ANNUAL REPORT - Amazon Web Services · 2019-04-05 · Post-diploma certificate programs • Health...

ANNUAL REPORT 2017-2018

Acknowledgement of TerritoryBow Valley College is located in the traditional territories of the Niitsitapi (Blackfoot Confederacy) and the people of the Treaty 7 region in Southern Alberta, which includes the Siksika, the Piikani, the Kainai, the Tsuut’ina and the Iyarhe Nakoda. We are situated on land where the Bow River meets the Elbow River, and the traditional Blackfoot name of this place is “Mohkinstsis” which we now call the City of Calgary. The City of Calgary is also home to Métis Nation of Alberta, Region 3.

TABLE OF CONTENTS2 COLLEGE OVERVIEW2 Vision2 Mission2 Values9 Accountability Statement10 Economy10 Population Growth

10 OPERATIONAL OVERVIEW11 Overall College Enrolment11 College Revenue11 Tuition11 College Expenses12 College-Wide Renewal12 Access to a Transformational Education

12 SUMMARY OF ACHIEVEMENTS13 Fit For Future13 Technological Enhancement and Enablement13 Reflecting Our Diversity13 Strong Fiscal Management

14 RESULTS15 Accountability16 Accessibility20 Affordability21 Quality23 Coordination24 Mental Health Wellness and

Sexual Violence Prevention

27 Continuing Professional Competence and Workplace Training

27 Continuing Education27 International Student Enrolment28 2017-2018 Budget and Actual Full

Load Equivalent (FLE) by Program 29 Full Load Equivalent (FLE) Trend

Across Programs and Credentials

32 COMMUNITY OUTREACH AND UNDERREPRESENTED LEARNERS

33 Regional Stewardship35 Foundational Learners37 Indigenous Learners38 Learners with Disabilities39 Learners from Low-Income Backgrounds44 Management’s Responsibility for Reporting44 Public Interest Disclosure

(Whistleblower Protection) Act

46 FINANCIAL AND BUDGET INFORMATION

46 Management Discussion and Analysis46 Summary of Financial Results48 Revenues50 Expenses

Annual Report 2017-2018 | 1

COLLEGE OVERVIEWLEARNER FOCUS

Since 1965, Bow Valley College has prided itself on being a learner focused community college. Building on the solid foundations of our previous strategic plan, Vision 2020, we are developing a new strategic direction – Open Doors, Open Minds – to ensure that learners remain at the centre of what we do.

We see each individual learner and build in resources around them to support their persistence and achievement. It makes all the difference that we are an institution that believes in and opens our doors to them, regardless of where they are beginning. We actively partner with Indigenous communities within our region.

Our learning community is immensely diverse. That diversity is reflected across the breadth and depth of our programming scope, including foundational skills development, English language proficiency, applied and advanced career preparedness.

VISIONWe open doors and open mindsby creating opportunities for learners, employees, employers, and communities, and by shaping the future of college education.

MISSIONTo include all learners. To challenge our thinking.To remove barriers. To provide opportunity.To make all learning count.

• Respect • Inclusion • Creativity • Teamwork • ResilienceVALUES

2 | Bow Valley College

CAMPUS LOCATIONS

PROGRAMS

School of Foundational Learning• Aboriginal Upgrading• Academic Upgrading• Adult Literacy Research and Facilitation• Bridging Programs• Inmate Education Program• Literacy and Essential Skills

School of Global Access• English Language Learning, including

literacy, academic English, and Language Instruction for Newcomers (LINC)

• Language Learning Research and Facilitation

• Immigrant Bridging Programs• Career Development Services• Intercultural Competence Development

School of Health and Wellness

One-year certificate programs• Health Care Aide• Nutrition Manager• Recreation Therapy Aide

Two-year diploma programs• Pharmacy Technician• Practical Nurse

School of Creative Technologies

Two-year diploma programs• Digital Design• Interior Decorating• Software Development

Post-diploma certificate programs• Digital Marketing• Kitchen and Bath Design• Software Development

School of Continuing Learning• Continuing Learning• Essential Skills• Open Studies/Dual Credit Programming• IBM Skills Academy

School of Community Studies

One-year certificate programs• Addiction Studies• Disability Studies• Early Learning and Child Care• Education Assistant• Fetal Alcohol Spectrum Disorder Education

Two-year diploma programs• Addiction Studies: Aboriginal Focus• Disability Studies• Early Learning and Child Care• Justice Studies Diploma

- Correctional Studies - Law Enforcement - Youth - Aboriginal Focus - General

• Social Work

Post-diploma certificate programs• Health and Human Services Management

Chiu School of Business

One-year certificate programs• Administrative Professional• Dental Business Assistant• Events Management• Hospital Unit Clerk• Human Resources• Medical Office Assistant• Veterinary Office Assistant

Two-year diploma programs• Business Administration

- Accounting - Digital Marketing - Event Management - Financial Services - General Business - Human Resources - Insurance and Risk Management - Marketing - Supply Chain Management

• Legal Assistant


MANDATEBow Valley College is a public, board-governed college operating as a comprehensive community institution under the Post-secondary Learning Act of Alberta.

Operating in Calgary and throughout the surrounding region, our multi-campus college provides broad programming, including certificates, diplomas, foundational learning, and upgrading programs. Our programs and services are learner-centred, outcome-focused, and designed to provide graduates with opportunities to improve their lives, prepare for further education, and advance their careers.

Bow Valley College responds to regional, community, industry, and learner demand. Our career certificate and diploma programs are primarily focused on business; administration; health; human services; legal and security; early learning and education; and information, communications, and design technologies.

Our extensive foundational learning programs include adult literacy, essential skills, academic upgrading, and English as a second language, offered either independently or integrated with skills training and career development support.

As a comprehensive community college with regional stewardship responsibilities, we work with community-based adult learning partners to meet literacy and foundational learning needs and ensure access to a full spectrum of learning opportunities in the city and surrounding region. As a Campus Alberta partner, we collaborate with other educational organizations, post-secondary institutions, governments, business, and community agencies to contribute our organizational expertise to the economic and social well-being of our province.

Bow Valley College is committed to expanding access for adults of varied social, cultural, economic, geographic, and academic backgrounds. As an access college, we have a special focus on creating educational opportunities for immigrants, Indigenous peoples, international learners, persons with disabilities, older workers, at-risk youth, and the unemployed and underemployed. Our curriculum and support services reflect the diversity of our learners. We emphasize small classes, high-quality instruction, applied learning, focused work experience, and extensive learner support services.

Bow Valley College offers credit and non-credit instruction year-round, on a full-time, part-time, and distributed learning basis, both independently and through partnerships and collaboration. To meet emerging workforce needs, our programs, curricula, and educational services are also customized to meet the specific requirements of industries, educators, communities, and workplaces locally, provincially, nationally, and internationally.

Bow Valley College pursues applied research activities to enhance teaching and learning and foster innovation in support of industry sectors where our academic expertise enables such a contribution. The College is known for and engaged nationally in the research, development, and commercialization of assessment and training tools used to measure and enhance the essential skills of adults in educational and workplace settings.

Bow Valley College is dedicated to providing people in our city and region with access to high-quality, efficient and effective lifelong learning opportunities and to the responsible educational, fiscal, and environmental stewardship of resources.

Approved by the Minister of Advanced Education April 28, 2014


At the heart of Bow Valley College’s mandate is our work to engage and support the transition of learners into active citizens and full participants in the economy. As a comprehensive community college, Bow Valley College enhances the development of learners, providing them with the skills and opportunities necessary to build strong communities and promote a diversified provincial economy.

Our achievements over the 2017-2018 year reflect this deep commitment to learner and community success. With Alberta’s economy evolving, we introduced our Pivot-Ed initiative to develop short-term learning opportunities to help people quickly get the skills they need in a changing economy. This includes being the first Canadian hub for IBM’s Skills Academy, equipping Albertans with in-demand skills for dynamic information technology fields.

We announced the launch of our Digital Design Diploma and the Data Management and Analytics Post-Baccalaureate Certificate, recognizing the growing contributions of Alberta’s emerging and developing technology and creative sectors. We worked hard to contribute to Alberta’s economic diversification in our regional communities. We launched targeted training programs in entrepreneurship, and opened new centres like the Bow Valley College Strathmore Campus, which includes incubator spaces for entrepreneurs.

We enhanced our learner services in ways that reflect our communities’ values and address social issues. For instance, we significantly increased training and capacity to promote mental health and well-being as well as respond to crisis. We partnered with community agencies to promote and adopt principles of the #IBelieveYou campaign against sexual violence.

Reflecting the diversity of our communities, we made significant progress on our Indigenous Strategy, as we develop action plans for five focus areas. We work hard to foster a campus environment of inclusion and respect, and this college-wide undertaking reflects our commitment to this.

A significant portion of our learners come from diverse backgrounds and draw from varied global experiences, which is why we were proud to be awarded the Internationalization Excellence Award – Gold by Colleges and Institutes Canada. Recognition by our peers for our outstanding internationalization is a credit to our cross-college effort as well as our collaborations with partners here in Canada and abroad.

Thank you to Bow Valley College employees for their expertise, hard work and dedication to each other and our learners. As this annual report illustrates, we have accomplished a lot. And more lies ahead, as we work toward implementing Open Doors, Open Minds, fulfill our mandate as a comprehensive community college, and conclude Vision 2020.

In charting our new course, we will work together to open doors and open minds, making all learning count by challenging our thinking, removing barriers and providing opportunity. This is what makes Bow Valley College an exemplary community college, both now and in the future.

Sincerely,

[ORIGINAL SIGNED BY:]

Laura Jo GunterPresident and CEO

PRESIDENT’S MESSAGELaura Jo Gunter President and CEO


CHAIR’S MESSAGEDave Collyer Chair, Board of Governors

Building on the success of Vision 2020, Open Doors, Open Minds provides a roadmap for Bow Valley College to continue delivering exceptional learning and employment opportunities to learners in a highly flexible learning environment, assure our technology platforms and fiscal sustainability, and play a vital role in the economic development and social vitality of our communities.

Over the reporting period, the Board of Governors provided strategic direction and governance oversight during a period of fiscal pressures in a rapidly evolving external context. Areas of focus include stewarding Bow Valley College’s growth as well as maximizing capacity within our existing urban footprint, providing guidance and monitoring progress on opportunistic and strategic initiatives, promoting operational efficiency and robust financial performance, and providing strategic guidance on the development of Open Doors, Open Minds while ensuring broad consultations with Bow Valley College’s diverse stakeholders.

Bow Valley College has a reputation for bold goals and delivering results. This annual report continues in that tradition, as evidenced by a strong learner focus, an expansion of our programming opportunities, an emphasis on flexible learning and service provision, and support for employees. Further, we are ensuring that Bow Valley College’s systems and platforms can support our strategic evolution. This includes selecting and preparing for a new Student Information System, assessing our physical and virtual needs over the long-term, and strengthening our overall technology platform.

On behalf of the Board, I would like to formally acknowledge and recognize the effort of executive management, faculty and staff on their outstanding achievements. I also extend my thanks to my colleagues on the Board of Governors for displaying a deep commitment and applying their breadth of experience and expertise to the governance of Bow Valley College.

I believe in Bow Valley College’s ability to deliver sustained value to our principal stakeholders: learners, employers, communities, governments, and our learning partners. With an eye to the future, I look forward to working with my Board colleagues and Bow Valley College leadership as we shift focus to implementing a bold new strategic vision, Open Doors, Open Minds.

Sincerely,


Dave Collyer Chair, Board of Governors


BOARD OF GOVERNORS

ACCOUNTABILITY STATEMENT

The Bow Valley College Annual Report for the year ended June 30, 2018 was prepared under the Board’s direction in accordance with the Fiscal Planning and Transparency Act and ministerial guidelines established pursuant to the Post-Secondary Learning Act. All material economic, environmental or fiscal implications of which we are aware have been considered in the preparation of this report.


Dave Collyer Chair, Board of Governors

Mr. Dave CollyerChair May. 7, 2014 – Aug. 6, 2017 Sept. 14, 2017 – Sept. 13, 2020

Ms. Cathy OrrVice Chair Apr. 2, 2017 – Apr. 3, 2020

Ms. Laura Jo GunterPresident and CEO From January 2017

Mr. Jessie Singh ChahalPublic May. 15, 2018 – May. 14, 2021

Mr. Lovepreet Singh KahlonStudent May. 1, 2018 – April. 30, 2019

Mr. Vance LangfordPublic Jan. 30, 2015 – Apr. 28, 2018

Ms. Suzanne HathawayPublic Dec. 4, 2016 – Dec. 5, 2019

Ms. Lovon DawsonStudent Feb. 26, 2018 – Apr. 30, 2018

Ms. Andrea RobertsonPublic Jan. 30, 2015 – Apr. 28, 2018

Ms. Jamilah EdwardsPublic Dec. 4, 2016 – Dec. 5, 2019

Ms. Anny QuonPublic May. 15, 2018 – May. 14, 2021

Ms. Hana Taleb ImaiAcademic Staff June. 29, 2017 – June. 30, 2019

Ms. Ifeoma NgwudikeNon-Academic Staff Sept. 11, 2017 – Sept. 10, 2019

Ms. Parand MeysamiPublic Apr. 3, 2017 – Apr. 2, 2020

Dr. Chirag ShahPublic Dec. 4, 2016 – Dec. 5, 2019

Mr. Arshit DhingraStudent May. 1, 2017 – Jan. 16, 2018


OPERATIONAL OVERVIEW Key Changes in Operating Environment

ECONOMYAssumptions: A moderate and prolonged economic recovery, with modest provincial GDP growth. GDP was projected to rise in 2017 by 2.6 per cent after a two-year recession.

Actual: The Alberta economy is experiencing a moderate recovery, with GDP growing in 2017 by 3.0 per cent and forecast to rise in 2018 by 2.8 per cent.

Outcome: The economy experienced a moderate recovery as expected. Bow Valley College experienced increased enrolment and additional demand for programming, as Albertans could be seeking more education and training to further their employment prospects.

POPULATION GROWTHAssumptions: While population growth in Alberta remains above the national average, it has moderated since the economic slowdown began in 2015. Population growth is forecast to be modest.

Actual: In 2018, a net inflow of people coming to Alberta from other provinces is forecast to register approximately 2,000 people, well below pre-recession levels, but is a sign that things are moving in the right direction. International immigration is also expected to continue to add to Alberta’s population with the federal government’s announcement last autumn to increase international migration.

Outcome: Increased migration to the Calgary area, especially from international sources, is likely to result in increased demand for learning and training opportunities.

Variances Between Planning Estimates and Actuals

COLLEGE REVENUEEstimates: The 2017-2018 operating budget for Bow Valley College was expected to be a break-even budget with revenues equal to expenses for a nil surplus.

Actual: Bow Valley College continued to experience strong year-over-year revenue growth primarily driven by increased enrolment. International tuition and fees are a significant source of revenue for Bow Valley College.

Explanation of Variance: Bow Valley College generated an annual operating surplus of $11,515. Expenses remained on budget for the year. This variance is primarily revenue-side driven.

TUITIONEstimates: Domestic tuition fees were expected to remain frozen. Total tuition revenue, however, was expected to increase due to continued growth in learner enrolment.

Actual: As expected, tuition and fee revenue increased. Tuition and fees revenue were up 20.5 per cent over the prior year.

Explanation of Variance:

Bow Valley College continued to experience strong year-over-year revenue growth primarily driven by increased tuition and fees, a direct result of growing demand for college programming.


OVERALL COLLEGE ENROLMENTEstimates: Overall Bow Valley College enrolment was estimated to increase by 4.5 per cent for 2017-2018 from the previous year.

Actual: Enrolment was 10.6 per cent higher than originally estimated, with 2017-2018 actual enrolment approximately 17.1 per cent higher than 2016-2017 enrolment. The Chiu School of Business was a primary driver of this increase, with an approximately 17 per cent increase compared to its forecasted enrolment.

Explanation of Variance: The Chiu School of Business experienced increased learner demand. The Business Administration Diploma, Business Administration Certificate, Hospital Unit Clerk, Dental Business Assistant Certificate, Human Resources Certificate, Medical Office Assistant Certificate, Legal Assistant Diploma, Administrative Professional Certificate, and Veterinary Office Assistant Certificate all experienced higher full load equivalents compared to last year, often with increases in international enrolment.

COLLEGE EXPENSESEstimates: It was anticipated that the physical limitations of a main campus based in a dense urban core could constrain growth. Bow Valley College commenced a process, Fit for Future – Home, to assess the current physical capacity of our downtown campus buildings to better understand our ability to respond to and accommodate growth pressures.

Actual: Annual Bow Valley College capital expenditures increased in 2017-2018 as a result of Fit for Future – Home activities. Bow Valley College continues to ensure strong fiscal management and operational efficiency.

Explanation of Variance: Our Fit for Future – Home initiative is designed to optimize current space to support immediate growth needs in a fiscally responsible manner.

OVERALL COLLEGE FINANCESEstimates: The 2017-2018 operating budget for Bow Valley College was projected to be a break-even budget with revenues equal to expenses. The budget assumed no increase in Campus Alberta Grant funding and conservatively projected tuition revenue to increase just five per cent above the prior year third quarter forecasted expectation. Bow Valley College’s 2017-2018 budget also assumed higher maintenance and repairs expenditures driven by life cycle maintenance initiatives.

Actual: Bow Valley College ended the year with an annual surplus of $11.6 million. Of this amount, $0.1 million are endowment donations. The annual operating surplus of $11.5 million was higher than the previous year by $1.1 million due to higher than expected international enrolment, additional funding for new and existing initiatives, and prudent expense management. Government of Alberta Grants was higher than the prior year predominantly due to the accelerated realization of Amortization of Deferred Capital Contributions associated with retrofitting Bow Valley College’s campus facility.

Explanation of Variance: Bow Valley College is dedicated to being a responsible steward of public resources, as demonstrated by our financial performance. We are continually focused on fiscal constraint and managing cost pressures. At the same time, we continue to expand our full load equivalent enrolment in response to demand for our programs and to develop and launch new programs, principally funded from existing institutional resources. We deliver our programs and services in a manner that reflects very strong fiscal discipline. The surplus will be used to sustain our capital infrastructure, enhance and build upon our operations, and exploit new strategic opportunities.


