 years at one dollar per year expiring on June 30, 2097. The land shall be used
     for and devoted to research and technology development activities.

     The University also leases approximately 38,615 square feet of space from SOCO for
     approximately $505 per year plus its share of occupancy costs.

     Routine operating transactions with Government of Saskatchewan related parties are recorded at
     the standard or agreed rates charged by those organizations and are settled on normal trade
     terms. The larger of these payments are as follows:

                                                                              2008               2007
      Saskatchewan Power Corporation                                        $ 3,348            $ 2,910
      Saskatchewan Energy                                                       108                120
      Saskatchewan Telecommunications                                           504                495
      Saskatchewan Government Services                                            -                  9
      University of Saskatchewan                                                385                455
      Saskatchewan Workers Compensation                                         159                200
      Saskatchewan Institute of Applied Science and Technology                   38                 38
      Saskatchewan Opportunities Corporation                                    421                894



                                               Page 34
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

                                                                                 2008            2007
      Conexus Arts Centre                                                    $     86        $       7
      Saskatchewan Finance                                                        622              173
      Saskatchewan Research Council                                               111               94
      Saskatchewan Transportation Company                                         131              104
      Saskatchewan Advanced Education, Employment & Labour                          5               52

     At year-end, the University had accounts payable to the above organizations totaling $306 (2007
     - $336). The University had accounts receivable from the above organizations totaling $6 (2007 -
     $116).

b) University of Regina Crown Foundation

     The University is also related to the University of Regina Crown Foundation through
     representation on the Foundation’s Board of Trustees. The Foundation is incorporated under
     The Crown Foundation Act pursuant to Order in Council 842/94 effective December 15, 1994. As
     an agent of the Crown in right of the province, donations to the Foundation qualify under the
     Income Tax Act for a tax credit in the case of individuals and for a deduction in the case of
     corporations.

     The purpose of the Foundation is to receive gifts of real and personal property, including money,
     and to provide grants and transfers of real and personal property to the University for the
     purpose of supporting and promoting its education or research activities. It is currently not
     being used for this activity due to changes in income tax laws. As at the end of the year, the
     Foundation had no net assets.

c) Canadian Universities Reciprocal Insurance Exchange

     The University of Regina is a member of the Canadian Universities Reciprocal Insurance
     Exchange (CURIE). CURIE pools the property damage and public liability insurance risks of its
     members. All members pay annual deposit premiums that are actuarially determined and are
     subject to further assessment in the event members’ premiums and reserves are insufficient to
     cover losses and expenses. As of December 31, 2007, CURIE had a surplus of $16,572 (2006 -
     $16,507).

d) MacKenzie Art Gallery Inc.

     The Gallery is custodian of a collection of artwork that is the property of the University. The
     University provides funding to the Gallery, which can be reduced if the government grant to the
     University is reduced. The Gallery’s Board contains two members appointed by the University.
     The University holds certain money in trust for the Gallery. Income earned on this money is,
     from time to time, paid to the Gallery to be used to purchase additional works of art to add to
     the Collection and for the cleaning and restoration of works comprised in the Collection. The
     University also provides other operating services to the Gallery such as audiovisual, printing, and
     payroll services. The Gallery reimburses the University for these services.



                                                Page 35
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     During the year, the University applied grant money of $419 (2007 - $419) against the Gallery’s
     receivable and paid $2 (2007 - $2) to the Gallery. The Gallery paid the University $816 (2007 -
     $887) for services rendered.

     At April 30, the University had an account receivable from the Gallery totaling $514 (2007 -
     $392).

     Amounts payable to the Gallery were minimal at each year-end.

