AnnuAl Repo Rt 2012-13 - alumni UBC€¦ · 2 THE UNIVERSITY OF BRITISH COLUMBIA ALUMNI ASSOCIATION ANNUAL REPORT 2012-13 1 Dear UBC Alumni, It is our great pleasure to present you

AnnuAl RepoRt2012-13

the university of british columbia alumni association 12 ANNUAL REPORT 2012-13

Dear UBC Alumni,

It is our great pleasure to present you with the UBC Alumni Association’s annual report for the fiscal year 2012-13, ending March 31. The past year has been all about revitalization. From a re-examination of our identity to the roll-out of a new strategic plan, the organization has positioned itself to surpass the university’s campaign goal of doubling alumni engagement with UBC by 2015.

In 2012-13, more than 45,000 alumni were involved with the university in some capacity – from simply updating an address in order to receive news and event invitations, to mentoring a student, to serving on a dean’s committee, to participating in one of our myriad programs tailored for alumni. This is an increase of 30 per cent over last year.

Behind the scenes of this success is an engaged and productive volunteer board, which started the year by turning a critical eye on itself to ensure delivery of the best possible strategic direction. The resulting restructure is a smaller and more efficient board supported by a larger and broadly representative alumni advisory council.

The new strategic plan developed last year is now in execution; a new brand is enlivening our communications and growing awareness of the organization and its many offerings; and, as the new student union building nears completion, we eagerly anticipate breaking ground in preparation for a new alumni centre right next door.

It’s been a great year for alumni engagement and all the elements are in place for a record-breaking 2013-14. For more information about staying involved with UBC, please go to alumni.ubc.ca.

Judy Rogers, BRE’71 Jeff ToddChair, UBC Alumni Association Executive Director, Alumni Association & Associate Vice President, Alumni

1

Vision, Mission and strategic goals · october 2012 – March 2017

Alumni, Forever UBCVision, Mission and strategic goals · october 2012 – March 2017

Ubc alumni association board of directors

Strategic Goals

A new strategic plan went into operation, based on a bolder more energizing vision that reflects an understanding of alumni as an integral part of their university rather than external stakeholders. Deepening the culture of alumni engagement at UBC is essential to the aspirations of a globally influential UBC driving world solutions. alumni UBC and the university have entered a new era of alumni engagement characterized by shared ambition, active partnership, and mutual benefit.

YouR new plan


431 2

alumni UBC MODELS BEST PRACTICE AND GROWS ITS CAPACITY TO SERVE

alumni UBC is vision focused, growing in capacity

to serve and engage, and demonstrates outcomes

consistent with a high performing organization.

THE ALUMNI EXPERIENCE IS MUTUALLY BENEFICIAL

Alumni benefit from the intellectual, cultural and social resources of their University;

UBC benefits from alumni skills and capacity.

ALUMNI ARE INTEGRAL & ENGAGED

As core constituents, alumni are well informed

and have an influential voice & stake in their university.

ALUMNI ADVANCE UBC’S VISION

UBC’s aspiration to be globally influential and foster positive

change is realized in large part by alumni through their

engagement in the world.

Barrie · Kamloops · Vic-toria · calgary · leth-Bridge · montreal · ot-tawa · toronto · austin · Boston · chicago · den-Ver · los angeles · minne-apolis · new yorK · or-lando · portland · san Francisco · seattle · scottsdale · washing-ton, d.c. · Brazil · china · Finland · germany · hong Kong · india · indonesia · Japan · malaysia · mauri-tius · philippines · singa-pore · south Korea · tai-wan · thailand · australia · new zealand · denmarK · France · england · scot-land · greece · the neth-

Your Global Network

UBC alumni live and work in 120 nations around the world. They keep in touch with UBC, and connect with each other socially and professionally, through an energetic alumni network that can help realize the university’s ambitions for a better world.

If you’re new to an area or visiting for the first time, chances are you’ll be able to find a friendly face. Find out who is connecting near you.

alumni.ubc.ca/regional

Your future

Surviving years of essays, labs and exams certainly wasn’t easy – but now you’re a grad, it’s time to make your mark.

tHe Next StePThe Next Step is a program for recent graduates that provides advice and guidance for life after university. It keeps your brain and your social life in tip-top condition, with plenty of intellectual stimulation and chances to network with other recent grads.

Whether you need to know about managing your finances, tuning up your workplace skills, or dressing to impress, the Next Step will help you plan for a rosy future.

Help for youLet Career Services help you achieve your career goals. You can browse job postings, take advantage of employer information sessions, or receive career guidance.

When your dream job comes along, be prepared to land it. These programs and services will help you nose ahead of the competition and develop a career you’ll love.

