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For year ended March 31, 2020
Vancouver, B.C. Canada
CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL INFORMATION
YEAR ENDED MARCH 31, 2020
Published in Accordance with the Financial Information Act
Table of Contents
Statement of Management Responsibility ....................................................................... 1
Independent Auditors' Report ....................................................................................... 2
Consolidated Financial Statements (audited):
Consolidated Statement of Financial Position ........................................................... 6
Consolidated Statement of Operations and Accumulated Surplus ................................. 7
Consolidated Statement of Changes in Net Debt ................................................................. 8
Consolidated Statement of Cash Flows ................................................................... 9
Consolidated Statement of Remeasurement Gains and Losses .................................... 10
Notes to the Consolidated Financial Statements ....................................................... 11
Statement of Financial Information (unaudited):
Schedule of Debts ............................................................................................... 42
Schedule of Indemnity and Guarantee Agreements ................................................... 42
Schedule of Remuneration and Expenses
in Respect of the Members of the Board of Governors ............................................... 43
Schedule of Remuneration and Expenses
Paid to Employees or On Behalf of Employees ........................................................ 44
Schedule of Payments for Goods and Services ......................................................... 149
Schedule of Grants Paid to Other Agencies ............................................................. 191
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2020
Page | 1
Statement of Management Responsibility
The consolidated financial statements of the University of British Columbia (the University) have been prepared by
management in conformity with Section 23.1 of the Budget Transparency and Accountability Act of the Province of
British Columbia supplemented by Regulations 257/2010 and 198/2011 issued by the Province of British Columbia
Treasury Board outlined in note 2(a). The consolidated financial statements present the financial position of the
University as at March 31, 2020, and the results of its operations, remeasurement gains and losses, and the changes
in net debt and changes in its cash flow for the year ended March 31, 2020.
In fulfilling its responsibilities and recognizing the limits inherent in all systems, management has developed and
maintains a system of internal control designed to provide reasonable assurance that the University assets are
safeguarded from loss and that the accounting records are a reliable basis for the preparation of financial statements.
The Board of Governors is responsible for reviewing and approving the consolidated financial statements, and
overseeing management's performance of its financial reporting responsibilities.
The Board of Governors carries out its responsibility for review of the consolidated financial statements principally
through its Audit Committee. No members of the Audit Committee are officers or employees of the University. The
Audit Committee meets with management, the external auditors and the internal auditors to discuss the results of
audit examinations and financial reporting matters. The external and internal auditors have full access to the Audit
Committee, with and without the presence of management.
The consolidated financial statements for the year ended March 31, 2020 have been reported on by the Office of the
Auditor General of British Columbia. The Independent Auditors' Report outlines the scope of the audit and provides
the audit opinion on the consolidated financial statements.
Santa Ono Peter Smailes
President and Vice-Chancellor Vice-President Finance & Operati ons
June 16, 2020
Santa Ono
PresidentandViceChancell>VLJQHG@
INDEPENDENT AUDI
TOR'S REPORT
To the Board of Governors of the University of British Columbia, and To the Minister of Advanced Education, Skills and Training, Province of British Columbia
Qualified Opinion
I have audited the accompanying consolidated financial statements of the University of British Columbia ["the group"], which comprise the consolidated statement of financial position as at March 31, 2020, and the consolidated statements of operations and accumulated surplus, changes in net debt, cash flows, and remeasurement gains and losses for the year then ended, and a summary of significant accounting policies and other explanatory information. In my opinion, except for the effects of the matter described in the Basis for Qualified Opinion
section of my report, the consolidated financial statements present fairly, in all material respects,
the financial position of the group as at March 31, 2020, and the results of its operations, change in its net debt, cash flows, and remeasurement gains and losses for the year then ended in accordance with Canadian Public Sector Accounting Standards (PSAS).
