2023-24

ANNUAL
REPORT
 ANNUAL REPORT

Table of
Contents
Land Acknowledgment..................................................... 3
Mission, Vision, Values....................................................... 3
President's Message........................................................... 4
Board of Governors............................................................ 4
Accountability Statement.................................................. 5
Management’s Responsibility for Reporting.................. 5
Public Interest Disclosure.................................................. 5
Board of Governors Training on For-profit Ventures..... 6
Free Speech Reporting...................................................... 6
Goals and Performance Measures................................... 7
Collaborations With Other Learning Providers............17
Capital Report...................................................................18
Financial Statement Discussion and Analysis...............20
Financial Statements........................................................29

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 L AKEL AND COLLEGE

Askıyiwimamıhcıtotamowin
Here at Lakeland College, we acknowledge that the land we
gather on is the traditional homeland, hunting, and ceremonial
gathering places of the First Nations, Métis and Inuit. The
Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis,
Dene, and Nakota Sioux people have practiced their culture
and languages on Treaty 6 and Métis Region 2 territories for
generations and were the original caretakers of this land. Many
First Nation, Métis and Inuit peoples call this land home today
and have done so for millennia. We would like to acknowledge
the history we have created together on this land, and to be
thankful for the opportunity to walk together side-by-side in
friendship, learning from our past, and promoting positive
relationships for the past, present and future.
Three members of our Indigenous Student Committee
created this land acknowledgment for Lakeland College.
Kiera Comeau, Samantha O’Reilly and Ryan Powder wrote the
askīyiwimamīhcītotamowin. The English translation of this Cree
concept is the act of acknowledging the earth (land).

Mission,
Vision,
Values.
Mission Vision Values
To inspire lifelong learning Transforming the future Learner Success
and leadership through through innovative learning. Integrity
experience, excellence, Respect
and innovation. Community
Excellence
Innovation

2023-24 Annual Report | 3

 ANNUAL REPORT

President’s Message
I am pleased to share highlights from Lakeland College’s
2023-24 fiscal year – a year of achievements and progress
driven by our commitment to transforming the future through
innovative learning.
Guided by our Vision 2030 framework, and its four key
outcomes - Learner Success, Relevant Programming and
Research, Connectivity, and Sustainability - we continue to
deliver transformative, hands-on learning experiences. We’re
proud to report that 92 per cent of our programs incorporated
work-integrated learning opportunities, ensuring students
benefit from Lakeland’s experiential approach.
Our research efforts have flourished, with over $2.5 million in
sponsored research and 55 active projects underway, including
25 new initiatives. Major advancements were made in capital
projects including the Bentley Building modernization and
residence revitalization. The Farm Master Plan was finalized in The answer is simple: teamwork. Lakeland thrives because of
2023, and work began on a 20-year redevelopment plan for the the collective efforts of our students, faculty, staff, alumni, and
Student-Managed Farm Revitalization. partners. My thanks to everyone who helps us live our motto:
People often ask: How does Lakeland do it? How do our Ever to Excel.
students continue to excel in competitions like the National On behalf of the Board of Governors and my colleagues, I am
Kitchen and Bath Association design contest and Skills Canada? pleased to present Lakeland’s 2023-24 Annual Report.
How do we win two Canadian Collegiate Athletic Association
championships in a single month? And how do we strengthen [Original signed by Dr. Alice Wainwright-Stewart]
partnerships, grow enrolment, and uphold responsible President & CEO, Lakeland College
financial stewardship?

2023-24 Lakeland College

Board of Governors
Chair, Public Non-Academic Staff Public
Adam Waterman Trisha Mechor Brent Fischer
Dr. Sean Lessard
Vice Chair, Public Academic Staff
Barb Shackel-Hardman
Dean Fahselt Wanjiku Kaai
Kelly Smith-Fraser
President and CEO Students
Dr. Alice Wainwright-Stewart Holly Arychuk
Jaydon Winter

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 L AKEL AND COLLEGE

Accountability
Statement
Lakeland College’s Annual Report for the year ended March 31, 2024, was
prepared under the Board’s direction in accordance with the Sustainable
Fiscal Planning and Reporting Act and ministerial guidelines established
pursuant to the Post-Secondary Learning Act. All material economic,
environmental or fiscal implications of which we are aware have been
considered in the preparation of this report.

[Original signed by [Original signed by

Adam Waterman] Dr. Alice Wainwright-Stewart]
Chair, Lakeland College Board of President & CEO, Lakeland College
Governors

Management’s Public
Responsibility Interest
for Reporting Disclosure
Lakeland College’s management is responsible for the preparation,
(Whistleblower Protection Act)
accuracy, objectivity, and integrity of the information contained in the
Annual Report. Systems of internal control are designed and maintained
by management to produce reliable information to meet reporting Under the Public Interest Disclosure
requirements. The system is designed to provide management with (Whistleblower Protection) Act, Lakeland
reasonable assurance that transactions are properly authorized, are employees can report in good faith when
executed in accordance with all relevant legislation, regulations and they believe a wrongdoing has occurred.
policies, reliable financial records are maintained, and assets are properly Lakeland has a detailed procedure that
accounted for and safeguarded. explains the whistleblower process that is
The Annual Report has been developed under the oversight of the followed.
institution audit committee, as well as approved by the Board of Governors A requirement of the Public Interest
and is prepared in accordance with the Sustainable Fiscal Planning and Disclosure (Whistleblower Protection) Act
Reporting Act and the Post-Secondary Learning Act. is that all disclosures made during the
The Auditor General of Alberta, the institution’s external auditor appointed year are reported.
under the Post-Secondary Learning Act, performs an annual independent Lakeland did not receive any disclosures
audit of the consolidated financial statements which are prepared in during the 2023-24 year.
accordance with Canadian public sector accounting standards.

[Original signed by [Original signed by

Adam Waterman] Dr. Alice Wainwright-Stewart]
Chair, Lakeland College Board of President & CEO, Lakeland College
Governors

2023-24 Annual Report | 5

 ANNUAL REPORT

Board of Governors Training on

For-profit Ventures
There were no training opportunities for board members during the reporting period.

Free Speech
Reporting
Lakeland College’s Free Speech Policy was not updated in
2023-24 fiscal year. It can be found online at
lakelandcollege.ca/about/freedom-of-expression.aspx
During the 2023-24 fiscal year, no events at Lakeland were
canceled for reasons related to free speech, nor did the college
receive any complaints related to free speech issues.