SUMMARY OF ACHIEVEMENTSThe 2017-2018 Annual Report represents a period of renewal at Bow Valley College, as we transition from Vision 2020 to our new strategy centred around opening doors and opening minds. Our vision builds on the strength and themes of Vision 2020, as we continue to advance a learner focus; flexible learning, environment and systems; and support for our employees.

COLLEGE-WIDE RENEWAL

Bow Valley College is in a period of strategic renewal. Developing a new strategy is a significant undertaking, as well as an opportunity to invigorate Bow Valley College's strategic efforts to fulfill its mandate as a comprehensive community college. This work was guided by the Board of Governors. Numerous consultation sessions were held in the development of this strategy, including receiving significant engagement with internal communities and external stakeholders. We consulted with nearly 1,000 stakeholders.

Milestones in the development of a new strategy included a new strategic plan name, vision statement, mission statement and organizational values, which have all received formal approval by the Board of Governors. We have also formalized a strategy map that highlights our work ahead as we create a path to arrive at our strategic destination.

ACCESS TO A TRANSFORMATIONAL EDUCATION

Bow Valley College is proud to work with our learners and employees, government, industry, community and Campus Alberta partners in fulfilling our mandate as a comprehensive community college for Calgary and area. Working in partnership enables Bow Valley College to fulfill its core access mandate: enhance the development of its learners, providing them with the skills and opportunities necessary via new and existing programming to build strong communities and a diversified provincial economy. Examples of key initiatives include:

• Flexible Learner-Oriented Supports and Services: we continually evolve and adapt our services to meet the needs of our diverse learners. For instance, we are working in partnership with ATB Financial to promote and enhance the financial literacy and empowerment of our learners and the community.

• Academic Programming Responsive to Learner, Industry and Community Needs: we foster and support program offerings and program renewal that balance learner interest with labour market demand. We helped initiate the Alberta-wide Deans of Foundational Learning Committee to help coordinate and improve foundational programming across the province.

• Helping Grow and Diversify Alberta’s Economy: we launched our Pivot-Ed initiative in recognition of our current economic environment and the growing need for flexible and targeted learning models. This includes being the first post-secondary institution in Canada to become an IBM Skills Academy partner. We also launched a diploma program in Digital Design and a Post-Baccalaureate Certificate in Data Management and Analytics.

• Helping Build Strong Communities: we contribute to the well-being of Alberta’s communities, striving to strengthen connections and build healthy bonds amongst citizens and address emerging issues. As an illustration, we are collaborating with the Calgary Regional Post-Secondary Mental Health Collaborative Network as we develop our Mental Health Strategy.

• Enhancing our Regional Presence: we made substantive efforts to increase access to adult education and training across our service region, including opening our Bow Valley College Strathmore Campus, and offering Unmanned Aerial Vehicle courses in Okotoks that meet Transport Canada requirements.

• Enhancing Community Investment in Bow Valley College: we strengthen relationships that generate sustainable funding and revenues to advance our strategic objectives as a comprehensive community college. This year, we raised over $2.3 million which supported learner accessibility to education and high quality programming.


FIT FOR FUTURE

We are undergoing significant and sustained enrolment growth. This necessitated increases to our employee complement in strategic areas to address growth pressures.

Fit for Future, launched in October 2017, encompasses changes in physical space, technology, and process. This includes:

• Fit for Future – Home, focusing on the optimization of our physical footprint in a fiscally responsible manner.

• Fit for Future – Path, enabling us to deliver ongoing process improvement projects to continue to improve the way we do our work and support our learners.

• Fit for Future – Tech, optimizing our technology to best support our learners and employees. This includes selecting and implementing a new Student Information System.

TECHNOLOGICAL ENHANCEMENT AND ENABLEMENT

Ensuring that employees and learners benefit from the technology platforms necessary to work and learn has been a fundamental focus for Bow Valley College in the past year. In addition to the work regarding the Student Information System, some of our key initiatives included: developing and launching a new Bow Valley College website, implementing a new learner information data mart to better manage required learner information reporting to the government, and launching a new IT Service Desk, where everyone – learners and employees – can go in-person to get help.

REFLECTING OUR DIVERSITY

Bow Valley College works to foster an environment of inclusion and respect, creating a campus environment that fosters belonging and well-being. We continue to build on Bow Valley College’s established strength in diversity by advancing and supporting an inclusive community.

This includes our work with our Indigenous communities in developing and implementing a college-wide Indigenous Strategy. This will help ensure that indigenization and acts of reconciliation are part of what we do within our mandate. For instance, our Supporting Our Actions Towards Reconciliation (SOAR) Indigenous Student Club was created, and we also hosted Red Crow Community College from Kainai First Nation at our inaugural Indigenous Showcase.

It also includes Bow Valley College being a respectful and inclusive place to work, as we continue to work hard in creating a dynamic work environment where employees thrive and succeed. Our ongoing efforts to support our staff through training and education help us to thrive in our respectful workplace culture. We are therefore honoured to be named one of Alberta’s Top 70 Employers in 2018 for the fifth consecutive year, recognizing Bow Valley College as an extraordinary place to work.

STRONG FISCAL MANAGEMENT

We are responsible stewards of our resources, promoting fiscal prudence and sustainability within a developing culture of continuous improvement and operational excellence. Our ability to grow and expand our reach is enabled by our strong fiscal management, helping us enhance learner access and achieve our mandate as a comprehensive community college. Bow Valley College makes targeted investments aligned to the following principles: exploit new strategic opportunities; enhance and build upon existing operations; and ensure the capital infrastructure.


ACHIEVEMENTS 2017-2018

Bow Valley College is committed to, and successful in, achieving its goals and objectives. These accomplishments are reported in the following tables, reflecting the Ministry of Advanced Education’s five principles – Accountability, Accessibility, Affordability, Quality and Coordination – and important work undertaken concerning mental health wellness and sexual violence prevention


GOAL 1 Progress made in the last 12 months Status

Goal: Deliver our current Vision 2020 learning vision.

Transfer of remaining Vision 2020 strategies to 2018-2021 Comprehensive Institutional Plan.

Completed

Priority Initiative: Clarify Vision 2020 end state and prioritize strategies to advance it.

2018-2021 Comprehensive Institutional Plan outlines remaining strategies, required resources and expected outcomes.

Completed

Expected Outcome: Arrived at Vision 2020 End State. Performance Measure: Final identified strategies of Vision 2020 implemented and report of progress is approved by Board of Governors via approval of 2017-2018 Annual Report.


Goal: Develop new long-range strategy to guide next phase of development.

New Strategic plan name, mission, vision and values approved. Engaged in extensive consultations. Work progressing on strategy map and operational plans. Expected completion in late 2018.

Completed

Priority Initiative 1: Mandate a team to assemble the planning process objectives, engagement mechanisms, and principles.

Plan reviewed and approved by the Bow Valley College executive in 2017-2018. Work carried out in 2018.

Completed

Priority Initiative 2: Set in place a long-term strategic plan with established principles and priorities to guide Bow Valley College’s next phase of development.

New Strategic plan name, mission, vision and values approved after extensive consultations. Work progressing on strategy map and operational plans. Expected completion in late 2018, with broad engagement to follow.

Completed

Expected Outcome: New long-term strategic vision established. Performance Measure: New Strategic plan name, mission, vision and values as a result of extensive consultations. Work progressing on strategy map and operational plans.

ACCOUNTABILITY



Goal: Fulfill College’s access agenda.

Learner enrolment continues to increase, with 7,804 Full Load Equivalents (FLEs) for 2017-2018, an increase from 6, 665 in 2016-2017. Increased the number of online English Language Learning courses and doubled the number of online enrolments for language training. Within the Inmate Education Grant, we also improved the transition of learners from specific correctional institutions to Bow Valley College.

Completed

Priority Initiative: Maintain foundational learning programming.

The School of Global Access provided language training and access to employment or post-secondary programming to over 3,900 credit and non-credit learners. Just over 2,100 credit and non-credit learners took upgrading with the School of Foundational Learning.

Completed

Expected Outcome 1: Engagement of College’s full operational mandate. Performance Measure: Verified by the Government of Alberta’s yearly requirements.

Expected Outcome 2: Working to maintain enrolment in English language learning and academic upgrading. Performance Measure: The School of Global Access had 1,682 FLEs in 2017-2018, compared to 1,560 in 2016-2017. The School of Foundational Learning had 1,090 FLEs in 2017-2018, compared to 1,161 in 2016-2017.


Goal: Enhance learning flexibility by supporting learner flexibility and choice in program delivery.

Continued development of flexible online and blended course offerings, including a pilot to determine the feasibility of hybrid flexible learning.

Completed

Priority Initiative 1: Maximize flexibility and access to distributed, blended, and face-to-face learning.

Development of a new Academic and Research Plan is underway. We continued to enhance multi-modal delivery options and flexible course scheduling.

In Progress

Priority Initiative 2: Expand and evaluate flexible modes of delivery.

We are piloting expanded hybrid flexible learning offerings to determine its feasibility in course delivery.

Completed

Expected Outcome 1: Flexible online and blended course offerings. Enhanced program delivery options and optimized learner flexibility and choice.

ACCESSIBILITY



Goal: Enhance pathways and transferability.

Developed programming to enhance pathways and transferability for learners from diverse backgrounds, including Indigenous individuals, newcomers, those currently in correctional centres, older learners and others.

Completed

Priority Initiative 1: Develop and pilot internal pathways from foundational programming to career programming.

We increased programming for youth in transition, allowing immigrant youth to successfully bridge to post-secondary studies.

Completed

Priority Initiative 2: Provide learners with pathways.

Implemented numerous initiatives to enhance learner pathways, including online registration options, opportunities for dual credit courses (e.g. high school students achieving college credits), and opportunities for older learners to access programming. We also developed a new School of Continuing Learning to oversee an innovative continuing education model.

Completed

Expected Outcome 1: New learning opportunities and pathways into the labour force or further learning.


Goal: Continue to advance our regional stewardship strategy.

Continued to enhance opportunities for regional learners to access learning and pathways to the labour force, including a new campus in Cochrane as well as officially opening the Bow Valley College Strathmore Campus.

Completed

Priority Initiative 1: Open Strathmore Learning and Innovation Centre.

Opened Bow Valley College’s Strathmore Campus. Completed

Priority Initiative 2: Achieve additional capacity in our service region, with emphasis on Airdrie and Cochrane.

Opened a new campus in Cochrane; renovations commenced in June 2018 with a grand opening scheduled for fall 2018. Enhanced offerings in Airdrie by beginning to offer the Health Care Aide Certificate.

Completed

Priority Initiative 3: Expand career programming opportunities across entire network of regional campuses and from a wider range of career schools.

Multiple areas of Bow Valley College have worked to increase support to learners and faculty, delivered both credit and non-credit programs, and undertook new initiatives throughout our regional campus network.

Completed

Expected Outcome 1: Enhanced regional presence. Performance Measure: Opened Bow Valley College Strathmore Campus.



Goal: Determine and implement Diversity Achievement Plan, emphasizing five pillars: ethno-cultural, Indigenous, age, ability, and gender.

Our Diversity Advantage Action Plan helps ensure that effective access to post-secondary education is available to all Albertans; and that employees and learners are actively engaged with, and prepared for, an increasingly diverse community.

Completed

Priority Initiative 1: Secure international development projects.

Led and participated in numerous international development projects in Kenya, Tanzania, Jamaica, and other locations.

Completed

Priority Initiative 2: Identify and verify goals and tactics of a Diversity Achievement Plan and collect broad input.

Our Diversity Advantage Action Plan is developed, and informed by broad consultation.

Completed

Expected Outcome 1: We are an acknowledged leader in diversity and inclusion. Performance Measure: Colleges and Institutes Canada awarded Bow Valley College the Internationalization Excellence Award – Gold.


Goal: Advance International Strategy.

Reflecting Bow Valley College’s dedication to internationalization, Bow Valley College was awarded the Internationalization Excellence Award – Gold by Colleges and Institutes Canada.

Completed

Priority Initiative 1: Review international student enrolment.

Updated the Admissions Policy and Procedure to provide clearer guidance for readmission and better support to manage international admission.

Completed

Priority Initiative 2: Increase student mobility and international student learning opportunities.

Bow Valley College was awarded a three-year International Youth Internship Project grant, funded by Global Affairs Canada. This project focuses on promoting unique opportunities for college graduates to participate in a paid oversees internship in their field of study.

Completed

Expected Outcome 1: Leveraging the diversity of the campus environment, guided by initiatives such as our Diversity Advantage Action Plan, development of our new Academic and Research Plan, and our evolving learner success services. Performance Measure: Learner enrolment continues to increase, with 7,804 FLEs for 2017-2018, an increase from 6,665 in 2016-2017.

Expected Outcome 2: Self-sustaining international development projects. Performance Measure: Bow Valley College initiated, or continued, international development projects, community relationships or linkages in Kenya, Tanzania, Jamaica, Grenada, Barbados, Tunisia, Sénégal, Philippines, and Brazil.

ACCESSIBILITY



Goal: Determine and implement an Indigenization Strategy that focuses on enriching relationships, conducting ongoing needs assessment, developing collaborative and solutions-based actions that collectively serve to Indigenize Bow Valley College and learner experiences.

Development and implementation of Indigenization Strategy is underway, with action plans being developed for five focus areas. Expected completion in 2019.

In Progress

Priority Initiative 1: Indigenize curriculum with initial focus on Health and Wellness and Community Studies.

Overall Bow Valley College decolonization and indigenization of curriculum framework has been drafted for approval. The School of Community Studies and the School of Health and Wellness are undertaking initiatives to indigenize curriculum areas.

Completed

Priority Initiative 2: Promote broad awareness of Indigenous culture and history.

Numerous opportunities to learn about Indigenous culture and history have occurred – and will continue to occur – while Bow Valley College-wide Indigenous Strategy is developed and implemented.

Expected Outcome 1: A college-wide Indigenous Strategy. Performance Measure: We continue to strive for growth in Indigenous learner enrolment, with an Indigenous credit learner count of 595 in 2017-2018, compared to 495 in 2016-2017.


Goal: Manage enrolment to promote sustainability.

Admissions Policy and Procedure was updated. Changes were introduced to provide clearer guidance for readmission and to better support and manage Indigenous and international admission.

Completed



Goal: Design the next philanthropic campaign.

Developing a comprehensive community awards program as a vehicle to steward relationships with friends and supporters. Expected completion in 2019.

In Progress

Priority Initiative 1: Develop framework for a new philanthropic investment campaign.

Developing a comprehensive community awards program as a vehicle to steward relationships with friends and supporters. Expected completion in 2019.

In Progress

Expected Outcome 1: Identifying a framework and case for a new philanthropic campaign by further developing a comprehensive Community Awards program as a vehicle to steward relationships with friends and supporters.


Goal: Enhance community investment in Bow Valley College, realizing gains in the annual pace of philanthropic investment.

We raised over $2.3 million this year to support learner accessibility to education and high-quality programming.

Completed

Priority Initiative 1: Deliver $20 million community philanthropic campaign, Quest for Best.

Raised over $20.5 million in total, surpassing campaign target. Completed

Priority Initiative 2: Enhance student affordability and access by attaining Quest for Best target for scholarships, awards, and bursaries.

Raised over $20.5 million in total for Quest for Best. Completed

Expected Outcome 1: Successfully concluded Quest for Best Campaign. Performance Measure: Raised just over $20.5 million in total.

Expected Outcome 2: Double the pace of annual philanthropic giving within the scope of this plan. Performance Measure: Increased annual giving at Bow Valley College, raising over $2.3 million this year to support learner accessibility to education and high-quality programming.

AFFORDABILITY



Goal: Develop and expand career programming.

Implemented Pivot-Ed Strategy to develop short-term learning opportunities to help people quickly get the skills they need in a changing economy.

In Progress

Priority Initiative 1: Develop career programming with emphasis on diplomas.

Launching of several programs such as Software Development Diploma, Child and Youth Care Diploma, and Child and Youth Care Diploma.

Completed

Priority Initiative 2: Develop career programming with emphasis on diploma specializations.

Launching of several specializations, such as Business Administration Diploma – Supply Chain Management.

Completed

Priority Initiative 3: Develop career programming with emphasis on post-diploma certificates.

Launching of several post-diploma certificates such as Software Development Post-Diploma, Digital Marketing Post-Diploma Certificate, and Data Management and Analytics Post-Baccalaureate Certificate.

Completed

Expected Outcome 1: Career enrolment achieves two-thirds of total college enrolment by 2020.

QUALITY



Goal: Provide learners with enriching learning opportunities to prepare them for life and work.

Expanded programming opportunities, in partnership, to advance our learners’ global mindset and to prepare them for participation in diverse and integrated workplaces. Expected completion in 2020.

In Progress

Priority Initiative 1: Enhance opportunities for career learners to incorporate applied research, entrepreneurship, and work integrated learning into their programs.

Development of entrepreneurial and/or technological skills by a variety of means, including launching related training programs in our regional campuses and becoming the first Canadian hub for the IBM Skills Academy. Bow Valley College is integrating community entrepreneurship into academic curriculum and implementing innovative entrepreneurial activities.

Completed

Priority Initiative 2: Ensure College-wide learning outcomes are incorporated across programming.

A new Academic and Research Plan is underway. In Progress

Priority Initiative 3: Establish a program advisory committee for every career program or program cluster.

Engaging industry and community, as well as utilization of program advisory committees, including in the School of Health and Wellness and the School of Creative Technologies, to better inform programming and learner services offered.

Completed

Expected Outcome 1: A minimum of one transfer-articulation pathway in and out of every certificate and diploma program where feasible.

Expected Outcome 2: Career learners have opportunities for integrated applied experiences. Performance Measure: Learners interact with industry and community, such as in our School of Creative Technologies programs. They also experience integrated and applied experiences, such as with our Practical Nurse re-design that increased integration of technology in the classroom and lab environment.

