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2008 ANNUAL REPORT www.trentu.ca LEARNING TO MAKE A WORLD OF DIFFERENCE TM

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2008 AnnuAl RepoRt

www.trentu.ca

leARning to mAke A woRld of diffeRencetm

Trent in the world

Caring for our earth

An exceptional world view

Global context

As I come to the close of my final term as president of Trent University, it occurs to me that so many of the initiatives underway today connect to the threads of plans carefully put in place ten years ago. This period represents almost a quarter of the University’s lifetime. At Trent, we are constantly building on the excellence of the past to lay the groundwork for the future ahead. With Trent’s 50th anniversary ever closer on the horizon – just six years away – we have laid a great deal of that foundation.

Leadership sets the tone in a complex institution. And, in a place like Trent, there are many leaders amongst our students, faculty and staff. We welcomed Mr. David Morton as chair of our Board, a strong leader with vast experience in the private sector as the former president and CEO of Quaker Oats. At the same time, we tip our hat to former chair Mr. Reid Morden, who provided Trent with six years of sure-handed guidance and an expert sense of governance noted by all who had the privilege to work with him.

Change is a catalyst – and, as you will see in this report, Trent continues to welcome innovation, growth, and opportunity. From a $42 million facilities renewal plan that is well underway to the promise of exciting new partnerships, Trent continues on a trajectory toward its preferred future.

Much has been achieved and much more will be realized through the strong leadership of our Board of Governors, the dedication of our faculty members, the inspiration of our students and alumni, and the hard work of Trent staff. In this, my final year as president, I wish to thank all who have made it possible for the University to take such significant strides in our development, expansion, and national and international standing.

Bonnie M. Patterson

President and Vice-Chancellor

This year’s annual report exemplifies leadership. Today’s Trent – and certainly the Trent of the future – is at the centre of so many important initiatives: leading the world in the research and protection of our most precious resource: water; contributing to the historical, cultural and political dialogue of our present and future; delving into the secrets of DNA and training RCMP scientists in the art and science of forensic investigation; and unearthing important anthropological clues to our past. Most importantly, as Trent advances knowledge in these and other disciplines, at the heart of our mission is the transfer of that knowledge to the next generation of thinkers and leaders: our students.

On behalf of the entire Trent community, I would like to thank President Patterson for her leadership over the past decade. Running a University with its many constituencies can be complex at the best of times but, under Bonnie’s guidance, a multi-year plan has been put in place, a network of strategic partnerships and contacts has been developed, and we have wonderful new facilities with state-of-the-art equipment. Indeed, the groundwork has been laid to see the University comfortably moving towards its 50th anniversary in 2014.

While change in leadership is often challenging, it can, also, provide a chance for renewal and an opportunity to build on the best of our history as we prepare for an exciting future. In order to build on a distinct national identity, we must continue to attract the most talented and dedicated faculty and staff, enroll the best students, draw the right kind of investment and philanthropy, and build the infrastructure we need to highlight Trent’s unique and important teaching environment.

Working together, I am confident we can continue to make Trent University

a preferred destination for faculty, students and staff.

David L. Morton

Chair of the Board of the Governors

Top-of-Class EmploymEnT RaTEsSix months after graduation, 97.7% of humanities students and 94.9% of all Trent grads were employed. Two years after graduation, 96.9% of all Trent grads were employed.

“a” GRadEs The Globe and Mail’s Report on Education gave Trent top marks in 2008

Quality of Education A

Quality of Teaching A

Class Sizes A

Student-Faculty Interaction A-

Most Satisfied Students A-

Campus Atmosphere A

ThE CEnTREs of KnowlEdGE: a nEw way To TalK abouT TREnTThis year saw the launch of the Centre of Knowledge in the Environment, the first in a series of virtual Centres to be launched at Trent leading up to the University’s milestone 50th anniversary in 2014. The Centres of Knowledge recognize the University’s intellectual capital, our world-class faculty, as the engine that drives innovation and student success. Each Centre will provide targeted opportunities for philanthropic investment tied directly to Trent’s academic and research plans.

This is TREnT in 2008

Zhifeng (Kelvin) Chen, Bachelor of Business Administration with a specialization in Human Resource Management and a minor in Economics. Kelvin is from Guangzhou, China.

#1 foR sCholaRships & buRsaRiEsTrent invests the most in scholarship funding per capita of any university in its category in Canada. In the past year alone, 26 new bursaries and awards were established.

a REsEaRCh-inTEnsivE univERsiTyTrent was ranked second* in its category for research funding. Since 1999, research funding at Trent has grown 400% to just over $15M in 2007. *Research Infosource

TREnT by numbERs

in 2008, the university boasts a student body of more than 7,500, including over 500 international

students and more than 400 graduate students.

sKy-hiGh alumni saTisfaCTion98% of alumni said their undergraduate experience was satisfactory; 93% reported positive overall feelings about Trent; and 81% felt Trent did an excellent job providing an intimate learning environment where their professors got to know them.

ThE RipplE EffECTTrent University generates a $281-million annual economic impact.

a pREsidEnT’s lEGaCy: pRofEssoR bonniE paTTERson As the University’s Presidential Search Committee reviews candidates for Trent’s seventh president, the University community thanks Bonnie Patterson for creating a legacy of excellence that will live on at Trent for years to come. Appointed president of the University in 1998, Bonnie Patterson has a long list of accomplishments that reflect her commitment to accessible post secondary education, research and innovation.

david moRTon ElECTEd boaRd ChaiR: JunE 2008 elected to the position of chair of the Board of Governors for a three-year term a retired president & CEO of the Quaker Oats Co. currently serves as board member for numerous organizations including Frontier College, and

as a committee member for the Peter Gzowski Invitational for Literacy donor and past chair of Trent’s Advancement Committee has an Honorary Doctor of Laws degree from Trent University

first president in the history of the University to complete two full terms of service

an advocate for smaller institutions at home and abroad served as chair of the Association of Universities and

Colleges of Canada and a Canadian representative on the Association of Commonwealth Universities Executive

research revenues doubled from $6.� million in �001-0� to over $1� million in �006-07

attracted ten Canada Research Chairs student enrollment at an all-time high implemented a new strategic plan, a vision statement,

a $��.� million facilities renewal plan, a new research plan and a philanthropic plan that has already resulted in milestone contributions

made use of the University’s wide and deep base of research across disciplines to fuel state-of-the-art new facilities with top instrumentation such as in the Worsford Water Quality Centre and partnerships like the Peterborough Regional Innovation Cluster, connecting innovation to the economic wellbeing of our community

served as chair of the Board of the local Peterborough Regional Health Centre, contributing to a new hospital for the community on time and on budget.

secured funding for her new programs in Education, Nursing and Forensic Science

doubled Trent’s differentiation grant from the provincial government

provided guest lectures in undergraduate business classes every year

lEadERship maTTERs

snapshoT of a ChanCElloR Dr. Roberta Bondar

appointed chancellor in 2003 has officiated at more than 25 convocation

ceremonies at Trent University welcomed and inspired students,

distinguished scholars and scientists from around the world

bestowed the gift of her photography on the University with stunning prints of her work

chaired the Chancellor’s Dialogues, an opportunity for internal and external community members to hear from experts on topics such as SARS

hosted Multiple Lenses: The Chancellor’s Forum, an opportunity for high school students to connect with her experiences as a life-long learner across many disciplines

Dr. Bondar will preside over her last convocation ceremonies in June 2009

honouRinG a dEdiCaTEd boaRd ChaiR Reid Morden

served nine years on Trent’s Board of Governors

served as chair of the Board of Governors from 2002 to 2008 and was named an honorary Board member

Trent University dedicated the Reid Morden Study Room in the Bata Library in his name in June 2008

the Reid and Margaret Morden Award in the Humanities, set up by Mr. and Mrs. Morden in 2005, continues to support students in need

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Countries represented in the Trent community 114international students on campus 550+Exchange partnerships with foreign universities 40+

“I love Trent’s small communities. Coming from a small town, it was important to me that I felt a sense of community where I was living and I found that on the first day in residence when I arrived at Trent!”

Beckee Anderson, third-year Concurrent Education student, studying History and English

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TREnT wElComEd numERous diGniTaRiEs in 2008Robert F. Kennedy, Jr.

In association with the 51st Annual Conference of the International Association of Great Lakes Research and the David Sheperd Family Lecture Series, Trent University presented the renowned environmental advocate; R. F. Kennedy, Jr. gave an impassioned 90-minute presentation on ‘Our Environmental Destiny.’

Other visitors to Trent included: Anti-war activist Daniel Ellsberg Famous author Alistair MacLeod Bestselling mystery writer Linwood Barclay Liberal party leader Stéphane Dion Hon. George Smitherman, Minister of Health and

Long Term Care Honourable John Wilkinson, Minister of Research

and Innovation, and the Honourable John Milloy, Ontario’s Minister of Colleges, Training and Universities.

aTTRaCTinG ThosE who maKE a woRld of diffEREnCE

41sT ConvoCaTionAt Trent’s 2008 Convocation, close to 2,000 undergraduate degrees, 38 Masters degrees and eight Ph.D.s were granted. This year marked Trent’s largest ever graduating classes in Nursing (123 graduates) and Forensic Science (40)

honoRaRy dEGREEs ConfERREdAt this year’s convocation ceremonies the following were awarded honorary degrees in recognition of their talents and achievements, which embody the spririt of Trent University:

Hugh Anson-Cartwright, dedicated to championing and preserving Canadian literature Natalie MacMaster and Donnell Leahy, award-winning Canadian musical sensations Zacharias Kunuk, a filmmaker, sculptor and officer of the Order of Canada Michael MacMillan, pioneer in the Canadian broadcast industry and executive

chairman of Alliance Atlantis Communications The Honourable Flora MacDonald, distinguished federal politician, companion of the

Order of Canada and advocate for international development

TREnT by numbERs 241 news releases issued by Trent university in 2007/08

resulted in more than 100 million impressions in the media.