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 L AKEL AND COLLEGE

Goals and Performance

Measures
Lakeland’s Vision 2030
Lakeland’s Vision 2030 embodies a comprehensive Within the framework of Vision 2030, we have
approach that ensures alignment with the Government established milestones to be reached by 2025. These
of Alberta’s priorities and Lakeland’s aspirations. Vision are outlined in the 2023-24 Strategic Plan which is
2030 is built upon four overarching outcomes: available on Lakeland’s website. In this section of the
annual report, we report on the progress made in 2023-
Learner Success 24 in advancing towards the 2025 milestones.

Relevant Programming and

Research
Connectivity
Sustainability

2023-24 Annual Report | 7

 ANNUAL REPORT

Outcome: Learner Success

Vision 2030: Lakeland College provides students with an environment that promotes academic success. By creating a culture of
belongingness, our students have the opportunity to embrace diversity, be supported, engage in leadership experiences and
recognize the importance of lifelong learning.

Priority Initiatives Expected Outcomes Performance Measures

Focus
(Vision 2030) (2025 milestones) (2023-24)

Campus Lakeland fosters lifelong learning 1) Student mentorship program 1) Set target for retention and
Culture and leadership. on both campuses. completion rates.

2023- 24 Outcomes

1) Work began on a Strategic Enrolment Management Plan with involvement from people throughout Lakeland.
Retention and completion targets will be established in this work.

Supports Every learner has access to a full 1) Review the student supports 1) Set target for the number of
for range of supports and the college model. student supports available.
Learners is a partner in academic success. 2) Proactive healthy lifestyle 2) Set target for the number
programming. of wellness student supports
available.

2023- 24 Outcomes

1) The target for the number of active functional student support services was set at 15 and includes financial
aid, students’ association, academic advising, clubs, learner success, peer tutoring, employment services,
Indigenous services, International support services, accessibility services, library services, counselling, wellness,
health services, and recreation. Highlights of activities for these various support services include:
• 444 new students signed up for peer tutoring through Nimbus Learning. There were 97 new tutors, 671
individual tutoring sessions and 116 group sessions.
• 224 students registered for accessibility services
• 1,564 accommodated exams
• 1,168 counselling sessions
• The Ag and Enviro Career Fair in October 2023 sold out of booths, and attracted 347 Lakeland students
• Human Services students hosted a Wellness Symposium featuring a keynote presentation from Dr. Jody
Carrington about burn out and the importance of front-line workers taking care of their mental health
2) The target is six functional wellness services: accessibility services, counselling, wellness, health services,
athletics and recreation.

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 L AKEL AND COLLEGE

Outcome: Learner Success (continued)

Priority Initiatives Expected Outcomes Performance Measures
Focus
(Vision 2030) (2025 milestones) (2023-24)

Student Lakeland has a culture of 1) Expand the student- 1) Work-integrated learning will be
Experience belongingness, engagement, and led experience to college incorporated into 85% of programs
innovation. operations. by 2023-2024.
1.1) Set target for student retention
rates.

2023- 24 Outcomes

1) During 2023-24, 92% of Lakeland’s programs included work-integrated learning opportunities, ensuring
students benefit from Lakeland’s focus on experiential learning.
1.1) Work began on a Strategic Enrolment Management Plan with involvement from people throughout
Lakeland. Retention targets will be established in this work in 2024-25.

Embrace Lakeland is a leader in providing 1) Align policies and 1) Develop a strategy for
Diversity a safe and welcoming learning procedures with equity, diversity Lakeland's equity, diversity, and
environment for every student. and inclusion best practices. inclusion practices and programs.
2) Students engaged in crisis 2) Roll out gender-based violence
management efforts for a safe policy and campus-wide training
campus. for staff and students.
3) Increase awareness and 3) Provide the 4 Seasons of
obligations to the Truth and Reconciliation training.
Reconciliation Calls to Action.

2023- 24 Outcomes

1) With the support of an employee cross-functional team and student committee, the Lakeland Belongingness
Compass was developed. This compass is a strategic document that complements the college's mission, vision
and values.
2) The gender-based violence policy was approved by Advanced Education. Training related to first responders
(sexual assault first aid) was hosted by Lloydminster Sexual Assault Services for individuals in critical roles. More
than 30 Lakeland employees took training. Online student training will begin in 2024-25.
3) More than 50 per cent of permanent employees have completed 4 Seasons of Reconciliation online training.
Indigenous Student Support department continues to enhance opportunities for employees, community
members and students to learn about culture, reconciliation and create common understanding.

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 ANNUAL REPORT

Relevant Programming & Research

Vision 2030: Lakeland College transforms learners into leaders through student-managed enterprises, events and experiences.
Innovative and quality programs, which are aligned with labour market needs, offer flexible access to student-centred pathways.
With faculty mentors, students work alongside industry partners to conduct research aligned with industry needs. Research efforts
support our programming, and the results are of interest to people and industry throughout Canada.

Priority Initiatives Expected Outcomes Performance Measures

Focus
(Vision 2030) (2025 milestones) 2023-24

Program Every student learns experientially 1) Program curriculum is 1) Completion of all annual
Quality through student-led initiatives. refreshed and equipment is program reviews and selected
modernized. program evaluations.

2023- 24 Outcomes

1) All annual program reviews were completed. Emergency services technology, welder, pre-employment
welder and esthetician program evaluations were completed.

Labour Graduates have employable skills 1) Lakeland programs align with 1) Review program advisory
Market and programs are launching pads industry needs. committee strategy.
Alignment into successful careers. 2) Lakeland fills a regional 2) Set target for the number of
corporate training niche. industry training offerings.
2.1) Set target for number of
learners receiving Prior Learning
Assessment and Recognition
(PLAR) in retraining and upskilling
programs.

2023- 24 Outcomes

1) Between September 2023 and May 2024, work on the Academic Framework identified several elements that
will be developed as part of the framework. The program advisory committee strategy was one of the elements
that was reviewed and plans to redevelop the program advisory strategy, including the procedures and
processes, have been put in place as part of the work of the Academic Framework in 2024-25.
2) The target for 2024-25 is 40 contracts at the Emergency Training Centre, exceeding the 39 contracts involving
30 industrial and nine municipal clients that were completed in 2023-24.
2.1) A target of 14 learners receiving PLAR was set.