Giving backAnd once you’ve landed on your feet, consider mentoring a current student. Visit the careers website.

careers.ubc.ca

a Global CoMMuNitY witH SHared aMbitioN for a better world aNd aN exCePtioNal ubC.

www.alumni.ubc.ca

A new brand was developed that gives life to our vision and mission and, quite literally, puts alumni first. alumni UBC is the new identity for a member-driven organization consisting of more than 285,000 grads located in Canada and around the world. The brand is raising the profile of alumni UBC and growing awareness of alumni programming.

The tagline for the association’s new logo is “It’s Yours.” This translation of the university’s Latin motto, Tuum Est, couldn’t be more apt, because alumni don’t belong to the association – the association belongs to them.

YouR new brand

Some people think graduation means goodbye. But they’re wrong.

Hello.

You haven’t left UBC, you’ve joined alumni UBC, a global network of more than 290,000 UBC graduates – individually impressive and collectively astounding.

alumni UBC is your alumni association. We are member-driven, made up of alumni like you, and that’s what makes us strong.

You are

Nice of you to join us.

With activities from traversing platforms of the coastal rainforest ecosystem to thought-provoking discussions (and everything in between), UBC Alumni Weekend offers a glimpse at the many sides of UBC. Come experience Vancouver’s most eclectic and energizing day.

JULY 9

JULY 10

JULY 11

Okanagan Days 2013July 9 – 13, 2013 · Kelowna, BC

Join us in BC’s beautiful, Okanagan Valley from July 9 to July 11, 2013, for Okanagan Days. The region is a renowned summer destination, with pristine lakes and sandy beaches, orchards, vineyards, wineries and world class golf courses. This all season paradise is also the site of UBC’s Okanagan campus, making it the ideal location for UBC alumni and supporters to gather and celebrate their shared connection while enjoying everything the Okanagan has to offer.

Okanagan Days Kick-Off To kick things off, join us for an exclusive wine and food pairing reception at Mission Hill Winery. Enjoy award-winning wines and network with UBC alumni and friends.

Campus Tour and Wine and Cheese Reception Take a guided tour of the campus UBC built for the 21st century, then join us for a casual wine and cheese reception.

Golf Tournament and Dinner Hit the links and support UBC Heat athletics at the stunning Okanagan Golf Club. After the tournament, enjoy wines from CedarCreek Estate Winery, Sandhill Winery and Summerhill Pyramid Winery, along with a delicious meal.

Okanagan Wine Tour Enjoy a guided tour of some of the finest wineries in the North Okanagan: 50th Parallel, Ex Nihilo and Gray Monk. And if you like, join the golf reception and dinner following the tour.

The Next Step: Okanagan Spirits Summer Social Enjoy a mixology demonstration by local craft distillery, Okanagan Spirits while meeting and mingling with like-minded recent grads.

Evening Under the Stars Join UBC a group of astronomy experts at Dominion Radio Astrophysical Observatory and learn what the stars can truly tell us about the future.

Presenting sPonsor:

A P U B L I C AT I O N O F A LU M N I U B C · N U M B E R 3 3 · 2 0 1 3

GIANT SPIDERS AND WALKING MACHINES

51 days at sea in a rowboat

The lab halfway up Everest

In charge at a Boston ER

Charlie Crane: Canada’s Helen Keller The Double Life of Doctor Lu

PLUS

MECHANICAL ART WITH A SOCIAL MESSAGE

University of British ColUmBia alUmni assoCiation

www.alumni.ubc.ca

Tel: (604) 822.3313

Toll Free: 800.883.3088

Fax: (604) 822.8928

RSVP, see the full schedule and get your questions answered:

alumni.ubc.ca/alumniweekendor call 604.822.0515

Tweet/follow on twitter at

#ubcalumniwknd


Building an alumni centre is a key objective of alumni UBC, and plans have been drawn up for an exciting new facility right at the heart of campus. The project was initiated by committed alumni volunteers, and support from alumni across Canada and around the world is essential to its realization.

The centre will be the first of its kind in Canada and a physical representation of the partnership between UBC and its alumni. Beyond symbolism, it will be a key resource for alumni as they do business, expand their careers, satisfy their intellectual, cultural and social appetites, and engage with other alumni and members of the campus community. In doing so, they will become an integral part of what drives the university to greater achievements and meaningful contributions to the local and wider community.

