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University of Calgary
Annual Report
for the year ended March 31, 2012
prepared for the Government of Alberta

Contents
Accountability Statement ............................................................................................... 3
Board of Governors .......................................................................................................... 4
Management’s Responsibility for Reporting ................................................................. 5
Message from the Board Chair ....................................................................................... 6
Message from the President ............................................................................................ 7
Operational Overview ................................................................................................... 10
Quick Facts ...................................................................................................................... 12
Foundational Commitments ......................................................................................... 13
Goals, Expected Outcomes and Performance Measures ....................................... 28
Management Discussion and Analysis ........................................................................ 41
Audited Financial Statements ....................................................................................... 51
2

Accountability Statement
June 29, 2012
The University of Calgary’s annual report for the year ended March 31, 2012 was
prepared under the Board’s direction in accordance with the Government
Accountability Act and ministerial guidelines established pursuant to the Government
Accountability Act. All material economic, environmental or fiscal implications of which
we are aware have been considered in the preparation of this report.
Douglas Black Q.C., LL.B.
Chair, Board of Governors
3

Board of Governors
Board Membership – Voting
Douglas Black
Bonnie DuPont
Elizabeth Cannon
Jim Dinning
Gordon Currie
James Delaney
Joe Doolan
Paul Farion
Hamid Habibi
John Hickie
Kabir Jivraj
Patricia Johnson
Dylan Jones
Brenda Kenny
Nick Kirton
Ken McKinnon
Franco Rizzuti
Mike Shaikh
William Smith
Robert Thompson
Steve Wilson
Board Chair
Board Vice-Chair
President & Vice-Chancellor
Chancellor
Senate
Students’ Union
Public
Alumni
The University of Calgary Faculty Association
Alumni
Public
Alberta Union of Public Employees
Students’ Union, President
Public
Public
Public
Graduate Students’ Association, President
Public
Public
General Faculties Council
Public
Board Officials – Non-Voting
Dru Marshall
Edward McCauley
Jonathan Gebert
Gary Durbeniuk
Bob Ellard
Diane Kenyon
Lise Houle
Elizabeth Osler
Provost and Vice-President (Academic)
Vice-President (Research)
Vice-President (Finance and Services)
Vice-President (Development)
Vice-President (Facilities Management and Development)
Vice-President (University Relations)
Interim General Counsel
University Secretary and Associate General Counsel
4

Management’s Responsibility for Reporting
The University of Calgary’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’s audit
committee, as well as approved by the Board of Governors and is prepared in
accordance with the Government Accountability Act and the Post-secondary Learning
Act.
The Auditor General of the Province of Alberta, the institution’s independent, external
auditor appointed under the Auditor General Act, performs an annual independent
audit of the financial statements in accordance with generally accepted auditing
standards.
Elizabeth Cannon
President and Vice-Chancellor
Jonathan Gebert
Vice-President (Finance and Services)
5

Message from the Board Chair
It brings me great pleasure to present the University of Calgary’s Annual Report for
2011-12. Throughout the report we highlight the successes of our students, faculty and
staff and the strong connection the university shares with our community.
The 2011-12 year brought inspired renewal in the university’s senior leadership with the
appointment of a new Provost, Vice President (Research) and Vice President (University
Relations) – all experienced leaders with a focus on governance that will guide our
institution towards our vision of becoming one of Canada’s top five research universities
by the university’s 50 th anniversary in 2016.
Guiding the leadership team is the university’s Comprehensive Institutional Plan, which
was approved in 2011-12 and includes new Academic and Strategic Research Plans.
This plan serves as the university’s roadmap for achieving our Eye’s High strategic vision
and directs our strategies and initiatives over the coming years.
I am also pleased to report the university continues to make considerable progress in
improving its financial controls and to following the highest practices of good
governance.
I am confident in the University of Calgary’s leadership team’s strong focus and
unwavering commitment to sharpening our focus on research and scholarship,
enriching the quality and breadth of learning, and fully integrating the university with
the community.
I invite you to explore the University of Calgary’s accomplishments over the past year in
our 2011-12 Annual Report.
Douglas Black Q.C., LL.B.
Chair, Board of Governors
6

Message from the President
This year the University of Calgary embraced and embarked on a bold and ambitious
vision for the future, launching our Eyes High strategic plan in the fall following an
unprecedented months-long consultation process with students, faculty, staff, alumni
and our wonderfully supportive community.
We discovered a tremendous appetite and a capacity for the University of Calgary to
aspire to greatness, and a widespread desire for this institution to fully leverage its
location in Canada’s most enterprising city, and its reputation as an intellectual hub
capable of attracting exceptionally creative, talented and accomplished students and
scholars from around the world.
From this desire came our Eyes High goal: to become one of Canada’s top five research
universities by our 50 th anniversary in 2016, grounded in innovative learning and teaching
and fully engaging the communities we both serve and lead.
The response to our Eyes High strategic plan – from students at every stage in their
studies, among researchers, within faculties, and throughout our off-campus community
– has been overwhelmingly positive. As this relatively young university comes of age, our
plan for the future has helped to align and refine the excellent work we are doing:
maintaining a focus on sustainability and accountability as we sharpen our focus on
research, engage with our community and expand and enrich the quality and breadth
of learning we offer our valued students.
We are energized by the challenges and opportunities ahead as we approach the half
century mark in our history, and we look forward to seeing our ambitions realized as the
University of Calgary takes its place as one of this country’s – and the world’s – leading
post-secondary research institutions.
M. Elizabeth Cannon
President and Vice-Chancellor
7

strategy
statement
The University of Calgary will be
a global intellectual hub located
in Canada’s most enterprising city.
In this spirited, high-quality
learning environment, students will
thrive in programs made rich by
research and hands-on experiences.
By our fiftieth anniversary in 2016,
we will be one of Canada’s top five
research universities, fully engaging
the communities we both serve and lead.

Operational Overview
Mo Shùile Togam Suas – I Will Lift Up My Eyes
Like the City of Calgary, the University of Calgary started out young and ambitious and
has grown into a vibrant modern-day contender on the national and international
stage. The University of Calgary is a research-intensive institution with over 4,700 faculty
and staff offering over 100 different academic programs through 14 faculties and 53
teaching departments to more than 31,000 undergraduate and graduate students.
The University of Calgary has a reputation for its courageous thinking and for attracting
exceptional people and talented students―all who are leading the university towards
its bold vision to become one of Canada’s top five research universities by our 50 th
anniversary in 2016. This vision is the result of a months-long, campus-wide strategic
planning process that defined the university’s future direction, and resulted in Eyes High:
2011-2016 Vision and Strategy.
Vision
The University of Calgary will be a global intellectual hub located in Canada’s most
enterprising city. In this spirited, high-quality learning environment, students will thrive in
programs made rich by research and hands-on experiences. By our 50 th anniversary in
2016, we will be one of Canada’s top five research universities, fully engaging the
communities we both serve and lead.
Through our Eyes High vision and strategy we will realize our potential by focusing on
three foundational commitments:
1. Sharpen focus on research and scholarship;
2. Enrich the quality and breadth of learning;
3. Fully integrate the university with the community.
The strategy also articulates eight core values shared by the university community:
curiosity; support; collaboration; communication; sustainability; globalization; balance;
and excellence.
Roadmap
In 2011 we welcomed a new Vice President (Research), Ed McCauley and Provost and
Vice President (Academic), Dru Marshall to the University of Calgary. Together they are
leading the academic and research transformation of our institution through the
development of our Academic Plan and Research Plan. The Academic Plan was
approved in the 2011-12 year and, along with the upcoming Research Plan, will serve
as the roadmap for our journey to top five.
In 2011-12, the leadership renewal across the institution was extensive with three new
Vice-Provosts, a Deputy Provost, five Deans and four Associate Vice-Presidents
(Research) being announced or starting their terms this past year. This renewal,
10

combined with top talent across the institution in our students, faculty and staff
significantly contribute to the realization of Eyes High and the Academic Plan.
It is clear that the University of Calgary is transforming. The university has set an
ambitious course to become a global intellectual hub. To measure our progress
towards top five in Canada, we will continuously evaluate our performance using
rigorous metrics and benchmark ourselves against the best in Canada and the world.
In the following pages, we invite you to share in our journey as we showcase the
university’s commitment to research and scholarship, the quality and breadth of
learning and the integration with our community. We will also highlight the early impact
our new strategic vision and plans are having in our city, province, country and the
world.
11

Quick Facts
2009 2010 2011 2012
Change
From
2011
Total Students 27,915 29,663 30,476 31,327 851
Undergraduate Students 22,539 23,824 24,586 25,278 692
Graduate Students 5,376 5,839 5,890 6,049 159
Degrees and Diplomas Awarded 6,001 5,888 6,214 6,405 191
Faculty and Staff 4,921 4,782 4,697 4,771 74
Sponsored Research Income ($M) 264 283 286 277 (9)
National Research Ranking 8 9 8 8 0
Budget ($M) 979 1,032 1,051 1,091 40
Unrestricted Net Assets ($M) (58) (11) 47 78 31
Endowment Balance ($M) 340 442 497 517 20
12

foundational
commitments
University of Calgary

Sharpen focus on research
and scholarship

Foundational Commitments
1: Sharpen Focus on Research and Scholarship
The University of Calgary supports research that can change the world
The University of Calgary is known at present for its leadership in specific research areas
– but with Eyes High, we are now strengthening our commitment to research impact by
supporting more faculty members to achieve higher levels of success and enable
excellence in research by national and international standards. From the stories below it
is clear the University supports basic research that builds the foundation for advancing
knowledge in core disciplines and simultaneously encourages and fosters innovative,
creative, focused and relevant research opportunities. Here are just a few of the many
research and scholarship highlights from the past year:
CIHR Researcher of the Year
Paul Kubes, a professor in the Faculty of Medicine, Director of the Calvin, Phoebe and
Joan Snyder Institute of Infection, Immunity and Inflammation, and holder of the
Canada Research Chair in Leukocyte Recruitment in Inflammatory Disease is the 2011-
2012 Canadian
Institutes of
Health Research
Health
Researcher of
the Year— a
prestigious prize
with only one
awarded
annually in
Canada. This
award honours
remarkable
contributions to
health research.
Kubes is
examining the
role that white
blood cells play
in preventing and reversing sepsis—a potentially fatal condition in which the blood
becomes infected by harmful bacteria. His findings will be of vital importance to society
as the number of antibiotic-resistant bacteria grows and we need to find alternatives
for treating infection.
15

National Accolades in Interdisciplinary Research
University of Calgary researchers who are international leaders in their fields were
recognized in 2012 for their outstanding interdisciplinary research. Sheelagh
Carpendale, a renowned leader in information visualization, interactive technologies
and user interface design in the Faculty of Science’s Department of Computer Science,
was one of six Canadian researchers to be awarded an E.W.R. Steacie Memorial
Fellowship by the Natural Sciences and Engineering Research Council of Canada
(NSERC). At the same ceremony, Kenneth Ng and Glen Armstrong, along with their
UofA colleagues, were awarded the Brockhouse prize recognizing outstanding
Canadian teams of interdisciplinary researchers who are producing achievements of
outstanding international significance in the natural sciences and engineering. Ng and
Armstrong’s team are developing new techniques to better understand the chemical
and molecular structure of bacteria and viruses in order to develop more effective
treatments for a range of diseases and toxins.
A Sacred Performance
Zachary Wadsworth, a composer and instructor for the music department, won a
competition for an original musical score to help celebrate the 400 th anniversary of the
King James Bible. Entrants in the competition, sponsored by the King James Bible Trust,
were asked to
select passages
from the King
James Bible that
have not
previously been
set to music.
Wadsworth
chose several
sections from the
Book of Job. The
piece, titled Out
of the South
Cometh the
Whirlwind, was
performed by the
Choir of
Westminster
Abbey.
Wadsworth’s composition, created for choir and organ, was performed at Westminster
Abbey in London, England in the presence of Her Majesty The Queen, His Royal
Highness The Duke of Edinburgh, and His Royal Highness The Prince of Wales on
November 16, 2011. It was the featured anthem in a service that’s closing a year of
celebrations marking the 400 th anniversary of the publication of the King James Bible.
Wadsworth’s composition will also be published by Novello, a prestigious publisher of
sacred music.
16

Scholars Honoured by the Royal Society of Canada
In 2011, two University of Calgary researchers were recognized by the Royal Society of
Canada (RSC) for their outstanding scholarly achievements. Viola Birss, a professor in
the department of Chemistry, was elected an RSC Fellow, the country’s highest
academic
honour in Arts,
Humanities and
Sciences. Birss is
an international
leader in
electrochemical
materials
science, making
significant
contributions to
the deposition of
useful oxide films
on metal
surfaces, the
synthesis and
application of
nanoparticles, and in enhancing the performance of fuel cells. Dr. Morley Hollenberg, a
professor in the department of Physiology and Pharmacology, was awarded the RSC’s
McLaughlin Medal in recognition of distinguished achievement in medical sciences in
Canada. Hollenberg’s research has been responsible for sustained and original
contributions related to the molecular pharmacology of hormone action and has led to
a new understanding of “hormone-like” roles that proteolytic enzymes can play in the
setting of inflammatory diseases like arthritis, colitis, asthma and neurodegenerative
disorders.
Innovation in Children’s Mental Health
One in four Canadian children are thought to be at risk for developing emotional or
behavioral problems as a result of family violence, or their mother’s depression or
addictions. Now, the newly created Norlien/Alberta Children’s Hospital Foundation
Chair in Parent Infant Mental Health, held by nurse researcher Nicole Letourneau, will
focus on finding innovative ways to tackle this important social issue. Letourneau’s Child
Health Intervention and Longitudinal Development (CHILD) Studies Program
investigates tools that support the healthy development of vulnerable children,
especially while they are still in an early care giving environment. These tools can help
prevent the cognitive, social-emotional and behavioural problems that these children
may develop later in life.
17