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 L AKEL AND COLLEGE

Relevant Programming & Research (continued)

Priority Initiatives Expected Outcomes Performance Measures
Focus
(Vision 2030) (2025 milestones) (2023-24)

Flexible Students learn when, where, and 1) Growing flexible options for 1) Set target for the number of
and how they prefer and have access to students. transfer agreements.
Student- learning pathways.
1.1) Maintain number of Career and
Centered
Technology Studies (CTS) offerings
and dual credit offerings.

1.2) Maintain number of transition/

foundational learning programs.

1.3) Establish a plan for micro

credential offerings.

2023- 24 Outcomes

1) A target of 220 transfer agreements was set.

1.1) Between April 1, 2023 and March 31, 2024, there were 143 dual credit students in nine dual credit courses.
The previous year, between July 1, 2022 and March 31, 2023, there were 93 dual credit students in eight dual credit
courses. That time period was nine-months due to the change in Lakeland’s fiscal year. There were 215 students in CTS
courses, including automotive, welding, interior design, electrical, carpentry and hairstyling.

1.2) Lakeland again offered these full-time day programs: employment skills enhancement, administrative support
(new in 2023- previously admin 1 and admin 2), pre-administrative profession, and career exploration & preparation.
The community care employment project was approved for the 2024-25 academic year. There were six sessions of
evening Adult 12 courses including ELA A30 and B30, Math 30, Bio 30 and Chem 30. The only course not offered
that was offered the year before was Math 20. During the academic year, 74.55 per cent of students completed their
program or course.

1.3) Between September 2023 and May 2024, work on the Academic Framework identified several elements that
will be developed as part of the Academic Framework. Developing a strategy for micro credentials was one of the
elements that was identified as part of the Academic Framework. This work will be completed in 2024-25.

Innovative Lakeland is nationally recognized as 1) Explore new research streams 1) Research or evaluate at least one
Research a leader in agricultural research and within the commercial agriculture new technology, product, practice, or
innovation. focus. process per year.
2) Create sustainable research 2) Maintain the target of $1.5M for
funding. 2023-2024.

2023- 24 Outcomes

1) Between April 1, 2023 and March 31, 2024, Lakeland’s Applied Research team conducted several projects
evaluating new technologies, products, practices or processes. For example, as part of a swath grazing project,
NoFence collar (a geofencing system for cattle) was tested for its ability to withstand the harsh winter. The research
team demonstrated that the system is effective in Alberta winter temperatures. Applied research members are involved
in a project developing Lidocaine infused bands as a pain mitigation strategy for common production practices (e.g.
tail docking and castration). On the crop side, calcium-based products were tested for their ability to reduce the impact
of the highly damaging pulse disease Aphanomyces on field peas.

2) This objective was exceeded, with $2.5 million in sponsored research revenue from 55 active projects including 25
new projects and 30 ongoing projects from prior years.

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 ANNUAL REPORT

Connectivity
Vision 2030: Lakeland College connects with external partners to develop mutually beneficial relationships that enhance student
success, fund priority projects and create college advocates. Together, we also collaborate to maximize system efficiencies.

Priority Initiatives Expected Outcomes Performance Measures

Focus
(Vision 2030) (2025 milestones) (2023-24)

Industry Industry partners are fully engaged 1) Industry partnerships that 1) Baseline for industry
Partnerships as advocates for students and support programming. partnerships that support
programs. programming.

2023- 24 Outcomes

1) Between April 1, 2023 and March 31, 2024 there were 1,379 practicum placements underway or
completed. A plan that involves academic schools, donor relations, event services and marketing and
enrolment was developed to track industry partnerships in the 2024-25 academic year.

Fundraising A reliable stream of funds are 1) Sustainable resources and 1) Increase the number of
available to support ongoing supported student success fundraising partnerships.
capital priorities and to support through fundraising and
learners through scholarships and external partnerships.
awards.

2023- 24 Outcomes

1) The number of donors remained stable, with 596 donors contributing more than $3 million in gifts
between April 1, 2023 and March 31, 2024, compared to 605 donors contributing almost $2.5 million in gifts
in the same time period in 2023-24.

Collaboration Lakeland is a leader in maximizing 1) Lakeland College is 1.1) Maintain the number of
system efficiencies and ensuring identified as an applied formal research partnerships
student success by coordinating research hub for regional and the number of opportunities
with community and post- industry. for knowledge translation and
secondary partners. transfer (KTT).
1.2) Conduct client survey to
assess satisfaction and impact of
research on business innovation
every two years.

2023- 24 Outcomes

1) Lakeland’s research partnership baseline is 50 to 60 partners per year. In 2023-24 Lakeland engaged with
97 partners including 66 from the private sector. The number of Lakeland-led KTT events was maintained with
three field day/hands-on workshops (1 crop and 2 livestock). Applied research members also participated in
51 industry/community public events; 21 working group/expert panel, advisory committees; published 15
articles in magazines and newsletters; and participated in six broadcasts and podcasts.
1.2) The last survey was conducted in 2022 with the next one expected in 2024. In 2023-24, Lakeland
developed an applied research strategic direction. Internal and external stakeholders participated in a vision
setting workshop. Later in the process, external stakeholders were asked to provide feedback on the vision
and strategic directions.

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 L AKEL AND COLLEGE

Connectivity (continued)
Priority Initiatives Expected Outcomes Performance Measures
Focus
(Vision 2030) (2025 milestones) (2023-24)

Alumni Alumni are fully engaged as 1) Alumni engagement to 1) Increase engagement

advocates for students, programs, support student mentorship, opportunities for Alumni.
and supports of the College. student outreach, and school 2) Update alumni engagement
outreach with alumni partners in plan.
industry.
2) Sustainable strategic alumni
engagement program.

2023- 24 Outcomes

1) Lakeland is committed to engaging our alumni community and ensuring that we connect with them
throughout their careers and into retirement. Engagement begins before students convocate and continues as
they evolve into mature alumni. This past year engagement opportunities included a university transfer social,
alumni rodeo, President’s Circle teas, and convocation ceremonies where generation pins are presented to
graduates with family ties to Lakeland. In addition, Alumni Weekend was at the Vermilion campus and alumni
socials were held at Ag in Motion and Canadian Western Agribition. Almost every Rustlers team created one
alumni engagement function.
2) Lakeland created a five-year alumni engagement plan which was rolled out at Alumni Weekend in June
2024. The plan incorporated feedback from an alumni survey and interviews with other post-secondary alumni
programs. The survey revealed that 97 per cent of alumni are proud to be part of the Lakeland community.
However, it also highlighted an opportunity for growth in maintaining connections once students leave
campus. The plan focuses on consistent and evolving interactions to ensure alumni remain involved and
committed over time. Engaging alumni in key projects and decision-making will harness their expertise and
resources, fostering a dynamic network that supports Lakeland’s mission and long-term goals.