Expected Outcome 3: Work on a new Academic and Research Plan is underway to continue incorporating college-wide learning outcomes across programs.

Expected Outcome 4: All programs or program clusters have an industry advisory committee. Performance Measure: Engaging industry and community, as well as utilization of program advisory committees, including in the School of Health and Wellness and the School of Creative Technologies, to better inform programming and learner services offered.



Goal: Determine requirements for College’s development with respect to physical and virtual capacity.

Board of Governors committee established. Several growth scenarios and campus development options are being assessed and evaluated.

In Progress

Priority Initiative: Determine requirements for next phase of College development and seek approval from Board of Governors.

Implementation of Fit for Future, Bow Valley College’s initiative to accommodate immediate growth needs in space, technology and process, in the most efficient means possible.

Completed

Expected Outcome: Development of a Campus Master Plan.


Goal: Implement the Learning Technology Strategy to support learning through enablement, capacity building, technology to teach and learn, and learner support.

Continued implementation of Learning Technology Strategy, including significant progress towards implementation of a new Student Information System and other technology-related initiatives.

In Progress

Priority Initiative: Implement the Learning Technology Strategy.

Continued implementation of the Learning Technology Strategy. In Progress

Expected Outcome: Expanded reach and efficiency of program and service delivery by continued implementation of the Learning Technology Strategy.


Goal: Leadership Development Strategy, to develop our future leaders by offering a range of training and development programs.

Continued to offer numerous training opportunities for employees.

Completed

Priority Initiative: Develop Bow Valley College’s people through the Leadership Development Strategy.

Offered numerous training opportunities for employees, including an Inspired Leadership program, ongoing training in intercultural competencies, training for Fierce Conversations and conflict management for all employees and leaders, and training on relevant Bow Valley College policies.

Completed

Expected Outcome: Development of Bow Valley College’s talent via continued offering of numerous training opportunities for employees. Performance Measure: Continued strong employee engagement.

COORDINATION



Goal: Continue to offer initiatives, supports, and sessions that promote mental well-being.

We undertook significant work on the development of a Comprehensive Mental Health Strategy, as well as offering a variety of initiatives, services and events relating to mental health and well-being.

In Progress

Priority Initiative 1: Coordinating and offering applied suicide intervention workshops.

Significantly increased the number of trainers on campus related to mental health education, as well as providing increased training opportunities. We also offered multiple awareness and educational campaigns, including the Community Helpers program to help employees and learners understand how to support those who may need emotional support.

Completed

Priority Initiative 2: Coordinating and offering Indigenous-focused mental health supports.

We hired an Indigenous Mental Health Services Liaison through the Post-Secondary Mental Health Grant, which will help ensure that Indigenous ways of knowing are fully integrated into the creation of on-campus mental health programming and events.

In Progress

Priority Initiative 3: Developing and offering Learner Success 101 self-paced course, through which learners access modules on various mental health topics, one-on-one.

Launched Student Health 101, an online resource. The website and all associated resources are available and accessible at no cost to learners.

Completed

Priority Initiative 4: Providing counselling services, facilitated by psychologists and social workers.

Launched an online video counselling service to make secure, real-time, video counselling accessible to all learners regardless of their location.

Completed

Priority Initiative 5: Provide innovative approaches to mental health wellness.

Learner Success Services developed and implemented a Student Mental Health Ambassador Program, starting with 10 students.

Completed

Expected Outcome: Enhanced programs and initiatives designed to address issues of mental health and wellness for learners and employees. Performance Measure: Broaden reach of campus mental health strategy.

MENTAL HEALTH WELLNESS AND SEXUAL VIOLENCE PREVENTION



Goal: Continue to offer initiatives, supports, and sessions that promote sexual violence prevention.

Enhanced programs and initiatives designed to promote a campus environment free of sexual violence.

In Progress

Priority Initiative 1: Create a community of first responders to sexual violence.

Significantly increased the number of trainers on campus related to sexual violence prevention, as well as providing providing awareness events to create ongoing conversations.

Completed

Priority Initiative 2: Increase access to services and supports.

Introduced the role of a Sexual Violence Response Liaison, a dedicated resource person when responding to learners with experiences of sexual violence.

In Progress

Priority Initiative 3: Provide innovative approaches to sexual violence prevention, including collaborating with community partners.

Partnered with community agencies for the #IBelieveYou campaign against sexual violence, continue to work with the Students' Association of Bow Valley College to host workshops related to sexual violence, and participated in Sexual Violence Awareness Month.

Completed

Expected Outcome: Guided by our Sexual Violence Policy, enhance programs and initiatives designed to promote a campus environment free of sexual violence. Performance Measure: Expanded services, initiatives and programming concerning sexual violence prevention.


KEY METRICS 2015-2016 2016-2017 2017-2018

Certificate completion rate 82% 81% 78%

Diploma completion rate 67% 70% 77%

Percentage of graduates employed across career programs 93% *88% 85%

Percentage of graduates satisfied with Bow Valley College learning and services across career programs

86% 89% 92%

Government of Alberta Grant as a percentage of total revenue (annual) 44% 44% 40%

Entrepreneurial contracts as a percentage of total revenue 15% 16% 15%

Total unduplicated headcount 14,776 15,169 15,898

Total unduplicated non-credit headcount 4,067 4,264 4,375

TOTAL FULL LOAD EQUIVALENT (FLE) DISTRIBUTION ACROSS SCHOOLS 2015-16 2016-17 2017-18

School of Foundational Learning 1,140 1,161 1,090

School of Global Access 1,691 1,560 1,682

School of Health and Wellness 1,253 1,180 1,539

School of Community Studies 804 968 1,163

School of Creative Technologies 48 49 113

Chiu School of Business 1,248 1,523 1,926

School of Continuing Learning 126 225 291

Bow Valley College 6,309 6,665 7,804

Source Data: Alberta Advanced Education, Learner Enrolment Reporting System (LERS) Cubes.

Note: Open Studies have been restated under the School of Continuing Learning, which used to reside under School of Health and Wellness, School of Creative Technologies, School of Community Studies and Chiu School of Business.

The methodology used to identify credit and non-credit learners has changed. Under the previous methodology, anyone registered for a credit or non-credit course was considered to be a credit or non-credit learner respectively. Under the new methodology, a) learners who were registered in a non-credit courses other than “Work Experience” or similar courses will be counted as non-credit learners, and b) learners who were registered in a non-credit “Work Experience” or similar course and where that course is an integral part of a credit program will be considered credit learners. This causes additional variation in the non-credit numbers that have been previously reported.

OVERALL PERFORMANCE METRICS

* In 2017, Bow Valley College initiated an annual survey of graduates which is conducted less than a year after graduation. This is at an earlier date than the previous survey practice which was done in collaboration with Advanced Education and took place every two years. The 2016-17 figure has been restated to be comparable with the 2017-18 result.


ENROLMENT PLAN AND PROGRAM CHANGESBow Valley College is committed to providing learners with an accessible, affordable, and quality adult education. Our program offerings and program renewal balance learner interest with labour market demand, and align to our 2017-2020 Comprehensive Institutional Plan programming priorities: develop career certificates, diplomas and post-diploma certificates; expand continuing education professional development programming; and create new opportunities that promote continuing professional competence and workplace training. We made significant progress in fulfilling these objectives in 2017-2018:

CAREER PROGRAMMING:

• We expanded the breadth of our programming mix in the School of Creative Technologies, by launching our Digital Design Diploma and the Data Management and Analytics Post-Baccalaureate Certificate, and opening new opportunities for learners to find viable pathways into Alberta’s growing technology sector.

• Our Chiu School of Business’s two-year diploma in Human Resources was accredited by the Chartered Professionals in Human Resources (CPHR) Alberta. Our program was the first among Alberta colleges to receive this recognition.

• We implemented our Pivot-Ed Strategy to develop short-term learning opportunities to help people quickly get the skills they need in a changing economy. Under this initiative, we signed a Memorandum of Understanding with IBM, establishing Bow Valley College as the first Canadian hub for the IBM Skills Academy. Further, we recently signed a Memorandum of Understanding with ATB Financial to begin development of a micro-credential for Agile Software Development.

• We established our School of Global Access, helping prepare our learners to engage in diverse and integrated workplaces, and our School of Foundational Learning, helping learners to improve existing skills or learn new skills for the workplace.

CONTINUING PROFESSIONAL COMPETENCE AND WORKPLACE TRAINING

• We partnered with the Information and Communications Technology Council (ICTC) regarding the recent launch of the Student Work-Integrated Learning Program, WIL Digital.

• We received full accreditation for our Practical Nurse diploma program as well as our Pharmacy Technician diploma. Our School of Health and Wellness works closely with industry partners, via its advisory committee, to ensure alignment with current and relevant practices in the health field.

• Our School of Community Studies has a wide diversity of programs to meet the human service needs of the community. This includes receiving approval to deliver the Indigenous focused Child and Youth Care Diploma program, and introduction of post-diploma certificates to meet ongoing professional development needs of health and human service workers. We are also seeking candidates for the Social Work program leading to accreditation.

CONTINUING EDUCATION

• We established our new School of Continuing Learning to oversee a new centralized continuing education model.

INTERNATIONAL STUDENT ENROLMENT

• International students foster an enriched learning environment at Bow Valley College, helping promote and enhance diversity and intercultural competence within our learning communities. Their presence helps ensure viable program cohorts, increased program offerings, and enhanced reinvestment capacity of Bow Valley College to advance strategic priorities. To maintain these, and other positive benefits, we carefully manage international enrolment so it’s complementary to domestic learner enrolment patterns.


2017-18 Budget 1

Actual 2017-18 Domestic 2

Actual 2017-18 International 2

Actual 2017-18 Total 2

International Percentage

% Change Actual over Budget

Certificate

Addictions Studies 7.9 11.6 1.0 12.6 8% 59%

Administrative Professional 74.6 52.7 60.5 113.2 53% 52%

Business Administration 83.8 36.2 59.1 95.3 62% 14%

Dental Business Assistant 37.1 21.2 36.9 58.1 63% 57%

Disability Studies 26.3 24.9 16.1 41.0 39% 56%

Early Learning and Child Care 98.3 59.9 2.4 62.3 4% -37%

Education Assistant 49.3 47.1 1.0 48.1 2% -2%

Events Management 5.3 3.1 3.1 6.3 50% 18%

Fetal Alcohol Spectrum Disorder Education 4.8 7.1 7.1 0% 48%

Health Care Aide 159.5 153.5 1.3 154.7 1% -3%

Hospital Unit Clerk 423.2 348.0 75.3 423.3 18% 0%

Human Resources 46.1 44.0 25.0 69.0 36% 50%

Medical Office Assistant 185.3 200.4 55.2 255.5 22% 38%

Nutrition Manager 19.2 15.8 15.8 0% -18%

Recreation Therapy Aide 4.4 7.6 7.6 0% 72%

Veterinary Office Assistant 31.0 31.3 24.5 55.8 44% 80%

Diploma

Addiction Studies 50.9 57.6 5.1 62.7 8% 23%

Business Administration 519.2 175.7 426.8 602.5 71% 16%

Disability Studies 92.3 75.9 28.6 104.5 27% 13%

Early Learning and Child Care 251.6 194.3 57.2 251.4 23% 0%

Interior Decorating 48.6 43.6 5.3 48.9 11% 1%

Justice Studies 299.5 309.0 11.0 320.0 3% 7%

Legal Assistant 186.0 206.1 40.8 246.9 17% 33%

Pharmacy Technician 68.9 72.1 1.2 73.3 2% 6%

Practical Nurse 1067.9 1246.0 41.5 1287.6 3% 21%

Social Work 59.7 51.9 4.3 56.2 8% -6%

Software Development 22.5 16.2 10.1 26.3 38% 17%

Post-Diploma Certificate

Health and Human Service Management 57.8 15.2 181.6 196.7 92% 240%

Kitchen and Bath Design 19.0 5.9 6.2 12.1 51% -36%

Digital Marketing 15.0 4.2 21.3 25.5 84% 70%

Non-Credential

Academic Upgrading 1165.0 1037.2 8.7 1045.9 1% -10%

Employment Skills 14.2 26.3 26.3 0% 85%

English as a Second Language 1573.5 1595.5 86.6 1682.1 5% 7%

Open Studies 267.7 289.8 1.6 291.4 1% 9%

Pathways 17.5 17.6 0.3 18.0 2% 3%

Total Certificate 1256.1 1064.2 361.4 1425.6 25% 13%

Total Diploma 2667.1 2448.3 632.0 3080.2 21% 15%

Total Post-Diploma 91.8 25.2 209.1 234.3 89% 155%

Non-Credential 3037.9 2966.4 97.3 3063.7 3% 1%

Overall Total 7052.9 6504.1 1299.7 7803.8 17% 11%

1. Data is from 2017-2020 CIP and there is no separate projections for domestic and international Full Load Equivalent by Program 2. Data is from Alberta Advanced Education, Learner Enrolment Reporting System (LERS) Cubes Most program areas met the budget plan and some surpassed it by a large margin. Practical Nurse Diploma increase in FLE’s (21 per cent) is due to load value changes while large increases in other credential programs are generally due to increases in international enrolment. Early Learning and Child Care Certificate is below budget due to purposeful work in recruiting learners to the Early Learning and Child Care Diploma. Almost all diploma programs met or surpassed the budget except Social Work Diploma, which is 6 per cent below the budget. Four certificate programs are below the budget, which are Early Learning and Child Care Certificate (37 per cent below), Education Assistant (2 per cent below), Health Care Aide (3 per cent below), Nutrition Manager (18 per cent below). Early Learning and Child Care Certificate did not meet the budget because applicants were encouraged to apply for Early Learning and Child Care diploma in 2017-18 instead of the certificate.

2017-2018 BUDGET AND ACTUAL FULL LOAD EQUIVALENT (FLE) BY PROGRAM


2015-2016 2016-2017 2017-18%change 2017-18

over 2016-17

Certificate

Aboriginal Addictions Services Counselling 9.2 8.3 12.6 51%

Administrative Professional 92.5 83.6 113.2 35%

Business Administration 77.2 85.9 95.3 11%

Dental Business Assistant 37.0 40.5 58.1 44%

Disability Studies 25.5 47.1 41.0 -13%

Early Learning and Child Care 164.5 105.0 62.3 -41%

Education Assistant 30.7 47.4 48.1 1%

Events Management 4.2 4.7 6.3 32%

Fetal Alcohol Spectrum Disorder Education 3.0 7.1 137%

Health Care Aide 150.5 156.3 154.7 -1%

Hospital Unit Clerk 276.6 347.6 423.3 22%

Human Resources 46.1 46.6 69.0 48%

Interior Decorating 0.3 2.0 -100%

Medical Office Assistant 146.4 194.9 255.5 31%

Nutrition Manager 14.4 15.4 15.8 2%

Recreation Therapy Aide 4.5 7.4 7.6 2%

Veterinary Office Assistant 33.6 36.7 55.8 52%

Diploma

Aboriginal Addictions Services Counselling 38.0 52.3 62.7 20%

Business Administration 390.5 479.0 602.5 26%

Disability Studies 57.4 87.2 104.5 20%

Early Learning and Child Care 231.0 242.8 251.4 4%

Events Management 0.3

Global Tourism Management and Marketing 0.0

Interior Decorating 47.9 46.8 48.9 4%

Justice Studies 248.0 289.5 320.0 11%

Legal Assistant 142.8 203.5 246.9 21%

Pharmacy Technician 55.0 58.4 73.3 25%

Practical Nurse 1028.2 942.0 1287.6 37%

Social Worker 30.3 56.2 85%

Software Development 26.3

Post-Diploma

Digital Marketing 25.5

Health and Human Services Management 55.1 196.7 257%

Kitchen and Bath Design 12.1

Non-Credential

Academic Upgrading 1117.4 1120.5 1045.9 -7%

Pathway 17.9 18.0 1%

Employment Skills 22.7 22.2 26.3 18%

ESL-English Language Learning 1690.8 1560.1 1682.1 8%

Open Studies 125.9 224.7 291.4 30%

Total Certificate 1113.2 1232.3 1425.6 16%

Total Diploma 2239.1 2431.8 3080.2 27%

Total Post-Diploma 55.1 234.3 325%

Total Non-Credential 2956.8 2945.4 3063.7 4%

Overall Total 6309.1 6664.6 7803.8 17%

Source Data: Alberta Advanced Education, Learner Enrolment Reporting System (LERS) Cubes Note: Open Studies FLE’s have been restated under the School of Continuing Learning. In previous years these FLE’s resided in the School of Health and Wellness, School of Creative Technologies, School of Community Studies and the Chiu School of Business.

FULL LOAD EQUIVALENT(FLE) TREND ACROSS PROGRAMS AND CREDENTIALS


APPLIED RESEARCH AND SCHOLARLY ACTIVITIESOur research is one way we contribute to better communities and diversified economies. Our applied research activities enhance teaching and learning and foster innovation in support of industry sectors. We engage with our partners in doing so, including community organizations, the non-profit sector, government, industry, and business. This work advances our economic, social, cultural, and overall public policy goals as a community, a city and a province, as evidenced by our research initiatives below:

• We successfully obtained and fulfilled federal Social Sciences and Humanities Research Council (SSHRC) funded projects including:

- Concluding a study on social innovation entitled “Social Innovation on the Ground: Accessible and Evidence Based Tools for Social Innovators.” This included presentations at both the Colleges and Institutes Canada (CICan) Applied Research Symposium and the CICan annual national conference.

- A partnership between our School of Global Access and the Calgary Immigrant Women’s Association to investigate the critical barriers and available supports for retired immigrant women.

- Our Early Learning and Child Care (ELCC) programs, our Iniikokaan Indigenous Centre and our partners, including the Kainai First Nation Board of Education and the Palix Foundation, are bringing together Indigenous researchers, learners, subject matter experts, community Elders, and members to foster culturally relevant practices to help support healthy social and emotional development of Indigenous children.

• We are sharing our expertise worldwide, as our Centre for Early Development and Applied Research (CEDAR) is undertaking an applied research project around Early Learning with the University of the West Indies (UWI) Early Child Care unit. Additionally, Bow Valley College’s Early Learning and Childcare group, via CEDAR, has an applied research project with Shortwood Teacher Training College (Jamaica) and the Jamaican Early Childhood Commission concerning Early Learning and Child Care in both Canada and Jamaica.