Advancing Canadian Wastewater Assets
Ensuring the quality of Canadian’s water starts with good research. Advancing
Canadian Wastewater Assets (ACWA)is an innovative partnership between the
University of Calgary and The City of Calgary. Using an interdisciplinary research team,
ACWA’s goal is
to advance
wastewater
treatment
technologies to
address
increasing
environmental
and public
health issues. The
ACWA facility is
the only place in
the world where
research on
natural stream
systems is
integrated with
treatment
technology so
that new environmental solutions can be studied. Over a decade after the project’s
initial planning phase, ACWA made pilot testing history in 2011-12 with 12 experimental
streams built near Calgary’s Pine Creek Wastewater Treatment Plant. Designed to
mimic natural streams, the experimental streams will provide an environment to test
new treatment technologies and examine the effects of wastewater by-products on
the health of aquatic organisms.
Federal Research Council Appointment
In September 2011, Jack Mintz, director of The School of Public Policy at the University of
Calgary and world-renowned fiscal and tax policy specialist, was appointed by the
Federal Government to the governing council of the Social Sciences and Humanities
Research Council (SSHRC). SSHRC is charged with promoting and supporting postsecondary
research and training in the humanities and social sciences. The governing
council sets priorities and allocates budgets for SSHRC. It also advises the Minister of
Industry and Parliament on research policy concerning the social sciences and
humanities. In this position, Mintz will be playing a key role in shaping Canada’s
research agenda.
18

Enrich the quality
and breadth of learning

2: Enrich the Quality and Breadth of Learning
Learning in an experiential and research environment adds value inside and
outside the classroom
The University has a singular advantage in Calgary as an intensive research institution.
This environment enables us to provide a high-quality educational experience for our
students. From first year through to graduation, the University aims to engage students
fully, ensuring that graduates will experience a depth and quality of learning that
extends far beyond a test, textbook, classroom or county. As an institution we are
committed to the integration of teaching and research, to fostering excellence in
teaching and learning, to providing innovative interdisciplinary learning environments
and to co-curricular initiatives that expand our ability to graduate student with
attributes that align with our goal to be a community of leaders. The stories below
highlight just a few of the many accomplishments over the past year.
Enhancing the First Year Experience
An innovative program to give every new and incoming transfer student a common
and shared intellectual experience launched on campus in summer 2011. The Common
Reading Program – considered a critical aspect of orienation programming for new
students – aimed
to foster a sense
of community,
introduce
students to the
academic
expectations of
university and
engage them in
discussions of
leadership and
active citizenship.
In the inaugural
year of the
program,
students read
Conor Grennan’s
Little Princes: One
man’s promise to
bring home the
lost children of Nepal, a book detailing Conor’s visit to an orphanage in Nepal and his
unexpected dedication to reuniting trafficked children with their families.
20

Leadership in Teaching and Learning
In early 2012, Lynn Taylor was hired as the Vice-Provost (Teaching and Learning). This
new position was created to ensure that the commitment made in our Eyes High vision
and Academic Plan priorities to enrich the quality and breadth of learning at the
university is attained and to lead the implementation of the Integrated Framework for
Teaching and Learning. Taylor comes to us from Dalhousie University where she is the
Director of the Centre for Learning and Teaching for the university, and Associate
Professor in the Division of Medical Education and the College of Sustainability. As a
highly-regarded educational development specialist with a long and distinguished
career in advancing innovation and excellence in teaching and learning in postsecondary
education in Canada, Taylor will provide strong leadership for the University
of Calgary’s teaching and learning strategy.
Shaping the Future of Learning
In September 2011, the award winning Energy Environment and Experiential Learning
(EEEL) Building and the Taylor Family Digital Library (TFDL) opened to students, faculty
and staff. EEEL offers one of the most innovative interdisciplinary learning environments
on campus. The
building
contains a
variety of
sustainability
features,
laboratories,
theatres and
interdisciplinary
spaces for
students and
faculty. The TFDL
is a state-of-theart
learning and
research centre,
a model for the
21st century
library, and an
important new
gathering place
for students, faculty, staff, alumni and the Calgary community. The facility is one of the
most digitally progressive academic libraries in North America, combining a library, art
gallery, archives, rare collections, a student success centre, and the latest digital tools
for learning and research. Both buildings provide an integration of teaching and
research and is a learning environment that is experiential, interdisciplinary, innovative
and relevant for an engaged student population.
21

Showcasing Undergraduate Excellence in Research
In November 2011, the Students’ Union planned and held the 6th annual
Undergraduate Research Symposium to celebrate the research work of undergraduate
students at the University of Calgary. The symposium is an opportunity for students to
showcase the outstanding work they have done in their unique areas of research. This
year’s event
featured poster
presentations by
126 student
researchers from
a diverse array
of faculties and
programs. The
presentations
were reviewed
by a panel of 49
judges from
across faculties.
Awards totalling
$21,500 were
presented
recognizing
achievements in
areas from social
and environmental sustainability to excellence in curricular honours research. The 2011
Symposium was much larger and acceptance more competitive than in previous years.
Over the past 6 years, the Students’ Union’s Undergraduate Research Symposium has
grown in both size and importance and attracted the attention of the entire university
community.
A focus on Leadership and Engagement
A unique three-year pilot program that is working to enhance student leadership
development was launched in September 2011, thanks to a $2.5 million donation from
Calgary entrepreneur John Simpson and his family. The program has centralized and
co-ordinated leadership activities on campus through one cohesive program. The goal
of Leadership and Student Engagement is to provide all undergraduate and graduate
students with the opportunity to gain valuable personal and professional leadership skills
they need through various training and mentorship programs, community servicelearning
and other support throughout their university career. Also in September 2011,
the Faculty of Graduate Studies established the Graduate Leaders Circle (GLC), a
group of scholars comprised of our Vanier Doctoral Scholars, Killam Doctoral Scholars
and the Graduate Students’ Association President. The goal of this group is to develop
the leadership potential of these outstanding scholars.
22

Classroom, Learning and Study Space Upgrades
The University of Calgary is committed to improvements in the learning environment. In
response to student concerns about limited quiet study space on campus, in fall 2011
the University added an additional 130 study seats in the new TFDL bringing the total up
to 1,790 and an
additional 130
spaces in the
McKimmie Block.
In addition to
library study
space, the
University has an
additional 3,000
study spaces
throughout the
main campus.
Also in Fall 2011,
the University
launched a new
initiative that
committed $6
million towards
classroom,
learning space
and facility upgrades. Through the Facility Alteration Request (FAR) and Classroom
Alteration Request (CAR) initiative, faculties were invited to submit requests for
classroom, learning space and facility renovations that improve the quality of the
teaching, learning, and research environment at the University, as well as those spaces
that support them. These renovations will ensure that high quality learning environment
is provided both inside and outside the classroom.
Hands on Public Policy Education and Research
The School of Public Policy welcomed its first students in the Master of Public Policy
(MPP) program in September 2011. The MPP is designed to train students to solve a
broad range of real-world policy problems. This practical, hands-on and intensive
program is unlike any other policy program in Canada and provides students with
timely, and in-depth studies of current issues in public policy in three areas of focus:
social and economic policy; energy and environmental policy; and international
policy. The School fosters on-going partnerships with federal, provincial, state and
municipal governments, industry associations, non-government organizations, and
leading academic institutions both across Canada and internationally. The purpose of
these partnerships is to provide a practical, global and focused approach to public
policy research and education that builds policy capacity in government; enhances
policy discourse outside of government; and brings a global perspective to bear on
Canadian policy theory and practice.
23

Fully integrate
the university
with the community

3: Fully Integrate the University with the Community
The University of Calgary is a fully engaged civic partner and the intellectual hub
of Calgary.
The University of Calgary’s relationship with its community is as old as the university itself.
We were created to serve the burgeoning intellectual, educational and research
needs of this city and region. With an increased global prominence for the city and
province comes a higher expectation from the University of Calgary. The university is
committed to being a portal to the best minds in the world and elevating Alberta
voices and ideas to the global stage. Locally, provincially, nationally and internationally
we are a crossroads for ideas and are continually engaging with and making significant
contributions to our community. The following stories are just a few of the many ways
that the University of Calgary had an impact over the past year on our city, province,
country and the world.
Civic Recognition
In June 2011, the University of Calgary was recognized by the City of Calgary at its
annual Calgary Awards event for its excellence in sustainability and the literary arts. The
University received the Environmental Achievement Award, given to a Calgary
educational institution or school program that exhibit exemplary environmental
conduct. The
award
recognized
tangible progress
on a range of
environmental
sustainability
indicators
including waste
reduction, water
and energy
efficiency,
responsible
purchasing and a
campus wide
engagement
program. At the
same ceremony,
English professor
Aritha van Herk won the Community Achievement Award for the Arts and Drama
professor Clem Martini shared the W.O. Mitchell Book Prize with his brother Olivier Martini
for their book Bitter Medicine which chronicles their family’s 30-year struggle with
schizophrenia. Both awards are recognition of these writers’ enormous contributions to
Alberta’s literary and cultural heritage.
25

Serving Rural Alberta
In November 2011, the University of Calgary's Faculty of Social Work launched its latest
initiative in rural Alberta - a Master of Social Work program in Grande Prairie. As part of
its ongoing commitment to provide programs that meet the needs and requirements of
its students and their communities, the program will provide an opportunity for social
workers currently employed in the area to continue working while taking their
advanced degree. The program will be based at Grande Prairie Regional College and
will begin the fall of 2012.
Engaging with the Community on Energy & Environment
Hundreds of Calgary and area residents became better informed about timely energy
and environment (E&E) issues, through two lecture series presented by the Institute for
Sustainable Energy, Environment and Economy (ISEEE). From September 2011 – May
2012, the ISEEE Experts Series showcased a University of Calgary E&E researcher and his
or her work as well as ISEEE fellows from industry. In the separate ISEEE Distinguished
Speakers Series, hundreds of community members gather each month to hear from an
international expert on E&E issues. Since this flagship series began in 2006, ISEEE has
presented 31 distinguished speakers, including a Nobel Laureate and other world-class
scientists, academics, authors and experts from government and other organizations.
Addressing Sustainable Housing Needs
In January 2012, it was announced that a student-led team from the University of
Calgary was chosen to take part in the U.S. Department of Energy Solar Decathlon for
the third consecutive time, pitting its unique housing concept against Canadian teams
and entries from
across the United
States and around
the world. The
biannual
competition
challenges teams
to design, build
and operate a
highly efficient
and sustainable
house. University of
Calgary students
will work with
students from SAIT
and MRU on a
design that
addresses the
housing needs that are so pressing in remote communities such as those in the Fort
McMurray region.
26

Poet for the People
In December 2011, University of Calgary Professor Emeritus Fred Wah was named
Canada’s fifth Parliamentary Poet Laureate, bringing his innovative and collaborative
literary style to the national task of drawing Canadians’ attention to the reading and
writing of poetry. Poet, editor, novelist, teacher, mentor and volunteer, Wah was
professor of English and Creative Writing at the University of Calgary from 1989 until his
retirement in 2003. Wah has been writing and publishing since 1965. Author of five
limited-edition chapbooks and 18 books, Wah has received major literary awards in
three genres.
Promoting Ethical Business Leadership
The Canadian Centre for Advanced Leadership in Business at the Haskayne School of
Business was announced in January 2012. It is a $9.5 million initiative funded by four
founding donors with a vision to create a national leadership centre that will set the bar
in ethical business standards education and leadership training for up-and-coming
business leaders. Located within the Haskayne School of Business, the Centre will be an
internationally recognized centre of excellence in business education, research and
outreach. The Centre will deliver a new model of leadership development, teaching
and research that is currently unprecedented in Canada.
A Royal Showcase of Interactive Teaching and Learning
Their Royal Highnesses The Duke and Duchess of Cambridge, visited the University of
Calgary in July
2011 as the first
official stop on
their Calgary
visit. Their Royal
Highnesses
visited the Ward
of the 21st
Century (W21C)
Research and
Innovation
Centre. The
W21C is an
interactive testsite
for novel
hospital design,
new approaches
to healthcare
delivery and
innovative medical technologies. The University of Calgary was the only Canadian
university on Their Royal Highnesses’ first official international tour and a historic moment
for the University.
27

goals,
expected outcomes
& performance
measures

Goals, Expected Outcomes and Performance
Measures
The University of Calgary has an ambitious vision that will require nothing short of
excellence to achieve. The university will demonstrate excellence through our actions.
We will continuously evaluate our performance using rigorous metrics. We will initially
benchmark ourselves against the best in Canada, and then move on to the world
stage to achieve our goal of becoming a global intellectual hub.
In order to track our success across the Foundational Commitments, performance
measures have been grouped into five categories: People, Research, Engagement,
Environment and Teaching. We selected performance measures that would be
applicable across the academy, assess the breadth of our programs, the impact of our
scholarship, and the extent of our mandate.
Performance Measures: People
Ratio of Applicants to Student Intake
The ratio of applicants to student intake measure is calculated as the number of
applicants we attract relative to the number of available student spaces. It is one
indicator of program demand.
Ratio of Applicants to Student Intake
3.26 : 1
2.97 : 1 2.95 : 1 2.97 : 1 3.04 : 1
3.18 : 1
3.80 : 1
3.50 : 1
2.01 : 1 2.04 : 1
2.15 : 1 2.10 : 1 2.07 : 1
2.19 : 1 2.13 : 1
2.30 : 1
Undergraduate
Graduate
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Alberta Peer 2015-16
Source: AET Application Submission Initiative (ASI)
Note: The number of graduate applicants is understated by ASI. Only U of A data available for peer comparison
29

Average Entering Grade from High School
We promote high levels of student achievement by emphasizing the importance of
academic admission standards. The average entering grade is one of a number of
leading indicators of graduation rates.
Average Entering Grade
83.8% 83.1% 82.8% 82.0% 82.3% 82.7%
86.1%
84.0%
86.9%
85.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Alberta Peer Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary admissions data; Peer data from Maclean’s publication
Student Mix (Graduate Proportion of Total Enrolment)
We monitor the graduate proportion of our total student population to ensure that we
grow to the level of leading research universities. The proportion of graduate students at
leading international research universities is approximately 25 percent.
Graduate Proportion of Total Enrolment (Headcount)
20.0% 20.0% 19.3% 19.7% 19.3% 19.4% 18.9%
21.7%
25.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary Fact Book (Headcount)
Student Mix (International Enrolment)
We monitor the number of international students that we attract to ensure that we grow
to the level of top 5 universities. The proportion of international students at leading
Canadian research universities is close to 10 percent at the undergraduate level and 30
percent at the graduate level.
International Enrolment (Proportion of Total Fulltime)
22.5%
24.0% 24.9% 25.0%
20.6% 21.3%
18.9%
4.7% 5.0% 5.7% 5.4% 5.2% 5.4% 7.8%
22.0%
25.0%
10.6% 10.0%
Graduate
Undergraduate
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary Fact Book (Proportion of Total Fulltime)
30