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 ANNUAL REPORT

Sustainability
Vision 2030: Lakeland College has a culture that supports responsible financial management practices, staff empowerment,
efficient growth and sustainable planning. Focused on resourcing its future, Lakeland uses its resources effectively to support the
achievement of its mandate and rural sustainability.

Priority Initiatives Expected Outcomes Performance Measures

Focus
(Vision 2030) (2025 milestones) (2023-24)

Financial Lakeland’s fiscal position is strong 1) Budget framework 1) Adherence to board approved
Sustainability and resources are available for continues to align with college plans.
strategic investment. needs.

2023- 24 Outcomes

1) Lakeland continued to follow board approved plans. An annual operating surplus of more than $7 million
was generated during the fiscal year, thanks to a combination of higher operating revenues, lower expenses
in many cost categories, and unused contingencies. This allowed the Board to appropriate $7 million towards
the college’s Strategic Investment Fund which allows much needed reinvestment back into Lakeland. It also
allows the college to maintain sufficient operating reserves to address extraordinary situations.

Empower Lakeland College has a culture of 1) Values are integrated into all 1) Conduct real-time surveys for
Staff to Excel living our values and empowering decisions. staff feedback.
our staff to achieve our mission 1.1) Establish a staff and student
and vision. strategy to promote employee
systems that encourages fairness,
inclusion, equity and allow our
Lakeland employees to feel that
they belong.
1.2) Roles and responsibilities
of employee on-boarding and
orientation are clearly identified
and put into practice.
1.3) Promote a learning culture
to improve internal succession
planning and maintain voluntary
turnover.

2023- 24 Outcomes

1) Based on the Guarding Minds program, a pulse survey was conducted focusing on stress and satisfaction
of employees as well as demographic information related to our current employee population.
1.1) Belongingness Compass looks at both employee and student belonging at Lakeland. Lakeland
Belongingness cross-functional team was created and is a sub-group of our mission-vision-values cross-
functional team. The committee helped steer the development of Lakeland’s Belongingness Compass
document and annual inventories of activities completed at the college.
1.2) Human resources department focused on updating the onboarding and orientation program for new
employees. The program will be rolled out in August 2024.

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 L AKEL AND COLLEGE

Sustainability (continued)
Priority Initiatives Expected Outcomes Performance Measures
Focus
(Vision 2030) (2025 milestones) (2023-24)

Empower 2023- 24 Outcomes (continued)

Staff to Excel
(continued) 1.3) Professional development initiatives involved 309 participants between April 2023 and March 2024.
Highlights include 59 participants in leadership labs and Managing with a Growth Mindset (1 and 2).
Topics included values-based decision making, transition to manager, conducting meetings, 60-second
conversations, and more. People also participated in conferences, benefited from in-services, and completed
more than 120 courses through LinkedIn Learning.

Risk Lakeland is responsive to internal 1) Business continuity and risk 1) Adhere to and update the
Management and external threats. frameworks are implemented Enterprise Risk Management
to ensure the stability, safety, report annually.
and services for staff and
students at the college.

2023- 24 Outcomes

1) This report was adhered to and updated. Process improvements were made for both risk and legislative
compliance to allow for less manual work and prevent complacency in the assessments and plans.

Sustainable Students are learning in world- 1) Completion of a campus 1) Adhere to and update the
Campus class environments and have revitalization strategy. Long-term Strategic Capital Plan
access to modern equipment and annually.
2) Improve preventable
technology. maintenance cycle. 2) Adhere to and update the
Capital Maintenance and Renewal
3) Digital strategies that
Plan annually.
support academic and
administrative efforts at 3) Completion of Information
Lakeland. Technology Roadmap to 2030:
a. Develop a classroom
4) Completion of Sustainability
technology plan and a cyber-
Framework that integrates
security plan; b. Develop a
the United Nations 17
non-teaching departments digital
Sustainability Development
plan.
Goals into our Framework.
4) Create a plan to support the
framework.

2023- 24 Outcomes

1) This was completed. The Master Plan process to support next-phase development of long-term strategic
capital plan is underway.
2) Completed and ready for roll-out with the 2024-25 budget cycle.

2023-24 Annual Report | 15

 ANNUAL REPORT

Sustainability (continued)
Priority Initiatives Expected Outcomes Performance Measures
Focus
(Vision 2030) (2025 milestones) (2023-24)

Sustainable 2023- 24 Outcomes (continued)

Campus
(continued) 3) These plans are in progress. In addition, a new technology governance structure is in development, which
includes an IT advisory committee (ITAC) that will provide oversight and prioritization of all technology
projects and policies. Three sub-committees will report to ITAC - academic technology, ERP, and non-
academic technology. This structure will be implemented in 2024-25.
4) This is under development. It is a multi-year project to engage in benchmarking exercise for sustainability
measures for college. Initial assessment complete and benchmark year established and completed.

Recruitment Lakeland has a strong recruitment 1) Optimize sustainable 1) Develop a strategic enrolment
strategy. enrolment growth. management plan.

2023- 24 Outcomes

1) Academica was hired in 2023 to work with Lakeland to develop a strategic enrolment management plan.
Steering and working committees were created and a three-phase plan was developed. The first phase of the
plan was research, and that work began in February. The plan will be finalized in early 2025. Lakeland's full-
load equivalents (FLEs) reached 2,233 in 2023-24, a seven per cent increase from 2022-23.