YouR new centre

the university of british columbia alumni association 76 ANNUAL REPORT 2012-13 Alumni BuildingApril 2013 ARCHITECTS: KUABARA PAYNE MCKENNA BLUMBERG HUGHES CONDON MARLER

LANDSCAPE ARCHITECTS: PFS STUDIO

PERSPECTIVES

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A. SOUTHEAST CORNER ENTRANCE

VIEW KEY

C. VIEW EAST OF ALUMNI WEST TERRACE D. VIEW OF UNIVERSITY COMMONS FROM ALUMNI NORTH TERRACE

B. SOUTH ENTRANCE

Alumni BuildingApril 2013 ARCHITECTS: KUABARA PAYNE MCKENNA BLUMBERG HUGHES CONDON MARLER

LANDSCAPE ARCHITECTS: PFS STUDIO

PERSPECTIVES

AB

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A. SOUTHEAST CORNER ENTRANCE

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B. SOUTH ENTRANCE

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UBC ALUMNI CENTRE KUWABARA PAYNE MCKENNA BLUMBERG | HUGHES CONDON MARLER ARCHITECTSARCHITECTS IN JOINT VENTURE

True NorthProject North 1 :LEVEL 1 PLANAPRIL 2013

200

· a welcome centre for alumni, staff, faculty and visitors · a candidate to receive LEED certification (Leadership in Energy and Environmental Design) · four storeys, 42,000 square feet · eight meeting rooms and two classroom · a grand celebration space with seating for 300 people ·

the mAnY fAces of alumni engagement


using ARt to Build communitY

UBC’s Learning Exchange was created more than 10 years ago to make connections between the university and Vancouver’s Downtown Eastside. Kim Villagante, BA’11, volunteered with the exchange on a mural project involving a group of residents who wanted to improve their surroundings and sense of community.

The project had two distinct goals – to tackle the issue of social isolation identified among tenants living at the Oasis building on East Hastings Street and to address the graffiti in an alley behind the building, a scene of frequent drug use. Kim led tenants, students, and other volunteers in designing and creating three murals for the alley.

“I was humbled to have been a part of this project,” says Kim. “I came into it thinking I’d just be contributing my art skills, but I’m walking away with the love and stories shared with me by the tenants at the Oasis. I have a renewed respect for the real community that is so evident here in the Downtown Eastside.”

Oasis housing staff reported an enhanced social atmosphere, triggered in large part by the creative process itself. “Art is a huge community builder,” Kim says. “I wish there were more opportunities for visual art students to share their skills and educate themselves about community issues.”

shARing the pAth to success

Tom Pallan was the first person of Indo-Canadian heritage to graduate from the forestry program at UBC. Today, in his 80s, he is one of the first alumni volunteers to get involved in the university’s new Broad Based Admissions (BBA) process, which assesses prospective UBC students not only on high school grades, but also on life experiences and aspirations. Tom is reading and ranking the application forms.

“Part of the reason forestry students are required to submit an essay with their application is because UBC wants to attract well-rounded people who will be helpful to society,” says Tom, who is the partially retired CEO of the Pallan Group. “You can tell a lot about an applicant by the way they express themselves, their interests, and commitments. For example, if they embark on something – do they stay with it? People from all over the world apply to UBC. Sometimes the writers are not proficient in English. You have to look past the words and try to understand what the writer is saying. You have to be so careful not to hurt someone’s chances.”

pARtneRing with uBc

Maureen Jack-LaCroix, BA’74, is the founder of Be The Change Earth Alliance, a non-profit charitable organization that encourages people to make sustainable and just lifestyle choices through programming in schools, communities and the workplace.

The organization has partnered with the UBC-Community Learning Initiative to provide valuable learning experiences for third year sociology students studying natural resource issues. The UBC students mentored high school students, holding weekly action circles to discuss environmental concerns and the steps they could take to raise awareness. As well as encouraging the adoption of good habits, the university students gained insight into how change takes place in a real-world setting and what some of the obstacles are.

In addition to partnering with the sociology students, Jack-LaCroix hosts two arts interns each year and has worked with commerce students on developing a social media campaign to target the use of disposable cups. More recently she hosted a student from the Faculty of Education for an enhanced practicum and worked with three MBA students to develop the marketing plan for their sustainability education program, now in more than 25 BC high schools. “Be The Change has really benefitted from the energy, enthusiasm, optimism and intelligence of bright young people,” she says.

Through these creative partnerships with UBC, Jack-LaCroix hopes the Be the Change program will encourage the next generation to voice their concerns. “Politicians respond to voters and corporations respond to consumers,” she says. “Although individual changes may seem insignificant, we can have a huge influence when we make conscious choices in alignment with our values.”

helping students succeed

They say hindsight is 20-20. It is this concept that fuels one of the Faculty of Arts’ most active volunteers. Since graduating, Oliver Zihlmann, BA’05, has provided guidance to more than 100 students. While that may seem like a daunting figure, Zihlmann thinks mentoring is quite simple. “What would you have wanted to know as a student that you know now?” he asks.

Whether chatting with students at an event, meeting them during lunch, or providing tips via e-mail, this international relations alumnus is keen to apply his volunteer philosophy. “It really boils down to people, relationships and sharing knowledge,” says Zihlmann. Discussion topics often include managing student debt, paying your dues in the workplace, and gaining experiences that could lead to a dream job.

“It’s not earth shattering, ground-breaking or mind-blowing advice,” says Zihlmann, who is now a development officer in the Faculty of Applied Science, “it’s just some basic things to think about.”