• Dr. Misheck Mwaba, our Vice-President, Academic, was appointed to the Natural Sciences and Engineering Research Council of Canada (NSERC). We are proud of his accomplishment.

• Our TOWES (Test of Workplace Essential Skill) assessments are used in projects across Canada, and will be used in the four-year Essential Skills for Apprentices national project.

• Enhancing our teaching and learning knowledge and expertise for all Albertans, including:

- Continuing to support the development of flexible online and blended course offerings, including our current hybrid flexible delivery pilot.

- Completing an applied research initiative around building inclusive teaching and learning spaces in the post-secondary environment.

- Developing a new Ignite program for faculty onboarding and development.


COMMUNITY OUTREACH AND UNDERREPRESENTED LEARNERS


REGIONAL STEWARDSHIPAs we develop a Regional Stewardship Plan, we remain committed to enhancing access to adult education and training across Bow Valley College’s service region. As an illustration, in 2017-2018, our seven regional campuses offered various health and business credit programs in addition to non-credit and community programming to address local needs. Highlights include:

Increasing Awareness • Creating new or expanded opportunities in our regions,

including opening the Bow Valley College Strathmore Campus and enhancing our Cochrane campus, strengthen our presence in communities, and engage learners in broader programming.

Supporting Prospective Learners with Navigating the Adult Learning System • Providing pathways for foundational learning, including

offering Language Instruction for Newcomers classes in our High River, Airdrie and Banff locations, and offering diploma program learners the opportunity to improve essential skills with our Workplace Essential Skills initiative.

• Enabling integrated learning experiences, such as increasing access to our Chiu School of Business regional work experience/practicum placements.

• Enhancing our programming options, including scheduling new health certificate and diploma courses, and preparing Early Learning and Child Care to be offered in Okotoks to ensure regional learners have access.

• Providing financial assistance to enable our regional learners to thrive, including completing the Transitions to Higher Education workshop series, awarding nine bursaries, totaling $37,500.

• Enhancing pathways for high school students, including presenting Bow Valley College Dual Credit Business Certificates. Since starting this dual credit initiative in September 2015, our Chiu School of Business has had over 250 students choose between seven business courses, with to date, close to 400 courses successfully completed providing affordable access to post-secondary paths for high school students.

• Offering Justice Studies courses on a dual credit with a local school board.

• Partnering with Red Crow Community College and Iyarhe Nakoda to offer our Education Assistant Certificate.

Leveraging Technology • Ensuring our regional learners have access to the supports

they need to thrive, including creating online video recording of workshops, such as how to cite and reference properly.

• Enabling an effective work environment by deploying virtual desktop infrastructure to all regional sites, allowing for a quick change over of programming and improved technology support.

• Facilitating increased programming, such as offering support at our Bow Valley College Canmore Campus for online and continuing education programming.

• Supporting the model of learners bringing their own device in the School of Creative Technologies.

Coordinating Multi-Site Delivery Models • Increasing the variety of exam offerings through

international, national and regional exam providers to meet needs throughout our regional sites, includes offering the professional certification/designation exams related to Bow Valley College diploma programs.

• Coordinating services and programming so our learners can thrive, including offering the Test of Workplace Essential Skills in regional locations.

• Supporting regional adult learners throughout their careers, including invigilation services for existing Bow Valley College learners, students of other post-secondary institutions, and adults taking industry association designations and credentialing exams.


Engaging and Coordinating with Informal Learning Providers and other Campus Alberta Institutions • Providing innovative programming opportunities, including

becoming an Approved Education Provider with Transport Canada to make Unmanned Aircraft Systems Pilot Certification accessible to the public through industry partnership.

• Supporting the economic development of our communities, including offering the Foothills Entrepreneurial and Small Business Series in community partnership with the Business Link, Momentum, Thrive and the Business Development Bank of Canada. A Rural Coworking Pilot was also conducted in High River by Rural on Purpose – a social enterprise working to create economic opportunities in rural communities through entrepreneurship.

• Aiding in the reskilling and upskilling of individuals, including partnering with Innovate Canmore to offer Coding for Kids. This program is a stepping stone to improving the technological base knowledge for people in the community.

Supporting our Rural Learners • Our Foothills Region has focused on interdepartmental

relationship building and stakeholder partnerships. As a result, it has met or exceeded all enrolment targets for our upcoming year for our Chiu School of Business, School of Health and Wellness, and School of Community Studies programs.

• After Foothills stakeholder consultations indicated a continued need for Bow Valley College’s Early Learning and Child Care Certificate, we responded with a redesigned delivery model that allowed for improved access for rural learners still working in their local or remote community. We have received a record high amount of applications for a first time credit program intake for regional program delivery.

• We have implemented new initiatives to better serve rural learners, including rural access to the Connections to the Workplace program to support post-secondary graduates in obtaining sponsored employment to gain local experience.


FOUNDATIONAL LEARNERS

Our work as an innovative comprehensive community college helps ensure that Albertans can leverage an applied education to achieve their goals, including accessing foundational learning and English Language Learning (ELL), full participation in the labour force, and pathways to entrepreneurship or opportunities for further learning.

Reflecting this commitment, and work towards renewal, in 2017-2018 we renamed our two Centres of Excellence: the School of Foundational Learning and the School of Global Access.

The School of Foundational Learning served over 2,100 credit and non-credit learners in 2017-2018, and focuses on foundational skills acquisition, new skills development, and preparedness for further learning or pathways to employment. This is particularly important work due to changes in programming, including closure of an academic upgrading centre in the secondary education system in Calgary. As upgrading spaces are limited, this will likely put additional strain on those seeking to further their education or enter the workforce.

The School of Foundational Learning undertook numerous innovative initiatives in 2017-2018:

• Initiating, along with NorQuest College, the founding of a “Deans of Foundational Learning” committee to better coordinate foundational learning between all of the Comprehensive Community Colleges offering Adult Basic Education or Foundational Learning programs.

• Modifying senior high programing to be more responsive to an adult learner, based on the Ministry of Education’s School Redesign system changes. This includes a focus on achieving 80 per cent of course outcomes and embedding learner supports in classrooms.

• Modifications to two low literacy programs – Supported Adult Learning and Adult Basic Literacy Education – resulted in improved literacy outcomes for learners. The Community Support Workers coming with the learners have learned how to encourage ongoing literacy learning in day-to-day activities.

• Working, within the Inmate Education Grant, with both the Calgary Correctional Centre and the Calgary Remand Centre to improve the transition of individuals from those institutions to learners at Bow Valley College. Community agencies such as the Dream Centre and the Calgary John Howard Society are important partners in this work.

• Improving Indigenous cultural content in all program offerings for the School’s Aboriginal Upgrading programming.

• Bringing together all learner supports under one coordinator to increase effectiveness. This includes more frequent contact with learners, earlier identification of learners “at risk,” goal setting, and program planning with learners.

Our School of Global Access makes significant contributions to areas of English Language Learning (ELL), career advancement, intercultural development, research and development, and global citizenship. With this strong foundation, the School has the opportunity to further advance this work to serve an increasingly interconnected world. Initiatives undertaken in 2017-2018 include:

• Providing language training and access to employment or post-secondary programming to over 3,000 learners (credit and non-credit) through grants and contribution agreements by provincial and federal governments.

• With the support of the Ministry of Labour and the Ministry of Community and Social Services, provided career development and job search assistance to over 2,000 clients annually.

• Receiving approval to continue Connexion Carriére, a career service for Francophones. This service assists Francophones with joining or more fully engaging the labour market in Calgary.


• Increasing the number of online English Language Learning courses and doubling the number of online enrolments. This resulted in increased access to language training for individuals who are employed or unable to come to class in person.

• Increasing targeted programming options, including developing and delivering a customer care course for newcomers wishing to work in the hospitality and retail sector, and increasing programming for youth in transition to allow immigrant youth to successfully bridge to post-secondary studies. The School also created a new e-textbook for teaching food service skills to newcomers looking for work in the food service industry.

• Leading the College-wide Diversity Advantage Action Plan to ensure effective access to post-secondary education to all Albertans, and that employees and learners are actively engaged and prepared for responding to diverse communities.

• Providing Intercultural Competence for Leaders courses to over 70 employees to promote an effective teaching and learning environment for diverse learner audiences.

• Introducing an Indigenous Awareness module for ELL learners.

• Obtaining grant funds to develop a new Continuing Education credential for experienced teachers of English as a Second Language – Post TESL Certificate.

• Providing courses and workshops to over 1,000 learners and numerous faculty on how to work in a diverse, multicultural learning environment and increase effectiveness through intercultural communication.

• Developing a course and delivering webinars to ELL practitioners across Canada on how to work with traumatized ELL student populations and how to deal with vicarious trauma.

• Participating on key municipal advisory bodies (Calgary Local Immigration Partnership) and federal advisory bodies (National Language Advisory Body) and working with provincial ministries and all levels of government to provide seamless transitions for newcomers to Canada to further academic studies or participate in the labour market.


INDIGENOUS LEARNERS

Working with our Indigenous stakeholders, and consulting broadly, we are developing and implementing a college-wide Indigenous Strategy. The strategy will be an act of reconciliation that will be operationalized within our mandate.

We are committed to taking a holistic and phased approach in developing and implementing our Indigenous Strategy, with tangible examples of Indigenization efforts from 2017-2018 including:

• Hiring an Indigenous Mental Health Services Liaison.

• Updating policies and procedures to better support and manage Indigenous admission to Bow Valley College.

• Increasing awareness of resources in existence, including compiling an inventory of existing programs and services as well as developing an Intranet site concerning Indigenous-related initiatives.

• Enhancing support for our learners, including creating an Indigenous student group: Supporting Our Actions Towards Reconciliation (SOAR). This is a collaboration between the Students’ Association of Bow Valley College, Indigenous Learner Liaison and Indigenization Strategy Specialist with leadership from Indigenous learners in the School of Foundational Learning and career programs.

• Developing a Niitsitapiisini Cultural Protocol Handbook for employees.

• Delivering nearly 800 learner appointments for Indigenous tutoring.

• Increasing the Cultural Elders program in our Iniikokaan Centre through support from Imperial Oil.

• Hosting our inaugural Indigenous showcase to demonstrate supports for learners, partnerships with Indigenous communities, our Indigenization efforts, and to celebrate Indigenous culture.

• Hosting Bow Valley College’s third Indian Residential School Awareness Day.

• Working towards decolonization and indigenization of our curriculum. This has so far included drafting an overall framework for approval, as well as indigenizing the curriculum for some social science, humanities, nursing and foundational learning courses.

• Continuing our Elders on the Land and Elders in the Classroom initiatives in our School of Foundational Learning, bringing Indigenous knowledge and culture directly to learners.

• Finalizing reporting requirements to The Calgary Foundation around grant-supported initiatives – valued in total at approximately $250,000 – related to pathways for Indigenous learners:

- Transitions to Higher Education: a Bow Valley College partnership with the Iyarhe Nakoda First Nation to provide learning support for Indigenous learners – 69 participants to date – to have a pathway to higher education.

- The Alberta Indigenous Construction Careers Centre initiative supported development and implementation of Bow Valley College’s Indigenous Awareness: Creating Diversity and Inclusion course, as a training source for campus and community. There have been 101 participants to date.


LEARNERS WITH DISABILITIES

As an access-oriented college, we work hard to make sure all learners have access to the education they need through academic accommodations and the promotion of Universal Design for Learning (UDL) practices. We encourage instructors to incorporate UDL principles in the design of curriculum and classes as this decreases the need for individual accommodations and increases access and engagement for all learners. UDL is a framework to improve and optimize teaching that eliminates barriers through initial design and instruction rather than overcoming barriers later, through individual accommodations.

Some of our initiatives supporting our learners with disabilities during the 2017-2018 reporting year include:

• Providing support services to 707 learners with documented disabilities, an increase of more than 15 per cent from the previous year.

• Supporting 17 Deaf and Hard of Hearing learners via Sign Language Interpreters.

• Providing in-class accommodations as needed. Many learners in the School of Community Studies, for instance, have Individual Accommodation Plans.

• Ensuring that our disability-related programming thrives and achieves positive outcomes:

- We worked hard to build a relationship with the Developmental Disabilities Resource Centre of Calgary (DDRC), leading to a $30,000 (over three-years) commitment to support student awards. Growing the relationship with DDRC has provided financial support to learners in the Disabilities Studies diploma program to complete their practicum requirements, leading to opportunities for employment once they have completed their education.

- Partnering with several Disability Services to offer credit courses for workers.

- Completing the Niitsitapi Education Assistant Program, graduating 22 out of 25 learners. With our second cohort set to begin in fall 2018, we are looking to add additional disability studies programming.


LEARNERS FROM LOW-INCOME BACKGROUNDS

Bow Valley College recognizes the challenges faced by our low income learners, and we work hard to ensure that all Albertans have the same opportunity to get a post-secondary education regardless of their financial circumstances.

In doing so, we work with our community partners to continue promoting and enhancing financial empowerment on campus. This includes developing and fostering the financial literacy and empowerment of our learners. We are proud of our learners and this work, as our student loan repayment rate for the most recent reporting period was 93 per cent, above the 90 per cent average for Alberta and national institutions.

• With $250,000 in funding support received in 2017-2018 as part of a long-term partnership with ATB Financial for the ATB Centre for Financial Empowerment, we are expanding and enhancing our financial literacy programming for learners.

• Delivered budget workshops, including developing an Indigenous Budget workshop (sharing circle) with Indigenous content for Mokakit Iiyiikakimaat.

• With the support of funders and community partners, we trained 51 front line workers, from 24 community agencies, in Financial Coaching; formed a Financial Coaching Community of Practice; developed and launched a Financial Coaching website; and launched a Financial Coaching Facebook page.

• We supported learners in the application process for the Fair Entry low cost transit pass program through the City of Calgary.

• In collaboration with the Chartered Professional Accountants of Alberta we offered a multi-day free tax clinic, helping over 100 learners and family members complete their 2018 tax returns.

• We delivered Student Loan Information Sessions to nearly 275 learners to support the loan process, and processed over 4,000 student loan applications – a 29 per cent increase over 2016-2017.

• We continued to work in partnership with ATB and the Calgary Financial Empowerment Collaborative, which includes community agencies such as Momentum and the United Way, to promote and enhance the financial empowerment of our learners and the community. This includes initiatives such as Budget Boot Camp, a Matched Savings Bursary Program, one-on-one financial coaching, financial coach training and a community of practice.

We also continued to strengthen relationships that generate sustainable funding and revenues to advance Bow Valley College as an innovative, world-class community college, and foster enduring value in the communities we serve. Work during 2017-2018 included:

• This year, Bow Valley College’s 23rd Annual Premier’s Scholarship Luncheon raised over double our 2017 revenue through a 114 per cent increase in sales, netting just over $91,000 for learner support.

• Our annual Celebrating Student Futures event, honouring the generosity of donors who make a significant impact on the lives of our learners, involved a presentation of 173 awards worth a total of $248,000 in support to learners – 25 per cent growth over 2017.

• We surpassed our Quest for Best fundraising campaign goal, raising over $20.5 million in support of college priorities around access, affordability and quality.

• We raised over $320,000 in new gifts for the 1000 Women Rising initiative, which supports female learners facing financial barriers to their education. Nearly 200 female learners benefited from financial assistance in 2017-2018.

• We initiated an outreach program to promote lifetime attachments to Bow Valley College through utilization of social media for greater outreach into the community, hosting our annual Stampede Parade VIP Donor Breakfast, building a comprehensive Institutional Alumni outreach strategy and engaging retired and former employees.

• Further, we are developing a comprehensive Community Awards program as a vehicle to steward relationships with friends and supporters of Bow Valley College.


INTERNATIONALIZATIONWe are proud to engage learners, employees and our broader community in international and intercultural experiences. As an illustration, our Intercultural Centre works hard to foster inclusion and meaningful connections on campus, serving over 2,000 learners and employees annually. The Centre offers programming to support the development of intercultural competence, engaged citizenship, and a global mindset. This includes offering courses and workshops, hosting events, and providing student leadership and volunteer opportunities within Bow Valley College and the Calgary community. The Centre also hosts an annual TEDx to promote global and international perspectives. Open to learners, faculty, and staff, the Intercultural Centre helps promote diversity and inclusivity across Bow Valley College.

In recognition of our dedication to internationalization, Bow Valley College was awarded the 2018 Internationalization Excellence Award – Gold by the Colleges and Institutes Canada. The award recognizes our efforts in involving learners and faculty in international and cross-cultural projects and activities, development of strategies to help international learners integrate and succeed, creating or enhancing innovative and sustainable international partnerships for development or for two-way exchanges, and developing effective approaches to the integration of international knowledge and skills into curriculum and programs.

We provide a holistic approach to how we interact with our learners, and celebrate our diversity. Initiatives for the 2017-2018 year include:

• Being awarded a three-year International Youth Internship Project grant, funded by Global Affairs Canada. This project focuses on promoting unique opportunities for college graduates to participate in a paid overseas internship in their field of study. It also strengthens graduates intercultural competencies as well as provides relevant global job experience.

• Initiating, or continuing, international development projects, community relationships or linkages in: Kenya, Tanzania, Jamaica, Grenada, Barbados, Tunisia, Sénégal, Philippines and Brazil.

• Winning a global award for Entrepreneurship in Education, by our Entrepreneur in Residence, through the World Federation of College’s and Polytechnics.

Bow Valley College does not currently have any off-shore delivery initiatives to report.


CAPITAL PLANOver the course of 2017-2018 we began a process of making targeted investments in our space. Our current facilities have reached near capacity with respect to administrative offices. Also, it has been identified that classroom layouts do not accommodate different modalities of teaching and learning, and spaces for learners to gather, study, and collaborate are in short supply.