Student to Faculty Ratio (Total)
Our student to faculty ratio is an indicator of the level of academic staff that we have
available to educate students. It is calculated as the total number of students divided
by the total number of academic staff.
Student to Faculty Ratio (FTE Total)
33.7 : 1
19.0 : 1 18.5 : 1 18.9 : 1 20.2 : 1 21.2 : 1 22.9 : 1
23.6 : 1
20.0 : 1
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: Fall counts of Full-time Equivalent (FTE) Students and full-time tenure & tenure-track academic staff; peer data from 2010-11 Presidents’ fact book
Student to Faculty Ratio (Graduate)
Our graduate student to faculty ratio is an indicator of the level of academic resources
that we have available to educate students. It is calculated as the total number of
graduate students divided by the total number of academic staff.
Graduate Proportion of Total Enrolment
6.8 : 1
3.8 : 1
3.4 : 1 3.4 : 1
3.8 : 1 3.9 : 1
4.3 : 1
5.2 : 1 5.0 : 1
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: Full-time Equivalent (FTE) Graduate Students and full-time tenure & tenure-track academic staff. Peer data from Presidents’ fact book)
Postdoctoral Fellows
Our Postdoctoral Fellows (PDF) measure monitors the number of PDFs that we attract.
Postdoctoral fellows contribute to our overall research quality and productivity.
Postdoctoral Fellows
1,005
330 315 340
385 390
506
550
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary Post Doctoral Fellows Data
31

Performance Measures: Research
Sponsored Research Income (Total)
Our sponsored research income measure is one indicator of our research quality and
productivity. It includes income from federal, provincial and foreign governments,
corporations, foundations and non-profit organizations, and donations and investment
income.
Sponsored Research Income (Total) ($ millions)
$585
$242 $250 $264 $283 $286 $277
$470
$400
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
SourceCAUBO Income by Fund Table 1 ($ millions)
Sponsored Research Income (Per Tenure & Tenure-Track Faculty Member)
Sponsored research income per tenure and tenure-track faculty member is one
indicator of research quality and productivity. It includes research income from federal,
provincial and foreign governments, corporations, foundations and non-profit
organizations, and donations and investment income.
Sponsored Research Income (Per Tenure and Tenure-Track Faculty) ($ thousands)
$190 $188 $182
$202 $212 $213
$230
$303 $311
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary unaudited schedule 16 ($ thousands); faculty counts from HR
Tri-Council Income (Total)
Our Tri-Council research income measure is an indicator of our research income,
intensity, and quality. It includes grant revenue from the Canadian Institutes of Health
Research (CIHR), Natural Sciences and Engineering Research Council (NSERC) and the
Social Sciences and Humanities Research Council (SSHRC).
Tri-Council Income (Total) ($ millions)
$211
$86 $85 $77 $81 $81 $77
$123
$135
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary unaudited schedule 16 ($millions);Peer from CAUBO
32

Tri-Council Income (Per Tenure and Tenure-Track Faculty Member)
Tri-Council research income per tenure and tenure-track faculty member is an indicator
of research income, intensity, and quality. It includes research grant income from the
Canadian Institutes of Health Research (CIHR), Natural Sciences and Engineering
Research Council (NSERC) and the Social Sciences and Humanities Research Council
(SSHRC).
Tri-Council Income (Per Tenure and Tenure-Track Faculty) ($ thousands)
$67 $63 $57 $60 $61 $60
$85
$109 $105
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary unaudited schedule 16 ($thousands); faculty counts from Human Resources
Publications (Total)
One measure of a university’s scholarly output is the number of publications that it
produces each year. This measure monitors the number of publications produced by
the University of Calgary in all subject areas compared to peer institutions.
Publications (Total)
23,777
9,222 9,941 10,764 11,619 12,149
15,817
15,946
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: Thompson Reuters – All Subject Areas – 5-year totals
Publications (Per Tenure and Tenure-Track Faculty Member)
One measure of a university’s scholarly output is the number of publications that it
produces each year. This measure monitors the number of publications produced by
the University of Calgary by tenure and tenure-track faculty member in all subject areas
compared to peer institutions.
Publications (Per Tenure and Tenure-Track Faculty Member)
12.4 12.4
7.3 7.4
8.0
8.6 9.1
8.3
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: Thompson Reuters – All Subject Areas – 5-year totals; faculty counts from Human Resources
33

Citations (Total)
One measure of a university’s scholarly output is the number of times its publications are
cited. Frequently cited publications are viewed as having more relevance or impact.
This citation measure monitors the number of citations produced by the University of
Calgary in all subject areas compared to peer institutions.
Citations (Total)
188,959
50,227 54,873
64,091
73,605 77,281
111,804
99,022
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: Thompson Reuters – All Subject Areas – 5-year totals
Citations (Per Tenure and Tenure-Track Faculty Member)
One measure of a university’s scholarly output is the number of times its publications are
cited. Frequently cited publications are viewed as having more relevance or impact.
This citation measure monitors the number of citations produced by the University of
Calgary in all subject areas compared to peer institutions.
Citations (Per Tenure and Tenure-Track Faculty Member)
98.5
39.5 40.9
47.7
54.7 58.1 60.8
77.0
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: Thompson Reuters – All Subject Areas – 5-year totals; faculty counts from UofC HR
New Invention Disclosures
This measure monitors the number of new or novel inventions that our researchers
disclose each year while patent protection is being obtained. New invention disclosures
are granted for ideas or processes that produce products, processes, machines, or
compositions of matter, or any new and useful improvements of these.
New Invention Disclosures
295
265
217 210
172
278
364
300
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: AUTM Survey (Three-year running total)
34

New Licenses
New licenses provide one measure of a university’s scholarly output that will be
translated into useful products that help to shape society. It refers to the number of new
discoveries licensed each year.
New Licenses
56
69 72 73
44
85 85
2006-07 2007-08 2008-09 2009-10 2010-11 Peer Top 5 2015-16
Source: AUTM Survey (Three-year total)
35

Performance Measures: Engagement
Undergraduate Student Engagement
We monitor the quality of our learning environment, and the overall level of satisfaction
reported by senior level undergraduate students, through their responses to the National
Survey of Student Engagement (NSSE) question, “how would you evaluate your entire
educational experience at this institution?” Percentages shown are ratings of ‘good’ to
‘excellent’.
Undergraduate Student Engagement (NSSE)
81%
75% 75%
67% 65% 67%
NSSE will be administered
every three years
70%
71%
85%
75%
First Year
Senior
2006-07 2007-08 2008-09 2009-10 2010-11 Peer Top 5 2015-16
Source: University of Calgary NSSE data Top 5 Peer from NSSE 2007
Graduate Student Engagement
We monitor the quality of the learning environment and the overall level of satisfaction
reported by our graduate students in regular programs through their responses to a
Canadian Graduate and Professional Student Survey (GPSS) question that assesses the
percentage of students (Master's and Ph.D.) rating the quality of their graduate program
as ‘very good’ or ‘excellent’.
Graduate Student Engagement (Regular Programs)
85.2% 81.5% 85.0% 85.0%
GPSS is administered every three years
2006-07 2007-08 2008-09 2009-10 2010-11 U15 Top 5 2015-16
Source: University of Calgary GPSS data
36

Graduate Satisfaction
We monitor the quality of our learning environment through student responses to the
question, ‘rate the quality of your education experience’ on a Government of Alberta
survey completed two years after graduation. Percentages shown are ratings of
‘satisfied’ to ‘very satisfied’.
Graduate Satisfaction
85%
The Graduate
Outcomes Survey
is administered
every two years.
86%
85%
90% 90%
2006-07 2007-08 2008-09 2009-10 2010-11 Alberta Peer 2015-16
Source: University of Calgary Graduate Outcomes data (AET Survey)
Note: Only U of A data available for peer comparison
Degrees Awarded
This measure provides an indication of how many students graduate each year who go
on to be thoughtful, communicative citizens and leaders of their respective communities
with abilities to think critically and creatively to solve issues of the day.
Degrees Awarded
4,723 4,629 4,622 4,588 4,719 4,800 4,800
Undergraduate
1,307 1,371 1,358 1,285 1,409
1,800 1,700
Graduate
2006-07 2007-08 2008-09 2009-10 2010-11 Peer Top 5 2015-16
Source: Graduate degrees awarded database (excludes certificate and diploma)
Employment Rate (Government of Alberta Graduate Outcomes Survey)
We monitor how well we respond to the needs of individual learners and to the social,
economic and cultural needs of the province through the percentage of graduate
survey respondents who are employed, and employed in a related field, within a
specified period following graduation.
Employment Rate
97.6% 97.5%
79.3%
The Graduate
Outcomes Survey
is administered
every two years.
76.8%
95.0% 95.6% 95.0%
79.5% 81.3%
85.0%
Employment Rate
Employed in Related Jobs
2006-07 2007-08 2008-09 2009-10 2010-11 Alberta Peer 2015-16
Source: University of Calgary Graduate Outcomes data (from AET Survey)
Peer based on Alberta data
37

Performance Measures: Environment
Fundraising
We monitor the extent to which we engage the community in our educational programs
and our research, scholarship and creative activity through a measure that tracks the
level of funds we raise within the community to support these activities.
Annual Fundraising ($ millions)
101.4
82.5
103.6
83.7
76.5
88.6
99.9
132.7
120.0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Peer* Peer avg* 2015-16
Source: University of Calgary Development Office ($ millions) * Peer based on Toronto, UBC, Alberta only (2010-11)
Financial Health (Endowment Balance)
Growth in our endowment balance is an important indicator of the cumulative support
we have received from our community. It is an indication of our capacity to support our
academic priorities in future years.
Endowment Balance ($ millions)
$892
$750
$437 $426
$340
$442
$497 $517
$168
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary Financial Statements (March 31) / Top 5 CAUBO University Investment Survey (For the year ended Dec 31, 2009) ($ millions)
Financial Sustainability (Unrestricted Net Assets)
One index of our leadership in the area of economic sustainability is the level of our
Unrestricted Net Assets (UNA). As a general guideline, leading universities establish
positive UNA balances of 5 percent of their budgets to ensure that they have the
resources needed to address challenges and leverage opportunities.
Unrestricted Net Assets ($ millions)
2006-07
-$1.8
2007-08
-$45.3
2008-09
-$57.6
2009-10
-$10.6
Source: 2006-07 University of Calgary 2007-08 Financial Statements 2008-09 2006-12 ($ millions) 2009-10 2010-11 2011-12 2015-16
2010-11
$47.1
2011-12
$78.2
2015-16
$65.0
38

Financial Sustainability (Facilities Condition Index – (FCI))
FCI provides one measure of the quality of our learning environment. It is calculated as
a percentage of the total value of our supported asset pool requiring upgrades to
various base building elements. Improvements in our FCI can results from investments in
maintenance, changes in the replacement value of campus facilities, and the addition
of new facilities.
Facilities Condition Index (FCI)
33.3%
19.4%
17.4%
19.7%
20.4%
10.7% 9.8%
10.0%
2006-07 2007-08 2008-09 2009-10 2010-11 Top 5 (min) Top 5 (avg) 2015-16
Source: University of Calgary Facilities Management; Peer data from Canadian FCI Survey
Environmental Sustainability
Our performance is aligned with the Sustainability Tracking, Assessment and Rating
System (STARS) developed by the Association for the Advancement of Sustainability in
Higher Education (AASHE). This measure monitors our performance in the areas of
environmental sustainability in education and research, operations, planning,
administration and engagement.
Sustainability Tracking, Assessment and Rating System (STARS)
50.5%
53.1%
57.8% 58.5%
61.6%
65.1%
34.8%
Saskatchewan Calgary Western Dalhousie Ottawa Alberta UBC
Source: Association for the Advancement of Sustainability in Higher Education (AASHE) (Canadian Institution Total Scores 2011)
39