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maKinG hEadlinEs In the past year, over 2,000 media outlets have cited the groundbreaking research of Trent faculty to help interpret current issues and events, including:

The New York Times, Canadian Wildlife Magazine and newspapers from the Vancouver Sun to the Montreal Gazette covered Associate Professor Dr. Brendan Hickie’s research into the persistent levels of PCBs in killer whales.

The Toronto Star, the National Post, and publications from Vernon, BC to Truro, NS featured Professor Barbara Marshall’s research into the impact of Viagra and related drugs on people’s expectations around sexual performance.

Canada AM, The Daily Planet and others interviewed Dr. Brad White about his genetic research on pink dolphins as a distinct species.

More than 20 Ontario newspapers cited work by Dr. Peter Dillon on lead in community water supplies.

Anthropology professor Dr. Eugène Morin’s groundbreaking work demonstrating that modern humans are related to Neanderthals captured headlines around the world, including the Los Angeles Times, Globe & Mail, National Geographic News, and the Xinhua News Service in China.

CBC Sunday News and The Toronto Star interviewed politics professor Dr. Gavin Fridell about his research exploring the global effectiveness of fair trade coffee policies.

National and local media sought History professor Dr. Dimitry Anastakis’ expert opinion throughout the year as the auto industry crisis deepened, including Canada AM, The Toronto Star, Peterborough Examiner, Peterborough This Week, CanWest News Service and CHEX TV.

“When looking for universities I was looking for a small university where I could excel academically and be involved in campus life. As an international student I was also looking for a university with a strong international program and network. I found all this at Trent and have been pleased with the opportunities I have here as a student and member of the community.”

Esther Sue, Business Administration and Economics joint major from Suva, Fiji Islands, Global Citizen Scholarship

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Founded in 1964 – a time of idealism, rapid social change, and new frontiers in education – Trent is renowned for providing exceptional undergraduate education that balances small-group teaching, strong academic programs, and robust research.

While ushering in further growth and vitality at its satellite campus in Oshawa, Trent also continues to evolve its Peterborough campus, through a $�� million Facilities Renewal Plan. Key areas of investment include the addition of Module “C” to the DNA Building as Trent’s new “Health Sciences Facility”, the repurposing of Catharine Parr Traill College to serve the University’s growing graduate student population, renovations to Bata Library, and the expansion of Athletics and Recreation facilities and programs. A new student commons is planned in the future.

a plaCE To ThRivE and ExploRE

pRoGRam innovaTion Enrolment in Trent University’s Graduate

Studies programs has increased over 60% since �00� to approximately �00 students in �007/�008. A continued surge is anticipated as the University looks to again double its �00� enrollment levels in grad studies for an overall estimated enrollment of 600 graduate students by �01�.

Trent introduced a course-based option in several Masters’ programs, allowing students to complete their degree in 1�-16 months as opposed to the traditional two years for a thesis-based program.

Trent and Fleming College together welcomed the first students of the Bachelor of Science in Ecological Restoration, a collaborative program developed to teach students skills in the recovery of degraded, damaged or destroyed ecosystems.

TREnT by numbERs $2,217,861 Total raised for Catharine parr Traill College Renovations

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EnviRonmEnTal lEadERship Trent continues to lead with new initiatives towards greater sustainability:

Locks 22 and 23 are being developed with a new hydro generating station creating revenue for the University and clean, renewable power for 4,000 homes - a $30-million investment

The Stanley Adamson Powerplant on Trent property, which provides a large percentage of the University’s hydro electric needs through 100% green energy with no CO2. The plant is soon to be rebuilt, making Trent even more energy self-sufficient and providing opportunities for Trent to sell power back to the grid.

The University boasts a number of green roofs, including one ‘production roof’ where vegetables are grown, harvested, cooked and sold at The Seasoned Spoon, an organic eatery on campus

A $2 per student levey, which has raised $15,000 towards sustainability initiatives A new fiber recycling stream, an expansion of the University’s already successful

recycling and composting programs

nEw! livinG-lEaRninG CommuniTiEs Building on its distinctive college system, Trent University is enriching residence life for all students on campus with the addition of two new Living Learning Communities (LLCs).Kicked off in 2006, LLCs are student-initiated, developed in collaboration with Trent’s Housing Office and its colleges, joining students with faculty and staff for events and programming on distinct themes. With the new Adventure Living Community at Champlain College and Expressions at Otonabee College, Trent now has five Living Learning Communities on Symons Campus, including; the Trent Global Living Community; Teachers of Tomorrow; and the Environment, Community and Leadership Program.

nEw homE of GRaduaTE sTudiEs In order to meet the growing demand for graduate programs, Catharine Parr Traill College has been repurposed into a primarily graduate studies college. Trent University’s downtown campus, rich in heritage architecture, is situated on a drumlin overlooking central Peterborough. Already home to some of Trent’s flagship graduate programs, further programs will be consolidated at Traill with the creation of a new lecture hall, renovated apartments for graduate students, an all new Bagnani Hall, and new office and teaching space for graduate students.

fosTERinG ExCEllEnCE in aThlETiCs and RECREaTion

Building on the development of a new stadium in 2007, complete with state-of-the-art artificial turf, a press box, score clock, and seating for 1,000 spectators, Trent will break ground on a 22,000 sq. ft. addition to its athletic facilities. Oriented toward the beautiful Otonabee River, the expansion and renovation will feature a larger fitness centre, state-of-the-art rowing and paddling tank, a therapy tank, sports medicine centre, cardio loft, international squash court, double gymnasium and refurbished 25-metre pool. In addition, Athletics will augment support for coaching excellence and increase financial awards available for outstanding athletes, while providing enhanced access to community groups and members of the public.

One of Canada’s top universities, Trent is consistently recognized nationally for faculty who maintain a high level of innovative research activity and a deep commitment to the individual student.

In February 2008, the University introduced a new Strategic Research Plan which sets out a framework for Strategic Research Clusters as follows:

#1: Biological and Forensic Sciences

#2: Canadian and Indigenous Studies

#3: Cultural Studies and the Humanities

#4: Education, Health, and Sustainability

#5: Environmental Science, Materials Science and Quantitative Modelling

#6: Understanding People, Communities and Institutions

lEadinG REsEaRCh in sTRaTEGiC aREas

“As a research-intensive university, Trent continues to make impressive strides in all areas across the humanities, natural sciences and social sciences, developing new knowledge that will make a significant difference to our world. “

Dr. Gyles Iannone, Acting Associate Vice President of Research

A Trent alumnus (MA ‘92), member of the Anthropology Department and leader of operations for the department’s field school in Belize.

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$15,750,000Total research funding in 2007-08

percentage increase over 06-07 = 50% increase

REsEaRCh ChaiRs lEad innovaTionThe Canada Research Chairs (CRCs) program is Canada’s highest honour for research excellence. The CRC program works to enhance Canada’s competitiveness in the global knowledge-based economy, improving Canadians’ health, and enriching our social and cultural life. Trent has ten CRCs on staff, a significant number for a university of its size. These nationally recognized researchers make connections with students at the undergraduate level every day.

NEW this yEar

Carol Williams - Feminist and Gender Studies

rENEWED

Bryan Palmer - Canadian StudiesJim Parker - Emotion and Health

EXistiNG

Julian Aherne - Environmental ModellingJames Conolly - Archaeological StudiesCéline Guéguen - Aquatic Sciences and BiogeochemistryMarrie Mumford - Aboriginal Arts and LiteraturesDennis Murray - Terrestrial EcologyDavide Panagia - Cultural StudiesPaul Wilson - DNA Profiling, Forensics and Functional Genomics

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“Trent is experiencing a surge in transformational giving directly related to a sense of confidence in the future of the institution, its goals and its values. It’s a vote in favour of the meaningful intensions Trent has toward its students, its community and the world.”Dianne Lister, LL.B., CFREVice-President, External Relations and Advancement

$1m EndowEd pRofEssoRship fuRThERs nEw ERa in philanThRopy and faCulTy RECRuiTmEnT

giVing to mAke A woRld of diffeRence

Trent University’s reputation as an international leader in the environment received a significant boost this spring with the announcement of the new David Schindler Endowed Professorship in Aquatic Science, the first-ever endowed professorship at the University, valued at $1 million.

The generous, anonymous gift honours the work of Dr. David Schindler, a former Trent professor and one of the world’s leading limnologists, a specialist in the study of freshwater lakes and rivers.

“Freshwater will be the foremost environmental problem in the century ahead, and probably well beyond,” said Dr. Schindler, adding, “Trent has become one of the world’s foremost limnological centers. I am very proud to have my name associated with the developments here.”

In February, �008, Trent University’s Board of Governors established a policy to guide the creation of endowed chairs and endowed professorships. Signaling a new era in faculty recruitment and philanthropy at Trent, this policy will strategically position the University to recruit and retain high quality faculty as the institution approaches its �0th anniversary in �01�.

Alumni contributed an overwhelming $�.9 million to Trent in �007/�008, including the first multi-million dollar gift from an alumnus family to establish the University’s inaugural endowed Chair in Ethics. Since �000, alumni have donated over $7 million to Trent.