Our Fit for Future – Home initiative involves multiple campus redevelopment projects to use our available campus space in the best possible way, for the longest period of time, and in a fiscally responsible manner. For 2018-2019 Bow Valley College continues the work initiated in 2017-2018 and will have completed this work by the end of the 2018-2019 financial year. A detailed update on Bow Valley College’s planned priority capital project – space optimization (Fit for Future – Home) – is therefore noted in the following table:

PRIORITY PROJECTS

Type Campus Space Optimization

Description Campus Space Optimization

Funding Sources Bow Valley College

Progress of Funding Collection $7.0 million from Bow Valley College restricted assets. $2.6 million spent to June 30, 2018.

Expected Completion Date (from CIP) June 30, 2019

Status In Process

Progress Made in Last 12 Months Work scheduled for 2017-2018 Fiscal Year completed On target and work for 2018-2019 Fiscal Year on track.

Revised Expected Completion Date June 30, 2019


INFORMATION TECHNOLOGYBow Valley College continues to grow in both staff and learners. Commensurate with this growth, the complexity and interdependence of technology-enabled systems at Bow Valley College continues to increase. Supporting the current technology estate and new initiatives requires ongoing funding.

Fit for Future – Tech involves optimizing our technology to best support our learners and employees. This includes projects like our new Student Information System (SIS), Bow Valley College’s

foundational business information tool. This investment is necessary to enable core learner services, sustain anticipated future growth in enrolment and continue to ensure the confidentiality and security of the information. A specific update on Bow Valley College’s planned priority Information Technology projects – our new SIS – is therefore noted in the following table:

PRIORITY PROJECTS

Type New

Description Implementation of a new Student Information System (SIS)

Funding Sources Bow Valley College

Progress of Funding Collection $9.8 million from Bow Valley College restricted assets ($0.3 million spent to June 30, 2018.)

Expected Completion Date (from CIP) April 30, 2021

Status In Process

Progress Made in Last 12 Months RFI and RFP conducted, Vendor selected and final contract negotiations underway.

Revised Expected Completion Date April 30, 2021


Our substantial growth over the last several years has resulted in a need for numerous information technology-related initiatives, in addition to the SIS. In 2017-2018 our employees also worked hard to:

• Launch a new external website, providing our learners, community partners, government, and industry stakeholders with information via a positive digital experience.

• Roll out LinkedIn Learning College-wide, providing an online learning platform to help our learners and/or employees learn business, software, technology, and creative skills to achieve personal and professional goals.

• Successfully implement a new library inventory management system in conjunction with the University of Calgary.

• Upgrade the Raisers’ Edge system to allow improved tracking and interactions with donors and alumni.

• Implement a digital board system for use by our Board of Governors and its sub-committees to improve administration of meetings.

• Deploy virtual desktop infrastructure to all regional sites, allowing a quick change over of programming at regional sites and enable improved technology support.

• Implement a new learner information data mart, updating the technology used to submit required learner information reporting to the government.

• Launch a new IT Service Desk, where everyone – including learners – can go in person to get help.

• Implement a new system with much improved technology for the official repository of Bow Valley College’s program/course structures.


MANAGEMENT’S RESPONSIBILITY FOR REPORTING

Bow Valley College’s management is responsible for the preparation, accuracy, objectivity and integrity of the information contained in the Annual Report including the financial statements, performance results and supporting management information. Systems of internal control are designed and maintained by management to produce reliable information to meet reporting requirements. The system is designed to provide management with reasonable assurance that transactions are properly authorized, are executed in accordance with all relevant legislation, regulations and policies, reliable financial records are maintained and assets are properly accounted for and safeguarded.

The Annual Report has been developed under the oversight of the institution audit committee, as well as approved by the Board of Governors and is prepared in accordance with the Fiscal Planning and Transparency Act and the Post-Secondary Learning Act.

The Auditor General of the Province of Alberta, the institution’s external auditor appointed under the Auditor General Act, performs an annual independent audit of the consolidated financial statements which are prepared in accordance with Canadian public sector accounting standards.


Catherine Koch Vice President, Learner Services and Chief Financial Officer

Laura Jo Gunter President and Chief Executive Officer

PUBLIC INTEREST DISCLOSURE (WHISTLEBLOWER PROTECTION) ACT

Section 32 of the Public Interest Disclosure Act requires the College to report annually on the following parts of the Act:

a) The number of disclosures received by the designated officer of the Public Interest Disclosure Office, the number of disclosures acted on and the number of disclosures not acted on by the designated officer.

b) The number of investigations commenced by the designated officer as a result of disclosures.

c) In the case of an investigation that results in a finding of wrongdoing, a description of the wrongdoing and any recommendations made or corrective measures taken in relation to the wrongdoing or the reasons why no corrective measure was taken.

In 2017-2018 for Bow Valley College, there were no disclosures of wrongdoing filed with the Public Interest Disclosure Office.

REPORTING REQUIREMENTS


FINANCIAL AND BUDGET INFORMATIONBow Valley College has a strong record of fiscal management and performance. Within a culture of process improvement and operational excellence, we promote fiscal prudence and sustainability in achieving our mandate as a comprehensive community college. In 2017-2018 we:

• Enhanced the visualization of our financial data to deliver deep, real-time business intelligence and analysis.

• Undertook a Payment Card Industry – Data Security Standards (PCI-DSS) compliance project to ensure the proper handling and protection of credit card information. This project is working towards implementing the necessary information technology and payment process changes required to meet the PCI–DSS standards. Work is ongoing on a historical data clean-up, PCI compliance education for employees, changes to college payment options, information for awareness purposes on our website and other initiatives.

• Continued to work on our Agresso Roles Based project, as we create an environment where employees are matched to business positions and aligned to ERP (Enterprise Resource Planning) security access roles within departments. This produces a streamlined process to ensure employees have the access they need to do their job.

• Provided valuable financial advice, analysis and forecasting services to departments across Bow Valley College, as well as to the Executive Team and the Board of Governors.


INTRODUCTION

Bow Valley College has prepared the following Management Discussion and Analysis (MD&A) which should be read in conjunction with the 2018 financial statements and accompanying notes included in the Annual Report. The MD&A and audited financial statements are reviewed and approved by the Board of Governors of Bow Valley College. The financial statements have been prepared in accordance with Public Sector Accounting Standards (PSAS) and are consistent with the net debt financial statement framework prescribed by the Office of the Controller, Alberta Treasury Board and Finance.

SUMMARY OF FINANCIAL RESULTS

Bow Valley College ended the year with an annual surplus of $11.6 million. Of this amount, $0.1 million are endowment donations and capitalized investment income on endowments and therefore are not available for spending. The annual operating surplus of $11.5 million was higher than the previous year by $1.1 million due to higher than expected international enrolment, additional funding for new and existing initiatives, and prudent expense management. Government of Alberta Grants was higher than the prior year predominantly due to the accelerated realization of Amortization of Deferred Capital Contributions associated with retrofitting the College campus facility. This surplus will be used by Bow Valley College to:

• Sustain Bow Valley College’s capital infrastructure.

• Enhance and build upon Bow Valley College’s operations.

• Exploit new strategic opportunities for Bow Valley College.

Net assets of $148.4 million increased from the prior year (2017: $137.0). The increase is mainly due to the annual operating surplus.

MANAGEMENT DISCUSSION AND ANALYSISYEAR ENDED JUNE 30, 2018


Revenue

Student tuition and fees

Investment income

Federal & other government grants

Government of Alberta grants

Donations and other contributions

Sales of services and products

Expense by Object

*Note - Cost of goods sold is 0%

Salaries and bene�ts

Utilities

*Cost of goods sold

Scholarship and bursaries

Maintenance and repairs

Amortization of capital assets

Materials, supplies and services

Expense by Function

Academic and student support

Ancillary services

Facility operations and maintenance

Institutional support

Instruction and training

7.6%

68.5%

22.8%

0.4%

1.9%

7.7%

46.6%

15.5%

18.5%

2.7%

1.4%

1.8%

33.4%

14.0%

9.1%

42.8%

5.2%

Revenue


Investment income





Expense by Object



Utilities

*Cost of goods sold





Expense by Function


Ancillary services




7.6%

68.5%

22.8%

0.4%

1.9%

7.7%

46.6%

15.5%

18.5%

2.7%

1.4%

1.8%

33.4%

14.0%

9.1%

42.8%

5.2%

REVENUE

EXPENSE BY OBJECT

EXPENSE BY FUNCTION

Revenue


Investment income





Expense by Object



Utilities

*Cost of goods sold





Expense by Function


Ancillary services




7.6%

68.5%

22.8%

0.4%

1.9%

7.7%

46.6%

15.5%

18.5%

2.7%

1.4%

1.8%

33.4%

14.0%

9.1%

42.8%

5.2%

$118.3m

$106.8m

$106.8m


REVENUES

For the fiscal year 2018, College revenues exceeded budget by $11.9 million and the prior year by $9.4 million.

College revenues are comprised of Government of Alberta grants (46.6 per cent), federal and other government grants (7.7 per cent), sales of services and product revenue (7.6 per cent), student tuition and fees (33.4 per cent), donations and other contributions (1.9 per cent), and investment income (2.7 per cent).

Government of Alberta grant revenue exceeded budget expectations during the year. Total earned revenue was $55.1 million. This revenue is comprised of funding that supports annual operations ($44.7 million). There was also $10.4 million of funding consisting of the amortization of capital contributions of historical infrastructure development projects ($8.0 million), Health Workforce Action Plan ($1.1 million), grant funding to support foundational learning ($0.7 million), and funding to support mental health initiatives ($0.2 million), as well as $0.4 million earned on maintaining Bow Valley College’s infrastructure.

During the year, federal and other government grants were $9.1 million; this result exceeded budget expectations by $2.0 million and was above the prior year by $1.2 million. The Language Instruction for Newcomers to Canada program (LINC) generated the majority of this revenue. Growth in LINC revenue and new sources of funding from Connections to the Workplace and Education Assistance to Indigenous Learners contributed to the strong revenue performance.

Bow Valley College actively pursues a variety of entrepreneurial activities. Sale of services and product revenue exceeded budget expectations by $0.6 million but was lower than the prior year results by $0.7 million. Ancillary sales including the bookstore and parking services were responsible for $0.3 million of the prior year variance. Educational contracts and other product sales and miscellaneous sales accounted for $0.3 million of the prior year variance.

Student tuition and fees increased by $6.8 million over the prior year and exceeded budget expectations by $6.1 million. Tuition fees and revenue remain fixed at 2014-2015 levels; this increase

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Salaries andbene�ts

Materials,supplies and

Maintenanceand repairs

Amortization ofcapital assets

Cost ofgoods sold

Scholarship andbursaries

Utilities

-

10.0

20.0

30.0

40.0

50.0

60.052.8

7.1

8.4

33.5

1.4 3.2

55.1

9.1 9.0

39.6

2.2 3.2

Government ofAlberta grants

Federal & othergovernment

grants

Sales of servicesand products

Investmentincome

Donations andother

contributions

$Million

72.0

13.7

7.8 9.9

0.0 1.3 1.8

73.2

15.0

5.5 9.7

0.0 1.5 1.9

services

$Million

54.1

7.9 9.7

32.8

1.9 2.5

68.9

12.0

5.3 9.1

0.0 1.5 1.8

2017-2018 Budget 2017-2018 Actual2016-2017 Actual


Student tuitionand fees


in revenue was driven by a combination of growth of College Full Load Equivalents (FLEs) as well as incremental revenue from international learners.

The overall FLE population increased by 1,139 over 2016-17. This represented an increase of 17.1 per cent and was a result of Bow Valley College’s growth in career-focused programs. The incremental revenue produced from this FLE growth contributed significantly to the growth in student tuition and fees. As was the case in the previous year, the Chiu School of Business led Bow Valley College growth in FLEs and key areas included the Hospital Unit Clerk Certificate, the Business Administration Diploma, the Legal Assistant Diploma and the Medical Office Assistant Certificate.

International learners are not covered by Government of Alberta funding; tuition levied on international learners is set at levels which ensure Bow Valley College recovers the full costs of the education of international learners. The rate charged to international learners enrolled in career programs is higher than domestic fees by approximately three times and the impact of this growth in international tuition on 2017-2018 tuition and fees revenue was also significant.

Donations and other contributions exceeded budget by $0.8 million and was above the prior year by $0.3 million. An expansion of College sponsorships and bursaries awarded during the year contributed to the over-budget revenue performance and the increase in revenue over the prior year.

Investment income includes dividends, interest income and realized gains on sale of portfolio investments. The objectives of Bow Valley College's investment policy are:

• To have an established investment strategy which will preserve capital.

• To achieve a growth rate beyond the rate of inflation.

• To provide a secure and consistent income flow to meet daily operations, longer-term operating and capital needs and endowment requirements.

Investment income was aligned with budget expectations and increased over the prior year by $0.7 million.


EXPENSES

Although the financial statements and notes are presented in Public Sector Accounting Standards (PSAS) format, the comparative analysis of expenses in this MD&A are based on object type reporting used in Canadian Generally Accepted Accounting Principles (GAAP) rather than the functional reporting classification used in PSAS. Note 13 provides more details on this composition. It is management’s belief that this analysis provides the reader with greater continuity and visibility into Bow Valley College’s key operating activities.

For the fiscal year 2018, College expenses were over budget by $0.4 million and above the prior year by $8.3 million.

College expenses are comprised of salaries and benefits (68.5 per cent), materials supplies and services (14.0 per cent), maintenance and repairs (5.2 per cent), amortization of capital assets (9.1 per cent), scholarship and bursaries (1.4 per cent) and utility expenditures (1.8 per cent).

As a public sector employer whose prime mandate is the delivery of educational and human services, the major annual expenditure is related to salary and benefits. During the year Bow Valley College recorded total salary and benefits of $73.2 million ($68.9 million in 2016-2017). The increase from prior year is due to an increase in full time equivalents (FTE) in 2017/2018.

Salary and benefits was $1.2 million above budget expectations due to casual staff being beyond budget expectations.

Material supplies and services increased during the year by $3.0 million and was above budget expectations by $1.3 million. This was primarily due to a loss on the disposal of assets associated with Bow Valley College’s renovation initiatives.

Maintenance and repairs expenditure was $0.2 million above the prior year’s result and was below budget expectations by $2.3 million.

Amortization of capital assets was higher than the prior year by $0.6 million due to acquisitions of tangible capital assets during the year but short of budget expectations by $0.2 million.

Bow Valley College made a conscious decision to increase scholarships and bursaries payments during the year and this expense category was higher than prior year by $0.1 million and above budget by $0.2 million.

During the year, utility costs increased by $0.1 million as a result of further increases to the carbon tax. This increase was factored into Bow Valley College's budget. Usage of gas and electricity during the year remained consistent with the prior year levels.

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Salaries andbene�ts

Materials,supplies and

Maintenanceand repairs

Amortization ofcapital assets

Cost ofgoods sold

Scholarship andbursaries

Utilities

-

10.0

20.0

30.0

40.0

50.0

60.052.8

7.1

8.4

33.5

1.4 3.2

55.1

9.1 9.0

39.6

2.2 3.2

Government ofAlberta grants

Federal & othergovernment

grants

Sales of servicesand products

Investmentincome

Donations andother

contributions

$Million

72.0

13.7

7.8 9.9

0.0 1.3 1.8

73.2

15.0

5.5 9.7

0.0 1.5 1.9

services

$Million

54.1

7.9 9.7

32.8

1.9 2.5

68.9

12.0

5.3 9.1

0.0 1.5 1.8



Student tuitionand fees


Statement of Financial PositionBow Valley College continues to maintain a strong financial position. During 2017-2018, financial assets excluding portfolio investments restricted for endowments increased by $11.4 million – primarily driven by a growth in portfolio investments. Liabilities also increased during the year but the growth was held to $3.3 million. Portfolio investments – restricted for endowments - increased by $0.2 million. Non-financial assets decreased by $4.7 million as amortization of tangible capital assets exceeded capital additions. Spent deferred capital contributions decreased by $7.7 million. Overall net assets of Bow Valley College improved by $11.4 million for the year.

Financial assets excluding portfolio investments restricted for endowmentsFinancial assets are comprised of cash and cash equivalents, portfolio investments – non endowments, accounts receivable and inventories held for resale. The general portfolio assets increased by $10.4 million as Bow Valley College invested surplus cash. Cash was higher by $0.9 million.

LiabilitiesLiabilities are comprised of accounts payable and accrued liabilities, employee future benefit liabilities, deferred revenue and capital lease obligations. The increase in liabilities was driven by growth in deferred revenue of $5.2 million but offset by a decrease of $1.3 million in accounts payable and accrued liabilities.

Net financial assets excluding portfolio investments restricted for endowmentsAll post-secondary institutions in Alberta have adopted the disclosure practise of showing net financial assets before portfolio investments restricted for endowments. As portfolio investments restricted for endowments are comprised of donated funds restricted by Statements of Trust (endowments), these funds are not readily available to institutions to satisfy their ongoing operational commitments. Consequently, net financial assets excluding portfolio investments restricted for endowments represent a better indication of resources available to institutions to implement their mandate.

Non-financial assetsNon-financial assets are comprised of tangible capital assets and prepaid expenses. Prepaid expenses remained consistent with the prior year whereas tangible capital assets decreased by $4.7 million. This decrease in tangible capital assets was created by the annual depreciation charge of $9.4 million exceeding net annual capital expenditures of $4.7 million.

Spent deferred capital contributionsBow Valley College commenced the year with an unamortized balance of $230.6 million. There were modest additions to the balance during the year of $0.3 million. The annual amortization charge applied to the balance was $8.0 million thereby rending the balance as $222.9 million.

Net assetsThe net assets increase of $11.4 million is predominantly driven by an annual surplus of $11.6 million offset by a slight decrease in the market value of portfolio investments of $0.2 million.

Areas of Significant Financial RiskBow Valley College operates in a complex environment and must deal with a variety of risks that it manages through its integrated enterprise risk management framework. The major risks that can affect Bow Valley College from a financial perspective are as follows:

1. Provincial Funding and Tuition FeesThe Campus Alberta grant is the primary source of funding for Bow Valley College’s day to day operating activities. Any reduction in the Campus Alberta grant will result in significant budgetary pressure.

