Winter <strong>2009</strong> | NIC Foundation NewsletterScholarship to Honour Stan HagenProvince, Foundation, and industry contributeA new $105,000 scholarship was created in memory of Agricultureand Lands Minister and Comox Valley MLA Stan Hagen in order tocarry on the legacy of the dedicated and caring public servant.“Throughout his years in public service, Stan Hagen was passionateabout helping young people reach their full potential,” said PremierCampbell. “This scholarship will help to ensure that Stan’s legacy ofcaring for youth and for education carries on for years to come.”The Province of British Columbia is contributing $35,000, the NorthIsland College Foundation is contributing $35,000 and Western ForestProducts, International Forest Products and TimberWest Forest Corp.are contributing a further $35,000 to the Stanley B. Hagen Scholarshipat North Island College.“Stan Hagen was a strong voice for advanced education and forNorth Island College,” said Dr. Lou Dryden, President of North IslandCollege. “By creating this scholarship in his memory, we can honourhis contributions in perpetuity to building our community and ourprovince.”“British Columbians were fortunate to have a caring public servantand supporter of the forest industry like Stan Hagen,” said Rick Jeffery,CEO of Coast Forest Products Association. “We are honouredto partner in this scholarship inmemory of a strong advocate forthe communities and people ofthe coast.”The scholarship funding will beheld in trust by the North IslandCollege Foundation, with theinterest generated going to fundtwo annual scholarships equivalentto a year of full-time tuitionat North Island College.“Investing in our province’s best students by providing scholarshipsfor their education is a fitting tribute to a friend and colleague whodevoted decades of his life to serving British Columbians,” said AdvancedEducation and Labour Market Development Minister MurrayCoell. “Stan would be proud to see that his legacy lives on in NorthIsland College.”Stan Hagen served as minister in 10 ministries between 1986 and<strong>2009</strong>, including Education; Advanced Education; Tourism, Sport andthe Arts; and Children and Family Development.On behalf of the North Island College FoundationBoard of Directors, thank you for supporting NorthO Island College students by creating scholarships andbursaries, by providing funds for program development andenhancement, and by contributing to our equipment andlibrary resources. We very much enjoyed getting to know youand talking with you about the importance of supporting postsecondaryeducation in our community. We look forward tocontinuing our relationships and working together to supportour students in achieving their goals. The list to the rightrepresents our 2008 donors.To all our friends and donors, thank you!Alistair McVey, ChairDale Pateman, Secretary/TreasurerDr. Joan BoaseLorna CrowshawDr. Lou DrydenJoe GrisBert Heeringa, Vice ChairDon JonesBrook KiddleArne EinarsonJanet LackeyAudrey Sullivan250-334.5000 ext 4267foundation@nic.bc.caWWW.NIC.BC.CAABC Printing | Shirley Ackland | Cindy Adams | Adult Basic Education Association of BC | Sylvia Aiello | Alberni Valley CommunityFoundation | Alberni Valley Lions Club | Roger Albert | Janis Almond | Alzheimer Society of BC | Marguerite Ancell | Anderton Nursery| Andrew Sheret Limited | Constance Anshelm | Dr. Marlene Atleo | Susan Auchterlonie | Leo Auterson | Samantha Banton-Smith |Richard Barnum | John Belshaw | Janet Bergunder | Laurie Bird | Ron & Mary Black | Casey Black | Dr. Joan Boase | John & YvetteBrett | Brook G Kiddle Personal Law Corporation | Campbell River Altrusa Club | Campbell River Dragon Boat Society | CampbellRiver Garden Centre | Canadian Daughters’ Assembly # 6 | Canadian Federation of University Women - Comox Valley | CanterburyFood Service | Myrtle Capling | Carl-Marg Holdings Ltd | Dr. Michael Catchpole | CGA Association of BC | Ellen Chambers | Cityof Port Alberni | Marilyn Clements | Coca-Cola Bottling Co. | Comox Valley Art Gallery | Comox Valley Community Foundation |Comox Valley ElderCollege | Comox Valley Horticultural Society | Comox Valley Potters Club | Comox Valley Rainbow Chorus | ComoxValley Recovery Centre Society | Comox Valley Regional District | Comox Valley Retired Teachers’ Association | Comox Valley RotaryClubs | Comox Valley