GRowTh & momEnTum in philanThRopy 2008

1�

philanThRopy hiGhliGhTsGold mEdal foR donoR RECoGniTion pRoGRamA special partnership with The Peterborough Examiner helped Trent to win the top prize from the Canadian Council for the Advancement of Education (CCAE) in 2008. The gold award was received in the category Best Donor Recognition Program for Trent’s symposium and announcement honouring the Patterson/Drain Family for the establishment of the Kenneth Mark Drain Chair in Ethics.

moRE Than $1.5 million RaisEd foR sTudEnT awaRdsTrent’s annual campaign toward student bursaries and awards topped $800,000, surpassing its goal by nearly $20,000. Faculty and staff alone contributed over $81,000, more than 10% of the total raised. With the matched funds from the Ontario Trust for Student Support (OTSS) program, the University raised more than $1.5 million between April, 2007 and March 2008. Twenty-nine new student bursaries and awards were established, including: Community Leaders Awards bursaries Board of Governors’ Leadership Award

Peterborough Liftlock Atom Hockey Tournament Athletic Bursary Geography and Watershed Ecosystems North Bursary, established through the proceeds of Professor Emeritus Peter Adams’ new book, Trent, McGill and the North Graduate Students’ Association Bursary, which marks the first time a student association at the graduate level has taken a leadership role in creating such a substantial fund at Trent.

honouRinG lEadERs who maKE a woRld of diffEREnCETrent University’s Community Leaders Awards recognize and celebrate the contributions of local leaders during their lifetime by establishing a student bursary in their honour. In 2008, the Awards were named for:

Evidence of a new era in philanthropy is everywhere at Trent. In the past three years, the University has received five transformational gifts from living donors, each in excess of $1 million, totaling $6.5 million. Book-ending the past academic year have been historic firsts, starting with the announcement of the University’s first endowed chair, the Kenneth Mark Drain Chair in Ethics, and culminating with the announcement of Trent’s first endowed professorship.

The Armstrong Family Agriculture, Business & Industry

Mollie Cartmell Athletics & Recreation

Dr. Brian Desbiens Education & Literature

Dr. Jenny Ingram Medicine, Science & Technology

Chief Keith Knott Civic & Community Leadership

Wally Macht Arts & Entertainment

ThE John dE pEnCiER TRailAs a tribute to John de Pencier’s years of service to Trent and to recognize his love of nature conservation, the University established a new nature trail in 2008, named in his honour. The John de Pencier Nature Trail is a three kilometre trail located in the Canal Nature Areas on the east bank of Trent University’s Symons campus. Over $100,000 has been raised for the endowment, through the generosity of Mr. de Pencier’s friends and family who established the John de Pencier Fund for Trent’s Nature Areas in 2000. Mr. de Pencier is a former Board chair, honorary Board member, generous donor and chaired one of the University’s most successful fundraising appeals.

1�

aCClaimEd REsEaRChERs

dR. EuGènE moRin – maKinG ThE nEandERThal ConnECTion According to Trent archaeologist Dr. Eugène Morin, the long-held view that Neanderthals died out 35,000 to 40,000 years ago and were replaced by migrant Homo sapiens in Western Europe is not as convincing as once thought. In the highly esteemed Proceedings of National Academy of Sciences, Prof. Morin suggests that significant population decline was caused by a climatic deterioration. But rather than being totally eliminated, there is evidence that Neanderthals “succeeded in maintaining genetic ties with other neighbouring populations, including anatomically modern humans from Africa.” Over the long term, Neanderthals adapted to this harsher climate by expanding their social networks, a process that allowed the diffusion of “modern traits” into the Neanderthal gene pool. These findings provide support to the hypothesis that Neanderthals contributed to the emergence of modern humans.

dR. CaRol williams – Canada REsEaRCh ChaiR in fEminisT & GEndER sTudiEs Before Dr. Carol Williams had even donned the mantle of her prestigious role as Canada’s only research chair in Feminist and Gender Studies, she was positioning Trent at the centre of new scholarship in her field. Coming to Trent, Prof. Williams stepped into an already vibrant Women’s Studies program, bringing together an international workshop on Indigenous women’s labour history. Material from the dialogue between scholars from the US, Canada, New Zealand and Australia is expected to be made into a unique, new anthology. Prof. Williams’ research centres on the significance of Aboriginal women’s economic agency in the survival of 19th Century Euro-American settler families in the North American West. An award-winning author who has taught across the continent, Prof. Williams enjoys bringing her knowledge to the lecture halls and seminar rooms at Trent.

dR. CaRla RiCE – ExploRinG body imaGE In a recent presentation, Professor Carla Rice offered an insightful look into our society’s “toxic” pre-occupation with certain body types. “Children as young as five don’t like their bodies,” she says. In a world pre-occupied with appearance, Prof. Rice emphasized the need to promote positive self-esteem for children, offering practical strategies for parents, teens, teachers and other professionals to create an atmosphere of body acceptance and healthy lifestyles. Prof. Carla Rice has more than 20 years international experience as a clinician, project director, researcher and media consultant on body image.

dR. ChRis fuRGal – indiGEnous EnviRonmEnTal hEalTh “Climate change is already having a negative impact on the health of smaller and remote indigenous communities,” says Professor Chris Furgal, a member of the Nobel-prize wining Intergovernmental Panel on Climate Change. “People in the north already have to adapt to risks posed by more unpredictable weather, stresses on food security, and infrastructure loss due to coastal erosion.” Prof. Furgal is an assistant professor cross-appointed to the Departments of Environmental and Resource Studies and Indigenous Studies. He brings an interdisciplinary approach to his work, fostering a respect for many different types of knowledge in looking at issues of Indigenous environmental health.

disTinGuishEd REsEaRCh awaRd

The �008 Distinguished Research Award was presented to Dr. James Struthers, director of the Frost Centre for Canadian Studies and Indigenous Studies.

Canadian aRChaEoloGiCal assoCiaTion mEETs aT TREnTThe Trent University Archaeological Research Centre (TUARC) welcomed more than 1�0 archaeologists from across Canada for the �1st Annual Meeting of the Canadian Archaeological Association. Research presented included new findings in Latin America, Northeastern Archaeology and advances in archaeological GIS.

REvEalinG ThE oCEan’s layERs This summer Dr. Céline Guéguen, Canada Research Chair in Aquatic Sciences and Biogeochemistry at Trent, traveled to the top of the world, participating in a series of intensive polar research expeditions as part of the International Polar Year. Dr. Guéguen travelled the Arctic Ocean on the Louis S. St. Laurent, Canada’s largest icebreaker.

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smiThsonian Calls on TREnT Professor Marrie Mumford, Trent’s Canada Research Chair in Aboriginal Arts and Literature, served as lead participant in a meeting at the Smithsonian Institute’s National Museum of the American Indian. Prof. Mumford shared her successful experiences at Trent, focusing on the success of Nozhem, Trent’s First Peoples Performing Space.

nEw dRuG ThERapiEsFollowing last year’s federal government investment of $� million in the International Consortium on Anti-Virals (ICAV), the organization headquartered at Trent University, hosted its sixth international symposium at Trent. The consortium was recently awarded a further $� million in funding from the Ontario Ministry of Research and Innovation. ICAV will use the funds to evaluate and develop anti-viral opportunities for viruses other than pandemic influenza.

dR. dEREK muEllER – waTChinG ThE iCE shElvEs The research of ice shelf expert, Trent

graduate, and newly appointed Roberta

Bondar Fellow in Northern and Polar

Studies, Dr. Derek Mueller, has recently

shed light on several significant

environmental changes in the Arctic.

Following his widely publicized

discoveries about the diminishment of

the Ward Hunt Ice Shelf on Ellesmere

Island, Dr. Mueller has been looking at

a vast network of new cracks seen this

past spring when the entire �0 square

km Markham Ice Shelf broke away in

early August. With other sections of ice

detaching, this summer’s ice shelf loss

totals �� per cent of total area or �1�

square km – more than three times the

area of Manhattan Island. According

to Dr. Mueller’s research, Quttinirpaaq

National Park, Canada’s most northerly

park, will likely soon lose its last

remaining ice shelf.

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TREnT by numbERs

since 1999 research funding at Trent has grown by 400% to over $15 million in 2008.

CynThia Good fEaTuREd as 2007/08 ashlEy fEllow and RooKE lECTuRERCynthia Good, one of Canada’s leading publishers and editors, was chosen as Trent University’s �007/�008 Ashley Fellow. Ms. Good worked with students in the English Department’s new Masters Program in Public Texts, and gave this year’s first Rooke Lecture on “The Joy of Texts.”

honouRinG TREnT faCulTy ThRouGh philanThRopyThere is a burgeoning of funds recently set up to honour the contributions of Trent’s outstanding faculty, including: the English Literature �01� Fund, the Anthropology Faculty Prize, the Colin Taylor Award, the Geoffrey Eathorne Award, the Carlyle Smith Bursary, the John Wadland Tribute Fund, and the David Morrison Fund for International Education. Financial contributions to the new funds have been steady, with retiring faculty moved to discover they have been chosen to be celebrated in this way.

nuRsinG diRECToR appoinTEd pREsidEnT of ThE REGisTEREd nuRsinG assoCiaTion of onTaRio (Rnao) Trent/Fleming Nursing program director Wendy Fucile was appointed president of the RNAO. Previously vice president and chief nursing officer, she is known for a passion for patient care and a drive to lead and support change that improves the lives of nurses and those they care for. Now she brings that zeal to the lecture hall.

aCComplishEd TEaChERs

dR. CaRolyn Kay – bRinGinG ouT ThE bEsT in sTudEnTs

“Innovative. Energetic. Articulate. Insightful. An original thinker.” These words of praise and many others from colleagues and students helped earn Dr. Carolyn Kay recognition as one of Ontario’s most outstanding university teachers. This spring, Dr. Kay was recognized for her ability to bring out the best in her students, nurturing their sense of confidence in academic pursuits, inspiring her colleagues through mentoring and curriculum development. The Ontario Confederation of University Faculty Associations (OCUFA) included Dr. Kay as one of only six Ontario professors to receive their �007 teaching award.

Prof. Kay holds a Ph.D. in History from Yale University; her research focuses on the Holocaust.