Bow Valley College recognizes that funding models are changing. Government support is under pressure given the province’s fiscal outlook. Grants, tuition and other revenue generation initiatives are under government control, which puts significant pressure on College’s finances. The province has announced a 2 per cent Campus Alberta grant increase for fiscal 2019. As part of the Government of Alberta’s recently announced amendments to the Post-Secondary Learning Act, anticipated to be effective February 1, 2019, tuition fees will remain frozen until the end of the 2019-2020 academic year, with any subsequent domestic learner tuition increases capped to the annual percentage change in Alberta’s Consumer Price Index. The impact to College revenue of a 1 per cent change to the Campus Alberta Grant is $0.4 million and a 1 per cent change to tuition is $0.4 million.


2. International LearnersBow Valley College has a goal to create linkages between international markets and our college community. This fosters and supports learning opportunities abroad and also enriches learning experiences and outcomes of all our learners. As international learners are not covered by Government of Alberta funding, tuition levied on these learners are set at rates which ensure Bow Valley College recovers the full costs of their education. A sharp and sudden reduction in the number of international learners educated by Bow Valley College would significantly limit the number of service offerings Bow Valley College maintains.

3. Salaries and Employee BenefitsThe province has passed legislation that brings all academic employees under the Labour Relations Code, thereby granting Bow Valley College’s staff associations all the rights and remedies that are granted to unions under the Code, including the right to strike and the right to lock-out employees. Bow Valley College will also be required to negotiate essential services agreements for both academic and support staff. These changes will have an impact on future salary negotiations.

In accordance with directions from the Ministry of Advanced Education, Bow Valley College has frozen compensation for all management and exempt staff. As the economy recovers, attracting and retaining talent within Bow Valley College may become an issue with the extension of this policy.

4. FacilitiesOver the past years, Bow Valley College has experienced year-over-year growth in the number of learners it serves. This has put pressure on Bow Valley College’s physical infrastructure. Designed to optimize our physical space, a short-term campus development plan known as Fit for Future was commissioned in December 2017 with an estimated timeline potentially into 2019-2020. The plan includes making the best use of classroom space, moving employee groups to allow for predicted growth and current space constraints, and providing more user-friendly common spaces.


Independent Auditor’s Report TotheBoardofGovernorsofBowValleyCollegeReportontheFinancialStatementsIhaveauditedtheaccompanyingfinancialstatementsofBowValleyCollege,whichcomprisethestatementoffinancialpositionasatJune30,2018,andthestatementsofoperations,changeinnetfinancialassets,remeasurementgainsandlosses,andcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Management’sResponsibilityfortheFinancialStatementsManagementisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithCanadianpublicsectoraccountingstandards,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Auditor’sResponsibilityMyresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonmyaudit.IconductedmyauditinaccordancewithCanadiangenerallyacceptedauditingstandards.ThosestandardsrequirethatIcomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.IbelievethattheauditevidenceIhaveobtainedissufficientandappropriatetoprovideabasisformyauditopinion.OpinionInmyopinion,thefinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionofBowValleyCollegeasatJune30,2018,andtheresultsofitsoperations,itsremeasurementgainsandlosses,itschangesinnetfinancialassets,anditscashflowsfortheyearthenendedinaccordancewithCanadianpublicsectoraccountingstandards.[OriginalsignedbyW.DougWylieFCPA,FCMA,ICD.D]AuditorGeneralOctober25,2018Edmonton,Alberta


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STATEMENT OF MANAGEMENT RESPONSIBILITY

The financial statements of Bow Valley College have been prepared by management in accordance with Canadian public sector accounting standards. The financial statements present fairly the financial position of the College as at June 30, 2018 and the results of its operations, changes in net financial assets, remeasurement gains and losses, and cash flows for the year then ended.

In fulfilling its responsibilities and recognizing the limits inherent in all systems, management has developed and maintains a system of internal controls designed to provide reasonable assurance that College assets are safeguarded from loss and that the accounting records are a reliable basis for the preparation of the financial statements.

The Board of Governors is responsible for reviewing and approving the financial statements, and overseeing management’s performance of its financial reporting responsibilities.

The Board of Governors carries out its responsibilities for review of the financial statements principally through its Audit and Risk Management Council. With the exception of the President and Chief Executive Officer, all members of the Audit and Risk Management Council are not employees of the College. The Audit and Risk Management Council meets with management and the external auditor to discuss the results of audit examinations and financial reporting matters. The external auditor has full access to the Audit and Risk Management Council, with and without presence of management.

These financial statements have been reported on by the Auditor General of Alberta, the auditor appointed under the Post-secondary Learning Act. The Independent Auditor’s Report outlines the scope of the audit and provides the audit opinion on the fairness of the presentation of the information in the financial statements.

___________________ ________________

Laura Jo Gunter Catherine Koch President & Chief Executive Officer Vice President, Learner Services and Chief Financial

Officer


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___________________ ________________


Officer


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___________________ ________________


Officer

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STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2018 (thousands of dollars)

2018 2017

Financial assets excluding portfolio investments restricted for endowments

Cash $ 13,861 $ 12,973

Portfolio investments – non endowment (note 4) 94,542 84,183

Accounts receivable (note 7) 6,304 6,115

Inventories held for sale - 14

114,707 103,285 Liabilities

Accounts payable and accrued liabilities 7,716 8,973

Employee future benefit liabilities (note 21) 236 636

Deferred revenue (note 9) 19,383 14,178

Capital lease obligation (note 14) 155 429

27,490 24,216

Net financial assets excluding portfolio investments restricted for endowments 87,217 79,069

Portfolio investments – restricted for endowments (note 4) 5,527 5,338

Net financial assets 92,744 84,407

Non-financial assets

Tangible capital assets (note 8) 277,383 282,083

Prepaid expenses 1,174 1,180

278,557 283,263

Net assets before spent deferred capital contributions 371,301 367,670

Spent deferred capital contributions (note 10) 222,906 230,627

Net assets (note 11) $ 148,395 $ 137,043

Net assets is comprised of:

Accumulated surplus 143,933 132,324

Accumulated remeasurement gains 4,462 4,719

$ 148,395 $ 137,043

Contingent assets and contractual rights (notes 17 and 15) Contractual obligations and contingent liabilities (note 14 and note 16) Approved by the Board of Governors (note 24)

Chair, Board of Governors President & Chief Executive Officer

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


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___________________ ________________


Officer

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STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2018 (thousands of dollars)

2018 2017

Financial assets excluding portfolio investments restricted for endowments

Cash $ 13,861 $ 12,973

Portfolio investments – non endowment (note 4) 94,542 84,183

Accounts receivable (note 7) 6,304 6,115

Inventories held for sale - 14

114,707 103,285 Liabilities

Accounts payable and accrued liabilities 7,716 8,973

Employee future benefit liabilities (note 21) 236 636

Deferred revenue (note 9) 19,383 14,178

Capital lease obligation (note 14) 155 429

27,490 24,216

Net financial assets excluding portfolio investments restricted for endowments 87,217 79,069

Portfolio investments – restricted for endowments (note 4) 5,527 5,338

Net financial assets 92,744 84,407

Non-financial assets

Tangible capital assets (note 8) 277,383 282,083

Prepaid expenses 1,174 1,180

278,557 283,263

Net assets before spent deferred capital contributions 371,301 367,670

Spent deferred capital contributions (note 10) 222,906 230,627

Net assets (note 11) $ 148,395 $ 137,043

Net assets is comprised of:

Accumulated surplus 143,933 132,324

Accumulated remeasurement gains 4,462 4,719

$ 148,395 $ 137,043

Contingent assets and contractual rights (notes 17 and 15) Contractual obligations and contingent liabilities (note 14 and note 16) Approved by the Board of Governors (note 24)

Chair, Board of Governors President & Chief Executive Officer

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


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STATEMENT OF OPERATIONS YEAR ENDED JUNE 30, 2018 (thousands of dollars)

Budget

2018 2018

2017 Revenues

(note 23)

Government of Alberta grants (note 19) $ 52,835 $ 55,121 $ 54,098

Federal and other government grants (note 19) 7,110 9,133 7,865

Sales of services and products 8,373 9,038 9,673

Student tuition and fees 33,497 39,567 32,845

Donations and other contributions 1,416 2,242 1,892

Investment income (note 6) 3,226 3,222 2,513

106,457 118,323 108,886

Expenses (note 13)

Instruction and training 41,042 45,752 42,789

Academic and student support 27,570 24,326 22,828

Facility operations and maintenance 17,325 16,538 14,800

Institutional support 20,126 19,775 17,614

Ancillary services 394 417 433

106,457 106,808 98,464

Annual operating surplus - 11,515 10,422 Endowment contributions (note 11) - 10 134 Endowment capitalized investment income (note 11) - 84 236

- 94 370

Annual surplus $ - $ 11,609 $ 10,792

Accumulated surplus, beginning of year 132,324 132,324 121,532

Accumulated surplus, end of year $ 132,324 $ 143,933 $ 132,324



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STATEMENT OF CHANGE IN NET FINANCIAL ASSETS YEAR ENDED JUNE 30, 2018 (thousands of dollars)

Budget

2018 2018 2017 (note 23)

Annual surplus $ - - $ 11,609 $ 10,792 Acquisition of tangible capital assets (8,725) (6,181) (4,667) Proceeds on sale of tangible capital assets - - 7 Amortization of tangible capital assets 9,928 9,733 9,055 Loss on disposal of tangible capital assets - 1,148 190 Change in prepaid expenses - 6 (101) Change in spent deferred capital contributions (6,830) (7,721) (6,724) Change in accumulated remeasurement (losses) gains - (257) 973 Increase (decrease) in net financial assets

(5,627)

8,337

9,525

Net financial assets, beginning of year 84,407 84,407 74,882

Net financial assets, end of year $ 78,780 $ 92,744 $ 84,407



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STATEMENT OF REMEASUREMENT GAINS AND LOSSES YEAR ENDED JUNE 30, 2018 (thousands of dollars)

2018 2017

Accumulated remeasurement gains, beginning of year $ 4,719 $ 3,746

Unrealized gains attributable to:

Portfolio investments – non endowment 368 1,104

Amounts reclassified to statement of operations:

Portfolio investments – non endowment (625) (131)

Accumulated remeasurement gains, end of year $ 4,462 $ 4,719



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STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30, 2018 (thousands of dollars)

2018 2017

Operating transactions

Annual surplus $ 11,609 $ 10,792

Add (deduct) non-cash items: Amortization of tangible capital assets 9,733 9,055 Gain on disposal of portfolio investments (625) (131) Loss on disposal of tangible capital assets 1,148 190 Expended capital recognized as revenue (8,029) (7,014) Decrease in employee future benefits liabilities (400) (286) Change in non-cash items 1,827 1,814

Increase in accounts receivable (189) (2,663)

Decrease in inventories held for sale 14 45 Decrease / (increase) in prepaid expenses 6 (101)

(Decrease) / increase in accounts payable and accrued liabilities (1,257) 2,214

Increase in deferred revenue 5,205 1,257

Cash provided by operating transactions 17,215 13,358

Capital transactions Acquisition of tangible capital assets (6,181) (4,238)

Proceeds on sale of tangible capital assets - 7

Cash applied to capital transactions (6,181) (4,231)

Investing transactions

Purchase of portfolio investments (40,361) (47,173) Proceeds on sale of portfolio investments 30,181 40,657

Cash applied to investing transactions (10,180) (6,516)

Financing transactions Repayment of capital lease obligation (274) (56)

Increase in spent deferred capital contributions, less expended capital recognized as revenue 308 290

Cash provided by financing transactions 34 234

Increase in cash 888 2,845 Cash, beginning of year 12,973 10,128

Cash, end of year $ 13,861 $ 12,973

The accompanying notes are an integral part of these financial statements

The accompanying notes are an integral part of these financial statements


NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2018 (thousands of dollars)

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1. Authority and purpose

The Board of Governors of Bow Valley College is a corporation which manages and operates Bow Valley College ("the College") under the Post-Secondary Learning Act (Alberta). All members of the Board of Governors are appointed by either the Lieutenant Governor in Council or the Minister of Advanced Education, with the exception of the President and Chief Executive Officer, who is an ex officio member. Under the Post-Secondary Learning Act, Campus Alberta Sector Regulation, the College is a comprehensive community institution offering mandated credentials and programs as well as a full range of continuing education programs and activities. The College is a registered charity, and under section 149 of the Income Tax Act (Canada), is exempt from the payment of income tax.

2. Summary of significant accounting policies and reporting practices

a. General – Canadian Public Sector Accounting Standards (PSAS) and Use of Estimates

These financial statements have been prepared in accordance with Canadian public sector accounting standards. The measurement of certain assets and liabilities is contingent upon future events; therefore, the preparation of these financial statements requires the use of estimates, which may vary from actual results. The College’s management uses judgment to determine such estimates. Employee future benefit liabilities, amortization of tangible capital assets and the revenue recognition for expended capital are the most significant items based on estimates. In management's opinion, the resulting estimates are within reasonable limits of materiality and are in accordance with the significant accounting policies summarized below. These significant accounting policies are presented to assist the reader in evaluating these financial statements and, together with the following notes, should be considered an integral part of the financial statements.



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1. Authority and purpose

The Board of Governors of Bow Valley College is a corporation which manages and operates Bow Valley College ("the College") under the Post-Secondary Learning Act (Alberta). All members of the Board of Governors are appointed by either the Lieutenant Governor in Council or the Minister of Advanced Education, with the exception of the President and Chief Executive Officer, who is an ex officio member. Under the Post-Secondary Learning Act, Campus Alberta Sector Regulation, the College is a comprehensive community institution offering mandated credentials and programs as well as a full range of continuing education programs and activities. The College is a registered charity, and under section 149 of the Income Tax Act (Canada), is exempt from the payment of income tax.

2. Summary of significant accounting policies and reporting practices

a. General – Canadian Public Sector Accounting Standards (PSAS) and Use of Estimates

These financial statements have been prepared in accordance with Canadian public sector accounting standards. The measurement of certain assets and liabilities is contingent upon future events; therefore, the preparation of these financial statements requires the use of estimates, which may vary from actual results. The College’s management uses judgment to determine such estimates. Employee future benefit liabilities, amortization of tangible capital assets and the revenue recognition for expended capital are the most significant items based on estimates. In management's opinion, the resulting estimates are within reasonable limits of materiality and are in accordance with the significant accounting policies summarized below. These significant accounting policies are presented to assist the reader in evaluating these financial statements and, together with the following notes, should be considered an integral part of the financial statements.


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b. Valuation of financial assets and liabilities The College's financial assets and liabilities are generally classified and measured as follows:

Financial statement component Measurement

Cash Cost or amortized cost Portfolio investments – non endowment Fair Value and amortized cost Portfolio investments – restricted for endowments Fair Value and amortized cost Accounts receivable Amortized cost Accounts payable and accrued liabilities Inventories held for sale

Amortized cost Lower of cost or net realizable value

Unrealized gains and losses from changes in the fair value of financial assets and liabilities are recognized in the statement of remeasurement gains and losses. When the restricted nature of a financial instrument and any related changes in fair value create a liability, unrealized gains and losses are recognized as deferred revenue.

All financial assets are tested annually for impairment. When financial assets are impaired, impairment losses are recorded in the statement of operations. A write-down of a portfolio investment to reflect a loss in value is not reversed for a subsequent increase in value.

For financial assets and liabilities measured using amortized cost, the effective interest rate method is used to determine interest revenue or expense. Transaction costs are a component of cost for financial instruments measured using cost or amortized cost. Transaction costs are expensed for financial instruments measured at fair value. Investment management fees are expensed as incurred. The purchase and sale of cash and portfolio investments are accounted for using trade-date accounting.

The College does not use foreign currency forward contracts or any other type of derivative

instruments for trading or speculative purposes.

Management evaluates contractual obligations for the existence of embedded derivatives and elects to either designate the entire contract for fair value measurement or separately measure the value of the derivative component when characteristics of the derivative are not closely related to the economic characteristics and risks of the contract itself. Contracts to buy or sell non-financial items for the College’s normal purchase, sale or usage requirements are not recognized as financial assets or financial liabilities. The College does not have any embedded derivatives.



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c. Revenue Recognition All revenues are reported on the accrual basis of accounting. Cash received for which goods or services have not been provided by year end is recognized as deferred revenue. Government grants, non-government grants and donations Government transfers are referred to as government grants.

Restricted government grants and donations are recorded as deferred revenue if the terms for use, or the terms along with the College’s actions and communications as to the use, create a liability. These grants and donations are recognized as revenue as the terms are met. If the grants and donations are used to acquire or construct tangible capital assets, revenue will be recognized over the useful life of the tangible capital assets.

Government grants without terms for the use of the grant are recorded as revenue when the College is eligible to receive the funds. Unrestricted grants and donations are recorded as revenue in the year received or in the year the funds are committed to the College if the amount can be reasonably estimated and collection is reasonably assured.

In kind donations of services, materials and tangible capital assets are recognized at fair value when a fair value can be reasonably determined. Transfers of tangible capital assets from related parties are recorded at the carrying value. While volunteers and College staff contribute a significant amount of time each year to assist the College in carrying out its mission, such contributed services are not recognized in these financial statements because a fair value cannot be reasonably determined.

Grants and donations related to land

Grants and donations for the purchase of land are recognized as deferred revenue when received, and recognized as revenue when the land is purchased.

The College recognizes in kind contributions of land as revenue at the fair value of the land when a fair value can be reasonably determined. When the College cannot determine the fair value, it recognizes such in kind contributions at nominal value.

Endowment donations

Endowment donations are recognized as revenue in the statement of operations in the year in which they are received, and are required by donors to be maintained intact in perpetuity.



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Endowments

Endowments consist of externally restricted donations received by the College and internal allocations by the College’s Board of Governors, the principal of which is required to be maintained intact in perpetuity.

Investment income earned on endowments must be used in accordance with the various purposes established by the donors or the Board of Governors. Benefactors and College policy stipulate that the economic value of the endowments must be protected by limiting the amount of income that may be expended and reinvesting unexpended income.