59.6%
62.1%
61.4%
61.6%
73.3%
69.9%
66.0%
68.8%
69.6%
61.1%
70.0%
80.9%
71.9%
82.5%
72.5%
81.1%
79.2%
85.0%
85.0%
Performance Measures: Teaching
Undergraduate Retention Rate
Our undergraduate first-to-second year retention rate is an indicator of our performance
that provides a basis for understanding at what stages in degree programs our students
leave. This knowledge is useful in formulating and assessing interventions to minimize
student withdrawal.
Undergraduate Retention Rate
82.2% 83.1% 83.9%
85.7% 85.0%
88.3%
83.6%
88.5% 88.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Peer top 5
(min)
Source: University of Calgary Submissions to the Consortium for Student Retention Data Exchange (CSRDE)
Peer Top 5
(avg)
2015-16
Graduation Rate
Our graduation rate measure is an indicator of university performance providing a basis
for understanding how many of our students ultimately graduate from a starting cohort.
Graduation Rate
Master's
completion rate
includes
students
promoted to
PhD
Undergraduate
Master's
PhD
2006-07 2007-08 2008-09 2009-10 2010-11 Peer Top 5 2015-16
Source: University of Calgary Retention and Time to Completion Reports
Time to Completion
Our time-to-degree measure shows the average number of years taken to complete a
degree by students who started at the University of Calgary. This knowledge is useful in
formulating and assessing interventions to improve student success.
Time to Completion (Years)
4.9 4.7
4.9 5.0
4.7
5.0 5.0 5.0
4.5 4.5
Undergraduate
2.7 2.7 2.7
2.4 2.4
PhD
Masters
2008-09 2009-10 2010-11 Peer Top 5 2015-16
Source: University of Calgary Retention and time to completion reports (Years)
40

management’s
discussion
& analysis

Management Discussion and Analysis
Management Discussion and Analysis Overview
This Management Discussion and Analysis (MD&A) should be read in conjunction with
the University of Calgary annual audited financial statements and accompanying
notes. The MD&A and audited financial statements are reviewed and approved by the
University of Calgary Board of Governors on the recommendation of the University of
Calgary Audit Committee. The university’s financial statements have been prepared in
accordance with Canadian generally accepted accounting principles and are
expressed in Canadian dollars.
The MD&A is an overview of the financial results the University of Calgary achieved in
the fiscal year ending March 31, 2012 and offers a detailed discussion and analysis of
the university’s:
1. Operating Environment
2. Financial Results
3. Net Assets
4. Capital Planning
5. Areas of Significant Financial Risk
6. Future Accounting Standard Changes
Operating Environment
Throughout the fiscal year ended March 31, 2012, the university continued to operate in
a climate of political, economic, social, technological, and environmental change.
With the lasting impacts of the global recession resulting in continued fluctuating global
markets and government austerity measures, Alberta is fortunate to be one of the
leading Canadian provinces in economic growth during this challenging economic
time. However, even with the announcement of a 2% increase to the university’s
operating grant from the government of Alberta, the university has projected that, with
the continued inflation of expenses exceeding increases to revenues, the university will
experience revenue shortfalls in fiscal years 2013/14 and beyond.
In preparation for these forecasted shortfalls, the university implemented a number of
initiatives to improve fiscal responsibility including system and process efficiencies, and
future utilities cost saving measures. In addition, continued increases in enrolment and
legislatively controlled increases to tuition combined with additional ancillary revenues
contributed to the excess of revenues over expenses for the fiscal year.
This year’s financial results were not achieved without their challenges. Continued
uncertainty in the global financial markets negatively impacted endowment
investment earnings during the first six months of the fiscal year. These losses were later
42

ecovered in the latter half of the year, but resulted in lower than expected
endowment investment income. This endowment investment income shortfall, however
was offset by improved cash flow management activities at the university, allowing for
increased investment in longer term investments offering higher returns.
Changes to the university’s funding environment also impacted capital construction
grants with a significant drop from pre-recession funding levels. While the university has
focused on completing a number of capital projects that improve the student
experience, electricity and heating efficiencies, and learning and study spaces, a
critical need to renew and expand our facilities remains to ensure the university
continues to increase the use of technology in the classroom and support world leading
research facilities.
To capitalize on the challenges and opportunities existing in the university’s operating
environment, the university released its new strategic direction in the fall of 2011 – a
bold and ambitious vision to become one of Canada’s top five research universities,
grounded in innovative learning and teaching and fully integrated with the community
of Calgary by the university’s 50 th anniversary in 2016. Eyes High, our collective strategic
direction for the next five years, was developed through a campus wide strategy
planning process that reached out to the entire university community – from students,
faculty, and staff, to alumni and community leaders.
To achieve the university’s vision, both the Comprehensive Institutional Plan and the
Academic Plan were developed to guide the allocation of financial, human resources,
and capital resources. These plans form the basis for budget decisions that drive the
strategic use of university resources to achieve university goals, while supporting fiscal
responsibility.
Financial Results
From total revenues of $1,129.6 million for the fiscal year ended March 31, 2012, the
university experienced an excess of revenues over expenses of $93.2 million of which
$68.3 million has been set aside for future internally funded research, capital, IT, and
other project activities. The remaining surplus has been added to the university’s
Unrestricted Net Asset balance to help support the university in reaching its strategic
goals during the 2013/14 and following fiscal years where funding shortfalls are
forecasted and to have available funding should significant unplanned expenditures
be required.
Revenue
Contributing to the excess of revenues over expenses for the year ended March 31,
2012, the university experienced an increase in revenues of $63.9 million (6%) over the
prior year.
43

Revenue
(in millions)
2012 2011
542.5
499.7
195.3
183.3
111.6 118.4
100.1
93.4
77.4
79.1
34.1
32.1
68.7
59.9
Government of
Alberta Grants
Federal and other
Government
Grants
Sales of Services
and Products
Student Tuitions
and Fees
Donations and
Other Grants
Investment Income
Amortization of
Capital
Contributions
Government of Alberta Grants
Revenues from the Government of Alberta represent the university’s single largest
source of income and play a key role in the university’s ability to fund university
activities. Even with the province announcing 2% increases to operating grants in future
years, forecasted operating expenditure growth rates of 4 to 5% stemming from inflation
and projected salary increases will outstrip projected increases in the operating grant
received from the province. This will result in forecasted revenue shortfalls and
increased reliance on other funding sources such as Student Tuition and Fees, and Sales
of Services and Products.
Government of Alberta Grants increased by $42.8 million over the prior year due to a
combination of increases to the university’s operating grant ($5.6 million), additional
funding relating to increased enrolment and specific program initiatives ($4.0 million),
grants to cover operating expenses previously funded by Alberta Health Services ($9.7
million), and one-time funding that will not be available in future years ($8.0 million).
Additionally, the university recognized an increase of $10.3 million in Government of
Alberta funded research revenues in addition to an increase in funding for other
projects of $5.2 million.
Compared to the prior year, provincial capital funding decreased by $50.6 million as a
result of capital expansion programs funded by the provincial government nearing
completion. Given capital grants are recognized into revenue over the life of the
capital assets purchased and constructed, this drop in funding does not result in a drop
in revenues recognized in the current year. It does, however, represent a significant
change in funding from the province. Capital renewal and upgrading remains an
important component to achieve the university’s Eyes High vision because of the
paramount importance of the learning, teaching and research environments of the
university.
44

Federal and Other Government Grants
Although Canada’s economy has performed better than other nations during these
times of global economic uncertainty, the Government of Canada is not immune to
austerity measures to balance its budget. During the year ended March 31, 2012, the
university experienced a $6.8 million decrease in Federal and Other Government Grant
revenues relating mainly to research initiatives.
Sales of Services and Products
The university continues to develop alternative sources of revenue to fund forecasted
budgetary shortfalls while improving the student experience and support to our faculty
and staff. Sales of Services and Products revenues increased by $6.7 million over the
prior year. Main driving factors for this increase in revenue include $3.2 million in
additional revenues relating to the new Yamnuska student residence, and $1.6 million in
increased revenues earned through providing services in support of university
employees who have medical practices.
Student Tuition and Fees
Student Tuition and Fees are another important component of the university’s funding
of educational goals. During the year, Student Tuition and Fees increased by $12.0
million mainly due to a combination of $5.0 million in enrollment growth and the
Government of Alberta Tuition Policy allowing for a 0.35% increase in tuition, $3.4 million
in additional student fees received, $1.3 million in increased tuition differential fees from
international students, and $1.0 million from increased demand for non-credit
Continuing Education programs.
Comparative analysis of student enrolment:
(Unaudited) Student Enrolment * 2012 2011 Net Change % Change
Undergraduate 25,278 24,586 692 3%
Graduate 6,049 5,890 159 3%
Total Student Enrolment 31,327 30,476 851 3%
* Fall Semester figures
Investment Income
While investment income revenues increased by $2.0 million over the prior year, the
university’s endowment investments suffered losses during the first six months of the fiscal
year. Although these losses were recovered through improved endowment investment
performance in the latter half of the fiscal year, endowment investment income
recorded was $7.3 million less than the prior year.
Investments held for working capital requirements (non-endowment investments)
experienced improved performance over the prior year due to a combination of
changes to global interest rates pushing up the value of interest bearing investments
45

and improved cash flow management processes at the university that allowed for
increased investment into longer term interest bearing investments. These two factors,
combined with the university’s share of subsidiary and joint venture activities, resulted in
increases to investment income of $6.9 million.
In addition to the improvement in working capital investment income, the investment
income amounts deferred from revenue for use in future years declined by $2.9 million
from the prior year, resulting in increased investment income.
Amortization of Capital Contributions
When capital contributions are spent on capital purchases and construction, the grant
and donation amounts received are recognized into revenue over the useful life of the
related asset. The $8.8 million increase in Amortization of Capital Contributions is the
result of completing several new buildings on campus including the Cogeneration Plant
(power and heat generation facility), the Energy, Environment & Experiential Learning
building, and the Taylor Family Digital Library.
Expenses
For the year-ended March 31, 2012 the university recorded $1,036.4 million in expenses
representing an increase of $40.5 million compared with the prior year.
Expenses
(in millions)
2012 2011
605.9
585.5
200.1 195.5
36.0
31.1
13.0
13.7
69.9
66.4
15.5
14.2
95.9
89.5
Salaries and
Benefits
Materials,
Supplies, and
Services
Utilities
Maintenance
and Repairs
Scholarships
and Bursaries
Cost of Goods
Sold
Amortization of
Capital Assets
46

Salaries and Benefits
From instruction in classrooms and research activities, to the maintenance of the
university’s buildings and grounds, university faculty and staff make our goals a reality.
In this regard, salaries and benefits are the largest expenditure component at the
university, representing 58% of the institution’s expenses. Increases in salary and benefit
rates are an important consideration when forecasting changes in university
expenditures, especially when increases in operating grant rates are not sufficient to
cover the increase in employee pay rates that are often governed by union and
faculty agreements. In addition, with Alberta leading Canada in economic growth, the
university has experienced continued salary cost pressure to compete in Calgary’s
labour market.
When compared with the prior year, Salaries and Benefits have increased by $20.4
million. Salary increments including merit and other increases represent $7.6 million of
this increase. In addition, salary costs increased by $9.7 million as a result of additional
costs being incurred by the university that were previously incurred by Alberta Health
Services. These additional costs were funded by increased grants from the province.
Remaining increases were mainly the result of increased employee banked vacation
costs of $2.0 million related to increased salary rates and deferred vacation plans.
Materials, Supplies and Services and Other Expenses
With half of the increase in expenditures relating to Salaries and Benefit increases, the
remaining expenditures either increased slightly or remained relatively constant
compared to the prior year. The $4.6 million increase in Materials Supplies, and Services
followed inflationary trends with expenditure growth representing a 2.3% increase from
the prior year.
Utilities expense increase of $4.9 million was mainly the result of a $4.0 increase in
electricity costs stemming from higher electricity rates and the completion of new
buildings on campus. In January 2012, the university’s Cogeneration Plant became
operational which helped reduce electricity costs in the latter part of the fiscal year.
Amortization expense also increased for the fiscal year by $6.4 million due to the
completion of capital expansion projects during the year. Remaining variances to
Maintenance and Repairs, Scholarships and Bursaries, and Cost of Goods Sold did not
contribute significantly to the increase in university expenses for the fiscal year.
Net Assets
The university’s net asset balance is an important indicator of financial health for the
institution. Through financial planning and decision making combined with increased
endowment contributions from donors, the university’s net assets increased by $119.3
million compared to the prior year.
47

Net Assets
(in millions)
2012
2011
516.7
496.8
182.9 182.8
176.8
108.5
78.2
47.1
Endowments
Invesment in Capital
Assets and Collections
Internally Restricted
Unrestricted
The majority of this $119.3 million increase resulted from the university’s excess of
revenues over expenses of $93.2 million. Of this balance, the Board of Governors has
internally restricted $68.3 million to be set aside for future internally funded research,
capital, IT and other project activities. The remaining surplus has been added to the
university’s Unrestricted Net Asset balance to help support the university in reaching its
strategic goals in future years where funding shortfalls are forecasted and to have
available funding should significant unplanned expenditures be required. Remaining
increases to net assets are due to endowment contributions received of $25.9 million
and endowment investment income shortfalls of $6.0 million, which resulted in a net
increase in Endowment net assets of $19.9 million.
Capital Planning
As the university continues to grow and reach for its Eyes High strategic vision, there
remains a critical need to renew, alter and expand our facilities. In 2012, the university
expended $182.5 million (2011 - $351.3 million) on construction and other capital assets.
This drop in capital activity was the result of completing a number of capital projects
that commenced in prior years, as well as due to the university adapting to changes in
provincial government funding where capital grants from the province were reduced
by $50.6 million from the prior year.
Changes in the provincial government’s funding strategies have an immediate impact
on capital construction activities. The university understands that to remain competitive
and reach its goal of becoming one of Canada’s top five learning and research
institutions, the university requires leading edge technology in the classroom and within
its research facilities.
The following significant capital projects were completed during the year:
Energy, Environment & Experiential Learning (EEEL):
Through new and existing facility development, the EEEL project offers new and
upgraded spaces for undergraduate laboratories, classrooms, seminar rooms, group
48

and individual study spaces and research laboratories. The EEEL main building is
completed and occupied, with the exception of the fifth floor space that is still under
development. It is anticipated that the EEEL building will achieve or exceed Leadership
in Energy and Environmental Design (LEED) Gold standards.
Taylor Family Digital Library (TFDL):
The new state-of-the-art learning and research centre, opened in September 2011, has
become a new gathering place for students, faculty and staff. The library provides
access to print, digital and university museum collections, as well as teaching, learning,
research and support services in a consolidated and integrated manner. The TFDL is
seeking LEED gold certification.
Yamnuska Hall:
In September 2011, Yamnuska Hall welcomed its first students to the 600 bed
undergraduate residence facility. In addition to accommodation facilities, the building
is complete with retail lease space on the main level and is host to conference
attendees and sports facility users during the summer months.
Cogeneration Plant:
The central heating and cooling facility upgrade is a major piece of the university's
commitment to sustainability. The new facility takes the natural gas component and
uses it to run a gas turbine that generates electricity. The heat produced by the turbine
is in turn used for heating buildings. It will cut CO 2 emissions by 80,000 tonnes annually
and reduce operating costs by more than $3.0 million each year. The plant was in full
operation in January 2012.
Areas of Significant Financial Risk
Deferred Maintenance:
The university directs significant amount of resources towards renewing and altering
older existing facilities to ensure that these facilities are updated with relevant
technology, operate efficiently, and meet contemporary standards. Provincial funding
has had a measurable impact slowing the growth rate of outstanding deferred
maintenance. However, the current rate of funding is insufficient as the university’s
deferred maintenance currently exceeds $392.0 million as assessed by Alberta
Infrastructure.
Unfunded Pension Liability:
The university participates with other Alberta post secondary institutions in the
Universities Academic Pension Plan (UAPP) to provide pensions for participating faculty
and staff. The extrapolated actuarial deficiency for the pension plan at March 31, 2012
was $1,153 million of which the university’s portion was $156.2 million (2011 - $119.8
million). This unfunded deficiency in the UAPP is currently being funded by the
Government of Alberta and employee and employer contributions in order to eliminate
the unfunded deficiency by December 31, 2043.
49