Basis for Qualified Opinion
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my qualified opinion. As described in Note 2(a) to the consolidated financial statements, the group's accounting treatment for contributions received from governments and for externally restricted contributions received from non-government sources is to initially record them as deferred contributions (a liability) and then recognize revenue in the statement of operations either on the same basis as the related expenditures occur or, in the case of funds for the purchase or construction of capital assets, to recognize revenue on the same basis as the related assets are amortized. The group was required to adopt this accounting policy as prescribed by Province of British Columbia Treasury
Board Regulation 198/2011.
Under Canadian Public Sector Accounting Standards, the group's method of accounting for contributions is only appropriate in circumstances where the funding meets the definition of a liability. Otherwise, the appropriate accounting treatment is to record contributions as revenue when they are received or receivable. In my opinion, certain contributions of the group do not meet the definition of a liability, and as such, the group's method of accounting for those contributions represents a departure from Canadian Public Sector Accounting Standards. This departure has existed since the inception of the standard, which applies to periods beginning on or after April 1, 2012. When the cumulative effects of this departure to date are adjusted through opening accumulated surplus, the group's records indicate that the effects of this
UNIVERSITY OF BRITISH COLUMBIA
Independent Auditor's Report
departure on the current year consolidated financial statements is an overstatement of the liability for deferred capital contributions of $1,588 million, an understatement of opening accumulated surplus of $1,556 million and a current year understatement of revenue of $32 million. Accordingly, the current year surplus is understated by $32 million and net debt is overstated by $1,588 million. I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the group's financial statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements.
Other Matters
Without modifying my opinion, I advise the reader that I was not engaged to audit the comparative financial statements of the University of British Columbia as at March 31, 2019, for their fair presentation in accordance with Canadian Public Sector Accounting Standards. The financial statements of the University of British Columbia as at March 31, 2019 were audited by a professional accounting firm who previously reported on their compliance with Section 23.1 of the Budget Transparency and Accountability Act including Treasury Board Regulation 198/2011 prescribing the accounting policy for contributions. However, because that audit reported against a different framework than that of the current year, I must advise you that the comparative information in the financial statements and related disclosures were not audited in accordance with Canadian Public Sector Accounting Standards, but rather in compliance with Section 23.1 of the Budget Transparency and Accountability Act. Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements.
Those charged with governance are responsible for the oversight of the financial reporting process. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Canadian Public Sector Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting when the group will continue its operations for the foreseeable future.
UNIVERSITY OF BRITISH COLUMBIA
Independent Auditor's Report
Auditor's Responsibilities for the Audit of Financial Statements My objectives are to obtain reasonable assurance about whether the group's financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: I d entify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit and I remain solely responsible for my audit opinion.
UNIVERSITY OF BRITISH COLUMBIA
Independent Auditor's Report
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence and communicated with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.
Stuart Newton, CPA, CA
Assistant Auditor General
Victoria, British Columbia, Canada
June 24, 2020
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31
(in thousands of dollars)
Page | 6
Note20202019
Restated
Financial Assets
(Note 28)
Cash and cash equivalents 3 $ 197, 121 $ 149,596
Promissory notes receivable 4 77,502 27,672
Accounts receivable 5 187,178 180 ,094