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 L AKEL AND COLLEGE

Collaborations
With Other
Learning
Providers
Lakeland collaborates with numerous other secondary and post-secondary learning providers to enhance learning opportunities.
Examples include:

• Collaborations with other post-secondary institutions • Lakeland collaborated with Onion Lake Cree Nation
to provide degree-completion options at Lakeland. For and Thunderchild to offer introduction to automotive
example, thanks to a collaboration with the University courses in the summer of 2023 and spring of 2024,
of Calgary, people interested in earning a UCalgary and introduction to welding in spring 2024 at Lakeland.
education degree can complete most of the program Of the 26 students who completed these courses, 20
at the Lloydminster campus. Similar agreements are in applied to Lakeland programs. In 2023, organizers
place with Athabasca University to provide more degree- noticed students struggled with self-directed entrance
completion pathways. tests, so in 2024, a week for test prep and college life
skills was added. This adjustment led to 100% test
• Northern Lakes College offers labs for its practical nurse
completion. Eight of the 20 students who applied did
program at Lakeland's Lloydminster campus, with clinical
enrol at Lakeland.
placements conducted in the surrounding region. This
collaboration provides local residents with valuable •  akeland partners with the First Nations University
L
training opportunities, and enhances access to skilled of Canada and Reconciliation Education to provide
healthcare professionals in the region. employees access to 4 Seasons of Reconciliation, an
online course.
•  ollaborations with school divisions to offer career and
C
technology studies (CTS) and dual credit courses to high • Lakeland has more than 220 transfer agreements in
school students. From April 1, 2023 to March 31, 2024, place. During the 2023-24 academic year, nine transfer
there were 143 dual credit students in nine dual credit agreements were developed or renewed.
courses and 215 students in CTS courses, including
automotive, welding, interior design, electrical, carpentry
and hairstyling.
•  etween April 2023 and June 2024, four trades exposure
B
camps were held at Lakeland involving 60 students from
Frog Lake High School, Frog Lake Outreach School, and
Kehewin Cree Nation.

2023-24 Annual Report | 17

 ANNUAL REPORT

Bentley Building Rendering

Capital
Report
The 2023-24 fiscal year was a busy year at Lakeland College for capital projects. Highlights include:
• Bentley Building modernization, which is phase three of the Vermilion campus revitalization, moved forward with the
construction team on site in November 2023. Demolition of the north wing was done in February 2024 and work began on
waterline replacement and required underground work. Schedule delays arose due to unanticipated long-lead items.
• Residence revitalization continued at both campuses. Improvements included new entry doors, steps, and siding at the
Lloydminster campus, and window replacements as well as newly paved parking lots at the Vermilion campus. Work will
continue in summer 2024.
• Additional projects at the Lloydminster campus included improvements to Student Services, upgrades to the heat plant, and
the conversion of a former classroom into two team rooms for Rustlers Athletics.
• The Farm Master Plan was finalized in 2023, and work began on a 20-year redevelopment plan for the Student-Managed Farm
Revitalization, a key student laboratory. Plans for the beef yard, equine centre, water management, and constructed wetlands
were completed. With the redevelopment plan underway, the cost of the Student-Managed Farm Revitalization is being
reassessed to determine a more accurate cost of the project, which has expanded in scope.
• In March 2024, a water line break at the Vermilion campus caused flooding in the Student Commons. Planning efforts began
immediately to coordinate repairs with insurance and contractors, with work to be completed before the end of 2024.

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 L AKEL AND COLLEGE

Type of project and funding sources

Funding
Revised
Total Project Received
Type Project Description Funding Sources Funding
Cost To Date And
Source
Source

Top 3 Priority Capital Projects

Expansion Student-Managed Farm Under review Under review $100,000 Lakeland - Under review
Revitalization (estimated cost is (90% Gov of Alberta planning / scoping
$70 million) 5% Partnerships $500,000 donations
Farm Master Plan Study
5% Lakeland funds)
complete; creating a
20-year re-development
plan for this essential
student laboratory.
Expansion Vermilion Campus $28.6 million, with 50% Gov of Alberta No funding received No change
Revitalization this breakdown: 10% Gov of Alberta Capital
– Phases 4 & 5 • Student Maintenance and Renewal
• Student Commons Commons - 40% Lakeland funds
• Alumni Hall $4.275 million
• Academic Link (second • Alumni Hall -
floor) $12.465 million
• Academic Link
A water line break flooded
(second floor) -
the Student Commons
$11.8 million
in March 2024. Planning
underway to work with
insurance and contractors
to repair damages in next
fiscal year.
Expansion Vermilion Campus $25 million 80% Gov of Alberta $13.3 million, Gov of 53% Gov of
Revitalization - Phase 3 10% Gov of Alberta Capital Alberta Alberta
Maintenance and Renewal 47% Lakeland
• Bentley Building project
10% Lakeland funds funds
is underway.
Inflated project
costs revised
funding sources
to increased
Lakeland funds.

Other

Maintenance Residence Redevelopment $16 million 10% Lakeland funds $15.5 million financing No change
Project 90% Financing

2023-24 Annual Report | 19

 ANNUAL REPORT

Financial
Statement
Discussion and
Analysis
This financial statement discussion and analysis (FSD&A)
provides supplemental information that should be read in
conjunction with Lakeland’s financial statements for the year
ended March 31, 2024. The FSD&A and audited financial
statements are reviewed and approved by Lakeland’s Board of
Governors on the recommendation of Lakeland’s Audit, Risk
and Sustainability Committee. Lakeland’s financial statements
have been prepared in accordance with Canadian Public Sector
Accounting Standards (“PSAS”).

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 L AKEL AND COLLEGE

Comparative Figures
In 2023, the College changed its fiscal year-end from June 30 to March 31 to align with the Government of Alberta’s fiscal calendar.
This change was approved by the Minister of Advanced Education in October 2022. The information included in this analysis reflects
the fiscal period consisting of the 12 months ending March 31, 2024, as compared to the nine-month period ending March 31,
2023. As a result, the two periods are not entirely comparable.

Statement of Operations 2023-24 (in thousands of dollars)

Actual 2022- 23 Budget Actual Variance

Variance %
(9 months) 2023-24 2023-24 from Budget

Revenues $59,408 $71,931 $76,918 $4,987 6.9%

Expenses $49,729 $71,931 $69,640 $(2,291) -3.2%

Annual Operating Surplus $9,679 - $7,278 $7,278

Endowment Contributions $73 - $662 $662

Annual Surplus $9,752 - $7,940 $7,940

The College generated an annual operating surplus of $7.3 million. The recognition of endowment contributions of $662K
increased our total annual surplus to $7.9 million as the result of a significant donation.
There are four reasons for this surplus:
1. Operating revenues were higher in almost all revenue 3. Included in our budgets were contingencies which
categories. Significant increases included Sales and continued to be unused. The premise of these
Services and Investment Income. contingencies is that unused funds are allocated to
Lakeland’s Strategic Investment Fund and future operating
2. Expenses continued to be lower in several cost categories
needs.
and only slightly higher in the rest.
4. The recognition of endowment contributions was higher
due to gifts from donors ranging from $25K to $485K.