TREnT by numbERs

70% of senior students report having meaningful conversations with faculty members

70% discussed career plans with faculty

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mEnToRinG aspiRinG aboRiGinal EnTREpREnEuRsTen aspiring First Nations entrepreneurs from northern Ontario came to Trent in August to take part in a series of entrepreneurship workshops as part of Project Beyshick. The youth mentoring program is followed by job shadowing placements with executives in the public and private sectors.

pRof. EmERiTus RobERT sTaiRs CREaTEs fiRsT ChEmisTRy lECTuRE sERiEs aT TREnT Dr. Robert Stairs and his wife, Sibyl, have created the first endowed lecture series in Chemistry at Trent through a generous donation of $�0,000. The Stairs Lecture in Chemistry will enable Trent to invite a distinguished scientist to speak on his or her research and to showcase the field of Chemistry.

symons awaRd foR ExCEllEnCE in TEaChinGEmilia Angelova, assistant professor in Trent’s Department of Philosophy, was presented with the �008 Symons Award for Excellence in Teaching.

dR. CaThy bRuCE, EduCaTion – inspiRinG passion In her role as a professor in the School of Education and Professional Learning, Professor Cathy Bruce’s objective is simple – she wants her students “to be passionate about teaching and learning.” In Prof. Bruce’s case, specifically, the art of teaching math. “Math is a great divider in the world,” says Prof. Bruce. “The perception is that some can do it, while others feel they can’t. So when people eventually find that power within themselves it is an absolutely priceless experience.” As well as teaching math, Prof. Bruce helped found the Teacher Education Program at Trent and is currently leading a cross-course collaboration in the School of Education. In the collaboration, faculty benefit from shared dialogue about student learning and assessment, and students are able to apply their course learnings in a real world context.

dR. fEyzi baban, poliTiCs – involvinG sTudEnTs in REal-lifE poliTiCs Feeling that students learn through dialogue, Prof. Baban’s lectures often turn even a large class into a town-hall style forum. From supporting students in organizing actual election debates to involving them as presenters in the department’s annual Research Day, Professor Feyzi Baban engages his students. When Prof. Baban was looking to teach a subject as complex as Middle East politics, he enlisted students in role playing the peace process. “You read the whole text, you study the history of the conflict, but it’s in getting into the nitty-gritty details and taking on characters that you come to a real understanding of the issues,” says student Ryan Katz-Rosene. “It’s not unusual,” says Prof. Baban, to have students say years later, that not only the exercise, but the facts of numerous real-life peace negotiations have stayed with them.

dR. miChaEl bERRill, bioloGy – EnCouRaGinG CRiTiCal ThinKERs In his efforts to prepare students to make important contributions in a world increasingly suffering from environmental degradation, Prof. Michael Berrill arms them not only with solid technical skills, but with the abilities of critical thinking, independence, and hope. Prof. Berrill’s distinguished career has included a Symons Award for Excellence in Teaching, the publication of The Plundered Seas: Can The World’s Fish Be Saved? and research that has led to modifications in regulation of pesticide use. Despite his many accomplishments, for Prof. Berrill, some of the most exciting and meaningful moments in his career to-date have come during conversations with students. For Prof. Berrill, “getting to know them, know what they are thinking … their energy, potential hope, and a desire to do something meaningful with themselves” is an abiding inspiration.

dR. bREnda smiTh-ChanT, psyCholoGy – bRinGinG lEaRninG To ThE massEs Though she is now a popular lecturer to over a thousand first-year students, Psychology professor Brenda Smith-Chant was no star pupil herself. Prof. Smith-Chant learned how to learn through the expertise and patience of Trent faculty, and staff of the Academic Skills Centre. Now, using some of the most current, interactive teaching tools available, Prof. Smith-Chant is on the cutting edge of her field. For her efforts, she says, she is rewarded every time she sees a student who didn’t have that sense of “I can do it” feel that they can master the material in front of them. With humour and a sense of pushing the envelope of learning, the popular professor teaches students “about being able to structure your learning environment so you can be successful in it.”

17

pRomiSing StudentS

viRGinia poRTmann – lEaRninG To ExCEl A graduate of Trent’s nursing program, now completing a second degree in Business Administration, Virginia Portmann is captain of the women’s varsity fencing team, a member of Friends of Honduran Children / Peterborough Medical Brigades, and winner of the Symons Medal for high academic achievement. “The disparity between extremes has greatly had an effect on how I wish to live my life,” says Ms. Portmann. Through her vocation as a nurse, Ms. Portmann feels able to exercise all of her talents: caring, inquisitiveness, holistic perspectives, leadership, and advocacy. Ms. Portmann most recently won the Student Business Leadership Bursary from the Peterborough Chamber of Commerce.

boipElo oiTsilE – maKinG afRiCan ConnECTions “There’s just something about teachers that makes me want to be one, too,” says Boipelo Oitsile, a driven, adventurous young woman from Gaborone and the first international student to join the History M.A. program. Ms. Oitsile hopes, in time, to parlay her educational experience here into a professorship in her home country of Botswana. “Boipelo’s presence at Trent contributes to a growing relationship between Trent and the University of Botswana,” says Dr. Tim Stapleton, head of the History Department. Ms. Oitsile’s research focuses on the role of Botswana in the liberation struggles of South Africa and Zimbabwe. She enjoys the guidance and support of her thesis supervisor, Prof. Stapleton, whose own research focuses on the history of South Africa and Zimbabwe.

zhifEnG (KElvin) ChEn – soaKinG up Canadian CulTuRE “If you want to experience both Canadian education and Canadian culture, Trent is the answer,” says Zhifeng (Kelvin) Chen, an international student from China. A Business Administration student specializing in human resource management, Mr. Chen, appreciates the close relationships with friends, other students, and professors at Trent. “Trent is not only an educational institution, but also a tight networking society,” says Mr. Chen. His advice to first year students: “Open your mind and be part of our family.” After completing his current program, Mr. Chen plans to find a management Job in Canada and work towards an MBA.

maRina bERbaTioTis – CREaTinG a wElCominG lEaRninG EnviRonmEnT As don of the new Expressions Living Learning Community, Marina Berbatiotis is delighted with the cultural diversity at Trent, and “the countless, varied cultural events that showcase the values for which our campus strives.” Now a fourth year Trent student in Cultural Studies with a Minor in French, Ms. Berbatiotis says she felt immediately at home within the beauty of the natural setting, and the community of students, professors and staff. Enthralled with the experience of building community in an educational setting, Ms. Berbatiotis plans to teach ESL overseas, and then continue with graduate studies in the field of teaching.

fivE mEdals foR TREnT aT 2007 oua RowinG ChampionshipsTrent University crews continued their tradition of success at the �007 OUA Rowing Championships, picking up one gold, one silver and three bronze medals in the finals. Despite rough water and windy conditions, the Trent women’s team came third in overall points.

TREnT sTudEnTs win businEss CompETiTionFourth-year Trent University Business Administration students came away with the winning trophy and $�,000 top prize, competing against �1 teams from 19 Ontario universities, representing Trent for the first time in the Chartered Management Accountants (CMA) Case Competition.

awaRd-winninG auThoR JosEph boydEn REads aT TREnTAfter visiting Trent to read from his award-winning novel Three Day Road in �006, authors Joseph and Amanda Boyden returned to Trent in September. The pair helped to wrap up Trent Reads �008, with a presentation from Mr. Boyden’s new novel Through Black Spruce.

18

hEnRy wilson – EnCounTERinG nEw and ExCiTinG QuEsTions

In January, Henry Wilson, a doctoral candidate in the Environmental and Life Sciences Graduate Program, was awarded a prestigious Alexander Graham Bell Canada Graduate Scholarship, valued at $70,000 over two years. The Natural Sciences and Engineering Research Council of Canada prize was recently renamed in honour of pioneers of Canadian technology, medicine and entrepreneurship. The award will help support Mr. Wilson’s research on the impact of human land use on dissolved organic carbon in streams. “I feel like I’m doing something that is of value to the scientific community,” says Mr. Wilson. “The best part about research is that I get to ask questions about the world around me and then answer them. The more I research, the more I encounter new and exciting questions.”

TREnT Camp CREaTEs maGiC foR moRE Than 8,500 youThMore than 8,�00 campers have enjoyed great summer camp experiences since Trent Summer Sports Camp (TSSC) began in 199�. TSSC offers a rich variety of sports-related, creative and outdoor activities designed to build athletic, social and leadership skills for campers aged five to sixteen years.

ConsolidaTinG in oshawa Trent in Oshawa moved to a new location on the Durham College/UOIT campus, bringing faculty and staff at the campus under the same roof for the first time since the site opened �� years ago. The new space will unite members in a much larger space, and provide easier access to amenities such as parking and daycare.

CupE loCal invEsTs in sTudEnTsMembers of CUPE Local �908, representing contract faculty and student academic workers at Trent, created a new bursary for students in financial need. Matched by the provincial government OTSS program, this will be a $�0,000 endowed fund.

19

ouTsTandinG alumni

nEw boaRd of GovERnoRs’ lEadERship awaRd appRovEdThe Board approved a new Board of Governors’ Leadership Award to recognize academic excellence and provide additional assistance to students in financial need.

The new $1,000 Award will be offered in addition to the existing Board of Governors’ Leadership Scholarship, which has been in existence for more than 10 years and has grown to be one of Trent’s most prestigious scholarships worth $18,000.

inTERnaTional CovERaGELate in �007, the Singapore Business Times highlighted the accomplishments of successful businessman and Trent alumnus Justin Chiu in their feature, ‘Standing out from the Crowd.’

TREnT vp appoinTEd ChaiR of EThiCs CommiTTEEDianne Lister, vice-president of External Relations and Advancement at Trent University, became the first Canadian to be named chair of the International Ethics Committee for the Association of Fundraising Professionals (AFP). Prior to joining Trent, Ms. Lister was the president and CEO of The Hospital for Sick Children Foundation.

RiChaRd flEminG – nobEl lauREaTE

Dr. Fleming, a research scientist for the Canadian Forest Service and a professor with the University of Toronto, uses mathematical and statistical models to forecast the response of forest insect outbreaks. Dr. Fleming participated in the Intergovernmental Panel on Climate Change (IPCC) which was awarded the Nobel Prize for Peace in �007. While at Trent, Dr. Fleming won the University’s first Ontario Universities Athletic Association championship in squash. He graduated from Trent with a B.Sc. in Mathematics and Physics in 1968. In �008 he was honoured with a Distinguished Alumni Award.