While students undoubtedly benefit from the exchange, Zihlmann believes that mentors also have a lot to gain. “Mentoring offers a refreshing perspective. It has inspired me to do the best in my job and to think of ways that I can continue to learn.”

in 2013:45,095ALUMNI ENGAGED

Alumni engAgement 2012-13


Alumni EnGAGEmEnt GoAlS by FAculty(data as of March 31, 2013)

CAMPUS | FACULTYCAMPAIGN

GOAL

ALUMNI WITH POINTS

FY 12/13ANNUAL

GOAL

UBC Okanagan 1,000 580UBC Vancouver

Applied Science 7,000 6,372 5,500Arts 10,400 9,426 8,000Dentistry 1,200 1,091 1,000Education 6,000 4,786 4,500Forestry 1,300 977 900Land and Food Systems 1,200 1,065 1,000Law 3,200 2,603 2,500Medicine 3,500 2,514 2,500Pharmaceutical Sciences 1,200 1,154 1,000Sauder School of Business 8,000 8,121 6,000Science 7,000 5,942 5,000

Other 44Total 50,000 45,095 37,900

Alumni Find VAluE From EnGAGinG with ubc2011 2012 2013

RETENTION RATE 19% 41% 44%NEWLY ACqUIRED 55% 56% 51%

ADDRESS/PHONE/EMAIL UPDATE

EVENT

PLEDGE

SURVEY RESPONDENT

ALUMNI CARD

ENTERED CONTEST

REGISTER FOR ONLINE COMMUNITY

EMAIL FORWARDING SIGNUP

REQUEST FACULTY INFORMATION

1%CAREER DEVELOPMENT/

WORK EXPERIENCE<1%

22%

21%

17%

14%

10%

7%

6%2%

Spon

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hips

A�

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100

200

300

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0

200

400

600

800

2010 2011 2012 2013

2012 GOAL 20142013SPONSORSHIPS CECILGREEN

TRAVEL A-CARD TREK ADS FRAMES & MERCH

AFFINITYPARTNERS

700

800750

19,730

30,498

35,091

45,095


EVENT

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SURVEY RESPONDENT

ALUMNI CARD

ENTERED CONTEST





WORK EXPERIENCE<1%

22%

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0

200

400

600

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2010 2011 2012 2013



AFFINITYPARTNERS

700

800750

19,730

30,498

35,091

45,095


EVENT

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SURVEY RESPONDENT

ALUMNI CARD

ENTERED CONTEST





WORK EXPERIENCE<1%

22%

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200

400

600

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2010 2011 2012 2013



AFFINITYPARTNERS

700

800750

19,730

30,498

35,091

45,095

numbEr oF Alumni EnGAGEd totAl rEVEnuE(in thousands of dollars)

rEVEnuES rAiSEd to Support proGrAmminG:

rEVEnuE by SourcE(in thousands of dollars)

Alumni EnGAGEmEnt ActiVitiES


EVENT

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ALUMNI CARD

ENTERED CONTEST





WORK EXPERIENCE<1%

22%

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200

400

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2010 2011 2012 2013



AFFINITYPARTNERS

700

800750

19,730

30,498

35,091

45,095


finAnciAl stAtementsYear ended March 31, 2013

independent AuditoRs’ RepoRt

to the board of directors of the Alumni Association of the university of british columbiaWe have audited the accompanying financial statements of The Alumni Association of The University of British Columbia, which comprise the statements of financial position as at March 31, 2013, March 31, 2012 and April 1, 2011, the statements of operations, changes in net assets and cash flows for the years ended March 31, 2013 and March 31, 2012, and notes, comprising a summary of significant accounting policies and other explanatory information.

management’s responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, 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.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audits 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 our 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, we consider 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

opinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of The Alumni Association of The University of British Columbia as at March 31, 2013, March 31, 2012 and April 1, 2011, and its results of operations and its cash flows for the years ended March 31, 2013 and March 31, 2012 in accordance with Canadian accounting standards for not-for-profit organizations.

report on other legal and regulatory requirementsAs required by the Society Act (British Columbia), we report that, in our opinion, the accounting principles in the Canadian accounting standards for not-for-profit organizations have been applied on a consistent basis.