Under the Post-secondary Learning Act, the College has the authority to alter the terms and conditions of endowments to enable:

Income earned by the endowments to be withheld from distribution to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment.

Encroachment on the capital of the endowment to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment if, in the opinion of the Board of Governors, the encroachment benefits the College and does not impair the long-term value of the fund.

In any year, if the investment income earned on endowments is insufficient to fund the spending allocation, the spending allocation is funded from the cumulative capitalized investment income. However, for individual endowment funds without sufficient cumulative capitalized income, endowment principal is used in that year and is expected to be recovered by future investment income.

Investment Income

Investment income includes dividends, interest income and realized gains or losses on the sale of portfolio investments. Investment income from restricted grants and donations is recognized as deferred revenue when the terms for use create a liability, and is recognized as investment income when the terms of the grant or donation are met.

The endowment spending allocation portion of investment income earned by endowments is recognized as deferred revenue when the terms for the use by the endowment create a liability. Realized investment income allocated to endowment balances for the preservation of endowment capital purchasing power is recognized in the statement of operations.

d. Inventories held for sale

Inventories held for sale are valued at the lower of cost and expected net realizable value and are determined using the first-in-first-out (FIFO) weighted average method.



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e. Tangible Capital Assets

Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets, and costs associated with asset retirement obligations. Cost includes overhead directly attributable to construction and development, as well as interest costs that are directly attributable to the acquisition or construction of the asset. Work in progress, which includes facilities and improvement projects and development of information systems, is not amortized until after the project is complete and the asset is in service. Assets or disposal groups that are classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Capital lease obligations are recorded at the present value of the future minimum lease payments at the inception of the lease, excluding executor costs (e.g. insurance, maintenance costs, etc). The discount rate used to determine the present value of lease payments is the lower of the College’s rate for incremental borrowing or the interest rate implicit in the lease.

The cost less residual value, of the tangible capital assets, excluding land, is amortized on a straight-line basis over the estimated useful lives as follows:

Buildings, leasehold and site improvements 3 - 40 years Furniture and equipment, computer equipment and software 2 - 10 years Learning resources equipment 2 years

Tangible capital assets write-downs are recognized when conditions indicate they no longer contribute to the College’s ability to provide services, or when the value of future economic benefits associated with the capital assets are less than their net book value. Net write-downs are recognized as expense. Contributed capital assets are recorded as revenues at their fair market value on the date of donation except in circumstances where fair value cannot be reasonably determined which are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at their carrying value.

Intangible assets, works of art, historical treasures and collections are expensed when acquired and not recognized as tangible capital assets because a reasonable estimate of the future benefits associated with such property cannot be made.

f. Asset Retirement Obligations

Asset retirement obligations are recognized for statutory, contractual or legal obligations, associated with the retirement of tangible capital assets when those obligations result from the acquisition, construction, development or normal operation of the assets. The obligations are measured initially at fair value, determined using present value methodology, and the resulting costs capitalized into the carrying amount of the related asset. In subsequent years, the liability is adjusted for the accretion of discount and any changes in the amount or timing of the underlying future cash flows. The capitalized asset retirement cost is amortized on the same basis as the related asset and the discount accretion is included in determining the results of operations. At June 30, 2018, the College did not have any asset retirement obligations.



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g. Foreign Currency Translation

Transaction amounts denominated in foreign currencies are translated into their Canadian dollar equivalents at exchange rates prevailing at the transaction dates. Carrying values of monetary assets and liabilities and non-monetary items included in the fair value category reflect the exchange rates at the statement of financial position date. Unrealized foreign exchange gains and losses are recognized in the statement of remeasurement gains and losses.

In the period of settlement, foreign exchange gains and losses are reclassified to the statement of operations, and the cumulative amount of remeasurement gains and losses is reversed in the statement of remeasurement gains and losses.

h. Employee Future Benefits

Pension The College participates with other employers in the Management Employees Pension Plan

(MEPP) and the Public Service Pension Plan (PSPP). These pension plans are multi-employer defined benefit pension plans that provide pensions for the College’s participating employees, based on years of service and earnings.

The College does not have sufficient plan information on the MEPP or PSPP to follow the

standards for defined benefit accounting, and therefore follows the standards for defined contribution accounting. Accordingly, pension expense recorded for MEPP and PSPP is comprised of employer contributions to the plans that are required for its employees during the year, which are calculated based on actuarially pre-determined amounts that are expected to provide the plan’s future benefits.

Long-term disability For a limited number of employees the College contributes both the employer and employee

portions of the PSPP pension premiums and the employer portion of premiums for health, dental and health spending account contribution on behalf of employees on long-term disability for the duration of their leave, until retirement age or until the termination of the benefit. The annual cost and ongoing liability for these benefits are determined by management’s estimate based on a present value calculation taking into account the number of employees per year, the discount rate, retirement age of employee, and the year of employee disability. The cost is expensed in full when the event that obligates the College occurs.

Transitional leave The College accrued transition leave of the former President & Chief Executive Officer. During

the fiscal year, the College fulfilled its obligations for this transitional leave which was fully paid out on December 31, 2017.



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i. Expense by Function The College uses the following categories of functions on its statement of operations:

Instruction and training Expenses relating to instruction and training support for the academic functions of the College both directly and indirectly. This function includes expenses incurred by faculties for their scholarly and non-sponsored research activities, in both credit and non-credit courses. Academic and student support Includes activities directly relating to the support of the academic functions of the College such as libraries and galleries, as well as expenses for the deans. This category includes functions that support individual students or groups of students, such as student service administration, student recruitment, records and admissions, counseling or career services, social development and recreation, financial aid administration, and any other centralized student support group. Facility operations and maintenance Includes utilities costs and centralized management of grounds and facilities and operations and maintenance of physical capital assets for all College activities. This function also includes utilities, facilities administration, building maintenance, custodial services, landscaping and grounds keeping, and major repairs and renovations. The College maintains service and operating contracts with external vendors for facilities operations and maintenance, security and custodial services. Amortization of buildings and capital assets is also included with the exception of those attributable to ancillary services.

Institutional support Includes expenses for executive management, public relations, alumni relations and development, corporate insurance premiums, corporate finance, human resources and any other centralized college wide administrative services. This category also includes computing, network and data communication expenses.

Ancillary services Includes expenses for operations outside of the normal functions of instruction and research such as bookstores, food services and parking services. This will also include amortization directly related to ancillary services. The College maintains service and operating contracts with external vendors for its food services, printing, parking and bookstore operations.



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j. Funds and Reserves

Certain amounts, as approved by the Board of Governors, are set aside in accumulated surplus for future operating and capital purposes. Transfers to / from funds and reserves are an adjustment to the respective fund when approved by the Board of Governors.

k. Liability for Contaminated Sites

Contaminated sites are a result of contamination of a chemical, organic or radioactive material or live organism that exceeds an environmental standard, being introduced into soil, water or sediment. The liability is recognized net of any expected recoveries. A liability for remediation of contaminated sites normally results from an operation(s) that is no longer in productive use and is recognized when all of the following criteria are met:

i. an environmental standard exists; ii. contamination exceeds the environmental standard; iii. the College is directly responsible or accepts responsibility; iv. it is expected that future economic benefits will be given up; and v. a reasonable estimate of the amount can be made.

At June 30, 2018, the College does not have any contaminated sites.

l. Future Accounting Changes

In June 2015, the Public Sector Accounting Board issued PS 3430 Restructuring transactions. This accounting standard is effective for fiscal years starting on or after April 1, 2018. PS 3430 Restructuring transactions defines a restructuring transaction and establishes standards for recognizing and measuring assets and liabilities transferred in a restructuring transaction. In March 2018, the Public Sector Accounting Board issued PS 3280 Asset Retirement Obligations. This accounting standard is effective for fiscal years starting on or after April 1, 2021. PS 3280 Asset Retirement Obligations provides guidance on how to account for and report a liability for retirement of a tangible capital asset. Management is currently assessing the impact of these new standards on the financial statements.



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3. Adoption of new accounting standards The College has prospectively adopted standards from July 1, 2017:

PS 2200 - Related party disclosures defines a related party and identifies disclosures for related parties and related party transactions, including key management personnel and close family members.

PS 3420 - Inter-entity transactions, establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective.

PS 3210 - Assets provides guidance for applying the definition of assets set out in PS 1000, Financial statement concepts, and establishes general disclosure standards for assets.

PS 3320 - Contingent assets defines and establishes disclosure standards for contingent assets.

PS 3380 - Contractual rights defines and establishes disclosure standards on contractual rights.

4. Portfolio investments

2018 2017

Portfolio investments – non endowments $ 94,542

$ 84,183

Portfolio investments – restricted for endowments 5,527 5,338

$ 100,069 $ 89,521

The composition of portfolio investments measured at fair value and annual market yields on portfolio investments are as follows:

2018 Portfolio investments at fair value Market

Yield Level 1 Level 2 Level 3 Total

Bonds

Pooled investment funds - Canadian government and corporate bonds

3.03%

$

-

$

50,723

$

-

$

50,723

Pooled investment funds - Foreign bonds

5.98%

-

1,604

-

1,604

Equities

Pooled investment funds - Canadian equity 2.52% - 10,108 - 10,108

Pooled investment funds - Foreign equity 2.05% - 16,646 - 16,646

Other

Money market funds, short-term notes, treasury bills

1.32%

20,988

-

-

20,988

Total portfolio investments $ 20,988 $ 79,081 $ - $ 100,069



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3. Adoption of new accounting standards The College has prospectively adopted standards from July 1, 2017:

PS 2200 - Related party disclosures defines a related party and identifies disclosures for related parties and related party transactions, including key management personnel and close family members.

PS 3420 - Inter-entity transactions, establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective.

PS 3210 - Assets provides guidance for applying the definition of assets set out in PS 1000, Financial statement concepts, and establishes general disclosure standards for assets.

PS 3320 - Contingent assets defines and establishes disclosure standards for contingent assets.

PS 3380 - Contractual rights defines and establishes disclosure standards on contractual rights.

4. Portfolio investments

2018 2017

Portfolio investments – non endowments $ 94,542

$ 84,183

Portfolio investments – restricted for endowments 5,527 5,338

$ 100,069 $ 89,521

The composition of portfolio investments measured at fair value and annual market yields on portfolio investments are as follows:



Bonds


3.03%

$

-

$

50,723

$

-

$

50,723


5.98%

-

1,604

-

1,604

Equities



Other


1.32%

20,988

-

-

20,988



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Bonds


2.57%

$

-

$

44,342

$

-

$

44,342


5.77%

-

1,374

-

1,374

Equities



Other


0.81%

18,085

-

-

18,085


The fair value measurements are those derived from:

Level 1 - Quoted prices in active markets for identical assets; Level 2 - Fair value measurements are those derived from inputs other than quoted prices included with level 1

that are observable for the assets, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3 - Fair value measurements are those derived from valuation techniques that include inputs for the assets

that are not based on observable market data (unobservable inputs).

The average annualized effective yields on the money market investments ranged from 0.91% to 1.65% (2017 - 0.46% to 1.10% ), Canadian bonds investment yields range from 2.68% to 3.73% (2017 – 2.16% to 3.55%), Foreign bonds investment yield 5.98% (2017 – 5.77%) and equity pooled fund yields range from 1.40% to 2.85% (2017 – 1.36% to 2.98%). Terms to maturity of fixed income investments are as follows:

Canadian government, corporate and foreign bonds - range from less than one year to thirty three years;

Money market funds, short-term notes, and treasury bills - less than one year.

The primary objective of the College's investment policy is to have an established investment strategy which will preserve capital and achieve a growth rate beyond the rate of inflation. It is also to provide a secure and consistent income flow to meet daily operations, longer-term operating and capital needs and endowment requirements. The College has policies and procedures in place governing asset mix, diversification, exposure limits, credit quality and performance measurement. The College, through two investment advisors, invests primarily in Canadian bonds and pooled investment funds containing Canadian government and corporate bonds, Canadian equities and foreign equities. Management has consulted with its investment advisors with regard to the components of its investment portfolio and the College’s exposure to derivatives is restricted to



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holdings in a short-term bond pooled fund in which derivatives represent less than 1% of the total portfolio value. The College's Audit and Risk Management Council, a subcommittee of the Board of Governors, has delegated authority for oversight of the College's investments. The Audit and Risk Management Council meets regularly to monitor investments, to review investment managers’ performance, to ensure compliance with the College's investment policies and to evaluate the continued appropriateness of the College's investment policy.

5. Financial risk management

The College is exposed to the following risks:

Market price risk

The College is exposed to market price risk which is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, its issuer or general market factors affecting all securities. To manage this risk, the College has established an investment policy with a target asset mix that is diversified by asset class with individual issuer limits and is designed to achieve a long-term rate of return that in real terms equals or exceeds total endowment expenditures with an acceptable level of risk.

The College assesses its portfolio sensitivity to a percentage increase or decrease in the market prices. The following details the College’s portfolio sensitivity to a 3.79% increase or decrease in the market prices. The sensitivity rate is determined by the College's investment advisors using the historical annualized standard deviation for the total endowment fund over a four year. At June 30, 2018, if the market prices had a 3.79% (2017 - 3.76%) increase or decrease with all other variables held constant, the increase or decrease in remeasurement gains and losses and endowment net assets for the year would have been a total increase or decrease of $2,996 (2017 - $2,687).

Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The College does not invest in investments or pooled funds denominated in foreign currencies. The College’s exposure to foreign currency risk is very low due to minimal business activities conducted in a foreign currency.

Liquidity risk

Liquidity risk is the risk that the College will encounter difficulty in meeting obligations associated with its financial liabilities. The College maintains a short-term line of credit that is designed to ensure that funds are available to meet current and forecasted financial requirements in the most cost effective manner. As at June 30, 2018, the College had committed borrowing facilities of four million dollars (2017 - four million dollars), none of which has been drawn.



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Credit risk

Counterparty credit risk is the risk of loss arising from the failure of a counterparty to fully honor its financial obligations with the College. The College is exposed to credit risk on investments and has established an investment policy with required minimum credit quality standards and issuer limits to manage this risk. The credit risk from accounts receivable is low as the majority of balances are due from government agencies and corporate sponsors.

The credit rating for on investments held are as follows:

2018 2017

AAA 35% 37%

AA 26% 27%

A 25% 24%

BBB 13% 12%

Below BBB 1% 0%

100% 100%

Interest rate risk

Interest rate risk is the risk to the College’s earnings that arise from fluctuations in interest rates and the degree of volatility of these rates. This risk is managed by investment policies which limit the term to maturity of certain fixed income securities that the College holds. If interest rates increased by 1%, and all other variables are held constant, the potential loss in fair value to the College would be approximately $3,602 (2017 - $3,384).

The maturity and effective market yield of interest bearing investments are as follows:

Asset class < 1

year 1-5

years >5

years

Average effective

market yield

Cash and cash equivalents 100% - - 1.32%

Portfolio investments, fixed income 2% 9% 89% 3.12%

Commodity price risk

The College is exposed to commodity price risk as a result of substantial electricity and natural gas usage required to operate the College’s facilities. To mitigate this risk, the College has entered into contracts to fix the price for electricity and natural gas (note 14).



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6. Investment income

2018 2017

Portfolio investments – non endowment $ 3,238 $ 2,527

Portfolio investments – restricted for endowments 238 263

3,476 2,790

Income capitalized to endowments (84) (236)

Deferred (170) (41)

$ 3,222 $ 2,513

7. Accounts receivable

2018 2017

Accounts receivable $ 1,015 $ 3,006

Other receivable 5,564 3,845

Less: Allowance for doubtful accounts (275) (736)

Balance, end of the year $ 6,304 $ 6,115

Accounts receivable are unsecured and non-interest bearing.



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8. Tangible capital assets

2018

2017

Buildings, leasehold, and

site improvements

Furniture and equipment,

computer equipment

and software

Learning resources

equipment Land Total Total Cost

Beginning of year $ 285,905 $ 23,796 $ 520 $ 36,626 $ 346,847 $ 342,440

Acquisitions 2,211 3,920 50 - 6,181 4,667

Disposals

(1,388) (45) - - (1,433) (260)

286,728 27,671 570 36,626 351,595 346,847

Accumulated Amortization Beginning of year 49,003 15,249 512 - 64,764 55,772

Amortization expense 6,959 2,750 24 - 9,733 9,055

Disposals (275) (10) - - (285) (63)

55,687 17,989 536 - 74,212 64,764

Net book value at June 30, 2018 $ 231,041 $ 9,682 $ 34 $ 36,626 $ 277,383

Net book value at June 30, 2017 $ 236,902 $ 8,547 $ 8 $ 36,626 $ 282,083

Included in buildings, leasehold and site improvements, furniture and equipment, computer equipment and software is work in progress of $3,701 (2017 - $1,148).

The College entered into a capital lease for multi-function print devices. This equipment is classified as part of furniture and equipment, computer equipment and software. The original present value of the capital lease obligation was $567 and the related accumulated amortization on this equipment is $283. At year end, the capital lease obligation owing was $155. The College holds a collection of works of art including paintings, sculptures and photographs. Due to the subjective nature of these assets, the values are not reported in this note. During the year the College started the renovation of its campus infrastructure. This project is known as “Fit For Future”. This renovation resulted in space being taken out of service and the College recognized a building cost write down of $1,388; building accumulated amortization was reduced by $275 with the removal of this asset.



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9. Deferred revenue Deferred revenue is comprised of unspent externally restricted grants and donations, unspent deferred capital contributions and prepaid tuition and other fees. Deferred revenues are set aside for specific purposes as required by legislation, regulation or agreement.

10. Spent deferred capital contributions Spent deferred capital contributions is comprised of restricted grants and donations spent on tangible capital acquisitions (not yet recognized as revenue).

(1) The asset removed from service associated with the College’s Fit for Future renovation project referenced in Note 8 was originally funded by Government of Alberta capital grants. During the year the removal of this asset from service created an acceleration of capital grant recognized of $1,113.