TREnT by numbERs

$3,950,238 Total funds raised by alumni

20

GillEspiE family – TaKinG ThEiR EduCaTion To nEw hEiGhTs Siblings and Trent alumni all – Kate, Eric and Sean Gillespie, really enjoy applying the innovation, flexibility and skills they learned at Trent to the success of their high-flying family business.

Founded by their father, John, over 25 years ago, Flying Colours now employs over 160 staff who refurbish corporate and commercial aircraft, creating unparalleled luxury in the skies.

All graduates of Trent’s award-winning Business Administration program, Kate, along with twin brothers Eric and Sean Gillespie credit the transferable skills learned at Trent for a good part of their ability to work together. “Trent helped us learn how to adapt to change and to think outside the box,” says Ms. Gillespie.

fiona maClEod – TaKinG iT To ThE sTREETs Through her work at St. Paul’s Hospital in British Columbia and a volunteer position with AIDS Vancouver, Registered Nurse Fiona Macleod secured not one, but two, research jobs in Vancouver’s downtown eastside. In her position with the

North American Opiate Medication Initiative (NAOMI), Ms. Macleod works with a team of researchers studying the use of prescription heroin as an alternative to methadone maintenance therapy in long-term heroin addicts. In her second job, with the Vancouver Injection Drug User Study (VIDUS), she studies the health, HIV/HCV status, lifestyle, and drug use habits of injection drug users. Ms. Macleod loves the diversity of the nursing profession, the countless opportunities to network, and the access to continuing education that her profession affords.

TREnT RECoGnizEs QuaRTER CEnTuRy sERviCE EmployEEs President Bonnie Patterson and Board of Governors’ vice-chair Kate Ramsay acknowledged the significant contributions of 1� staff and faculty members who have worked at Trent �� years, as well as four individuals marking �0 years, six people marking �� years, and three marking �0 years of service to the University community.

EminEnT sERviCE winnERRecognized for her outstanding contributions to University life, long-time staff member Susan (Tui) Menzies was awarded this year’s prestigious Eminent Service Award. Ms. Menzies was cited for her diligence, insightful administration, and leadership in special events, and University committees.

JaCK maTThEws fEllowshipThe Jack Matthews Fellowship was created in �008 to honour the founding contributions Jack Matthews made to Trent University, Lakefield College School, and The Canadian Canoe Museum. Mr. Matthews was the founding director of the Trent International Program.

alumni honouREdIn �008 the Trent Alumni Association honoured the following recipients for their vision, commitment, creativity and leadership in their respective fields of international development, Canadian arts and culture, and the sciences of entomology, bio-archaeology, ecology and climate change:

DISTINGuISHED ALuMNI: Su Ditta ’7�, Victor Arnold Dyck (M.Sc. ‘67), Richard Fleming ‘68, Christine Harmston ‘91, Christine White ’77

SpIrIT oF TrENT: Paul Davidson ’8�, Helen Sweet ‘86

YouNG LEADEr: Karin Galldin ’96

GEoGRaphy dEpaRTmEnT & lady EaTon CollEGE CElEbRaTE 40 yEaRs The Trent University Geography Department and Lady Eaton College both marked the �0-year milestone with celebrations during the University’s annual homecoming event. Lady Eaton College welcomed generations of LEC alumni, dons, staff, faculty and former principals with a family BBQ picnic and reunion. The Geography Department launched Geography at Trent: The First Forty Years. This “giant yearbook” presents an entertaining history of the department.

TREnT by numbERsSince the university’s first graduates crossed the podium in 1967, the Trent alumni community is now over 30,000 members strong.

21

to read the Statement of Administrative Responsibility,

please visit www.trentu.ca/annualreport

StAtement of finAnciAl poSitionapRil 30, 2008 (with comparative figures for April 30, 2007 - thousands of dollars)

2008 2007ASSetS

Current

Cash and cash equivalents $ 30,745 $ 19,702

Accounts receivable 4,539 3,951

Inventories 61 68

Prepaid expenses and deposits 1,248 715

36,593 24,436

Long term investments (note 3) 34,479 30,631

Capital assets (note 4) 134,684 136,506

$ 205,756 $ 191,573

liABilitieS And defeRRed cApitAl contRiButionS

Current

Accounts payable and accrued liabilities $ 10,020 $ 11,456

Current portion of long term debt 1,250 1,216

Deferred revenue (note 5) 31,491 15,599

42,761 28,271

Long term debt (note 6) 31,073 29,006

73,834 57,277

Deferred capital contributions (note 7) 70,531 70,942

net ASSetS

Deficit (note 8) (9,933) (9,257)

Internally restricted (note 9) 9,206 13,376

Investment in capital assets (note 10) 27,386 30,004

Endowments (note 11) 34,732 29,231

61,391 63,354

$ 205,756 $ 191,573

The accompanying notes are an integral part of the financial statements

Approved by the Board of governors

governor governor

finAnciAl StAtementS

dr. Roberta BondarDr. Bondar, O.C., O.ONT., B.Sc., M.Sc., Ph.D., M.D., F.R.C.P., F.R.S.C., is Trent’s ninth Chancellor, the world’s first neurologist and the first Canadian woman to fly in space; scientist, pilot, author, photographic artist and astronaut who holds the NASA Space Medal; an Officer of the Order of Canada, a Fellow of the Royal Society of Canada, a laureate of the Canadian Medical Hall of Fame, an International Women’s Forum International Hall of Fame inductee, a Lifetime Achievement Award from the Royal Conservatory of Music at the University of Toronto, recipient of 24 honorary degrees, and has published three books of photography.

david morton, Board chairMr. Morton, B.A., M.B.A., LL.D., is retired President and CEO of the Quaker Oats Company, a former Vice Chair and current Board Member of Frontier College, Chair of the committee for the Peter Gzowski Invitational for Literacy, former Chair of Five Counties Children Centre, former Vice Chair of the Fleming College Board, former Chair of the successful Breaking New Ground Campaign for a new Regional Health Centre in Peterborough, recipient of Peterborough’s Volunteer of the Year Award in 2002, holds an Honorary Doctor of Laws from Trent, and is married to Trent Professor Emerita, Patricia Morton.

kate Ramsay, Vice-chairMs. Ramsay, B.A., is a Trent alumna who recently completed the Directors’ Education Program and certification offered by the ICD and Rotman School of Management; is active in a variety of volunteer sector activities in the fields of education and social services; a member of the Board and a trustee of the Foundation of Lakefield College School, member of the YWCA Turning Point campaign cabinet, a Friend of Kinark, Chair of the Imagine the Marsh Conservation group, past Chair of the Ontario Audio Library Service, the Lakefield Police Services Board, and of Performing Arts Lakefield.

to the BoARd of goVeRnoRSTREnT univERsiTyWe have audited the statement of financial position of Trent University as at April 30, 2008 and the statements of changes in net assets, operations and deficit, and cash flows for the year then ended. These financial statements are the responsibility of the University’s administration. Our 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 plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by administration, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the University as at April 30, 2008 and the results of its operations and cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.

Licensed Public Accountants Peterborough, Ontario August 14, 2008

McColl Turner LLP

22

StAtement of chAngeS in net ASSetSyEaR EndEd apRil 30, 2008(with comparative figures for April 30, 2007 - thousands of dollars)

2008 2007

investment internally in capital deficit Restricted Assets endowment total total

Net assets (deficit), beginning of year $(9,257) $13,376 $30,004 $29,231 $63,354 $57,785

Change in accounting policies (note 2 (a)) 355 - (1,753) 3,756 2,358 -

Net assets (deficit), beginning of year, as adjusted (8,902) 13,376 28,251 32,987 65,712 57,785

Excess of revenue over expense (expense over revenue) for the year (6,066) - - - (6,066) 3,158

Change in internally restricted net assets 4,170 (4,170) - - - -

Change in investment in capital assets 865 - (865) - - -

Change in endowments - - - 1,745 1,745 2,411

Net assets (deficit), end of year $(9,933) $9,206 $27,386 $34,732 $61,391 $63,354

The accompanying notes are an integral part of the financial statements

68.7%SALARIES AND BENEFITS

6.5%SCHOLARSHIPSAND BURSARIES

2.3%UTILITIES

18.2%SUPPLIES

1.1%INTEREST

6.7%AMORTIZATION

0.6%FAIR VALUEADJUSTMENT

-4.1%APPROPRIATEDEARNINGS

expendituReS

48.5%GOVERNMENT GRANTS

30.5%TUITION FEES

15.4%ANCILLARY SALES AND SERVICES

1.9%PRIVATE DONATIONS ANDNON-GOVERNMENT GRANTS

3.7%OTHER INCOME

ReVenue

gillian Balfour* Associate Professor Balfour, B.Sc., M.A., Ph.D., is a faculty member in the Sociology Department, current Chair of the Research Ethics Board, Chair of the Departmental Curriculum Committee for three years, past volunteer Board member and President with local, regional, and national women’s organizations advocating for women in prison, and co-author of two books The Power to Criminalize and Criminalizing Women, and several peer reviewed articles examining feminist criminology in the context of neo-liberalism.

libby BurnhamMs. Burnham, Q.C., C.M., DCL, is a senior legal, business and political advisor, counsel to Toronto-based law firm Morrison Brown Sosnovitch LLP specializing in government relations, a Member of the Order of Canada 2007, completed the ICD Corporate Governance College Directors’ Education Program, past Director of Minacs Worldwide Inc., CBC, LIFE Network, Toronto Rehabilitation Institute Foundation, past Chair of Wellesley Central Hospital and I Channel, founding member Equal Voice, International Women’s Forum Executive, recipient of numerous awards including the Queen’s Golden Jubilee Medal, and holds an Honorary Doctor of Civil Laws from Acadia University.