Chartered Accountants

June 26, 2013Vancouver, Canada

stAtements of finAnciAl position

mArch 31, 2013

MARCH 31, 2012

APRIL 1, 2011

ASSEtS

Current assets:Cash and cash equivalents 825,493 1,098,377 775,578Restricted cash (note 6) 1,354,890 543,411 – Short-term investments 670,635 648,665 643,666Accounts receivable (note 3) 96,444 5,504 105,410Prepaid expenses 3,748 821 271

2,951,210 2,296,778 1,524,925

Property and equipment (note 5) 825,071 467,892 406,883

3,776,281 2,764,670 1,931,808

liAbilitiES And nEt ASSEtS

Current liabilities:Accounts payable and accrued liabilities (notes 3 and 4)

478,002 665,206 511,598

Refundable rental deposits 85,608 61,450 55,267Deferred revenue 300,180 295,116 263,504

863,790 1,021,772 830,369

Deferred capital contributions (note 6) 2,053,875 884,570 341,159Advance from University of British Columbia (note 7)

– 94,828 94,828

Net assets: Net assets invested in property and equipment

139,694 126,733 65,724

Internally restricted for future operating programs

266,500 76,500 76,500

Internally restricted for future equipment purchases

23,726 36,037 36,280

Unrestricted net assets 428,696 524,230 486,948858,616 763,500 665,452

3,776,281 2,764,670 1,931,808

See accompanying notes to financial statements.

Approved on behalf of the Board:

Ian Warner Judy RogersDirector Director

stAtements of opeRAtionsYears ended March 31, 2013 and 2012

2013 2012

Revenue:UBC contribution 1,495,365 1,495,365Cecil Green Park (note 8) 364,467 329,748Alumni services and marketing (note 10) 319,180 328,905Trek advertising 46,015 37,222Interest 22,094 13,837Miscellaneous 24,578 7,751

2,271,699 2,212,828

Operating expenses (note 9):Administration 697,860 788,015Cecil Green Park (note 8) 260,020 231,460Alumni achievement awards event 19,402 39,612Alumni services and marketing 222,573 172,396Trek 616,134 582,479Communications 360,594 300,818

2,176,583 2,114,780

Excess of revenues over expenses 95,116 98,048



stAtements of chAnges in net Assets Years ended March 31, 2013 and 2012

inVEStEd in propErty And

EquipmEnt

intErnAlly rEStrictEd For

FuturE opErAtinG proGrAmS

intErnAlly rEStrictEd For

FuturE FixEd ASSEt purpoSES unrEStrictEd totAl

mArch 31, 2013

Balance beginning of year 126,733 76,500 36,037 524,230 763,500Internally approved appropriations – 190,000 5,000 (195,000) – Excess (deficiency) of revenues over expenses (5,159) – 809 99,466 95,116Interfund transfer – purchase of property and equipment 18,120 – (18,120) – – Balance, end of year 139,694 266,500 23,726 428,696 858,616

mArch 31, 2012

Balance, beginning of year 65,724 76,500 36,280 486,948 665,452Excess (deficiency) of revenues over expenses (8,166) – 1,595 104,619 98,048Interfund transfer – purchase of property and equipment 69,175 – (1,838) (67,337) – Balance, end of year 126,733 76,500 36,037 524,230 763,500


stAtements of cAsh flowsyears ended march 31, 2013 and 2012

2013 2012

cASh proVidEd by (uSEd in):

Operations:Excess of revenues over expenses 95,116 98,048Depreciation, an item not involving cash 5,159 8,166Changes in non-cash operating working capital items:

Accounts receivable (90,940) 99,906Prepaid expenses (2,927) (550)Accounts payable and accrued liabilities (187,204) 153,608Refundable rental deposits 24,158 6,183Deferred revenue 5,064 31,612

(151,574) 396,973

Financing:Repayment of advance from University of British Columbia

(94,828) –

Investments:Purchase of property and equipment (362,338) (69,175)Short-term investments, net (21,970) (4,999)Restricted cash 357,826 –

(26,482) (74,174)

Increase (decrease) in cash and cash equivalents (272,884) 322,799

Cash and cash equivalents, beginning of year 1,098,377 775,578

Cash and cash equivalents, end of year 825,493 1,098,377

Supplementary information:Non-cash transactions:

Restricted cash received as capital contributions 1,169,305 543,411


notes to finAnciAl stAtements

1. nature of operations:The Alumni Association of The University of British Columbia (the Association) was incorporated in March 1946 with the primary objective of increasing the involvement of alumni in the activities of The University of British Columbia (the University). The direct revenue sources of the Association are not sufficient to cover its operating and capital expenditures and, as a result, the continued support of the University is required to finance the activities of the Association.

Effective April 1, 2009, the Association entered into a new seven-year agreement with the University. This agreement defines the relationship between the Association and the University. The agreement commits the University to funding the operations of the Association based on approved annual budgets. The initial term of the agreement will expire on March 31, 2016; however, the agreement automatically renews for additional three-year terms until terminated at the option of either party by providing six months written notice of termination to the other. These financial statements have been presented on a going concern basis which assumes the continued support of the University.

The Association is non-taxable under the Income Tax Act as a not-for-profit organization.

2. Significant accounting policies: On April 1, 2012, the Association adopted Canadian accounting standards for not-for-profit organizations (Accounting Standards for NPO’s). These are the first financial statements prepared in accordance with the Accounting Standards for NPO’s.