Other employees at the university participate in the Public Sector Pension Plan (PSPP).
Given the large number of employers participating in PSPP and the resultant
complexities in calculating accurate information relating to each participant’s share of
any unfunded liability, employers were unable to isolate their portion of the total
unfunded deficiency at December 31, 2011 of $1,790 million (2010 - $2,067 million). This
unfunded liability represents a risk that both employer and employee contribution rates
could increase in the near future.
Budgetary Pressure:
Although the university has a balanced budget for 2012/13, forecasted funding
shortfalls for subsequent years are projected due to a number of risk factors. While the
university is pleased with the province’s announcements of commitment to postsecondary
education along with the announced 2% increase in operating funding, this
increase is not sufficient to cover costs which are escalating at a higher rate. For
example, salary and benefit expenses, which are influenced by Calgary’s growth
economy and represent a large component of the university’s expenditures, increased
at a rate of 3.5% over the prior year. In addition, the university’s deferred maintenance
continues to grow in an environment of decreasing capital grant funding.
While the increase in operating funding will cover a portion of these increasing costs,
legislatively mandated ceilings on tuition increases limit the university’s ability to bridge
the funding gap through more traditional means. As a result, the university continues to
search for and implement efficiencies, such as the building of the Cogeneration Plant,
to reduce the impact of these rising costs while working closely with the Board of
Governors and the government to develop financial strategies that will ensure our Eyes
High vision and goals are reached.
Future Accounting Standard Changes
Starting in the upcoming 2012/13 fiscal year, all of Alberta’s post-secondary institutions
will be changing accounting standards from the previous Not-For-Profit Accounting
Standards to Public Sector Accounting (PSA) Standards.
In preparation for this change, the University of Calgary is participating on the provincial
working group with the Government of Alberta and other Alberta colleges and
universities. The goal of the working group is to assist institutions in developing and
implementing their transition to the PSA Standards.
Phase I of the transition included identifying and analyzing potential high impact
transition topics in the context of the post-secondary environment. In Phase II, the
working group will continue to analyze transitional impacts as the group develops the
financial statement templates for the post-secondary education sector that comply
with PSA Standards while ensuring information presented in future financial reports
supports effective decision making.
50

financial
statements
for the year ended
march 31, 2012

TABLE OF CONTENTS
Statement of Management Responsibility ................................................................................................. 53
Independent Auditor’s Report ..................................................................................................................... 54
Statement of Financial Position .................................................................................................................. 55
Statement of Operations ............................................................................................................................. 56
Statement of Changes in Net Assets .......................................................................................................... 57
Statement of Cash Flows ............................................................................................................................ 58
Notes to the Financial Statements .............................................................................................................. 59
- 52 -

STATEMENT OF MANAGEMENT RESPONSIBILITY
The University is responsible for the preparation of the financial statements and has prepared them in accordance
with Canadian generally accepted accounting principles as described in note 2 to the financial statements. The
financial statements present fairly the financial position of the University as at March 31, 2012 and the results of its
operations, changes in net assets, and cash flows for the year then ended.
In fulfilling its responsibilities and recognizing the limits inherent in all systems, the University has developed and
maintains a system of internal control designed to provide reasonable assurance that University 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 carries out its responsibility for review of the financial statements principally through its Audit
Committee. The Audit Committee 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 Committee, with and
without the presence of Management.
The financial statements for the year ended March 31, 2012 have been reported on by the Auditor General of the
Province of Alberta, the auditor appointed under The Post-secondary Learning Act. The Independent Auditor's Report
outlines the scope of his examination and provides his opinion on the fairness of presentation of the information in the
financial statements.
Original signed by Elizabeth Cannon
President
Original signed by Jonathan Gebert
Vice-President (Finance and Services)
- 53 -

Independent Auditor’s Report
To the Board of Governors of the University of Calgary
Report on the Financial Statements
I have audited the accompanying financial statements of the University of Calgary, which comprise the
statement of financial position as at March 31, 2012 and the statements of operations, changes in net assets and
cash flows for the year then ended, and a summary of significant accounting policies and other explanatory
information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with Canadian generally accepted accounting principles, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my
audit in accordance with Canadian generally accepted auditing standards. Those standards require that I
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained in my audit is sufficient and appropriate to provide a basis for
my audit opinion.
Opinion
In my opinion, the financial statements present fairly, in all material respects, the financial position of the
University of Calgary as at March 31, 2012, and the results of its operations, changes in net assets and its cash
flows for the year then ended in accordance with Canadian generally accepted accounting principles.
[Original signed by Merwan N. Saher, FCA]
Auditor General
June 1, 2012
Edmonton, Alberta
- 54 -

STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2012
(thousands of dollars)
2012 2011
(restated note 22)
ASSETS
Current
Cash and cash equivalents (note 3) $ 378,002 $ 534,960
Short-term investments (note 4) 481,786 255,214
Accounts receivable 64,560 46,247
Inventories and prepaid expenses 29,802 21,256
954,150 857,677
Long-term investments (note 4) 525,966 517,791
Other long-term assets (note 5) 25,523 23,252
Capital assets and collections (note 6) 1,558,100 1,471,315
$ 3,063,739 $ 2,870,035
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable and accrued liabilities $ 127,630 $ 150,564
Current portion of long-term liabilities (note 8) 4,856 4,917
Deferred contributions, research and other (note 9) 458,901 426,618
Deferred revenue 26,412 22,104
617,799 604,203
Employee future benefit liabilities (note 7) 70,989 68,770
Long-term liabilities (note 8) 155,870 157,443
Deferred contributions, capital (note 9) 49,529 77,124
Unamortized deferred capital contributions (note 10) 1,215,026 1,127,290
2,109,213 2,034,830
Net Assets
Endowments (note 11) 516,712 496,807
Investment in capital assets and collections (note 12) 182,871 182,833
Internally restricted (note 13) 176,774 108,489
Unrestricted 78,169 47,076
954,526 835,205
$ 3,063,739 $ 2,870,035
Contingent liabilities and contractual obligations (note 14 and note 15)
Signed on behalf of the Board of Governors:
_______________________
Chair, Board of Governors
____________________________
Vice-President (Finance & Services)
The accompanying notes are an integral part of these financial statements.
- 55 -

STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
Budget
2012
(unaudited)
(note 16)
2012 2011
(restated note 22)
REVENUE
Government of Alberta grants (note 18) $ 509,371 $ 542,475 $ 499,705
Federal and other government grants 123,228 111,635 118,421
Sales of services and products 97,650 100,112 93,371
Student tuition and fees 192,253 195,274 183,253
Donations and other grants 72,730 77,367 79,075
Investment income (note 17) 29,211 34,105 32,078
Amortization of deferred capital contributions (note 10) 66,365 68,654 59,859
$ 1,090,808 $ 1,129,622 $ 1,065,762
EXPENSE
Salaries 517,471 515,207 496,491
Employee benefits 101,482 90,741 89,056
Materials, supplies and services 244,726 200,075 195,478
Utilities 30,194 36,012 31,144
Maintenance and repairs 14,557 13,035 13,734
Scholarships and bursaries 69,871 69,923 66,371
Cost of goods sold 17,892 15,493 14,174
Amortization of capital assets 94,615 95,929 89,474
$ 1,090,808 $ 1,036,415 $ 995,922
EXCESS OF REVENUE OVER EXPENSE $ - $ 93,207 $ 69,840
NET TRANSFER FROM (TO) ENDOWMENTS (note 11) 6,044 (136)
NET CHANGE IN INVESTMENT IN CAPITAL ASSETS AND
COLLECTIONS (note 12)
127 11,975
NET CHANGE IN INTERNALLY RESTRICTED NET ASSETS (note 13) (68,285) (24,021)
CHANGE IN UNRESTRICTED NET ASSETS FOR THE YEAR 31,093 57,658
UNRESTRICTED NET ASSETS (DEFICIT), BEGINNING OF YEAR 47,076 (10,582)
UNRESTRICTED NET ASSETS, END OF YEAR $ 78,169 $ 47,076
The accompanying notes are an integral part of these financial statements.
- 56 -

STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
Endowments
Investment in
Capital Assets
and Collections
Internally
Restricted Net
Assets
Unrestricted
Net Assets
(deficit)
NET ASSETS (deficit), March 31, 2010 $ 441,658 $ 194,471 $ 84,468 $ (10,582)
Excess of revenue over expense - - - 69,840
Investment income (note 17) 31,428 - - -
Endowment contributions (note 11) 23,585 - - -
Net transfers (note 11) 136 - - (136)
Net change in investment in capital assets and collections (note 12)
(restated note 22)
- (11,975) - 11,975
Contribution of assets not subject to amortization (note 12) - 337 - -
Net expenditures and transfers of internally restricted net assets - - 24,021 (24,021)
NET ASSETS, March 31, 2011 (restated note 22) $ 496,807 $ 182,833 $ 108,489 $ 47,076
Excess of revenue over expense - - - 93,207
Investment income (note 17) - - - -
Endowment contributions (note 11) 25,949 - - -
Net transfers (note 11) (6,044) - - 6,044
Net change in investment in capital assets and collections (note 12) - (127) - 127
Contribution of assets not subject to amortization (note 12) - 165 - -
Net expenditures and transfers of internally restricted net assets (note 13) - - 68,285 (68,285)
NET ASSETS , March 31, 2012 $ 516,712 $ 182,871 $ 176,774 $ 78,169
The accompanying notes are an integral part of these financial statements.
- 57 -