2018

2017

Unspent externally restricted

grants and donations

Unspent deferred capital

contributions

Tuition and other

fees Total

Total

Balance, beginning of year $ 4,747 $ 1,865 $ 7,566 $ 14,178 $ 12,921

Grants, tuitions, contract revenue, donations, and other fees received 9,467 852 12,050 22,369 15,326 Investment income Realized gains 238 17 - 255 278 Unrestricted losses (12) - - (12) (15) Transfers to spent deferred capital contributions

(308) - - (308) (290)

Recognized as revenue (9,004) (421) (7,674) (17,099) (14,042)

Balance, end of year $ 5,128 $ 2,313 $ 11,942 $ 19,383 $ 14,178

2018

2017

Balance, beginning of year $ 230,627 $ 237,351

Transfers from unspent externally restricted grants and donations 308 290

Expended capital recognized as revenue (1) (8,029) (7,014)

Balance, end of year $ 222,906 $ 230,627



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9. Deferred revenue Deferred revenue is comprised of unspent externally restricted grants and donations, unspent deferred capital contributions and prepaid tuition and other fees. Deferred revenues are set aside for specific purposes as required by legislation, regulation or agreement.

10. Spent deferred capital contributions Spent deferred capital contributions is comprised of restricted grants and donations spent on tangible capital acquisitions (not yet recognized as revenue).

(1) The asset removed from service associated with the College’s Fit for Future renovation project referenced in Note 8 was originally funded by Government of Alberta capital grants. During the year the removal of this asset from service created an acceleration of capital grant recognized of $1,113.

2018

2017

Unspent externally restricted

grants and donations

Unspent deferred capital

contributions

Tuition and other

fees Total

Total

Balance, beginning of year $ 4,747 $ 1,865 $ 7,566 $ 14,178 $ 12,921

Grants, tuitions, contract revenue, donations, and other fees received 9,467 852 12,050 22,369 15,326 Investment income Realized gains 238 17 - 255 278 Unrestricted losses (12) - - (12) (15) Transfers to spent deferred capital contributions

(308) - - (308) (290)

Recognized as revenue (9,004) (421) (7,674) (17,099) (14,042)

Balance, end of year $ 5,128 $ 2,313 $ 11,942 $ 19,383 $ 14,178

2018

2017

Balance, beginning of year $ 230,627 $ 237,351

Transfers from unspent externally restricted grants and donations 308 290

Expended capital recognized as revenue (1) (8,029) (7,014)

Balance, end of year $ 222,906 $ 230,627


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11. Net assets

Accumulated surplus from

operations

Investment in tangible

capital assets (1)

Internally restricted reserves (note 12)

Endowments

Total

Net assets as at June 30, 2016 $ 3,940 $ 49,261 $ 68,337 $ 3,740 $ 125,278 Annual surplus 10,792 - - - 10,792 Endowments New donations (134) - - 134 - Capitalized investment income (236) - - 236 - Transfers to endowments - - (105) 105 - Tangible capital assets

Internally funded acquisition of tangible capital assets (2,877) 4,184 (1,307) - -

Amortization of internally funded tangible capital assets 2,029 (2,029) - - - Net change in investment in capital leased assets (40) 40 - - -

Operating expenses funded from internally restricted reserves 1,144 -

(1,144) - -

Net Board appropriation to internally restricted reserves (10,543) - 10,543 - - Change in accumulated remeasurement gains 973 - - - 973

Net assets, beginning of year 5,048 51,456 76,324 4,215 137,043 Annual surplus 10,932 - 677 - 11,609 Endowments New donations (12) - - 12 - Capitalized investment income (84) - - 84 - Tangible capital assets

Internally funded acquisition of tangible capital assets (2,781) 5,873 (3,092) - - Amortization of internally funded tangible capital assets 2,628 (2,628) - - -

Net change in investment in capital leased assets (190) 190 - - -

Operating expenses funded from internally restricted reserves 1,904 - (1,904) - - Net Board appropriation to internally restricted reserves (12,300) - 12,300 -

-

Change in accumulated remeasurement gains (257) - - - (257) Net assets, end of year $ 4,888 $ 54,891 $ 84,305 $ 4,311 $ 148,395 Net assets is comprised of: Accumulated surplus $ 426 $ 54,891 $ 84,305 $ 4,311 $ 143,933 Accumulated remeasurement gains 4,462 - - - 4,462 $ 4,888 $ 54,891 $ 84,305 $ 4,311 $ 148,395 (1)

Investment in capital tangible assets represents the amount of the College’s accumulated surplus that has been invested in the College’s capital assets.



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12. Internally restricted reserves

Certain amounts, as approved by the Board of Governors, are set aside in accumulated operating surplus for future operating and capital purposes. Those amounts are not available for other purposes without the approval of the Board.

2018

Net Board appropriation

from accumulated surplus

Balance,

beginning of year Inflows Transfers DisbursementsBalance,

end of year Appropriation for capital activities

Facilities infrastructure improvements $ 52,875 $ 5,000 $ - $ (2,625) $ 55,250

Appropriation for operating activities Special initiatives fund 8,714 - (600) (506) 7,608

College technology plan 10,214 4,800 - (1,204) 13,810

Fund development plan 4,364 3,027 600 (593) 7,398

Academic excellence scholarship 157 150 - (68) 239

$ 76,324 $ 12,977 $ - $ (4,996) $ 84,305

13. Expense by object The following is a summary of expense by object:

Budget

2018 2018 2017 (note 23)

Salaries and benefits $ 71,950 $ 73,156 $ 68,865

Materials, supplies and services 13,651 14,971 11,978

Maintenance and repairs 7,793 5,526 5,274

Amortization of capital assets 9,928 9,733 9,055

Cost of goods sold 43 26 49

Scholarship and bursaries 1,258 1,524 1,471

Utilities 1,834 1,872 1,772 $ 106,457 $ 106,808 $ 98,464



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12. Internally restricted reserves

Certain amounts, as approved by the Board of Governors, are set aside in accumulated operating surplus for future operating and capital purposes. Those amounts are not available for other purposes without the approval of the Board.

2018

Net Board appropriation

from accumulated surplus

Balance,

beginning of year Inflows Transfers DisbursementsBalance,

end of year Appropriation for capital activities

Facilities infrastructure improvements $ 52,875 $ 5,000 $ - $ (2,625) $ 55,250

Appropriation for operating activities Special initiatives fund 8,714 - (600) (506) 7,608

College technology plan 10,214 4,800 - (1,204) 13,810

Fund development plan 4,364 3,027 600 (593) 7,398

Academic excellence scholarship 157 150 - (68) 239

$ 76,324 $ 12,977 $ - $ (4,996) $ 84,305

13. Expense by object The following is a summary of expense by object:

Budget

2018 2018 2017 (note 23)

Salaries and benefits $ 71,950 $ 73,156 $ 68,865

Materials, supplies and services 13,651 14,971 11,978

Maintenance and repairs 7,793 5,526 5,274

Amortization of capital assets 9,928 9,733 9,055

Cost of goods sold 43 26 49

Scholarship and bursaries 1,258 1,524 1,471

Utilities 1,834 1,872 1,772 $ 106,457 $ 106,808 $ 98,464


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14. Contractual obligations

a) The College has contractual obligations which are commitments that will become liabilities in the future when the terms of the contracts or agreements are met. The estimated aggregate amount payable for the unexpired terms of these contractual obligations are as follows:

2018

Service Information Systems and Technology

Long-term Contracts Leases Total

Fiscal year: 2019 $ 3,332 $ 92 $ 184 $ 3,608

2020 2,679 22 138 2,839

2021 2,494 - 135 2,629

2022 1,503 - 136 1,639

2023 472 - 20 492

Thereafter - - - -

$ 10,480 $ 114 $ 613 $ 11,207

Total as at June 30, 2017 $ 6,961 $ 297 $ 592 $ 7,850

b) At June 30, 2018, the College has a capital lease obligation for multi-function print devices. The lease term will expire in December 2018. The present value of the net minimum capital lease payments is $155 (i.e. total instalments outstanding are $163 less $8 representing interest).

c) In order to manage its exposure to the volatility in electricity price, the Board of Governors has entered into a 2 year contract, beginning January 1, 2018 and ending December 31, 2019 to fix its energy cost at $0.05910/kWh.

d) In order to manage its full exposure to natural gas price volatility, the Board of Governors has

entered into a two year contract, beginning November 1, 2017 and ending October 31, 2019 to fix its gas cost at $2.68/GJ.



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15. Contractual rights

Contractual rights are rights of the College to economic resources arising from contracts or agreements that will result in both assets and revenues in the future when the terms of those contracts or agreements are met. Estimated amounts that will be received or receivable for each of the next five years and thereafter are as follows:

2018

Service Operating Leases

Contracts Total

Fiscal year: 2019 $ 10,254 $ 190 $ 10,444

2020 5,714 168 5,882

2021 60 165 225

2022 1 168 169

2023 - 168 168

Thereafter - 287 287

$ 16,029 $ 1,146 $ 17,175

Total as at June 30, 2017 $ 27,682 $ 1,347 $ 29,029

16. Contingent liabilities a) The College, in the conduct of its normal activities, is a defendant in a number of legal

proceedings. While the ultimate outcome and liability of these proceedings cannot be reasonably determined at this time, the College believes that any settlement will not have a material adverse effect on the financial position or the results of operations of the College. Based on legal advice, management has concluded that none of the claims meet the criteria for recording an accrued liability under Canadian public sector accounting standards.

b) The College has identified a potential liability related to the existence of asbestos in a number

of its facilities. Although not a current health hazard, upon renovation or demolition of these facilities, the College may be required to take appropriate remediation procedures to remove the asbestos. As the College has no legal obligation to remove the asbestos in these facilities as long as the asbestos is contained and does not pose a public health risk, the fair value of the obligation cannot be reasonably estimated due to the indeterminate timing and scope of the removal. The asset retirement obligations for these assets will be recorded in the year in which there is certainty that the renovation or demolition project will proceed and there is sufficient information to estimate the fair value of the obligation.



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17. Contingent assets The College initiated legal matters and insurance claims where possible assets are being sought. These matters give rise to contingent assets. The outcomes from these matters may result in recognition of assets.

18. Related parties

The College is a related party with organizations within the Government of Alberta reporting entity. Key management personnel and the Board of Governors of the College and their close family members are also considered related parties. The College may enter into transactions with these entities and individuals in the normal course of operations and on normal terms. During the year, the College occupied space from a related party on an operating cost recovery basis. As well certain related entities occupied space from the College under similar financial terms. These costs and related revenues are recorded at carrying values that differ from values that would have been recorded if the parties were at arm’s length. The College entered into a donation agreement with ATB Financial in which the College will receive $1 million over ten years. During the year, the College received $100,000 (2017- $150,000).



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19. Government transfers

2018

2017

Grants from Government of Alberta Advanced Education:

Operating $ 44,844 $ 43,652 Health Workforce Action Plan 1,176 1,176 Infrastructure Maintenance grant 852 - Other learner support grants 1,255 1,544

Total Advanced Education $ 48,127 $ 46,372

Total contributions received 48,127 46,372 Add: Amortization of deferred capital contributions 8,029 7,014 Add: Amortization of deferred non-capital contributions 180 1,380 Add: Amount receivable 300 94 Less: Deferred revenue (1,515) (762)

$ 55,121 $ 54,098

Accounts receivable: Advanced Education $ 690 $ 280 Other Government of Alberta departments and agencies 1,678 416 Other Post-Secondary Institutions 111 109

$ 2,479 $ 805

Accounts payable: Other Post-Secondary Institutions $ 12 $ 21

$ 12 $ 21

Federal and other government grants Contributions received 9,911 8,521 Less: deferred revenue (778) (656)

Revenue $ 9,133 $ 7,865

During the year, the College conducted business transactions with related parties, including Ministries of the Province of Alberta, other public colleges, and corporations for which certain Board members of the College served as management. The revenue earned from these business transactions amount to $4,075 (2017 - $4,525) and are included in these financial statements. These transactions were entered into on the same business terms as with non-related parties and are recorded at fair market values.



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20. Salary and employee benefits

2018 2017

Base

salary (1) Other cash benefits (2)

Other non-cash benefits (3)

Total Total

Governance (4)

Chair of the Board of Governors $ - $ - $ - $ - $ - Members of the Board of Governors - 1 - 1 4 - 1 - 1 4 Executive President and Chief Executive Officer (5) 300 59 37 396 204 President and Chief Executive Officer (6) (Retired) 162 48 1 211 459

Vice President, Academic and Chief Learning Officer (7) 161 - 33 194 -

Vice President, Academic and Chief Learning Officer (Retired) (3) - - 1 1 296

Vice President, Learner Services and Chief Financial Officer

202 - 38 240 243

Vice President, College Services and Chief Financial Officer (former) (9) - - - - 364

Vice President, External (8) 128 - 27 155 -

Vice President, College Advancement and Chief External Relations Officer (former) - - - - 230

Vice President, Strategy and Chief Information Officer (10) 202 - 37 239 17

Associate Vice President, Human Resources (10) 172 - 38 210 16

$ 1,327 $ 108 $ 212 $ 1,647 $ 1,833

(1) Base salary includes pensionable base pay. (2) Other cash benefits include payments in lieu of pension, car allowance, vacation payments and transition allowance. (3) Other non-cash benefits include College's share of all employee benefits and contributions or payments made on

behalf of employees including pension, health care, dental coverage, vision coverage, out of country medical benefits, group life insurance, accidental death and dismemberment insurance, long and short-term disability plan, Employment Insurance, Canada Pension Plan, Worker's Compensation, professional memberships and fair market value of parking benefits.

(4) The majority of board members do not accept honoraria from the College. Waivered honoraria has been contributed to endowments and deferred donations.

(5) The incumbent commenced office as President and Chief Executive Officer on January 1, 2017. (6) The retired President and Chief Executive Officer received transitional leave to December 31, 2017. (7) The incumbent commenced office as Vice President, Academic and Chief Learning Officer on September 9, 2017. (8) The incumbent commenced office as Vice President, External on November 14, 2017.

(9) This position was abolished in the prior year.

(10) These positions were established in May 2017. The changes in title were effective July 1, 2017.



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21. Employee future benefit liabilities Long-term disability health and pension premiums Up to December 31, 2014, the College contributed both the employer and employee portion of the PSPP premiums and the employer portion of premiums for the health spending account, dental and extended health account contributions on behalf of employees on long-term disability (LTD) for the duration of their leave or until retirement age. The annual cost and ongoing liability for these benefits is determined by management’s estimate based on a present value calculation taking into account the number of employees, the discount rate, the year of employee disability and the retirement age of employee. Effective January 1, 2015, the College discontinued this practice. This change does not affect those employees who were receiving LTD prior to 2015.

Transitional leave The College accrued for transition leave of the former President & Chief Executive Officer. The leave was contingent upon the individual’s salary and benefits in effect as at January 1, 2017. This transition leave entitlement was paid out during the calendar year ending December 31, 2017.

2018 2017

LTD health & pension premiums

Transitional leave

Employee future

benefit liability

LTD health & pension

premiums Transitional

leave

Employee future

benefit liability

Expenses

Current service cost $ - $ - $ - $ - $ - $ -

Less: Previous service costs recognized

(184) (216) (400)

(40) (246) (286)

Net current service cost (184) (216) (400) (40) (246) (286)

Financial Position

Accrued benefit obligation

Beginning of year 420 216 636 460 462 922

Net current service cost (184) (216) (400) (40) (246) (286)

Balance, end of year $ 236 $ - $ 236 $ 420 $ 216 $ 636

Significant management assumptions used to measure the accrued benefit obligation for the LTD health and pension premiums are as follows:

2018 2017

Average Inflation rate 2.10 % 2.10 % Average discount rate 3.00 % 3.00 %



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Defined benefit plans accounted for on a defined contribution basis

The College participates with other employers in the Management Employees Pension Plan (MEPP) and the Public Service Pension Plan (PSPP).

Management Employees Pension Plan (MEPP)

MEPP is a multi-employer contributory defined benefit pension plan for eligible management employees of the Province of Alberta and approved provincial agencies and public bodies. As the College does not have sufficient information to follow the accounting standards for defined benefit plans, it is accounted for on a defined contribution basis. The pension expense recorded in these financial statements is $547 (2017 - $615). At December 31, 2017 the MEPP reported an actuarial surplus of $866,066 (2016 – $402,033). In accordance with the Public Sector Pension Plans Act, the actuarial surplus or deficit is determined by an actuarial funding valuation performed at a minimum of every three years. The actuarial funding valuation of the MEPP took place in 2015. For the calendar year ended December 31, 2017, MEPP reported employer contributions of $109,462 (2016 - $131,706). For the calendar year ended December 31, 2017, the College’s employer contributions to the MEPP were $591 (2016 - $622). Other than the requirement to make additional contributions, the College does not bear any risk related to the MEPP deficiency. Public Service Pension Plan (PSPP) PSPP is a multi-employer contributory defined benefit pension plan for faculty, exempt and support staff members. As the College does not have sufficient information to follow the accounting standards for defined benefit plans, it is accounted for on a defined contribution basis. The pension expense recorded in these financial statements is $5,091 (2017 - $5,096). An actuarial valuation of the PSPP was carried out as at December 31, 2016 and was then extrapolated to December 31, 2017. At December 31, 2017, the PSPP reported an actuarial surplus of $1,275,843 (2016 – actuarial surplus of $302,975). For the calendar year ended December 31, 2017, PSPP reported employer contributions of $363,748 (2016 - $350,083). For the calendar year end December 31, 2017, the College’s employer contributions were $5,252 (2016 - $4,872). Other than the requirement to make additional contributions, the College does not bear any risk related to PSPP deficiency.



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22. Funds held on behalf of others The College holds the following funds on behalf of others over which the Board has no power of appropriation.

2018 2017

Bow Valley College Students' Association $ 2 $ - Other 19 21 $ 21 $ 21

23. Budget figures

The College's budget was approved by the Board of Governors as presented to the Minister of Advanced Education as part of the College's submission of its 2017-2020 Comprehensive Institutional Plan.

24. Approval of financial statements The financial statements were approved by the Board of Governors of Bow Valley College.

25. Comparative figures Certain comparative figures have been reclassified to conform to current year presentation.


345 – 6 Avenue SE, Calgary, Alberta T2G 4V1

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