In accordance with the transitional provisions in Accounting Standards for NPO’s, the Association has adopted these changes retrospectively, subject to certain exemptions allowed under these standards. The transition date is April 1, 2011 and all comparative information provided has been presented by applying Accounting Standards for NPO’s.

There were no adjustments to net assets as at April 1, 2011 or excess of revenue over expenses for the year ended March 31, 2012.

(a) Cash and cash equivalents:Cash and cash equivalents include cash on hand and short-term deposits which are highly liquid with original maturities of less than three months.

(b) Short-term investments: Short-term investments are carried at fair value with gains and losses recorded in operations.


(c) Property and equipment:Furniture and equipment is recorded at historical cost. Depreciation is recorded at 20% and 33⅓% per annum using the straight-line method. Construction in progress is recorded at cost.

(d) Internal restrictions of net assets: Certain contributions received from donations, bequests and operations are set aside into a separate component of net assets. These contributions may be held in term deposits and the interest income, which has been recorded in operations, is retained in the fund to maintain its purchasing power. Appropriation of these funds requires the approval of the Association’s Board of Directors but is not subject to other restrictions.

(e) Net assets internally restricted for future fixed asset purchases: These contributions have been set aside for equipment replacement purposes which are approved by the Board of Directors.

(f) Net assets internally restricted for future operating programs: Appropriations of the operating fund balance are made from time to time to designate funds for specific projects. When the projects take place, the costs are included in operating expenses and the appropriations are returned to the operating fund balance.

(g) Revenue: The Association receives payment in advance for rental of Cecil Green Park. The recognition of such revenue is deferred until the date of the actual rental. The Association also receives payments pursuant to its membership services and marketing agreements with MBNA Canada Bank, Meloche Monnex Inc., and The Manufacturer’s Life Insurance Company. The Association records revenue from these contracts as services are rendered over the term of the agreement. In some instances payments to the Association are based on the financial results of these affinity partners thus revenue is recorded on cash receipt, as the Association is unable until this time to reasonably estimate revenue earned.

The Association follows the deferral method of accounting for contributions. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection reasonably assured. Endowment contributions are recognized as direct increases in net assets. The Association currently has no endowment funds. Contributions subject to external restrictions are recognized as revenue in the year in which the related expenses are incurred. Contributions restricted for the purchase of capital assets are deferred and amortized into revenue on the same basis that the related capital assets are depreciated.

(h) Contributed services:A substantial number of volunteers contribute a significant amount of their time each year. Because of the difficulty of determining the fair value, contributed services are not recognized in the financial statements.

(i) Use of estimates:The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of management estimates relate to revenue recognition and the determination of useful lives of property and equipment for calculating depreciation.

(j) Financial instruments: Financial instruments are recorded at fair value on initial recognition. All financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The Association has elected to carry short-term investments at fair value.

Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the straight-line method.

Financial assets are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the Association determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expet cted cash flows, the amount that could be realized from selling the financial asset or the amount the Association expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value.

(k) Comparative figures:Certain comparative figures have been reclassified to conform with the financial statement presentation adopted in the current year.

3. related party balances:Included in accounts receivable is $28 (March 31, 2012 – $21; April 1, 2011 – $103) receivable from the University.

Included in accounts payable and accrued liabilities is $249,934 (March 31, 2012 – $347,623; April 1, 2011 – $370,281) payable to the University. Also included in accounts payable and accrued liabilities is $41,124 (March 31, 2012 – $34,261; April 1, 2011 – $37,704) of funds held on behalf of various divisions and departments of the University to cover expenses which the Association will incur on their behalf.

4. Accounts payable and accrued liabilities:Included in accounts payable and accrued liabilities as at March 31, 2013 are government remittances payable of $12,190 (March 31, 2012 – $20,760; April 1, 2011 – $330) relating to federal and provincial sales taxes, payroll taxes, health taxes, and workers’ safety insurance.

5. property and equipment:

coStAccumulAtEd

AmortizAtionnEt book

VAluE

mArch 31, 2013

Furniture and equipment 419,320 396,887 22,433Construction in progress 802,638 – 802,638

1,221,958 396,887 825,071

mArch 31, 2012


859,620 391,728 467,892

April 1, 2011


790,445 383,562 406,883

6. deferred capital contributions:During the year ended March 31, 2011, the Association and the University approved an agreement in principle to construct a new Alumni Centre on land currently held by the University. In addition, the Association and the University have agreed to conduct a collaborative fundraising campaign to fund the construction. As part of the agreement, the University has agreed to advance up to a total of $1,500,000 to the Association (note 7).

Deferred capital contributions represent externally restricted contributions and other funding received under the fundraising campaign for the construction of the Alumni Centre. The amortization of deferred capital contributions will begin when the Alumni Centre is completed and has started being depreciated, at which point it will be recorded as revenue in the statement of operations.