Joan BushMs. Bush is President of Joint Venture Finance Inc., a company specializing in mergers and acquisitions in high technology and manufacturing sectors, involved in many charitable and community causes around the world including Bam Earthquake relief, Tsunami and Oxfam relief funds; visited India, Iran, Iraq and various African nations to focus on women’s issues such as poverty, homelessness and education; as Director of the Kiani Foundation, has contributed to the community through charities including local hospitals, scholarship funds and youth and women’s shelters.

23

StAtement of opeRAtionS & deficityEaR EndEd apRil 30, 2008(with comparative figures for April 30, 2007 - thousands of dollars)

2008 2007

ReVenue Government grants $ 59,694 $ 61,015

Tuition fees 37,614 37,244

Ancillary sales and services 19,027 18,979

Donations and grants 2,425 2,638

Investment income 1,961 1,879

Miscellaneous 2,533 1,892

123,254 123,647

expenSe Salaries and benefits 85,266 78,259

Scholarships and bursaries 8,083 8,520

Utilities 2,850 2,859

Supplies 22,633 22,362

Interest 1,406 1,111

Amortization

Library acquisitions 723 712

Other capital assets 7,631 6,666

Change in fair value of financial instruments 728 -

129,320 120,489

exceSS of ReVenue oVeR expenSe (expenSe oVeR ReVenue) foR the YeAR (6,066) 3,158

Change in internally restricted net assets 4,170 (993)

Change in investment in capital assets 865 (2,103)

decReASe (incReASe) in deficit foR the YeAR (1,031) 62

DEFICIT –

beginning of year, as previously reported (9,257) (9,319)

Change in accounting policies (note 2 (a)) 355 -

DEFICIT – beginning of year, as adjusted (8,902) (9,319)

DEFICIT – end of year $ (9,933) $ (9,257)

The accompanying notes are an integral part of the financial statements

0%

10%

20%

30%

40%

50%

60%

Non-StaffExpense

EmployeeBenefits

Part Time Salaries

Full Time Salaries

60%

40%

20%

0%2004 2005 2006 2007 2008

GOVERNMENT GRANTS

TUITION FEES

OTHER INCOME

opeRAting ReVenuefiVe YeAR tRend

opeRAting expendituReS

michael ButtMr. Butt, B.A. Sc., P. Eng., is Chairman and CEO of Buttcon Limited, Chairman and CEO of Somers Construction Limited in Bermuda, former Chair of the Ontario General Contractors Association and the Canadian Construction Association, former Chair of the Board of The Greater Toronto Airports Authority, a member of the Board of Aecon Enterprises Inc., an appointed member of the Board of Trustees for the Bermuda Biological Station for Research and Chairman of the Planning and Development Committee, a Fellow of the Canadian Society for Civil Engineering, and a fellow of the Canadian Design-Build Institute.

Robert ButterworthMr. Butterworth, B.Comm., LL.B., Q.C., is Vice-Chair of the Assessment Review Board, Director of the Society of Ontario Adjudicators and Regulators, past Councillor of the Township of North Elmsley, past Chair of the Town of Perth Planning Board, past Chair of the Committee of Adjustments for the Township of North Elmsley, past Chair of the Board of Governors of Algonquin College, past Chair of the Rideau Valley District Health Council, past member of the Ontario Council of Health, past National Vice-President and National Legal Counsel of the Canada Jaycees, and past Director of the Lanark Communications Network.

Bryan davies*Mr. Davies, B.Comm., M.P.A., is Chair of the Canada Deposit Insurance Corporation, member of the Board of several other not-for-profit and corporate organizations, past Vice-President of Administration at the University of Toronto, past Senior Vice-President Regulatory Affairs at the Royal Bank Financial Group, and has held numerous senior positions in the Government of Ontario, including Deputy Treasurer and Deputy Minister of Economics.

60%

40%

20%

0%2004 2005 2006 2007 2008

GOVERNMENT GRANTS

TUITION FEES

OTHER INCOME

24

StAtement of cASh flowSyEaR EndEd apRil 30, 2008(with comparative figures for April 30, 2007 - thousands of dollars)

2008 2007

cASh pRoVided fRom (uSed foR) opeRAting ActiVitieS

Excess of revenue over expense (expense over revenue) for the year $ (6,066) $ 3,158

Add (deduct) non-cash items: Amortization of capital assets 8,354 7,378 Amortization of deferred capital contributions (4,449) (4,060) Change in VER and post-retirement benefits liability 481 331 Change in fair value of financial instruments 728 -

(952) 6,807

Change in non-cash working capital items 13,342 (2,568)

12,390 4,239

endowment ActiVitieS

Net increase in endowments 6,764 2,411 Purchase of long term investments, net of disposals (5,172) (1,932)

1,592 479

finAncing And inVeSting ActiVitieS

Purchase of long term investments, net of disposals 51 (105) Purchase of capital assets, net of disposals (6,532) (15,834) Proceeds from long term debt - 7,165 Repayment of long term debt (496) (453) Deferred capital contributions received 4,038 5,370

(2,939) (3,857)

net incReASe in cASh And cASh eQuiVAlentS foR the YeAR 11,043 861

cASh poSition - beginning of year 19,702 18,841

cASh poSition - end of year $ 30,745 $ 19,702

The accompanying notes are an integral part of the financial statements

Allison fisher*Ms. Fisher, B.A., M.Ed., a First Nations member of the community of Wikwemikong in Ontario, is Executive Director of the Wabano Centre for Aboriginal Health in Ottawa, former Board member of the National Capital Commission, former member of several committees and non-profit organizations aimed at encouraging national and international Aboriginal industry and arts, presenter to the Prime Minister’s Task Force on Urban Issues, and has held a variety of positions in both the public and private sectors.

christina (tina) fridgen*Ms. Fridgen, H.B.Sc., M.Sc., is a current Ph.D. candidate in the Environmental and Life Sciences graduate program, sessional lecturer in the Biology Department, community volunteer, past Chair of the Athletics Advisory Committee, former Communications Officer with the Graduate Students Association (GSA), and has worked as a teaching assistant, research assistant and animal care technician at Trent.

michael goughMr. Gough, B.A., LL.B., LL.M., is recently retired from the Toronto law firm of Osler, Hoskin & Harcourt LLP, specializing in Public Law and Regulatory Affairs, Chair of the Ontario Lottery and Gaming Corporation, formerly a lawyer with the Ministry of the Attorney General of Ontario and the Ministry of Treasury and Economics, and Board member or officer for a number of for-profit and not-for-profit corporations.

25

noteS to the finAnciAl StAtementS apRil 30, 2008 (Thousands of dollaRs)1. AuthoRitY

Trent University operates under the authority of The Trent University Act, 1962-63. The University is a registered charity and, under the provisions of section 149 of the Income Tax Act, is exempt from paying income taxes.

2. SignificAnt Accounting policieS And RepoRting pRActiceS

(a) change in accounting policies

Effective May 1, 2007, the University adopted the recommendations of CICA 3855: Financial Instru-ments – Recognition and Measurement and CICA 3861: Financial Instruments – Disclosure and Presentation. CICA 3855 establishes standards for recognizing and measuring financial instruments, including the accounting treatment for changes in fair value. As required by CICA 3855, investments and derivative financial instruments are now presented at fair value. In prior years, investments were recorded at cost and long term debt at amortized cost. As permitted by CICA 3855, other financial assets and liabilities continue to be presented at cost or amortized cost which approximates fair value.

As required by the transitional provisions of CICA 3855, the accounting policy change from cost to fair value was adopted without restatement of the prior year’s financial statements. As a result of the change, as at May 1, 2007, investments increased by $4,111, long term debt increased by $1,753, deficit decreased by $355, investment in capital assets decreased by $1,753 and endowments increased by $3,756.

(b) general

The financial statements of the University have been prepared by management in accordance with accounting principles generally accepted in Canada and consistently applied.

The combined financial statements reflect the assets, liabilities, revenue, expenses and other transac-tions of all the operations of the University and organizations that the University has the primary economic interest in or controls.

The University accounts identify financial activity separately for operating transactions, internally restricted transactions, externally restricted transactions and endowment transactions.

• Operating transactions are for general activities.• Internally restricted transactions are generally for funds designated for specific activities by

university administration.• Externally restricted transactions are associated with funds received from external sources

which can only be spent in accordance with the restrictions provided by the sources providing the funds.

• Revenue and expense from operating, internally restricted and externally restricted transactions are reported in the statement of operations and deficit.

• Endowment transactions include contributions which are designated as endowment by the source providing the funds and contributions designated as endowment by university administration. Internally and externally restricted endowment contributions are reported on the statement of changes in net assets.

The financial statements do not include the assets, liabilities, revenue and expenses of the Trent University Foundation (see note 15).

(c) cash and cash equivalents

Cash and cash equivalents represent operating cash on deposit and units in a money market fund which are readily convertible to cash.

(d) inventories

Inventories are valued at the lower of cost and net realizable value.

(e) capital assets

Capital assets are recorded at cost, or in the case of donated assets, at fair market value on the date of the donation.

Capital assets are amortized on a straight-line basis over their estimated useful lives as follows:

Buildings 40 years Library books and serials 5 yearsEquipment and furnishings 10 years Rare collections no amortizationComputer equipment 5 years System software 5 yearsVehicles 5 years

(f) Revenue recognition

The University follows the deferral method of accounting for revenue derived from the provision of service and from revenue contributions. Contributions may either be operating, internally restricted, externally restricted or endowments.

• Revenue received by the University for the provision of goods and services is recognized when goods and services are provided. Student fees are recognized as revenue when courses are provided.

• Operating contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

• Internally restricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

• Externally restricted contributions for purposes other than endowment are deferred and recognized as revenue in the year in which related expenses are incurred. Externally restricted contributions can only be used for the purposes designated by external contributors. Pledged donations are not recorded until received due to the uncertainty involved in their collection.

• Contributions for the acquisition of capital assets are deferred and recognized as revenue on the same basis as the related capital assets are amortized.

• Endowment contributions and related restricted investment revenue are reported as direct increases in net assets when received.