STATEMENT OF CASH FLOWS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
2012 2011
CASH PROVIDED FROM (USED IN) OPERATING ACTIVITIES
Excess of revenue over expense $ 93,207 $ 69,840
Add (deduct) non-cash items:
Amortization of capital assets 95,929 89,474
Amortization of deferred capital contributions (68,654) (59,859)
Change in employee future benefit liabilities 2,219 4,733
Change in unrealized gain on investments (13,888) (21,612)
Total non-cash items 15,606 12,736
Net change in non-cash working capital (*) (239,774) (27,912)
(130,961) 54,664
CASH PROVIDED FROM (USED IN) INVESTING ACTIVITIES
Purchase of capital assets and collections, net of proceeds from disposals (182,549) (351,257)
Purchase of long-term investments, net of sales (9,394) (28,347)
Increase in other long-term assets (2,271) (648)
Endowment investment earnings 15,107 12,838
(179,107) (367,414)
CASH PROVIDED FROM (USED IN) FINANCING ACTIVITIES
Endowment contributions 25,949 23,585
Capital contributions 128,795 199,841
Long-term liabilities - new financing, net of repayments (1,634) 48,222
153,110 271,648
DECREASE IN CASH AND CASH EQUIVALENTS (156,958) (41,102)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 534,960 576,062
CASH AND CASH EQUIVALENTS, END OF YEAR (note 3) $ 378,002 $ 534,960
(*) Net change in non-cash working capital:
(Increase) in short-term investments (226,572) (64,883)
(Increase) decrease in accounts receivable (18,313) 17,132
(Increase) in inventories and prepaid expenses (8,546) (1,340)
(Decrease) in accounts payable and accrued liabilities (22,934) (15,640)
Increase in deferred contributions, research and other 32,283 34,953
Increase in deferred revenue 4,308 1,866
$ (239,774) $ (27,912)
The accompanying notes are an integral part of these financial statements.
- 58 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
1. Authority and Purpose
“The Governors of the University of Calgary” is a corporation which manages and operates the University of
Calgary (“the University”) 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
and Technology, with the exception of the Chancellor and President, who are ex officio members. Under the
Post-secondary Learning Act, Campus Alberta Sector Regulation, the University is a comprehensive academic
and research institution offering undergraduate and graduate degree programs as well as a full range of
continuing education programs and activities. The University is a registered charity, and under section 149 of
the Income Tax Act (Canada), is exempt from the payment of income tax. This tax exemption does not extend
to its wholly-owned subsidiaries, University Technologies International Inc. and West Campus Development
Corporation.
2. Summary of Significant Accounting Policies and Reporting Practices
a) General - GAAP and Use of Estimates
These financial statements have been prepared in accordance with Canadian generally accepted accounting
principles (GAAP). 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.
University Management uses judgment to determine such estimates. Employee future benefit liabilities,
amortization of capital assets and floating rate notes are the most significant items based on estimates. In
Management’s opinion, the resulting estimates are within reasonable limits of materiality and are in accordance
with the significant accounting policies summarized below. These significant accounting policies are presented to
assist the reader in evaluating these financial statements and, together with the following notes, should be
considered an integral part of the financial statements.
b) Investment in Subsidiaries and Joint Venture
The financial statements include the accounts of the following entities using the equity method of accounting:
• the combined results of University Technologies Group
o University Technologies International Inc. (UTI),
o University Technologies International Limited Partnership (UTI LP), a limited partnership held
in trust by the University, and
o UTI LP’s wholly owned subsidiaries,
• the accounts of The Arctic Institute of North America (AINA), a non-profit organization controlled by the
University,
• the accounts of the West Campus Development Trust and West Campus Development Corporation.
UTI Group operates to facilitate the transfer of intellectual property from the University to private business. AINA
operates under the authority of the Act of the Federal Parliament (9-10 George VI, Chapter 45) to initiate,
encourage and support northern research and to advance the study of arctic conditions and problems.
On July 1, 2011, West Campus Development Trust (the Trust) was created to lease University owned lands on
the west side of campus to developers for the commercialization of residential and commercial development. The
University is the sole beneficiary of the Trust and will receive distributions from the trust upon the realization of
leases with developers. To facilitate the Trust entering into lease agreements with developers, the University will
lease the land to the Trust for up to 99 years. This long term lease between the University and the Trust has not
yet been signed as at March 31, 2012. West Campus Development Corporation is wholly-owned by the
University and has the sole purpose of being the Trustee for the West Campus Development Trust.
- 59 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
b) Investment in Subsidiaries and Joint Venture (continued)
The financial statements use the equity method to record the University’s proportionate share of the following
joint venture:
• Canada School of Energy and Environment (46.2% interest) – a joint venture with two other universities
to promote coordination and collaboration in research and education related to the implementation of
Alberta’s energy and environment strategies.
These investments are recorded as other long-term assets (Note 5).
c) Financial Instruments
The University’s financial assets and liabilities are generally classified and measured as follows:
Financial Statement Components Classification Measurement
Cash and Cash Equivalents Held for Trading Fair Value
Investments Held for Trading Fair Value
Accounts Receivable Loans and Receivables Cost
Accounts Payable and Accrued Liabilities Other Liabilities Cost
Long-term Liabilities Other Liabilities Amortized Cost
The University’s financial instruments are recognized on their trade date and transaction costs related to all
financial instruments are expensed as incurred. Valuations of publicly traded securities are based on quoted
market bid prices at the close of business on the statement of financial position date. For securities where market
quotes are not available, estimation techniques are used to determine fair value. Estimation techniques used
include discounted cash flows, internal models that utilize observable market data or comparisons with other
securities that are substantially the same.
The University does not use foreign currency forward contracts or any other type of derivative financial
instruments for trading or speculative purposes. As permitted for Not-for-Profit Organizations, the University has
elected to not apply the standards on derivatives embedded in non-financial contracts, and the University has
elected to continue to follow CICA 3861: Disclosure and Presentation.
Financial statements are exposed to credit risk, interest rate risk, foreign exchange risk, market risk, commodity
price risk and liquidity risk. Each of these risks is managed through the University’s collection procedures,
investment guidelines, banking arrangements and other internal policies, guidelines and procedures.
Market Risk
The University is subject to market risk, foreign currency and interest rate risk with respect to its investment
portfolio. To manage these risks, the University has established a target mix of investment types designed
to achieve the optimal returns within reasonable risk tolerance.
Liquidity Risk
The University maintains a short-term line of credit that is designed to ensure available funds to meet current
and forecasted financial requirements as cost effectively as possible. As at March 31, 2012 the University
has committed borrowing facilities of $16,000, none of which has been drawn.
Credit Risk
The credit risk from accounts receivable is relatively low as the majority of balances are due from
government agencies and corporate sponsors. Credit risk from tuition is managed through restricted
enrolment activities for students with delinquent balances and maintaining standard collection procedures.
Interest Rate Risk
Interest rate risk is the risk to the University’s earnings that arise from the fluctuations in interest rates and
the degree of volatility of these rates. The risk is managed by contractually setting interest rates with
banking institutions.
- 60 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
c) Financial Instruments (continued)
Commodity Price Risk
The University is exposed to commodity price risk as a result of substantial electricity and natural gas usage
required to operate the institution’s facilities. The University has entered into long-term utility contracts to
manage its risk exposure from fluctuating utility prices (note 15).
Foreign Exchange Risk
The University has entered into a contract with the Qatari government to operate a campus in Qatar.
Foreign exchange risk has been mitigated through negotiating payment of University management fees in
Canadian dollars. Expenses incurred are recovered from the government of Qatar and claims are adjusted
to reflect currency fluctuations, thus reducing exchange risk exposure to the University.
d) Inventories
Inventories held for resale are valued at the lower of cost and net realizable value. Inventories held for
consumption are valued at cost or net replacement cost. Cost is determined by weighted average.
e) Capital Assets and Collections
Capital assets purchased are recorded at cost. In-kind contributions are recorded at fair value when a fair value
can be reasonably determined. Permanent collections are not amortized and include the portion of library assets
with permanent value, museum specimens, archival materials, maps, and works of art held for education,
research and public exhibition purposes.
Construction in progress includes the costs directly attributable to the construction including engineering, legal
fees, and interest on specific debt attributed to the construction of capital assets.
Capital assets, once placed into service, are amortized on a straight-line basis over the assets’ estimated useful
lives. The estimated useful lives are as follows:
Buildings, utilities and site improvements
Furnishings, equipment and systems
Learning resources
20 - 40 years
3 – 10 years
10 years
f) Capital Lease Receivable
Substantially all of the benefits and risks of ownership of the portion of the University Research Centre Building
as described in the lease agreement have been transferred to the lessee. This transaction has been accounted
for as a sales type capital lease. The carrying amount of this lease is valued based on the implicit interest rate
and the expected lease payments over its remaining term. The University’s net investment in the lease is
presented in Other Long-term Assets (note 5).
g) Revenue Recognition
The financial statements record the following items as revenue - at the following times:
• Unrestricted contributions - when received or receivable, if the amount can be reasonably estimated and
collection is reasonably assured.
• Unrestricted investment income - when earned; this includes interest, dividends and realized and unrealized
gains and losses.
• Pledges - when collected.
• Revenues received for services and products - when the services or products are substantially provided and
collection is reasonably assured.
• Tuition fees - when the instruction is delivered.
• Donations of materials – are recorded at fair value when a fair value can be reasonably determined and
when materials would otherwise have been purchased.
• Restricted contributions - based on the deferral method.
- 61 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
g) Revenue Recognition (continued)
Deferral method
Contributions, including investment income on the contributions, which are restricted for purposes other than
endowment or capital asset acquisitions, are deferred and recognized as revenue when the conditions of the
contributions are met.
Contributions, including investment income on the contributions, to acquire capital assets with limited lives
are first recorded as deferred contributions, capital when received, and when expended, they are transferred
to unamortized deferred capital contributions and amortized to revenue over the useful lives of the related
assets.
Endowment contributions are recognized as direct increases in endowment net assets. Investment earnings,
under agreements with benefactors or the Post-secondary Learning Act allocated to endowment principal,
are also recognized as direct increases in endowment net assets. Endowment investment earnings that are
allocated for spending are deferred and recognized as revenue when the conditions of the endowment are
met.
Contributions restricted for the acquisition of land and permanent collections are first recorded as deferred
contributions when received, and when expended, they are recognized as direct increases in investment in
capital assets and collections.
h) Foreign Currency Translation
Financial assets and liabilities recorded in foreign currencies are translated to Canadian dollars at the year-end
exchange rate. Revenues and expenses are translated at average daily exchange rates. Gains or losses from
these translations are included in investment income.
i) Employee Future Benefits
Pension
The University participates with other employers in the Public Service Pension Plan (PSPP) and the Universities
Academic Pension Plan (UAPP). These pension plans are multi-employer defined benefit pension plans that
provide pensions for the University’s participating employees based on years of service and earnings.
Pension expense for the UAPP is actuarially determined using the projected benefit method prorated on service
and is allocated to each participant based on their respective percentage of pensionable earnings. Actuarial
gains or losses on the accrued benefit obligation are amortized over the expected average remaining service life.
The University does not have sufficient plan information on the PSPP to follow the standards for defined benefit
accounting, and therefore follows the standards for defined contribution accounting. Accordingly, pension
expense recorded for the PSPP is comprised of employer contributions to the plan 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.
Supplementary retirement plans
The pension expense for defined benefit supplementary retirement plans is actuarially determined using the
projected benefit method prorated on service. Actuarial gains or losses on the accrued benefit obligation are
amortized over the expected service lifetime for each plan participant.
j) Capital Disclosures
The University defines its capital as the amounts included in deferred contributions (note 9), endowment net
assets (note 11) and unrestricted net assets. A significant portion of the University’s capital is externally
restricted and the University’s unrestricted capital is funded by Alberta Advanced Education and Technology,
other government funding agencies and donations. The University has investment policies (note 4), spending
policies, and cash management procedures to ensure the University can meet its capital obligations.
- 62 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
j) Capital Disclosures (continued)
Under the Post-secondary Learning Act, the University must receive ministerial or Lieutenant Governor in
Council approval for a deficit budget, mortgage and debenture borrowing and the sale of any land, other than
donated land, that is held by and being used for the purposes of the University.
k) Contributed Services
Volunteers as well as members of the staff of the University contribute an indeterminable number of hours per
year to assist the institution in carrying out its mission. Such contributed services are not recognized in the
financial statements.
l) Future Accounting Changes
The Public Sector Accounting Board (PSAB) has issued a framework of financial reporting and accounting
standards for government not-for-profit organizations using Public Sector Accounting (PSA) standards effective
for fiscal years beginning on or after January 1, 2012. The Government of Alberta requires Alberta Public Postsecondary
Institutions to implement these standards without the PS 4200 not-for-profit series of standards. As a
result, management is determining future financial statement treatment upon transition and is developing a
transition plan to adopt the full scope of the PSA standards for the next fiscal year. The impact on the financial
statements at the transition date has not yet been finalized. Upon adoption, the financial statements will reflect
comparative financial information also prepared in accordance with PSA standards.
3. Cash and Cash Equivalents
Cash and cash equivalents, with a maximum maturity of 90 days at date of purchase, are as follows:
2012 2011
Cash $ 2,857 $ (844)
Money market funds, short-term notes and treasury bills 375,145 535,804
$ 378,002 $ 534,960
4. Investments
The composition and fair value of investments are as follows:
2012 2011
Money market funds, short-term notes, and treasury bills $ 1,207 $ 6,412
Canadian government and corporate bonds 462,416 299,910
Canadian equity 163,457 180,509
Foreign equity 192,801 169,568
Floating Rate Notes 39,509 35,880
Canadian mortgage fund 148,362 80,726
$ 1,007,752 $ 773,005
Short-term investments 481,786 255,214
Long-term investments 525,966 517,791
$ 1,007,752 $ 773,005
- 63 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
4. Investments (continued)
As at March 31, 2012, the average effective yields and the terms to maturity are as follows:
• Money market funds, short-term notes, and treasury bills: 1.07% (2011 – 0.79%); term to maturity: less
than one year.
• Canadian government and corporate bond funds: 5.75% (2011 – 4.28%) terms to maturity: range from
less than one year to more than 10 years.
The University’s investments are managed using two pools, the Working Capital Pool “WCP” with investment
holdings of $525,495 (2011 - $295,462) and the Unitized Endowment Pool “UEP” with investment holdings of
$482,257 (2011 - $477,543). The primary objective for the WCP is the preservation of capital, liquidity and to earn a
rate of return that exceeds the DEX Short Term Bond Index. The primary objective for the UEP is to earn a long-term
rate of return that, in real terms, exceeds total endowment spending at an acceptable level of risk.
The University has policies and procedures in place governing asset mix, diversification, exposure limits, credit
quality and performance measurement. The University’s Investment Committee, a subcommittee of the Board of
Governors, has delegated authority for oversight of the University’s investments. The Investment Committee meets
regularly to monitor investments, to review investment manager performance, to ensure compliance with the
University’s investment policies and to evaluate the continued appropriateness of the University’s investment policies.
Floating Rate Notes
At March 31, 2012, the University holds $57,475 (2011 - $57,484) in floating rate notes which comprise the following:
Note Type
Face Value
Estimated
fair value Scheduled repayment Maturity
Synthetic Assets $ 46,560 $ 36,267 5 years July 15, 2056
IA Tracking Notes 10,915 3,242 2 - 26 years 2 - 26 years
$ 57,475 $ 39,509
Synthetic Assets are considered investment grade, rated BBB or higher, with the exception of C notes that are rated
BB for which the University holds $1,398 in face value.
In the absence of a well-functioning market for floating rate notes, the University has estimated the fair value of these
investments using a discounted cash flow valuation model. The model involves assumptions regarding the difference
between the expected yield, based on similarly rated securities adjusted for illiquidity and market complexity, and the
appropriate market-discount attributable to such investments. The spread between the expected yield and the
estimated discount rate ranges from 506 basis points for the Class A-1 notes and 606 basis points for the Class C
notes. An increase in spread of 100 basis points would result in a reduction to the fair value of $1,812.
IA Tracking Notes are generally unrated and therefore have been valued at the current market value provided by an
independent, publicly available source. Management believes this is a fair approximation of their current market
value.
The eventual timing and amount of future cash flows attributable to these assets may vary significantly from
Management’s current best estimates. It is possible that the ultimate fair value of these assets may vary significantly
from current estimates and that the magnitude of any such difference could be material to the financial results.
- 64 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
5. Other Long-term Assets
Other long-term assets represent the long term portion of a capital lease, other long term receivables and
recoverable charges, as well as the University’s share of subsidiaries and joint ventures.
2012 2011
Capital lease receivable (1) $ 14,117 $ 14,438
Other long-term assets (2) 5,867 3,154
Investment in subsidiaries and joint ventures (3) 5,885 5,980
Current portion in Accounts Receivable (346) (320)
$ 25,523 $ 23,252
(1) In September, 2003 the University and Alberta Health Services (AHS) entered into a 25-year agreement for
AHS to lease space in the University Research Centre Building. This lease has been accounted for as a
sales type capital lease. The future minimum lease payments receivable, based on an implicit interest rate
of 7.4% per annum, for the next five fiscal years are as follows: 2013 - $1,384 ; 2014 - $1,424; 2015 to 2017
- $1,453 per year.
(2) Other long-term assets includes $5,156 (2011 - $2,553) of deferred recoverable costs pertaining to capital
improvements made to the leased University Research Centre Building (1) . The University will recover these
costs through the receipt of future lease payments from AHS.
(3) Financial Information with respect to the University’s share of its subsidiaries and joint venture is disclosed
below:
University Technologies
Group
Arctic Institute of North
America
Canada School of
Energy and
Environment
West Campus
Development Trust
Total
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Assets $ 5,037 $ 5,579 $ 5,209 $ 4,078 $ 2,286 $ 3,147 $ 307 - $ 12,839 $ 12,804
Liabilities 1,198 1,631 3,087 2,046 2,286 3,147 383 - 6,954 6,824
Equity 3,839 3,948 2,122 2,032 - - (76) - 5,885 5,980
Revenues 2,912 2,544 1,290 1,296 698 1,390 - - 4,900 5,230
Expenses 2,893 2,324 1,243 1,185 698 1,390 76 - 4,910 4,899
Net Income (loss) for
the year
Cash provided (used
in) operating
activities
Cash provided (used
in) financing
activities
Cash used in
investing activities
Increase (decrease)
in cash & cash
equivalents
19 220 47 111 - - (76) - (10) 331
(58) 905 (701) 1,181 (949) (1,103) (76) - (1,784) 983
- - 1,823 504 - - 76 - 1,899 504
(297) (549) (2,053) (502) 1,627 (2,222) - - (723) (3,273)
$ (355) $ 356 $ (931) $ 1,183 $ 678 $ (3,325) $ - $ - $ (608) $ (1,786)
- 65 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
6. Capital Assets and Collections
2012 2011
Accumulated Net book Accumulated Net book
Cost amortization value Cost amortization value
Buildings, utilities and site
improvements
$ 1,943,596 $ 610,668 $ 1,332,928 $ 1,828,053 $ 567,080 $ 1,260,973
Furnishings, equipment and
systems
687,604 533,660 153,944 634,506 495,689 138,817
Learning resources 186,457 143,083 43,374 178,766 134,752 44,014
Land 14,058 - 14,058 14,058 - 14,058
Library permanent collections 4,905 - 4,905 4,683 - 4,683
Other permanent collections 8,891 - 8,891 8,770 - 8,770
$ 2,845,511 $ 1,287,411 $ 1,558,100 $ 2,668,836 $ 1,197,521 $ 1,471,315
Included in buildings, utilities and site improvement is $98,317 (2011 - $412,681) and in furnishings, equipment and
systems is $28,410 (2011 - $15,846) recorded as construction in progress, which is not amortized as the assets are
not yet available for use.
Acquisitions during the year included in-kind contributions (such as learning resources, equipment, software,
buildings and land) in the amount of $3,242 (2011 - $10,572).
7. Employee Future Benefit Liabilities
Employee future benefit liabilities are comprised of the following:
2012 2011
Universities Academic Pension Plan (UAPP) $ 63,846 $ 61,918
Long-term Disability 499 451
Senior Management Administrative Leave Plan (note 20) 164 346
Supplemental Retirement Pension Plan 6,480 6,055
$ 70,989 $ 68,770
a) Defined benefit plans accounted for on a defined benefit basis
UAPP
The UAPP is a multi-employer contributory joint defined benefit pension plan for academic and professional staff
members. An actuarial valuation of the UAPP was carried out as at December 31, 2010 and was then
extrapolated to March 31, 2012, resulting in a UAPP deficiency of $1,153,334 (2011 - $992,933) consisting of a
pre-1992 deficiency ($759,322) and a post-1991 deficiency ($394,012). The University’s portion of the UAPP
deficiency has been allocated based on its percentage of the plan’s total employer contributions for the year.
The unfunded deficiency for service prior to January 1, 1992 is financed by additional contributions of 1.25%
(2011 - 1.25%) of salaries by the Government of Alberta. Employees and employers equally share the balance
of the contributions of 2.34% (2011 - 2.03%) of salaries required to eliminate the unfunded deficiency by
December 31, 2043. The actuarial valuation shows that the present value of the Government of Alberta’s