Restricted cash represents funds received that are restricted for costs associated with the Alumni Centre that have not yet been spent. Such funds require approval for release by the Alumni Centre Committee.

7. Advance from university of british columbia: As part of the Alumni Centre funding agreement entered into with the University during the year ended March 31, 2011 (note 6), the University has agreed to advance up to a total of $1,500,000 to the Association of which $600,000 was approved by the University’s Board of Governors to fund the preliminary design, and a further $900,000 to fund the detailed design of the Alumni Centre, which is dependent on approval by the University’s Board of Governors. The advances will bear interest at prime minus 1.0% with a minimum of 2.5% per annum and are repayable to the University from the proceeds of the fundraising campaign once the fundraising target of $18 million has been achieved. As at March 31, 2013, nil (March 31, 2012 – $94,828; April 1, 2011 – $94,828) is the balance that has been drawn on this loan.

8. cecil Green park: The Association shares Cecil Green Park revenue in excess of the net of the Association’s direct cost related to the short-term leasing/booking of the premises and any proctor services annually with the University on a 50/50 basis. The cost of sharing this revenue is included in the expense caption “Cecil Green Park” in the statement of operations.


9. Functional allocation of expense:The costs of providing programs and other activities have been presented on a program basis in the statement of operations. Accordingly, salaries and other costs have been allocated among the programs and supporting services benefited.

The expenses of the Association on an account group basis are as follows:

2013 2012

Salaries and benefits 1,129,750 1,105,228Trek 444,022 421,384Purchased services 242,156 132,812Cecil Green Park 148,244 128,594Office expense 45,597 46,670Meetings 44,804 28,056Alumni services 40,612 14,584Association events 30,024 63,677Staff development 18,637 28,556Equipment expense 18,309 20,476Memberships and subscriptions 7,518 2,940Directors expense 5,048 10,193Miscellaneous 1,862 111,610Total 2,176,583 2,114,780

10. membership services and marketing revenue:(a) During the year ended March 31, 2009, the Association entered

into an agreement with Meloche Monnex Inc. (Meloche). Under the terms of the agreement, the Association provided to Meloche the exclusive rights to market its home and automobile insurance to members of the Association until September 1, 2018.

(b) During the year ended March 31, 2009, the Association entered into an agreement with the Manufacturer’s Life Insurance Company (Manulife). Under the terms of the agreement, the Association will provide Manulife the exclusive rights to market its life insurance to members of the Association until September 30, 2018.

(c) During the year ended March 31, 2011, the Association entered into an agreement with the MBNA Canada Bank (MBNA). Under the terms of the agreement, MBNA has the exclusive right to market its products to members of the Association until December 31, 2015.

11. Financial risks:(a) Liquidity risk:

Liquidity risk is the risk that the Association will be unable to fulfill its obligations on a timely basis or at a reasonable cost. The Association manages its liquidity risk by monitoring its operating requirements. There has been no change to the risk exposures from 2012.

(b) Credit risk:Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a financial loss. The Association deals with creditworthy counterparties to mitigate the risk of financial loss from defaults. There has been no change to the risk exposure from 2012.


finAnciAl stAtements of uBc Alumni AssociAtion educAtionAl endowment tRustYear ended March 31, 2013

independent AuditoRs’ RepoRt

to the members of ubc Alumni Association Educational Endowment trustWe have audited the accompanying financial statements of UBC Alumni Association Educational Endowment Trust, which comprise the statement of financial position as at March 31, 2013, the statements of operations and trust equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

management’s responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, 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.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we 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 our 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, we consider 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

opinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of UBC Alumni Association Educational Endowment Trust as at March 31, 2013 and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

comparative informationWithout modifying our opinion, we draw attention to note 2 of the financial statements which describes that UBC Alumni Association Educational Endowment Trust adopted Canadian accounting standards for not-for-profit organizations on April 1, 2012 with a transition date of April 1, 2011. These standards were applied retroactively by management to the comparative information in these financial statements, including the statements of financial position as at March 31, 2012 and April 1, 2011, and the statements of operations and trust equity and cash flows for the year ended March 31, 2012 and related disclosures. We were not engaged to report on the restated comparative information, and as such, it is unaudited.