(g) Retirement plans

The University maintains contributory defined benefit pension plans which cover eligible faculty and staff. The assets, liabilities and results of operations of the plans are included in the financial state-ments of the respective Trent University pension funds. Accrued pension benefits are actuarially deter-mined using the projected benefit method pro rated on service and discounted using current market interest rates. The obligations also reflect management’s best estimate of salary escalation, retirement ages of employees and other actuarial factors. The cost of providing post-retirement benefits is reflect-ed in the year of the employee’s service rather than as paid. Unamortized actuarial losses in excess of 10% of the greater of the fair value of plan assets and accrued benefit obligations at the beginning of the year are amortized over the average remaining service period of active employees.

(h) fund raising activities

Gifts and grants from fundraising activities are recorded when received. Pledges are recorded upon payment.

(i) Sabbaticals and other leaves

The cost of sabbaticals and leaves are recorded when paid.

(j) contributed services

Volunteers as well as members of the University community including alumni contribute an extensive number of hours per year to assist the institution in carrying out its service delivery activities. Such contributed services are not recognized in the financial statements.

Brian hamlinMr. Hamlin, B.A., B.Ed., graduated from Trent in 1988 with a degree in Environmental and Resource Studies and Geography, earned a Bachelor of Education degree from Memorial University in 1990, taught in Collingwood, Ontario for eight years, pursued his interest in private asset management and formed Maestro Asset Management; Director of The Hamlin Family Philanthropic Fund, and member and past President of the Collingwood Optimist Service Club.

Adam henleyMr. Henley is a national laureate with the Canada Millennium Scholarship Foundation, bronze standard recipient of the Duke of Edinburgh’s award, active leader for a series of non-governmental organizations both nationally and locally; has diverse interests in international health and development, social economics and the health sciences, has had employment experiences as a journalist, educator and clinical researcher, is working toward his Bachelor of Science in Nursing, and hopes to continue on to graduate studies in clinical epidemiology.

pamela JefferyMs. Jeffrey, H.B.A., M.B.A., is President of The Jeffery Group of Companies which includes public affairs and executive search practices as well as the Women’s Executive Network, long-time political advisor, Director of the Canadian Opera Company, member of the Toronto Community Advisory Board, past Director of the Ivey School of Business Alumni Association, Bloorview Kids Rehab, Casey House Foundation, Sick Kids Connection and former Vice-Chair of the Donwood Institute (now Centre for Addiction and Mental Health), past member of the governance committees of the Toronto Board of Trade and the Institute of Corporate Directors, and past President of the National Club.

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(k) financial instruments

Under CICA Section 3855, financial assets and liabilities are initially recognized and subsequently measured based on their classification. The University has designated long term investments as held-for-trading. Changes in fair value of long term investments for employee early retirement plans are recognized in the statement of operations and deficit. Changes in fair value of long term investments for endowments are recognized in the statement of changes in net assets. Long term investments, which consist of units held in pooled funds, are measured at fair value based on reported unit values.

Cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities are measured at cost which approximates fair value.

The University uses an interest rate swap agreement to address exposure to changes in interest rates. This derivative financial instrument does not qualify for hedge accounting and is measured at fair value determined by discounting the future cash flows associated with the agreement using the current Ontario Infrastructure Project Corporation rate as an estimate of the borrowing rate that would otherwise be available to the University. The University does not enter into financial instruments for speculative purposes.

Other long term debt is measured at amortized cost which approximates fair value.

(l) use of estimates

The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingencies at the date of the financial state-ments and the reported amount of revenue and expenses during the period. Actual results could differ from those estimates.

(m) future accounting policy changes

The CICA has issued two new standards, CICA 3862: Financial Instruments – Disclosures and CICA 3863: Financial Instruments – Presentation, which will enhance the abilities of users of financial statements to evaluate the significance of financial instruments to an entity, related exposures and the management of these risks.

The CICA has also issued a new accounting standard, CICA 1535: Capital Disclosures, which requires the disclosure of qualitative and quantitative information that enables users of financial statements to evaluate the entity’s objectives, policies and processes for managing capital.

These changes in accounting policies, which will be adopted effective May 1, 2008, will require ad-ditional disclosures in the financial statements.

3. long teRm inVeStmentS

Investments are exposed to market, foreign currency and interest rate price risks. The University man-ages these risks through the investment policy of the Board of Governors. Investments are monitored by a Committee of the Board of Governors and managed by investment managers subject to asset mix and performance benchmarks contained in the investment policy. The investment managers report on a regular basis to the Committee of the Board.

The cost and fair values of the long term investments at April 30 were:

2008 2007 fair Value cost fair Value cost

Cash $ 1,268 $ 1,268 $ 1,526 $ 1,526 Bonds 13,098 12,818 12,751 12,436 Equities 20,113 21,666 20,464 16,669

$ 34,479 $ 35,752 $ 34,741 $ 30,631

Long term investments, at fair value, include investments of endowment funds $31,263 (2007 - $31,109) and of employee early retirement plans $3,216 (2007 - $3,632).

4. cApitAl ASSetS

Capital assets and accumulated amortization consists of the following:

Accumulated net Book 2008 cost Amortization Value

Land and site improvements $ 7,314 $ - $ 7,314 Buildings 159,320 51,750 107,570 Equipment, software 43,016 25,596 17,420Library books, serials 22,599 20,219 2,380

$ 232,249 $ 97,565 $ 134,684

Accumulated net Book 2007 cost Amortization Value

Land and site improvements $ 7,314 $ - $ 7,314Buildings 157,420 47,718 109,702 Equipment, software 39,775 22,691 17,084 Library books, serials 21,901 19,495 2,406

$ 226,410 $ 89,904 $ 136,506

The net investment in capital assets is set out in note 10.

5. defeRRed ReVenue

Deferred revenue represents unexpended amounts received in the current and prior years for services to be provided in a future year and consists of the following

2008 2007

Externally restricted donations $ 6,096 $ 4,399Student fees 1,848 2,125Federal and Provincial Government grants 22,706 8,317Other 841 758

$ 31,491 $ 15,599

6. long teRm deBt

Long term debt consists of the following: 2008 2007 Fair Value Cost

Canada Mortgage and Housing Corporation debentures for the Residential Colleges $ 2,681 $ 2,786 Physics Building extension 572 691 Bradburn House renovations 389 449 Gzowski College Residence 13,737 11,796 DNA Building 7,165 7,165 Faculty voluntary early retirement program 6,164 5,712 Future cost of post-retirement benefits 1,331 1,302 Other 284 321

32,323 30,222

Amount due within one year shown as current liability 1,250 1,216

$ 31,073 $ 29,006

Canada Mortgage and Housing Corporation debentures bear interest at rates from 5.875% to 8.25% and will mature on various dates between 2017 and 2024 payable in annual blended instalments of $313.

dawn lutchman*Ms. Lutchman, B.A., M.B.A., FICB, a commercial banker for over 16 years, was born and raised in Trinidad and is currently Area Manager, Commercial Banking, East Central Ontario District with BMO Financial Group, Fellow of the Institute of Canadian Bankers, actively involved with the Junior Achievement Program, Shelter from the Storm, and is a Rotarian with the Cataraqui-Kingston Rotary Club.

orm mitchellProfessor Mitchell, B.A., M.A., Ph.D., is a faculty member in the Department of English since 1971, chaired the department in 1980-81 and from 1985 to 1990, co-authored with Barbara Mitchell a two-volume biography on W.O. Mitchell, has acted, also with Barbara, as a script consultant for the Nelvana/Global Jake and the Kid television series, for the stage adaptations of Who Has Seen the Wind and Jake and the Kid: Prairie Seasons, and for a feature film adaptation of How I Spent My Summer Holidays, and currently working on a one-man theatre production, An Evening with W.O. Mitchell, and editing a collection of W.O. Mitchell stage plays to be published by Oxford Canada in the spring of 2009.

deb nicholsMs. Nichols, a staff member at Trent University for 19 years, has worked in several positions, including Publications Coordinator in Trent’s Academic Skills Centre and in the bookstore; has had the opportunity to form many relationships at Trent and abroad as Trent’s representative at conferences and book fairs in Canada and the U.S.; her familiarity with current academic issues for today’s generation of students can offer additional insights into student, parent, and faculty expectations.

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6. long teRm deBt (continued)

The financing for the Physics Building extension represents a term loan with the Bank of Montreal at a fixed rate of 6.48% payable in monthly blended instalments of $13. The final payment is due May 31, 2008. The loan will be renewed at 4.655% for 4 years and new monthly blended instalments are $13.

The loan regarding the Bradburn House is a mortgage with the Bank of Montreal at a fixed rate of 4.445%, payable in blended monthly instalments of $6, secured by specific land and buildings. The final payment falls due September 30, 2008 and management intends to refinance.

The residence and dining portion of the Peter Gzowski College/First Peoples House of Learning is funded through an interest rate swap agreement with the Bank of Montreal due to mature on May 1, 2034 with an effective rate of interest of 6.415%. Total principal and interest payments in 2008 were $927 (2007 - $927). The fair value is based on discounted cash flows at 5.2%. The amortized cost is $11,621.

The University previously entered into a Financing Agreement with Ontario Infrastructure Projects Cor-poration for a maximum principal amount of $40,300 for several capital projects. The first debenture was issued on November 1, 2007 for DNA Building financing of $7,165 with a fixed rate of 5.26% payable in annual blended instalments of $477 to mature on November 1, 2037.

The faculty voluntary early retirement programs reflect payments required by individual contracts over varying future periods. The current and future costs of these programs have been reflected in the deficit and are based on the effective early retirement dates. Future costs will be funded from future cost savings, therefore, the recognition of future costs in current year’s expenditure increases the deficit (note 8).