obligation for the future additional contributions was $314,798 at March 31, 2012. The unfunded deficiency for
service after December 31, 1991 is financed by special payments of 5.24% (2011 - 5.09%) of pensionable
earnings shared equally between employees and employers until December 31, 2021.
- 66 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
7. Employee Future Benefit Liabilities (continued)
a) Defined benefit plans accounted for on a defined benefit basis (continued)
Supplementary retirement plans (SRP)
The University provides non-contributory defined benefit supplementary retirement benefits to executives. An
actuarial valuation of these benefits was carried out as at March 31, 2012.
The expenses and financial position of these defined benefit plans are as follows:
Expenses
2012 2011
Long-term Supplementary Long-term Supplementary
UAPP disability (1) retirement (1) UAPP disability (1) retirement
Current service cost $ 23,939 $ - $ 402 $ 21,889 $ - $ 322
Interest cost 8,180 52 333 8,445 48 279
Amortization of net actuarial
losses (gains)
5,678 (232) (14) 5,143 (170) (3)
Amortization of past service
cost
- 379 9 - 294 9
Curtailment - - - - - 221
Termination benefit - - - - - 479
Total expenses $ 37,797 $ 199 $ 730 $ 35,477 $ 172 $ 1,307
Financial Position
Accrued benefit obligation:
Balance, beginning of year $ 507,485 $ 1,232 $ 6,492 $ 474,334 $ 1,127 $ 5,353
Current service cost 23,939 - 402 21,889 - 322
Interest cost 33,799 52 333 33,476 48 279
Benefits paid (22,873) (150) (304) (22,126) (123) (220)
Past service costs - 623 - 678 -
Actuarial loss (gain) 49,569 (61) - (88) (498) -
Experience loss - - 636 - - 49
Curtailment loss - - - - 230
Termination Benefit - - - - - 479
Balance, end of year 591,919 1,696 7,559 507,485 1,232 6,492
Plan assets 435,735 - - 387,648 - -
Funded status - plan deficit (156,184) (1,696) (7,559) (119,837) (1,232) (6,492)
Unamortized past service
costs
- 2,617 66 - 2,373 75
Unamortized net actuarial
loss (gain)
92,338 (1,420) 1,013 57,919 (1,592) 362
Accrued benefit liability $ (63,846) $ (499) $ (6,480) $ (61,918) $ (451) $ (6,055)
(1) The University plans to use its working capital to finance these future obligations.
- 67 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
7. Employee Future Benefit Liabilities (continued)
a) Defined benefit plans accounted for on a defined benefit basis (continued)
The significant actuarial assumptions used to measure the accrued benefit obligation are as follows:
2012 2011
Long-term Supplementary Long-term Supplementary
UAPP disability retirement UAPP disability retirement
Accrued benefit obligation:
Discount rate 6.50% 3.75% 4.30% 6.50% 4.50% 5.00%
Long-term average
compensation increase
3.50% n/a 4.00% 3.50% n/a 4.00%
Benefit cost:
Discount rate 6.50% 4.50% 5.00% 6.90% 4.50% 5.00%
Long-term average
compensation increase
3.50% n/a 4.00% 3.50% n/a 4.00%
Alberta inflation (long-term)
2.25% n/a 2.50% 2.25% n/a 2.50%
Estimated average
remaining service life
10.2 yrs 8.04 yrs
(1)
11.3 yrs 7.88 yrs
(1)
(1) SRP actuarial gains and losses and past service costs are amortized over the remaining contract terms of
the participants.
(b) Defined benefit plans accounted for on a defined contribution basis
PSPP
The Public Service Pension Plan (PSPP) is a multi-employer contributory defined benefit pension plan for
support staff members. As the University 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 $15,050 (2011 - $14,371).
An actuarial valuation of the PSPP was carried out as at December 31, 2010 and was then extrapolated to
December 31, 2011. At December 31, 2011, the PSPP reported an actuarial deficiency of $1,790,383 (2010 -
$2,067,151).
- 68 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
8. Long-term Liabilities
Maturity Interest Amount outstanding
Collateral date rate % 2012 2011
Debentures payable to Alberta Capital Finance Authority*:
Debenture for Cascade Hall 1 May 2025 6.25% $ 12,096 $ 12,628
Debenture for Residence Renewal Program 1 September 2026 4.43% 14,643 11,900
Debenture for Downtown Campus 2 March 2031 4.27% 14,512 15,000
Debenture for Health Renovation Innovation
Centre/Parkade 1 April 2031 4.94% 5,182 5,337
Debenture for Child Development
Centre/Parkade 1 June 2032 5.25% 1,757 1,804
Debenture for International Residence House 1 September 2032 4.69% 23,663 24,339
Debenture for International Residence House 1 June 2039 5.10% 28,488 28,956
Debenture for Phase VI Residence 1 March 2040 4.73% 59,003 60,000
Mortgages payable to Canada Mortgage and Housing
Corporation:
Mortgage for Dining Centre, Kananaskis and
Rundle Halls 1 March 2016 5.13% 431 526
Bank loans payable:
Mortgage for University Research Centre 1 May 2012 0.00% 92 642
159,867 161,132
Obligations under capital leases 859 1,228
160,726 162,360
Less current portion (4,856) (4,917)
$ 155,870 $ 157,443
(1) title to land, building; (2) none
* Alberta Capital Finance Authority is a related party
The principal portion of long-term debt repayments required over the next five years is as follows: 2013 - $ 4,468;
2014 - $4,584; 2015 - $ 4,810; 2016 - $5,037, 2017 - $5,174 and thereafter - $135,794. Interest incurred on longterm
obligations was $7,796 (2011 - $6,237), of which $426 (2011 - $2,016) was capitalized.
- 69 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
9. Deferred Contributions
Deferred contributions represent unspent externally restricted grants and donations. Changes in the deferred
contributions balances are as follows:
2012 2011
Capital
Research
and other Capital
Research
and other
Balance, beginning of the year $ 77,124 $ 426,618 $ 162,059 $ 391,665
Grants and donations received 60,490 362,286 108,956 365,913
Investment income 3,213 16,124 6,084 18,909
Recognized as revenue (227) (280,643) (1,537) (263,195)
Transferred to unamortized deferred capital contributions (note 10) (90,976) (65,414) (198,101) (86,674)
Transferred to investment in capital assets, not subject to amortization (95) (70) (337) -
Balance, end of the year $ 49,529 $ 458,901 $ 77,124 $ 426,618
10. Unamortized Deferred Capital Contributions
Unamortized deferred capital contributions represent the unamortized grants and donations received to fund
capital acquisitions. The amortization of unamortized deferred capital contributions is recorded as revenue in the
statement of operations. The changes in the unamortized deferred capital contributions balance are as follows:
2012 2011
Balance, beginning of the year $ 1,127,290 $ 902,374
Additions from deferred contributions, research and other (note 9) 65,414 86,674
Additions from deferred contributions, capital (note 9) 90,976 198,101
Amortization to revenue (68,654) (59,859)
Balance, end of the year $ 1,215,026 $ 1,127,290
11. Endowments
Endowments consist of externally restricted donations received by the University and internal allocations by the
University’s Board of Governors, the principal of which is required to be maintained intact in perpetuity.
Investment income earned on endowments must be used in accordance with the various purposes established
by the donors or the Board of Governors. Benefactors as well as University 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 University has the authority to alter the terms and conditions of
endowments to enable:
• income earned by the endowment to be withheld from distribution to avoid fluctuations in the amounts
distributed and generally to regulate the distribution of income earned by the endowment.
• encroachment on the capital of the endowment to avoid fluctuations in the amounts distributed and
generally to regulate the distribution of income earned by the endowment if, in the opinion of the Board
of Governors, the encroachment benefits the University and does not impair the long-term value of the
fund.
- 70 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
11. Endowments (continued)
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 income. However, for individual endowment funds
without sufficient cumulative capitalized income, endowment principal is used in that year. This amount is
expected to be recovered by future investment income.
The composition of endowments is as follows:
2012 2011
Balance, beginning of year $ 496,807 $ 441,658
Endowment contributions 25,949 23,585
Transfer (from) to endowments (1) (6,044) 136
Investment gain (note 17) - 31,428
Balance, end of the year $ 516,712 $ 496,807
Cumulative contributions $ 390,049 $ 364,100
Cumulative capitalized income 126,663 132,707
Balance, end of the year $ 516,712 $ 496,807
(1) During the year, investment income earned on endowments was insufficient to fund the endowment
spending allocation resulting in transfers from endowments to cover spending that exceeded investment
income.
12. Investment in Capital Assets and Collections
Net assets invested in capital assets and collections represent the net book value of capital assets and
collections less unamortized deferred capital contributions and any related debt.
2012
2011
(restated note 22)
Capital assets and collections at net book value (note 6) $ 1,558,100 $ 1,471,315
Less amounts financed by:
Unamortized deferred capital contributions (note 10) (1,215,026) (1,127,290)
Long-term liabilities related to capital expenditures (160,203) (161,192)
182,871 182,833
2012 2011
The changes during the year are as follows:
Investment in capital assets and collections, beginning of year 182,833 194,471
Acquisition of capital assets and collections 26,178 66,793
Long-term liabilities - repayment 4,331 3,326
Long-term liabilities - new financing (3,342) (52,168)
Amortization of investment in capital assets (27,294) (29,926)
Net change in investment in capital assets (127) (11,975)
Contributions of assets not subject to amortization 165 337
Increase (decrease) for the year 38 (11,638)
Balance, end of the year $ 182,871 $ 182,833
- 71 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
13. Internally Restricted Net Assets
Internally restricted net assets represent amounts set aside by the University’s Board of Governors for specific
purposes. Those amounts are not available for other purposes without the approval of the Board and do not
have interest allocated to them. Internally restricted net assets are summarized as follows:
Balance at
beginning of year
Appropriations from
unrestricted net
assets
Disbursements
during the year
Balance end of
the year
Appropriation for capital activities: $ 2,400 $ 9,174 $ - $ 11,574
Appropriation for operating activities: 88,544 79,350 22,071 145,823
Appropriation for research activities: 17,545 6,749 4,917 19,377
$ 108,489 $ 95,273 $ 26,988 $ 176,774
14. Contingent Liabilities and Guarantees
(a) The University is a defendant in a number of legal proceedings. Included is a lawsuit filed by former trust
employees claiming entitlement to benefits. The outcome of this lawsuit is not determinable at this point in
time.
The ultimate outcome and liability of all legal proceedings cannot be reasonably estimated at this time.
Management has concluded that none of the claims meet the criteria for being recorded under GAAP.
(b) The University has identified potential asset retirement obligations 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 University may be required to take appropriate remediation procedures to remove the
asbestos. As the University has no legal obligation to remove the asbestos in these facilities as long as the
asbestos is contained and does not pose a public health risk, the fair value of the obligation cannot be
reasonably estimated due to the indeterminate timing and scope of the removal. The asset retirement
obligations for these assets will be recorded in the period in which there is certainty that the capital project
will proceed and there is sufficient information to estimate fair value of the obligation.
(c) At March 31, 2012 the University had entered into agreements that provide guarantees on employee
housing loans in the amount of $989 (2011 - $1,541).
15. Contractual Obligations
The University has contractual obligations which are commitments that will become liabilities in the future when
the terms of the contracts or agreements are met.
2012 2011
Service contracts $ 45,808 $ 38,012
Capital projects 19,810 70,030
$ 65,618 $ 108,042
Included in service contracts are the project commitments for the University administration review and system
upgrade project (iS2), contracts to purchase electricity and contracts for natural gas.
- 72 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
15. Contractual Obligations (continued)
The University’s contract with the IBM consultants working on the iS2 project is approximately $108 (2011 -
$6,472) and will end by June 2012.
To manage its risk exposure to electricity and natural gas, the University has entered into an Electricity Purchase
Agreement, expiring March 31, 2017 and an Energy Purchase Agreement expiring September 30, 2013 based
on indexed (floating on the spot market) prices with an option to hedge any portion of the requirement at any
time. At March 31, 2012 the University had hedged a portion of these contracts by fixing the price on a portion of
its estimated electricity and natural gas consumption. Using best estimates of future consumption and forward
market prices on March 31, 2012, the estimated contractual obligations including executed hedge contracts are
$26,900 (2011 - $7,900) for electricity and $18,800 (2011 - $22,240) for natural gas.
The University’s commitments for operating leases for the next five years are as follows: 2013 - $4,590; 2014 -
$4,586; 2015 - $4,398; 2016 - $4,171; 2017 - $4,014.
The University is one of 58 members of CURIE, the Canadian Universities Reciprocal Insurance Exchange, and
a self-insurance reciprocal established to share the insurable property, liability, and errors and omissions risks of
member universities. The projected cost of claims against the exchange is based on actuarial projections and is
funded through members’ premiums. As at December 31, 2011 CURIE had a surplus of $6,947 (2010 - $9,225).
The University participates in five of the underwriting periods, which have an accumulated surplus of $48,586
(2010 - $43,288) of which the University’s pro rata share is approximately 5.78% (2010 - 5.79%). This surplus is
not recorded in the financial statements.
16. Budget Comparison (unaudited)
The University’s 2011-12 budget was approved by the University’s Board of Governors and was presented to the
Minister of Advanced Education and Technology as part of the University’s submission of its 2011-14 Business
Plan. Certain budget figures from the University’s 2011-14 Business Plan have been reclassified to conform to
the presentation adopted in the 2012 financial statements.
17. Investment Income
2012 2011
Income on investments held for endowments $ 10,217 $ 48,989
Income on other investments 23,514 16,196
Recovery on Floating Rate Notes 3,671 4,051
(Loss) gain from subsidiaries and joint venture (95) 338
$ 37,307 69,574
Investment income capitalized to endowments - (31,428)
Amounts deferred (3,202) (6,068)
Investment income $ 34,105 $ 32,078
- 73 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
18. Related Party Transactions
a) The University operates under the authority and statutes of the Province of Alberta. Transactions between
the University and the Government of Alberta (GOA) are measured at the exchange amount and
summarized below.
2012 2011
Revenue from GOA
Advanced Education and Technology:
Operating $ 429,425 $ 423,858
Capital 47,300 97,899
Research 16,349 10,292
Access to the Future Fund (matching grants) - 556
Alberta Innovates Bio Solutions 1,673 2,313
Alberta Innovates Energy and Environment Solutions 1,504 1,994
Alberta Innovates Health Solutions 30,523 29,911
Alberta Innovates Technology Futures 10,194 7,335
Other 32,738 18,684
Total Advanced Education and Technology 569,706 592,842
Other GOA departments and agencies grants:
Alberta Health and Wellness 25,623 45,407
Alberta Health Services 11,699 7,283
Other 14,733 19,657
Total other GOA departments and agencies 52,055 72,347
Total contributions received 621,761 665,189
Less: deferred contributions (79,286) (165,484)
Government of Alberta grants $ 542,475 $ 499,705
Accounts receivable
Advanced Education and Technology $ 2,565 $ 1,281
Other GOA departments and agencies 11,103 13,194
$ 13,668 $ 14,475
Accounts payable
Advanced Education and Technology $ 601 $ 537
Other GOA departments and agencies 10,407 5,192
$ 11,008 $ 5,729
The University has long-term liabilities with Alberta Capital Finance Authority as described in note 8.
- 74 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
18. Related Party Transactions (continued)
b) Alberta Health Services (AHS) is related to the Province of Alberta since its board is appointed by the
Minister of Health and Wellness. As the University and the Province of Alberta are related parties, AHS is a
related party to the University. Transactions between the University and the AHS are summarized as
follows:
2012 2011
The University of Calgary pays to AHS in the normal course of operations amounts
related to utilities; salaries and benefits; and materials, supplies and overheads.
Expenditures incurred:
$ 20,838 $ 14,014
The University of Calgary receives from AHS in the normal course of operations amounts
related to physicians; research projects, studies and grants, programs; and support $ 55,895 $ 68,557
services. Revenues included in income:
Net receivable due to the University of Calgary by AHS: $ 754 $ 7,843
The University leases land to AHS for a parkade at the Foothills Medical Centre and the Alberta Children’s
Hospital. Effective September 2003 the University and AHS entered into a 25-year agreement for AHS to lease
space in the University Research Centre Building. This lease has been accounted for as a sales type capital
lease. At March 31, 2012, the carrying value of the lease receivable is $14,117 (2011 - $14,438). During the
year the University received $1,384 in lease payments (2011 - $1,384), $1,063 of which was recognized as
interest income (2011 - $1,086).
19. Funds Held on Behalf of Others
The University holds the following funds on behalf of others over which the University’s Board of Governors has
no power of appropriation. Accordingly, these funds are not included in the University’s financial statements.
2012 2011
Child Care Center West Campus $ 530 $ 153
The Arctic Institute of North America 491 965
CDN Research Institute- Law and the Family 310 388
U of C Day Care 251 364
Campus Ticket Centre 221 -
Alberta Sulphur Research 179 555
Others 727 614
$ 2,709 $ 3,039
- 75 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
20. Salary and Employee Benefits
Treasury Board Directive 12-98 under the Financial Administration Act of the Province of Alberta requires the
disclosure of certain salary and employee benefits information.
2012 2011
Other Other
Base cash non-cash
salary (1) benefits (2) benefits (3) (6) Total Total
Governance (4)
Chair of the Board of Governors $ - $ - $ - $ - $ -
Members of the Board of Governors - - - - -
Executive
President
Incumbent (6) (7) (10) (11) 440 105 211 756 490
Interim, Past Incumbent (9) - - - - 150
Vice-Presidents:
Provost and Vice-President Academic
Incumbent (5) (6) (10) 260 33 75 368 -
Past Incumbent (2) (5) (6) (7) 114 - 96 210 495
Vice-President Research
Incumbent (5) (6) (10) 278 71 79 428 -
Interim, Past Incumbent (5) (9) 42 9 6 57 109
Past Incumbent (6) - - - - 648
Vice-President Finance and Services (6) (9) (10) 281 8 68 357 356
Vice-President University Relations (5) (6) (9) (10) 240 49 58 347 -
Vice-President Facilities Management and Development (6) (9) 349 45 96 490 488
Vice President Development (6) (8) (10) (11) 287 50 97 434 432
1. Base salary includes pensionable base pay.
2. Other cash benefits include administrative honorariums, bonuses, relocation benefits, and lump sum
payments.
3. Other non-cash benefits include the University’s share of all employee benefits and contributions or
payments made on behalf of employees including pension, group life insurance, employee family assistance
program, critical illness, supplementary health care, short and long-term disability plans, dental plan,
supplemental retirement plan (per footnote (6) ) and accidental disability and dismemberment.
4. The Chair and Members of the Board of Governors receive no remuneration for participation on the Board.
5. During the fiscal year, the Past Incumbent Provost and Vice-President Academic position was occupied for
four months and the Provost and Vice-President Academic Incumbent position was held for eight months.
Vice-President Research Interim Past Incumbent position was occupied for three months and the Vice-
President Research Incumbent position was occupied for nine months. The Vice-President University
Relations served a full year in this role, this position was vacant throughout the previous fiscal year.
6. Under the terms of the supplementary retirement plan (SRP), the executive may receive supplemental
retirement payments. Retirement arrangement costs as detailed below are not cash payments in the period
but are period expenses for rights to future compensation. Costs shown reflect the total estimated cost to
provide annual pension income over an actuarially determined post employment period. The SRP provides
future pension benefits to participants based on years of service and earnings. The cost of these benefits is
actuarially determined using the projected benefit method pro-rated on services, a market interest rate, and
management’s best estimate of expected costs and the period of benefit coverage. Net actuarial gains and
losses of the benefit obligations are amortized over the average remaining service life with respect to each
plan participant. Current service cost is the actuarial present value of the benefits earned in the current year.
- 76 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
20. Salary and Employee Benefits (continued)
6. (continued) Prior service and other costs include amortization of past service costs on plan initiation,
amortization of actuarial gains and losses, and interest accruing on the actuarial liability.
7. Individuals in these roles earned administrative leave benefits during the year that have been included in
other non-cash benefits.
8. During the term of their employment contract, the individual in this role may take up to four months of
administrative leave subject to the President’s approval of the individual’s administrative leave proposal.
The costs associated with the leave benefits are recorded when incurred.
9. The employment contracts for these individuals do not provide for administrative leave benefits.
10. Individuals in these roles received an executive allowance included in other cash benefits.
11. Individuals in these roles received a vehicle allowance included in other cash benefits.
The current service cost and accrued obligation for each executive under the SRP is outlined in the following
table:
Accrued Benefit
Obligation
March 31, 2011
Accrued
Benefit
Obligation
March 31, 2012
Service costs
Interest
Costs
Actuarial
Loss (Gain)
President $ 57 $ 76 $ 7 $ 29 $ 169
Vice-Presidents:
Provost and Vice-President
Academic - Incumbent - 53 - - 53
Provost and Vice-President
Academic – Past Incumbent 252 53 15 2 322
Vice-President Finance and
Services 64 36 5 33 138
Vice-President Research - 55 - - 55
Vice-President University Relation - 29 2 2 33
Vice-President Facilities
Management and Development 162 59 11 14 246
Vice-President Development 361 41 29 42 473
The significant actuarial assumptions used to measure the accrued benefit obligation (ABO) are disclosed in
note 7.
- 77 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
20. Salary and Employee Benefits (continued)
The current service cost and accrued obligation for each executive under the Senior Management Administrative
Leave Plan is outlined in the following table:
Accrued
Benefit
Obligation
March 31,
2011
Service
costs
Interest
Costs
Actuarial
Loss (Gain)
Benefits
Paid
Accrued
Benefit
Obligation
March 31,
2012
President (1) $ 66 $ 88 $ 7 $ 3 $ - $ 164
Provost and Vice-President
Academic – Past Incumbent (1) (2) 280 15 5 1 (301) -
1. Only the President and Past Incumbent Provost and Vice-President Academic are eligible for
administrative leave benefits.
2. Benefits paid within the current year have been expensed in prior years and reported as other non-cash
benefits as they were earned by the individual.
The significant actuarial assumptions used to measure the accrued benefit obligation for the Senior Management
Administrative Leave Plan are based on a discount rate of 3.75% (2011 - 4.50%) and a yearly salary increase
rate of 4.00%. The President’s administrative leave includes projected benefit costs of 15.00% in addition to
administrative leave salary costs.
21. Canada – Alberta Knowledge Infrastructure Program
The Canada – Alberta Knowledge Infrastructure Program (KIP) was established to provide funding in support of
capital projects at post-secondary institutions in order to offset the impact of the global economic recession by
providing employment opportunities. Eligible KIP projects can receive up to 50% of its funding from Government
of Canada contributions through direct payments made by the Province of Alberta. The remaining portion of
funding for KIP projects is made up of internal resources, provincial contributions and research grants. The KIP
program supports eligible costs incurred from February 24, 2009 to March 31, 2011 for two projects, and until
July 31, 2011 for one project that received an extension.
Amounts received from the Province of Alberta representing Government of Canada Contributions (refunds) and
eligible costs incurred on KIP projects are as follows:
2012 2011 2010
February 24,
2009 to March
31, 2009 Total
Contributions $ (138) $ 32,899 $ 32,899 $ - $ 65,660
Eligible Costs $ 7,635 $ 71,197 $ 53,695 $ 2,384 $ 134,911
Construction on the above capital projects was completed during the 2012 fiscal year.
- 78 -