     The Gallery has given the University money to invest on its behalf. At year-end, the balance of
     this investment, including accumulated interest totals $945 (2007 - $985). This amount is not
     included in the University’s financial statements. The University does not charge the Gallery for
     this service.

e) Wascana Centre Authority

     On April 1, 1962, the Wascana Centre Authority was constituted a body corporate under The
     Wascana Centre Act. The Government of Saskatchewan, the City of Regina and the University
     were named as participating parties. The University has a statutory obligation to the Authority
     for the cost of landscape construction and landscape maintenance performed on University
     owned land. Following is information regarding payments made to the Authority as prescribed
     by the Act.
                                                                                2008           2007

      Maintenance – Authority Land                                          $   260           $   256
      Maintenance – University Land                                             375               351
      Other miscellaneous payments                                              105                64
                                                                            $   740           $   671

     The University received grants of $261 (2007 - $256) from the Ministry of Advanced Education,
     Employment and Labour to help fund the above payments to the Wascana Centre Authority.

f)   Federated Colleges

     Three colleges located on the main campus – Campion College, Luther College and the First
     Nations University of Canada are federated with the University but are financially and
     administratively independent. Students interested in registering in a federated college must meet
     the general entrance requirements of the University of Regina. Courses offered by the University
     and the colleges are open to all students. The University’s Board of Governors sets the tuition
     rates that must be paid by all students. Degrees are granted by the University when students
     have completed all requirements. The University has agreements with the three colleges that
     determine how student fees are shared.

     The University also provides other operating services to the colleges such as telephone, audio
     visual, library book purchasing, printing, and payroll services. The colleges reimburse the
     University for these services.


                                               Page 36
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)

     The University had the following receipts, receivables and payables:

                                 Operating                Fee Share           Infrastructure             Loans
                                2008      2007           2008      2007        2008        2007        2008    2007
Receipts from:
Campion College             $ 615      $ 624     $          -   $    15   $ 474        $   452    $       -   $         -
Luther College               1,002       873                -         -     487            455          111           111
First Nations
     University                 111        442             86        49       -              -       71          55
                            $ 1,728    $ 1,939       $     86   $    64   $ 961        $   907    $ 182       $ 166

Receivable from:
Campion College             $      8   $    17   $         55   $    9    $     14     $     -    $       -   $         -
Luther College                   103       123             45        6         525         487          600           675
First Nations
     University                23         17              193     407         -            -        331           379
                            $ 134      $ 157     $        293   $ 422     $ 539        $ 487      $ 931       $ 1,054

     First Nations University of Canada has given the University money to invest on its behalf. At
     year-end, the balance of this investment, including accumulated interest, totals $762 (2007 -
     $850). This amount is not included in the University’s financial statements. The University does
     not charge First Nations University of Canada for this service.

     The University holds a number of trust funds on behalf of First Nations University of Canada
     and Luther. The University also has other small agreements with the colleges. As a result of
     these, the University made payments to the colleges during the year as follows:

                                                                                                      2008            2007

      Payments to Luther College                                                                  $     15        $     68
      Payments to First Nations University of Canada                                                   770             862
      Payments to Campion College                                                                      588               -


g) Petroleum Technology Research Centre

     The Petroleum Technology Research Centre (PTRC) is a federally incorporated not-for-profit
     petroleum research and development corporation. The PTRC is a collaborative initiative of The
     University of Regina, Saskatchewan Research Council (SRC), Natural Resources Canada
     (NRCan) and Saskatchewan Energy and Resources.

     During the year, the University received $1,334 (2007 - $1,310) from the PTRC to repay salary
     and benefits of the PTRC director and to fund research projects. The University also employs
     professors who carry out PTRC related research. These professors will remain employees of the
     University of Regina. It is not possible to quantify the University’s contribution to the PTRC in
     the research areas.


                                                           Page 37
University of Regina
Notes to the Financial Statements

For the Year Ended April 30, 2008
(in thousands of dollars)



19. Commitments

     At April 30, 2008, the University has outstanding contractual commitments totaling $3,557
     related to seven major projects. The original value of these contracts is $33,790. By April 30,
     2008, the University had already spent $30,233 related to these contracts.

     The University also had open purchase order commitments totaling $1,796.




                                               Page 38
Regina, Saskatchewan
Canada S4S 0A2

								
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