Budget 2023-24 $71,931

Revenue $76,918
Actual 2023-24 $59,408

$71,931
Actual 2022-23
Expense $69,640
$49,726

Annual $7,278
Operating
$9,679
Surplus

2023-24 Annual Report | 21

 ANNUAL REPORT

The operating surplus is slightly more than that of the previous year ($7.3 million vs $6.7 million), and given similar operations have
occurred, there are some similarities year-over-year of the results.
Most of the revenues and expenses were in line with the previous year. The previous year saw the return of normal operations
from the pandemic, and 2023-24 continued with further normalcy across the College. Enrolment numbers were slightly lower than
budgeted in the Fall term but slightly higher than budgeted in the Winter term. Staffing levels and operations were similar to the
previous year, with variances caused by normal vacancies and unused contingencies for labour, tuition, and residence. There was
continued prudence on non-salary expenditures with most objects of expenditure coming in lower than budget.
A more detailed analysis of variances follows.

2023-24 Revenue by Source (in thousands of dollars)

Government of Alberta Grants

$3,035
$1,6
44
Federal & Other Government Grants
$1
1,9
38
Student Tuition & Fees

Sales of Services & Products

$39,143
Donations & Other Grants

Investment Income
0
, 60
$18
$2,558

Actual revenues of $76.9 million were $5.0 million higher than budget. The primary reasons for this were:
• The College received unbudgeted conditional grants from the Government of Alberta of $425K and slightly higher general
operating grants ($123K) and other grants ($357K). This was offset by the lower realization of infrastructure and maintenance
grants.
• Efforts to realize research funded activities continue to be successful. As a result, federal and other research grant income was
$662K higher than budget.
• Tuition and other fees were higher by $647K, which is largely attributable to higher than budget international tuition received.
Student related fees were higher due to higher application fees ($179K), and forfeiture of tuition and other student fees
($102K).
• Higher non-educational contracts – including Emergency Training Centre training contracts – of $344K.
• The $1.3 million positive variance in sales and services and products is primarily due to:
1. Higher residence and B&B revenues ($150K) reflecting higher than budgeted occupancy.
2. Sale of farm-related items (livestock, grain, feed, dairy) - $763K offset by higher feed and livestock purchases of $214K.
3. Higher general sales, admissions, memberships and barn rental of $572K. These are offset by lower revenues in event
services and sales of books and goods/supplies of $301K.

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• Donations and other grants were slightly higher than budget ($104K).
• Investment income was significantly higher than budget due to higher interest rates on its operating account ($598K),
investment in short term vehicles, and higher interest earnings on bonds and dividend income on equities ($1.2 million). These
were offset by lower realized market gains ($302K).
At March 31, 2024, Lakeland held $61.5 million in investments and $28.7 million in cash. The average interest rate for its cash held
averaged over 5 per cent. Included in the cash and cash equivalents total is a $5 million redeemable GIC maturing in early 2024
with a locked in interest rate of 5.25% if held to maturity. Included in investments – non-endowment is a $10 million 1 year GIC with a
rate of 6%. Interest from these sources contributed almost $700,000 for 2023-24.
The market value of investments held by CIBC at year end was $36.7 million. The market value increases related to the CIBC
investments from the prior year ($33.5 million) can be attributed to the increase of equity assets, higher interest and higher dividend
income.
Lakeland’s scholarship and endowment fund is managed by TD Wealth. The market value of this fund at year end was $14.8 million.
The market value increase of $1.6 million can be attributed to the increase of higher interest and dividend income and an increase
in value of equities.
The accumulated remeasurement gains were $2.5 million at the end of March 31. These gains will not affect income unless an
analysis determines whether such gains or losses are permanent in nature.
Actual revenues were $17.5 million, or 29% higher than the prior year. The primary reasons for this were:
• There is a reporting period difference of 9 months for the previous year versus 12 months for the current year.
• General operating grants were 23.5% higher, which is in line with the period difference of 9 months versus 12 months, or three
fewer months.
• Student tuition and other fees showed a slight increase year-over-year. Tuition and fees at March 31, 2023 totaled $13.7 million
versus $16.9 million at March 31, 2024. Factors affecting tuition include the three extra months of tuition in 2023-24, with the
April component of the winter term of $1.4 million, and May and June tuitions, primarily from Trades and Technology and
Emergency Training Centre programming. There were increased tuition costs of almost 5% and slightly higher enrolment,
mostly attributed to higher international student enrolments. Finally, total student fees revenues were higher in 2023-24,
attributable to slightly higher fees and a higher volume of application and tuition forfeiture fees.
• Sales and services of products revenues increased by $4 million primarily due to the extra three months of activity and the
variances mentioned for the current year.
• The increase in investment income of almost $1.5 million is primarily from higher interest rates for a longer period, coupled with
three extra months of interest and investment income.

Government of Alberta Grants

Government of Alberta grants are the primary revenue source for Lakeland (50% in 2024 versus 53% in 2023). Note 22 to the
financial statements provides a breakdown of the types of grants received from the various departments and agencies of the
Government of Alberta. At March 31 the College had realized slightly higher grant dollars. Many projects that had Government of
Alberta funds attached were completed in 2023-24, and thus the grant dollars had begun to be realized.

Student Tuition and Fees

The second largest source of revenue for Lakeland is student tuition and fees (24% in 2024 and 23% in 2023). As per Government
of Alberta directive, tuition fee increases were limited to a maximum of 5% for the year. Increases in the future will be limited to align
with the Alberta consumer price index (2024-25 tuition increases equal 2%).
The primary operational driver for Lakeland is student enrolment. Before the impact of COVID-19, the College saw moderate
enrolment growth. However, mainly due to COVID-19, full-load equivalents (FLEs) dropped from 2,146 in 2018-19 to a low of 1,901
in 2020-21. Since then, FLEs have steadily increased, reaching 2,233 in 2023-24, a 7% increase from 2022-23. Note that in 2022-23,
the College adjusted its enrolment reporting terms to align with the new fiscal year. The College is pleased to see enrolment levels
now surpassing pre-COVID-19 numbers.

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 ANNUAL REPORT

Sales of Services and Products

The next largest source of revenue for Lakeland is from sales of services and products at 15.5% (13.4% in 2022-23). Revenues from
residence, bookstore, food services, campus farm, events, athletics and recreation are included here. This revenue source is highly
dependent on student enrolment and activity, and, like enrolment, has begun to be realized at pre-COVID-19 levels.

Donations and Other Grants

Actual donations can fluctuate quite significantly from year-to-year, but restricted donations are not recognized as revenue until they
are spent on the purpose intended by the donor. This has decreased from the prior year because a significant donation of almost $3
million was realized in 2022-23 for the purchase of additional farmland for the College. Other donation activity has been in-line with
budget and the previous years’ activity.