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2012
(thousands of dollars)
22. Prior period adjustment
In fiscal 2011, the calculation of long-term liabilities related to net assets invested in capital assets and
collections was understated as a result of an overstatement in calculated debt repayments and an
understatement in newly debt financed capital purchases within the Investment in Capital Assets and Collections
Note. This correction is limited to offsetting adjustments within net assets and does not impact prior year
balances for long-term liabilities or net income. This error has been corrected in the financial statements.
These changes have been applied retroactively with restatement of prior year’s amounts. The impact of the
adjustment to the 2011 financial statements is as follows:
Increase (decrease) in:
Statement of Financial Position
As previously
recorded
Prior period
adjustment
2011
(as restated)
Investment in capital assets and collections $ 193,360 $ (10,527) $ 182,833
Unrestricted net assets 36,549 10,527 47,076
Statement of Operations
Net change in investment in capital assets and collections $ 1,448 $ 10,527 $ 11,975
Note 12 Investment in Capital Assets and Collections
Long-term liabilities related to capital expenditures $ (150,665) $ (10,527) $ (161,192)
Long-term liabilities - repayment 8,874 (5,548) 3,326
Long-term liabilities - new financing (47,189) (4,979) (52,168)
23. Comparative Figures
Certain 2011 figures have been reclassified to conform to the presentation adopted in the 2012 financial
statements.
- 79 -

University of Calgary
c/o Office of the Controller, Olympic Volunteer Centre
1833 Crowchild Trail NW, Calgary, Alberta T2M 4S7
Phone: (403) 220-8717 Fax: (403) 210-8788 E-mail: fnclsvcs@ucalgary.ca
Website: http://www.ucalgary.ca/financial/

For more information about the content of this plan,
or to share your comments about it, please contact:
University of Calgary
Office of the Provost
provost@ucalgary.ca
ucalgary.ca