The principal repayments estimated in each of the next five years are as follows:

2008-2009 $1,250 2009-2010 1,296 2010-2011 1,310 2011-2012 1,351 2012-2013 1,250

7. defeRRed cApitAl contRiButionS

Deferred capital contributions represent the unamortized amount of externally restricted contributions used for the purchase of capital assets. Details of the changes in the deferred capital contributions balance are as follows:

2008 2007

Balance - beginning of year $ 70,942 $ 69,632 Add contributions received for capital acquisitions 4,038 5,370 Less amortization of deferred capital contributions (4,449) (4,060)

Balance - end of year $ 70,531 $ 70,942

8. deficit

Details of the deficit are as follows: 2008 2007

Deficit as per Statement 1 $ (9,933) $ (9,257)Deduct: Expenditure of future costs of Faculty voluntary early retirement plan which will be covered by revenues in future years 2,948 2,573 Expenditure of accrued staff vacation pay which will be covered by revenues in future years 1,539 1,401

Balance of deficit for general University operations $ (5,446) $ (5,283)

9. inteRnAllY ReStRicted net ASSetS

Internally restricted net assets consist of the following: 2008 2007

Internally restricted research and trust $ 820 $ 786 Funds committed for specific purposes 8,386 12,590

$ 9,206 $ 13,376

10. inVeStment in cApitAl ASSetS

Investment in capital assets consists of the following:

2008 2007

Capital assets (note 4) $ 134,684 $ 136,506

Less: Long term debt pertaining to capital assets (24,827) (23,208) Deferred capital contributions (note 7) (70,531) (70,942) Financed internally (11,940) (12,352)

$ 27,386 $ 30,004

11. endowmentS

Endowments consist of the following:

2008 2007

fair Value cost fair Value cost

Student assistance $ 21,063 $ 18,149 $ 21,173 $ 16,335

General endowment 2,806 1,807 3,077 1,799

Library 1,755 1,156 1,904 1,131

Research 65 48 70 47

Colleges, departments, other 9,043 6,947 6,763 4,018

Reinvested realized earnings 7,888 5,901

$ 34,732 $ 35,995 $ 32,987 $ 29,231

Reinvested realized earnings is the amount of earnings available for allocation to unit holders based on the Board’s investment earnings distribution policy. The policy allows a maximum annual distribu-tion of 4% on the average four-year rolling unit value at December 31.

Bonnie patterson Professor Patterson, B.A., M.L.S., is President and Vice-Chancellor of Trent University since 1998, faculty member in the Department of Business Administration, current member and former Chair of the Board of Directors for the Association of Universities and Colleges Canada, Executive Committee Member and formerly President of the Council of Ontario Universities, one of four Canadian University Presidents appointed to the Council of the Association of Commonwealth Universities and serves on its Audit and Risk Committee, Director and former Chair of the Board for the Peterborough Regional Health Centre, Honorary Chair of the ALS Society in the Peterborough Region.

larry popofskyMr. Popofsky, prior to retirement in 2003, was the Chief Executive Officer of Greenwin Property Management Inc., which under his direction, grew to become one of Canada’s largest real estate management companies, led the formation of Residential Equities Real Estate Investment Trust, member of a private consortium which secured the exclusive rights from the Province of Ontario to build and operate Fallsview Casino in Niagara Falls, Ontario.

fred SherrattMr. Sherratt is the former Vice Chairman and Chief Operating Officer of CHUM Limited, co-founder and former President of the Atlantic Television System, began his broadcasting career in Nova Scotia, co-founded CFRS Simcoe, Ontario and became associated with CHUM Limited in 1960, served as a Board member and officer for numerous organizations, the recipient of many prestigious awards, Broadcast Hall of Fame inductee and inaugural recipient of the Ontario Association of Broadcasters Lifetime Achievement Award.

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12. ontARio Student oppoRtunitY tRuSt fund And ontARio tRuSt foR Student SuppoRt

Externally restricted endowments include grants provided by the Government of Ontario from the first and second phases of the Ontario Student Opportunity Trust Fund and the Ontario Trust for Student Support (OTSS). Under the programs the Government matched funds raised by the University. The purpose of the programs is to assist academically qualified individuals who for financial reasons would not otherwise be able to attend university. The Phase I and II information is for the period ended April 30, 2008 with comparative figures at April 30, 2007. The OTSS information is for the period ended March 31, 2008 and 2007.

2008 2007

Phase I Phase II OTSS Phase I Phase II OTSS

Endowment balance including preservation of capital, beginning of year $7,030 $1,724 $3,268 $6,983 $1,700 $1,649

Donations - - 810 - - 589

Matching funds from MTCU - - 781 - - 589

Transfers to/from Expendable Trust 21 - - (38) - -

Preservation of capital 176 34 579 85 24 441

Endowment balance, end of year $7,227 $1,758 $5,438 $7,030 $1,724 $3,268

Expendable funds available for bursaries,beginning of year $370 $73 $64 $333 $70 $13

Investment income 274 63 105 260 59 54

Expendable donations - - 7 - - 4

Transfers to/from Endowment (21) - - 38 - -

Bursaries awarded (201) (60) (64) (261) (56) (7)

Expendable funds available for bursaries in subsequent years $422 $76 $112 $370 $73 $64

Endowment total based on book value $7,649 $1,834 $5,550 $7,400 $1,797 $3,332

Market value,end of year $7,206 $1,630 $4,065 $7,807 $1,783 $2,591

Number of bursaries awarded 291 76 95 306 58 18

13. RetiRement plAnSThe estimated accrued benefit obligations and plan assets available to provide these benefits were as follows:

2008 2007

Faculty Non-faculty Faculty Non-faculty

Fair value of plan assets $137,555 $77,271 $144,460 $79,723

Accrued benefit obligations 154,518 78,890 154,923 78,769

Funded status – surplus (deficit) (16,963) (1,619) (10,463) 954

Portion of deficit funded by member contributions 2,003 - 1,906 -

Valuation allowance - - - (954)

Unamortized actuarial loss $(14,960) $(1,619) $(8,557) $-

The significant actuarial assumptions used in determining the accrued benefit obligations were as follows:

2008 2007

Discount rate 6.0% 5.25% Rate of compensation increase 4.0% 3.75% Rate of inflation 2.5% 2.25%

The current year’s charge to operations was $5,290 (2007 - $5,214) for all retirement plans.

The latest actuarial valuations for the registered pension plans were performed as of July 1, 2007. The next required actuarial valuations will be July 1, 2010. The University has a practice of performing annual valuations for accounting purposes for defined benefit plans. The Uni-versity measures its accrued benefit obligations and the fair value of plan assets for accounting purposes as at April 30 each year.

14. contingent liABilitieS

Reciprocal insuranceTrent University is a member of the Canadian Universities Reciprocal Insurance Exchange (CU-RIE). CURIE pools the property damage and public insurance risks for some forty institutions. All members pay annual deposit premiums which are actuarially determined and are subject to further assessment in the event members’ premiums are insufficient to cover losses and expenses. As at December 31, 2007, CURIE had a surplus of $16,572 (2006 - $16,507).

15. tRent uniVeRSitY foundAtion

The Trent University Foundation was incorporated as a separate crown corporation without share capital under the University Foundations Act, 1992, effective August 25, 1994. The Directors are appointed by the Lieutenant Governor in Council of Ontario. The objects of the Foundation are to solicit, receive, manage and distribute at its discretion money and other property to support education and research at the University. The net assets of the Foundation as at March 31, 2008 were $3 (2007 - $3).

linda SmithMs. Smith is Capital Projects Co-ordinator for Trent’s Physical Resources Department, pursuing her Project Management accreditation, former Text Buyer at Trent’s bookstore, a staff member at the University for more than 20 years, experience as parent to twin girls in post secondary institutions, combined with her extensive knowledge of faculty/staff and student requirements brings a broad perspective to the Board, active in community fund raising, serving as both Chair and Board member to a variety of non-profit fund raising initiatives from the CNIB to local daycare centres.

patricia SouthernMs. Southern, B.Math., F.C.A., is a Chartered Accountant and, most recently, General Manager of Gowling Lafleur Henderson LLP in Toronto, has been employed as Chief Financial Officer and held other financial management positions in other law firms and private and public companies, past Chair of the Board of Community Head Injury Resources of Toronto, over the past 20 years, has served as Treasurer, Chair and/or Director of a variety of not-for-profit organizations including a home for the aged and a co-ed residential high school, and served as a member of the Council of the Ontario Institute of Chartered Accountants.

Anne wrightMs. Wright, B.A., is a Chartered Accountant, experienced Board member with fund raising and government relations expertise, served as National President of the Canadian Diabetes Association and as a Director of Belmont House and Chaired Belmont’s $10 million capital campaign, former Board member of the Toronto Rehabilitation Institute, and former Chair of the Institute’s Foundation Board, recently Chaired the Board of Lakeridge Health in Durham Region, serves on the Boards of the McMichael Canadian Art Collection and the Canada Science and Technology Museum.

Rosemary ZigrossiMs. Zigrossi, B.Comm., is a Chartered Accountant and CFA charterholder, is a certified Director as a graduate of the Institute of Corporate Directors, Vice President at Ontario Teachers’ Pension Plan in the Asset Mix and Risk department, has held progressively more senior positions in the Investment division, including Vice-President of the fund’s venture capital program, has held Directorship roles and Chair of Audit Committees and of the Board in a number of start up companies, former Assistant Vice-President at J.P. Morgan Chase Bank (formerly J.P. Morgan), and a former Senior Auditor with KPMG.

Mission Trent university aspires to be Canada’s outstanding small university known for its commitment to liberal undergraduate education in the humanities, social sciences and natural sciences and to the centrality of the individual student. within a collegial setting, the university offers undergraduate and graduate programs, both traditional and interdisciplinary, which seek to advance learning through the creative interaction of teaching and research of the highest quality.

visionTrent at 50: To develop a learning environment which ensures that the individual student is knowledgeable, thinks critically, is socially conscious and is prepared to make a difference in society.

Peterborough • Oshawa • Ontario • Canada

www.trentu.ca

1600 West Bank Drive Peterborough, ON K9J 7B8

1-888-739-8885 (705) 748-1011

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