2023-24 Expense by Function (in thousands of dollars)

Variance to
budget

$2,419
Instruction & Training -2.6%

$822
$4
,23
1.1% $3

3
Academic Support ,9
51
9
Student Services 0.9% 5,24
$5,3 $2
77
Facilities Operation & Maintenance -5.4%

Institutional Support -15.7%

-12.7% 1
Computing & Communication
3 ,06
$1

Ancillary Services -5.3%

$6
,4
41
$8,087

Sponsored Research 70.6%

Special Purpose -18.9%

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2023-24 Expense by Object (in thousands of dollars)*

Variance to

$1,374
budget

$2,7
Salaries & Benefits -3.4%

24
$7
,0
23
Material, Supplies & Services -3.4%
$9
97
$3,
Maintenance & Repairs 140
2.8%

Cost of Goods Sold 20.1%

$40,082

Amortization -7.3%
0
,30
$14
Utilities -8%

Scholarships 13.6%

Lakeland’s expenses totaled $69.6 million in 2023-24, $2.3 million lower than budget. Most objects of expenditure were lower with
the largest dollar amount variance occurring with salaries and benefits. Expenses are presented by function in the Statement of
Operations and by object in note 20. The functional breakdown of expenses shows which activities Lakeland is spending its money
on. The largest functional expense category is instruction and training.

Salaries and Benefits

At 58% of total expenditures, it is the largest expense category for Lakeland. This is slightly lower than 2023 (59%). The $1.4 million
variance consists of salaries at $380K (1%) lower and benefits $1.1 million (15%) lower. The variances can be attributed to the
following:
1. Labour negotiations and settlements were budgeted for in 2023-24 but were not fully realized.
2. The College budgeted for vacant positions that were not filled throughout 2023 and normal vacancies occurring with employee
movement.
3. Benefits were lower due to the budgeted vacancies and higher budgeted rates than actuals for benefits.

Materials, Supplies and Services

At 21%, this is the second largest expense category for Lakeland. These expenses were $500K (3.4%) lower with all categories
coming in lower than budget. These include farm related expenses (-13%), supplies and services (-7%), travel (-6%), insurance
(+5%), consulting fees (+10%), interest expense (+16%), professional development (-38%) and rentals (+11%). A modest portion of
some of these variances can be related to timing – for example farm related expenses – however, the bulk of these expenses can be
attributed to continued fiscal prudence throughout the College.

Amortization
Amortization came in $552K lower than budget. Projects and ongoing capital needs that were budgeted to be completed or
received were either not completed or received or completed later than the original completion estimate. This was slightly offset by
the amortization expense from the College Asset Retirement Obligation (ARO) of $10K. It should be noted due to a revision in ARO,
the amortization expense for ARO for 2024-25 will be significantly higher – estimated at close to $800K.

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 ANNUAL REPORT

Repairs and Maintenance

This was $87K higher than budget. Many of these categories came in lower than budget. There was an anomaly due to the asbestos
abatement costs with the Bentley Building project. This had an operating expense impact of $648K on repair and maintenance
costs. The savings on other repairs and maintenance helped the College absorb this impact.

Utilities
Utilities were $237K lower than budget, with slightly higher gas costs ($52K), lower power ($77K) and lower utilities (water and
sewer) ($214K).

Other
There were increases in scholarships ($163K) and cost of goods sold ($167K). This was due to the number of scholarships available,
and the increased sales activity from the bookstore, events, and printed materials.

Financial Position
The College incurred an annual surplus of $7.9 million aiding in an increase to the accumulated surplus from $93.5 million to $103.5
million. Accumulated re-measurement gains increased by $2.1 million due to a market value recovery in investments. As per public
sector accounting standards (PSAS), market value gains or losses cannot be recognized in the statement of operations until they are
realized via sale of the related investment or when permanent impairment occurs.
After consideration of all the changes to accumulated net assets from operations (also known as ‘available surplus’), as detailed
in note 15 to the financial statements, with consideration of the impacts of College activity for the fiscal year, the available surplus
increased from $14.6 million in 2023 to $14.8 million. It should be noted that most funds spent on future Asset Retirement
Obligations will be recognized when the abatement occurs. This amount increased significantly this year ($6.7 million) due to a
revision of estimate. This needs to be considered when making funds available for strategic purposes.
After the $7 million appropriation to internally restricted net assets (Strategic Investment Fund), the available surplus stands at $8.0
million. With the appropriation, the College’s internally restricted net assets will increase to $35.0 million.
Lakeland has generated modest surpluses to support the ongoing contributions to capital and operating reserves and its financial
position continues to appear to be relatively healthy. Of the $103.5 million in net assets (see note 15), however, $60.6 million is not
available for spending - $10.6 million relates to permanently restricted endowments and $50 million to investments in capital assets.
Furthermore, approximately $13.8 million of Lakeland’s Strategic Investment Fund (internally restricted net assets) is committed
to projects in progress, and approximately $6 million is currently set aside for operational capital and operating needs, as well as
renovations and major maintenance. The net of $14 million is a small percentage of what is needed for future significant investment
required to deal with Lakeland’s aging infrastructure, as well as further Campus and Farm revitalization.
The Government of Alberta has not provided any increase to the College’s operating grant. It has, however, continued to recognize
the College’s infrastructure needs from 2021 to 2023 (Mead Building-$17.3 million), and a $13.2 million grant (received in 2023-24)
for the Bentley Building at the Vermilion campus. Construction is underway, with completion planned for 2025. The Government
of Alberta has also contributed Capital Maintenance and Renewal funds ($2.7 million plus $1.8 million project specific funding for
2023-24).
The opportunity to contribute to strategic investment funding will become more challenging in the future. There continues to be
significant anticipated increases to expenses, including salaries and non-salary expenditures due to inflation. The College will
maintain prudent financial planning and carefully manage cost increases, aiming to generate surpluses, although conservative
budgets reflect modest surpluses. The College can continue, however, to be ready for projects that, if supplemented by capital
grants from the Government of Alberta and possibly donations from third parties, will be sufficient to address priorities identified in
its infrastructure deficit.

