Fund Monitoring

• approved budget figures;
• actual year-to-date results;
• the current report's projected revenues and expenditures;
• the variation of this projection from the approved budget;
• the previous report's projected revenues and expenditures; and
• the differences between the current and previous reports' projections.

The operating fund reports are expected to provide a meaningful breakdown of revenues and expenditures, to a level of detail with which the Board feels comfortable. These reports will include written explanations of any variances between budgeted and projected figures as a result of activity during the period. The audited financial statements shall serve as the monitoring report as at April 30.

Frequency of Reporting

As at October 31, January 31, and April 30

Report presented to

Finance and Facilities Committee

Format

Each report will present:

• budgeted revenues and expenses;
• actual year to date revenues and expenses;
• projected revenues and expenses for the fiscal year; and
• the differences between budgeted and projected figures.

Variations from budget will be explained. The monitoring reports will discuss major capital project activity in some detail.

Notes

The details in the quarterly reports about each major capital project will be clear as to the sources of all anticipated revenues and will use a sources-and-uses format to explain any shortfalls or surpluses. At each of its meetings, and as appropriate between meetings, the Finance and Facilities Committee will receive written updates on all major capital projects and significant renovation projects. These reports will compare the actual progress of construction to the anticipated schedule and will include projections as to whether the projects will be completed within the approved budget.

If it is determined that the cost of a major capital project will exceed budget, the matter will be reported to the chair of the Finance and Facilities Committee immediately. The audited financial statements shall serve as the monitoring report as at April 30.

Frequency of Reporting

Annually, as at April 30.

Report presented to

Audit and Risk Management Committee

Format

Audited financial statements for the fiscal year

Notes

Revenues from research grants and contracts and expenditures from research accounts are difficult to predict because most federal grants are announced each year in April, the final month of the University's fiscal year. However, the University's planning framework contains targets for the growth of research funding and it is therefore important for the Board to be aware of progress in this area. Accordingly, the Vice-President (Research) shall report to the Board at each of its meetings on significant new research awards and on progress towards research funding targets.

Frequency of Reporting

Annually, as at April 30.

Report presented to

Audit and Risk Management Committee

Format

Audited financial statements for the fiscal year

Notes

The Special Projects Fund is composed mainly of one time projects such as conferences, competitions, sport fund-raising events, workshops, dinners, lectures, course conversion to on-line, and alumni awards. It also holds resources supporting the carryforward balances in the General Operating and APEA funds. The main sources of revenue in the Special Projects Fund are conference fees from external sources, grants, and contributions and donations. These projects are also often supported by internal transfers from a faculty or department. Because of the variable nature of when a special project might be initiated, it is difficult to predict revenues and expenditures in the Special Project Fund. The budget for this fund is therefore estimated based on prior years.

Frequency of Reporting

Annually, as at April 30

Report presented to

Audit and Risk Management Committee

Format

Audited financial statements for the fiscal year

Notes

The main sources of revenue for the Trust Fund are investment income and fundraising activity. Both are difficult to predict with any precision. However, because the University has ongoing commitments (e.g. scholarships) and one-time projects (e.g. new buildings) that rely on funds from the Trust Fund, it is important for the Board to be kept up to date on investment yields and fundraising. The Vice-President (Administration) will report the most recent rates of return on the Trust Fund and the Associate Vice-President (External Relations), will report on fundraising progress, at levels of detail as prescribed by the Board.

Frequency of Reporting

Semi-Annually, as at December 31 and April 30

Mid-Year Report presented to

Finance and Facilities Committee

Mid-Year Report Format

The mid-year report will include actual revenues and expenditures for each of the ancillary services as at December 31 and will compare projected revenues and expenses for the full fiscal year with the budgeted numbers approved by the Board.

Year-End Report presented to

Audit and Risk Management Committee

Year-End Report Format

The audited financial statements shall serve as the monitoring report as at April 30

Notes

The Associate Vice-President (Finance) will explain the differences between budgeted and projected amounts.

Frequency of Reporting

Four times per year, beginning with a report as at July 31. These dates approximate the end of the Universty's first, second, third and fourth fiscal quarters.

Reports presented to

Audit and Risk Management Committee

Format

Each report will present:

• consolidated projected revenue and expense figures for the General Fund (Operating, Ancillary, and Special Projects funds) and Restricted Fund (Capital Asset, Research, Trust and Endowment);
• an accompanying summary report showing the total budgeted revenue and expenses, projected revenues and expenses for each quarter of the fiscal year; and
• the differences between budgeted and projected figures and current and previous projection reports.

Notes

The consolidated report is provided at the request of the Provincial Government.