Sports and Aquatic Centre | Cheryl Cooper | Colleen Copithorne | Patricia Corbett-Labatt | Helena Corry | JoyceCoutts | Kevin Craig | Creative Employment Access Society | Credit Union Foundation of BC | Les Crimp | Brian Croll | Ivan & LauraCronsberry | Barry Cross | Susan Cross | Lorna Crowshaw | Anne Cubitt | Anne Cumming | CUPE Local 3479 | Emmalyn Davies | GayDavis | John & Laurene Davis | Sue de Bruin-Eiselen | Jason DeForge | Digital Communications Rogers Wireless | Lisa Domae | PhyllidaDrummond | Dr. Lou Dryden | Duncan Sabine Collyer Partners LLP | Sara Durocher | Eagle Radio 97.3 | Ron Evans | Evergreen SeniorsClub | Sandy Faust | Jack & Sharon Fletcher | Helen Foster | Mona Fournier | Future Shop | Catherine Gailloux | Corrine Gailloux |Gordon Gallacher | Don Gillingham | Grieg Seafood BC Ltd | George Hamilton | Mary Louise Hamson | Derek Hanebury | ColleenHanley | Bert Heeringa | Marianne Henriksson | Vivian Hermansen | Liz Hinke | Christine Hodgson | Dr. Jennifer Holden | HomeDepot of Canada Inc | Debby Howard | Barbara Howie | Robert Hughes | Michelle Hume | Sharon Hylands | John & Jean Illman |IODE Laura Gordon Chapter | Lorne Irwin | Islands West Manufacturers Ltd | Judy Johnson | JohnsonDiversey | Betty Karau | WilmaKeitlah | Norma Kenny | Kinsmen Club of Campbell River | Carolyn Kirk-Albert | Kiwanis Club of Port Alberni | Leslyann Komljenovic| Thea Kovach | Theodore Kremer | Kathleen Kuhnert | Lela Kulesh | Lady Rose Marine Ltd | Clara Lake | Joe Larche | Jane Larsen |Hannah Leprette | Donna Ley | Carol Lidster | Barbara MacKenzie | Anne MacKnight | Peter Maguire | Marsha Mann | Jane Marinakis| Marine Harvest Canada Inc | Carol Matheson | Brenda McBride | McCain Foods (Canada) | Victoria McCoy | Sarah McDowell |Summer McGee | Isobel McLeish | Bill McLeod | Norma McLeod | Garry McLeod | Nicole McQueen | Alistair McVey | Thomas &Irene Miles | Alanna Miller | Minerva Foundation for BC Women | Monk Office Supply Ltd | Nicole Mooney | James Morton | LorraineMounce | Mt. Washington Alpine Resort | Marianne Muir | James & Patricia Muldowney | Judith Murphy | Neptune Food Service |Diane Newman | Mac Newton | Grace Norman | North Douglas Sysco Food <strong>Services</strong> | North Island College Faculty Association | NorthIsland Young Musicians Society | Denise Olson | On Deck Systems Inc. | Margaret O’Sullivan | Tracy Parker | Sandra Parkes | RejeanPatenaude | Serena Patterson | Catherine Peters | Dr. Martin Petter | Marian Pickton | Michael Plant | Port Alberni ElderCollege | CherylPorter | Ruthanne Price | Angela Price | Mary Ann Pruyser | Jerry Pulido | Quality Foods | Russell Ramsden | Gene Regier | Marie Roberts| Mr. J. Roberts | Louise Robertson | Andrea Rowe | Royal Purple of Canada Lodge No 158 | Phyllis Ryan | Elaine Shelton | Showcase5 Theatre | Slava Simice | Wendy Smith | Soroptomist International Club of Courtenay | Sound Advice Music Shop | Glenn Staples |Edison Stewart | Ken Stone | Gordon & Marianne Strain | Strathcona Gardens Recreation Complex | Betty Tate | The Peak 93.3 | ThePotters Place | Linda Thompson | Mary Pat Thompson | Linda Thompson | Maimee Tomlinson | Gillian Trumper | Dr. Barrie Turnham |Tyee Chevrolet | Union Bay O.A.P.O. #147 | Vancouver Foundation | Rose Vasile | Viking Air Ltd | Sandra Wagner | Kevin Walters | Dr.Sherrie Wang | Tom Weegar | Rachel Wellock | Women for Women | Richard Wu | Pamela Wylie | Jill Xotta 4
<strong>Annual</strong> <strong>Report</strong> <strong>2009</strong>ContentIntroduction 6Company 8Establishment of the Company and its history 8Products and services 10Retail 10Wholesale 20Risk management 21Strategy for the financial year 2010 22Independent auditor’s report 24<strong>Financial</strong> statements 30Balance sheet 30Income Statement 31Statement of changes in shareholder’s equity 32Cash flow statement 33General information 34Accounting policie 35Intangible fixed assets 39Tangible fixed assets 40Receivables 42Equity 43Payables 43Bank loans 44Derivate financial instruments 44Taxation 45Accruals and deferrals 46Revenue analysis 46Employee analysis 47Fees paid and payable to the audit company 47Related party transactions 48Commitments 49Contingent liabilities 49Subsequent events 49Cash flow statement 49<strong>Report</strong> on relations among related parties 505
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