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Net Financial Assets (in thousands of dollars)

2023-24 2022-23 Increase Per cent
(12 months) (9 months) (Decrease) Change

Accumulated Surplus from Operations $7,231 $5,647 $1,584 28%

Investment in Tangible Capital Assets $50,748 $48,782 $1,766 4%
Internally Restricted Net Assets $34,984 $29,191 $5,793 20%
Endowments $10,584 $9,922 $662 7%
Total Net Assets $103,547 $93,543 $11,621 12%

Included in Lakeland’s net financial assets is $14.8 million of which $10.6 million is related to investments restricted for endowments.
These are permanently restricted endowments and cannot be spent. These funds generate investment income that cannot be spent
on operations, but only as intended by the donor. A more important indicator of solvency is Lakeland’s net financial assets excluding
portfolio investments restricted for endowments. This was $46.7 million as at March 31, 2024.
Other significant variances on the statement of financial position:
• Cash increased by $4.6 million – primarily due to project and Capital Maintenance and Renewal dollars received and not yet
spent. This has been offset in part by the operating surplus.
• Portfolio investments (non-endowment) increased by almost $13.2 million largely due to a $10 million GIC, and favourable
returns on portfolio investments ($3.2 million).
• An accounts receivable decrease largely related to fewer receivables from the Government of Alberta.
• Accounts payable increased due to a significant accrual related to salary settlement expenses and vacation payable, as well as
an accrued progress payment for the Bentley Building. These were offset by significant benefits payable at March 31.
• Debt decreased as no new debt was incurred and existing debt is being paid down.
• Deferred revenue increased primarily due to project funds received for capital and major maintenance but not yet spent. Much
of 2023-24 was spent planning and doing the initial stages of the project, including asbestos abatement (which was expensed).
• Tangible capital assets increased with residence site improvements ($4.4 million), computers and software ($1.6 million),
furniture and equipment ($1.1 million), vehicles ($490K) and buildings (largely associated with Bentley Building ($6.1 million),
offset by work in progress and other ($4.3 million).
• Spent deferred capital contributions increased primarily due to some project costs associated with Bentley Building being
realized ($3.3 million) and costs associated with Capital Maintenance and Renewal funding ($1.6 million), and other ($700K).
These are offset by amortization costs associated with unspent deferred capital contributions ($4 million).

Areas of Significant Financial Risk

Deferred maintenance, campus revitalization, modernization of classrooms and labs:
The Government of Alberta has recognized capital renewal for the College and has provided or committed over $30 million in three
years for two buildings on the Vermilion Campus. This does help with revitalization needs but there is much more to do after the
Bentley Building renewal is complete. The College continues to have a significant deferred maintenance deficiency. Its buildings
both externally and internally, roads, and water and sewer lines are old and need significant investment to extend and/or maintain
their useful life. Some of this deficiency can be funded by the province’s Capital Maintenance and Renewal grant ($2.1 million
in 2021-22, $1.8 million in 2022-23, and $2.7 million in 2023-24). However, there is uncertainty as to whether these levels will be
maintained in future years.
In the absence of adequate funding from the provincial government, and operating surplus reductions due to either no increases in
grants - or even worse, cuts to grants - Lakeland continues to have limited options to deal with this critical issue.

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 ANNUAL REPORT

Grants from the province and tuition fees:

The largest source of revenue for Lakeland is grants from the Government of Alberta. The second largest source is tuition. These
two sources combined represent 75 per cent of Lakeland’s total revenue. Lakeland is exposed to significant financial risk if the
Government of Alberta continues its direction of little or no increases and restrictions on tuition fee increases. Operating grants are
now tied to performance indicators that are defined in investment management agreements with the province. If the College does
not meet established benchmarks, the College is at risk of receiving reduced grant funding.

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2023-24 Annual Report | 29

[Original signed by [Original signed by James Smith]
Dr. Alice Wainwright- Stewart] Chief Financial Officer
President and CEO

The accompanying notes are an integral part of these financial statements.

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Independent Auditor’s Report

To the Board of Governors of Lakeland College

Report on the Financial Statements

Opinion
I have audited the financial statements of Lakeland College (the College), which comprise the
statement of financial position as at March 31, 2024, and the statements of operations,
remeasurement gains and losses, change in net financial assets, and cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies.

In my opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the College as at March 31, 2024, and the results of its operations, its
remeasurement gains and losses, its changes in net financial assets, and its cash flows for the year
then ended in accordance with Canadian public sector accounting standards.

Emphasis of matter – corresponding information

I draw attention to Note 4 of the financial statements, which describes the change in fiscal year end.
My opinion is not modified in respect to this matter.

Basis for opinion

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 College in accordance
with the ethical requirements that are relevant to my audit of the financial statements in Canada,
and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe
that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my
opinion.

Other information
Management is responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the financial statements and my
auditor’s report thereon. The Annual Report is expected to be made available to me after the date of
this auditor’s report.

My opinion on the financial statements does not cover the other information and I do not express
any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or my knowledge obtained in the audit, or otherwise
appears to be materially misstated.

2023-24 Annual Report | 31

Classification: Public
 ANNUAL REPORT

If, based on the work I will perform on this other information, I conclude that there is a material
misstatement of this other information, I am required to communicate the matter to those charged
with governance.

Responsibilities of management and those charged with governance for the financial
statements
Management is responsible for the preparation and fair presentation of the 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 financial statements that are
free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the College’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless an intention exists to liquidate or to cease operations,
or there is no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the College’s financial reporting
process.

Auditor's responsibilities for the audit of the financial statements

My objectives are to obtain reasonable assurance about whether the 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 the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these 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:
• Identify and assess the risks of material misstatement of the 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 for 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 College'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 College’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 financial statements or, if such
disclosures are inadequate, to modify my opinion. My conclusions are based on the audit

Classification: Public
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evidence obtained up to the date of my auditor’s report. However, future events or conditions
may cause the College to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

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.

[Original signedFCPA,
W. Doug Wylie by W.FCMA,
Doug Wylie
ICD.DFCPA, FCMA, ICD.D]
Auditor
Auditor General
General

May 29, 2024

Edmonton, Alberta

Classification: Public
2023-24 Annual Report | 33
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Approved by the Board of Governors

[Original signed by Chair, Board of Governors] [Original signed by Vice Chair, Board of Governors]
The accompanying notes are an integral part of these financial statements.
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The accompanying notes are an integral part of these financial statements.

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The accompanying notes are an integral part of these financial statements.

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The accompanying notes are an integral part of these financial statements.

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The accompanying notes are an integral part of these financial statements.

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 SECTION NAME HERE

Vermilion Campus
5707 College Drive
Vermilion, Alberta
T9X 1K5
Lloydminster Campus
2602 59 Avenue
Lloydminster, Alberta
T9V 3N7

1.800.661.6490 | lakelandcollege.ca

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