Housing and other loans receivable 6 45,630 42,898
Inventories for resale 6,556 6,170
Operating investments 7 608,657 638,985
Endowment investments (expendable balance) 7 788,914 877,469 Investments in government business enterprises 8 64,280 123,669
Supplemental pension assets 12(a) 97,346 101,707
2,073,184
2,148,260
Liabilities
Accounts payable and accrued liabilities 10 314,267 279,485
Deferred revenue 11 145,524 132,379
Employee future benefits 12(c) 9,818 9,865
Supplemental pension liabilities 12(a) 97,346 101,707
Deferred contributions 13 1,115,580 1,170,797
Deferred capital contributions 14 1,588,326 1,555,969
Deferred land lease revenue 15 977,369 957,180
Debt 16 345,496 350,286
4,593,726
4,557,668
Net debt (2,520,542)(2,409,4 08)
Non-Financial Assets
Tangible capital assets 17 3,708,304 3,529,400
Investments
Endowment (original contribution) 7 1,010,395 970,536
Inventories held for use 2,302 2,119
Prepaid expenses 22,230 25,101
4,743,231
4,527,156
Accumulated surplus $ 2,222,689 $ 2,117,748
Accumulated surplus is comprised of:
Accumulated surplus $ 2,186,137 $ 2,065,492
Accumulated remeasurement gains 36,552 52,256
$ 2,222,689 $ 2,117,748
Contractual obligations 21
Approved on behalf of the Board of Governors:
Michael Korenberg Azim Lalani
Chair, Board of Governors Chair, Audit Committee (See accompanying notes to the consolidated financial statements) >VLJQHG@ CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED SURPLUS
YEAR ENDED MARCH 31
(in thousands of dollars)
Page | 7
Note Budget 2020 2019
(Note 29) Restated (Note 28)
Revenues
Government grants and contracts 19 $ 1,132,98 8 $ 1,236,653 $ 1,147,75 0
Tuition and student fees
878,081 891,104 814,904
Sales and services
413,015 419,563 403,977
Non-government grants, contracts and donations
174,264 192,694 175,720
Investment income 84,791 94,766 96,925
Income from government business enterprises 8 13,684 (4,804) 3,623
Revenue recognized from deferred capital
contributions 14 90,797 86,019 84,833
2,787,620 2,915,995 2,727,732
Expenses 24
Learning
1,349,692 1,427,404 1,301,008
Research
495,989 537,028 505,074
Facilities
392,515 322,138 289,221
Students
361,422 371,005 343,730
Community engagement
70,861 73,479 66,254
Administration 87,115 95,28 9 90,479
2,757,594 2,826,343 2,595,766
Annual surplus from operations 30,026 89,652 131,966
External endowment donations
25,000 30,993 22,742
Annual surplus 55,026 120,645 154,708
Accumulated surplus, beginning of year 2,149,598 2,065,492 1,910,784 Accumulated surplus, end of year $ 2,204,624 $ 2,186,137 $ 2,065,492 (See accompanying notes to the consolidated financial statements)
CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT
YEAR ENDED MARCH 31
(in thousands of dollars)
Page | 8
Budge t 2020 2019 (Note 29) Restated (Note 28) Ann ual surplus $ 55,026 $ 120,645 $ 154,708
Exclude items not affecting net debt:
Endowment donations and transfers (25,000) (39,859) (28,081)
30,026 80,786 126,627
Acquisition of tangible capital assets, net of dispositions (524,945) (397,527) (362,438) Amortization of tangible capital assets 224,229 218,623 208,772 (300,716) (178,904) (153,666) Acquisition of inventories held for use -(6,088)(5,255)
Acquisition of prepaid expense -(21,805)(24,701)
Consumption of inventories held for use -5,9055,151
Use of prepaid expense -24,67621,830
2,688(2,975)
(270,690) (95,430) (30,014) Net r emeasurement gains (losses) 7,033 (15,704) 12,360 Increase in net debt (263,657) (111,134) (17,654) Net debt, beginning of year (2,362,541) (2,409,408) (2,391,754)
Net debt, end of year
$ (2,626,198) $ (2,520,542) $ (2,409,408) See accompanying notes to the consolidated financial statements)
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED MARCH 31
(in thousands of dollars)
Page | 9
2020 2019
Restated
Cash provided by operating activities
(Note 28)
Annual surplus $ 120,645 $ 154,708
Items not affecting cash:
Amortization of tangible capital assets
218,623 208,772
Amortization of deferred capital contributions
(86,019) (84,833)
Amortization of deferred land lease revenue
(10,405) (8,598)
Change in employee future benefits
(47)878 Loss (income) from government business enterprises
4,804 (3 ,203)
Loss (gain) on disposal of tangible capital assets
3,314 (1 ,500)
Non-cash adjustment for infrastructure development - 13,639
250,915 279,863
Change in non-cash operating working capital:
Increase in accounts receivable, loans and promissory notes receivable (58,681) (77,023)
Increase in inventories
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