Chartered Accountants

June 26, 2013Vancouver, Canada

stAtement of finAnciAl position

mArch 312013,

mArch 31, 2012

April 1, 2011

(Unaudited) (Unaudited)

ASSEtS

Long-term investments 350,545 345,744 361,883

liAbilitiES And truSt Equity

Current liabilities:Accounts payable and accrued liabilities

5,000 2,600 2,500

Trust equity:Endowment Fund 345,545 343,144 359,383

350,545 345,744 361,883


stAtement of opeRAtions And tRust equitYyear ended march 31, 2013, with comparative information for 2012

2013 2012

(Unaudited)

rEVEnuE:

Investment income 12,145 11,872Unrealized gain on change in fair value of investments

16,329 –

28,474 11,872

ExpEnSES:

Accounting fees 5,487 3,040Bursary 20,000 10,000Investment management fees 586 580Unrealized loss on change in fair value of investments

– 14,491

26,073 28,111

Excess (deficiency) of revenue over expenditures

2,401 (16,239)

Endowment fund, beginning of year 343,144 359,383

Endowment fund, end of year 345,545 343,144



stAtement of cAsh flowsyear ended march 31, 2013, with comparative information for 2012

2013 2012

(Unaudited)

opErAtionS:

Excess (deficiency) of revenue over expenditures

2,401 (16,239)

Unrealized (gain) loss on change in fair value of investments

(16,329) 14,491

Changes in non-cash operating working capital items:Accounts payable and accrued liabilities 2,400 100

(11,528) (1,648)

inVEStmEntS:

Long-term investments, net 11,528 1,648

Increase in cash and cash equivalents – –

Cash and cash equivalents, beginning of year – –

Cash and cash equivalents, end of year – –


notes to finAnciAl stAtementsyear ended march 31, 2013

1. operations:UBC Alumni Association Educational Endowment Trust (the Trust) was created in February 1998 with the primary objective of providing financial aid to students enrolled at the University of British Columbia (the University) who need financial support to pursue their studies and to support and promote the advancement of education in British Columbia.

The Trust is non-taxable under the Income Tax Act as a non-profit organization.

2. Significant accounting policies:On April 1, 2012, The Trust adopted Canadian accounting standards for not-for-profit organizations (Accounting Standards for NPO’s). These are the first financial statements prepared in accordance with the Accounting Standards for NPO’s.

In accordance with the transitional provisions in Accounting Standards for NPO’s, the Trust has adopted these changes retrospectively, subject to certain exemptions allowed under these standards. The transition date is April 1, 2011 and all comparative information provided has been presented by applying Accounting Standards for NPO’s.

There were no adjustments to trust equity as at April 1, 2011 or deficiency of revenue over expenses for the year ended March 31, 2012.

(a) Basis of presentation:The financial statements have been prepared by management in accordance with Accounting Standards for NPO’s.

(b) Long-term investments:Long-term investments are recorded at fair value, with unrealized gains/losses reflected in operations.

(c) Use of estimates:The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

(d) Revenue recognition:The Trust recognizes revenue at the time revenue is earned.

(e) Financial instruments:Financial instruments are measured at fair value on origination or acquisition, adjusted by, in the case of financial instruments that will not be subsequently measured at fair value, financing fees and transaction costs, which are amortized using the straight-line method. All other transaction costs are recognized in operations in the year incurred. All financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The Trust has elected to carry long-term investments at fair value.

Financial assets are assessed for impairment on an annual basis at year-end if there is an indicator of impairment. If there is an indicator of impairment, the Trust determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there has been a significant adverse change, the carrying value of the financial asset is reduced to the greater of the present value of the expected cash flows, the amount that could be realized from selling the financial asset, or the amount the Trust expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value.

3. Financial risks:It is management’s opinion that the Trust is not exposed to significant interest or credit risks arising from its financial instruments.


BoARd of diRectoRs

mEmbErS At lArGE [2010-2013]Michael Lee, BSc’86, BA’89, MA’92, LLB Judy Rogers, BRE’71 Ian Warner, BCom’89

mEmbErS At lArGE [2011-2014]Robert Bruno, BCom’97Brent Cameron, BA, MBA’06 Blake Hanna, MBA’82 Ernest Yee, BA’83, MA’87

mEmbErS At lArGE [2012-2015]David Climie, BCom’83 Dallas Leung, BCom’94 Kirsten Tisdale, BSc’83 Faye Wightman, BSc’81

Ex-Officio:

prESidEnt’S dESiGnAtE VicE prESidEnt, dEVElopmEnt And Alumni EnGAGEmEntBarbara Miles, BA, Post Grad in Ed.

ubc prESidEntProf. Stephen J. Toope, AB, LLB & BCL, PhD

ubc chAncEllorSarah Morgan-Silvester, BCom’82

ASSociAtE Vp, Alumni / ExEcutiVE dirEctor, Alumni ASSociAtionJeff Todd, BA

chAirJudy Rogers, BRE’71

VicE chAirDallas Leung, BCom’94

trEASurErIan Warner, BCom’89

www.alumni.ubc.ca

Documents

AnnuAl Repo Rt 2012-13 - alumni UBC€¦ · 2 THE UNIVERSITY OF BRITISH COLUMBIA ALUMNI ASSOCIATION ANNUAL REPORT 2012-13 1 Dear UBC Alumni, It is our great pleasure to present you