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L AKEL AND COLLEGE

ANNUAL REPORT 2025-26

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Table of Contents Land Acknowledgment......................................................... 2 2025-26 Board of Governors................................................ 3 Board of Governors Training on For-profit Ventures...... 3 Mission. Vision. Values.......................................................... 3 Accountability Statement..................................................... 4 Management’s Responsibility for Reporting.................... 4 Public Interest Disclosure..................................................... 4 Free Speech Reporting.......................................................... 4 President's Message............................................................... 5 Goals and Performance Measures....................................... 6 Student Supports and Resources........................................19 Strategic Research Priorities...............................................21 Collaborations With Other Learning Providers.............. 23 Capital Report......................................................................24 Mandatory Non-instructional Fees Reporting................ 26 Financial Statement Discussion and Analysis................ 27 Financial Statements........................................................... 35 Appendix............................................................................... 70

Askīyiwimamīhcītotamowin

LAND

PLANTS

ANIMALS

PEOPLE

Here at Lakeland College, we acknowledge that the land we gather on is the traditional homeland, hunting, and ceremonial gathering places of the First Nations, Métis and Inuit. The Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis, Dene, and Nakota Sioux people have practiced their culture and languages on Treaty 6 and Métis Region 2 territories for generations and were the original caretakers of this land. Many First Nation, Métis and Inuit peoples call this land home today and have done so for millennia. We would like to acknowledge the history we have created together on this land, and to be thankful for the opportunity to walk together side-by-side in Otôtemiwewin (friendship), learning from our past, and promoting positive relationships for the past, present and future. Three members of our Indigenous Student Committee created this land acknowledgement for Lakeland College. Kiera Comeau, Samantha O’Reilly and Ryan Powder wrote the askīyiwimamīhcītotamowin. The English translation of this Cree concept is the act of acknowledging the earth (land). It was unveiled on April 6, 2022.

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Mission. Vision. Values.

Mission

2025-26 Board of Governors Chair Adam Waterman Vice Chair Dean Fahselt President and CEO Dr. Alice Wainwright-Stewart Non-Academic Staff Trisha Mechor

To inspire lifelong learning and leadership through experience, excellence, and innovation.

Students Rory Jeffries Travis Wagner Public Brent Fischer Dr. Sean Lessard Kelly Smith-Fraser A.J. Mokelky Barb Shackel-Hardman

Vision Transforming the future through innovative learning.

Academic Staff Wanjiku Kaai

Board of Governors Training on For-profit Ventures There were no training opportunities for board members during the reporting period.

Values Learner Success Integrity Respect Community Excellence Innovation

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Accountability Statement Lakeland College's Annual Report for the year ended March 31, 2026, was prepared under the Board’s direction in accordance with the Sustainable Fiscal Planning and Reporting Act and ministerial guidelines established pursuant to the Post-secondary Learning Act. All material economic, environmental, or fiscal implications of which we are aware have been considered in the preparation of this report. [Original signed by Adam Waterman] Chair, Lakeland College Board of Governors

[Original signed by Dr. Alice Wainwright-Stewart] President & CEO, Lakeland College

Management’s Responsibility for Reporting Lakeland College’s management is responsible for the preparation, accuracy, objectivity, and integrity of the information contained in the Annual Report. Systems of internal control are designed and maintained by management to produce reliable information to meet reporting requirements. The system is designed to provide management with reasonable assurance that transactions are properly authorized, are executed in accordance with all relevant legislation, regulations and policies, reliable financial records are maintained, and assets are properly accounted for and safeguarded. The Annual Report has been developed under the oversight of the institution audit committee, as well as approved by the Board of Governors and is prepared in accordance with the Sustainable Fiscal Planning and Reporting Act and the Post-secondary Learning Act. The Auditor General of Alberta, Lakeland College’s external auditor appointed under the Post-secondary Learning Act, performs an annual independent audit of the consolidated financial statements which are prepared in accordance with Canadian public sector accounting standards. [Original signed by Adam Waterman] Chair, Lakeland College Board of Governors

[Original signed by Dr. Alice Wainwright-Stewart] President & CEO, Lakeland College

Public Interest Disclosure (Whistleblower Protection Act) Under the Public Interest Disclosure (Whistleblower Protection) Act, Lakeland employees can report in good faith when they believe a wrongdoing has occurred. Lakeland has a detailed procedure that explains the whistleblower process that is followed. A requirement of the Public Interest Disclosure (Whistleblower Protection) Act is that all disclosures made during the year are reported. Lakeland did not receive any disclosures during the 2025-26 year.

Free Speech Reporting Lakeland did not make any amendments to its Free Speech Policy in 2025-26. The policy is available online: lakelandcollege.ca/about/administration-and-governance/freedom-of-expression.html. During 2025-26, Lakeland did not receive any complaints related to free speech issues, nor were any events at Lakeland canceled for reasons related to free speech. 4 | lakelandcollege.ca

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Experiential learning remained at the heart of everything we do. Students connected theory with practice through initiatives including Farm 4.0, Round Up Sale, environmental research conferences, tax clinics, community practicums, international learning experiences and public clinics. With 98.6 per cent of our programs offering work-integrated learning opportunities, our students graduate with the experience employers value and the confidence to contribute from day one.

President’s Message Throughout 2025–26, Lakeland College continued to turn purpose into action. Driven by our vision to transform the future through innovative learning, we continued to advance the priorities of Vision 2030 by fostering learner success, strengthening industry and community connections, and investing in relevant programming, research and sustainability. Every milestone this year reflected our commitment to this, while preparing our students to lead in an evolving world. Our enrolment increased from 2,388.239 full-load equivalents* (FLEs) in 2024-25 to 2,422.975 FLEs in 2025-26. Throughout the year, we celebrated the success of 1,024 graduates and 166 apprenticeship graduates, each leaving Lakeland with practical experience, confidence and skills to make an immediate impact. Their achievements are a testament to the hands-on education that defines the Lakeland experience. Our students continued to excel on campus and beyond. Lakeland competitors earned provincial and national honours at Skills Canada Alberta and Skills Canada, while another apprentice prepares to represent Canada at WorldSkills this fall. Our interior design technology program earned its eleventh Excellence in Education award from the National Kitchen and Bath Association, and faculty members received provincial and national recognition for excellence in teaching, leadership and student success. Our Rustlers also celebrated another remarkable year, highlighted by a historic fourth consecutive Canadian Collegiate Athletic Association championship in women's volleyball and a second straight Alberta Colleges Athletic Conference championship in women's hockey.

Our commitment to rural sustainability and innovation continued to grow through applied research and industry partnerships. Lakeland was again recognized among Canada's Top 50 Research Colleges. Our researchers advanced solutions to real-world agricultural challenges while new partnerships, including a collaboration with Portage College, strengthened regional research capacity and created new opportunities for students, producers and industry. Investments in facilities, including the G.N. Sweet Livestock Research Facility, will ensure this work continues. Strategic partnerships also strengthened our ability to meet Alberta's workforce needs, with investments that will help us continue to modernize learning spaces, expanding dual-credit opportunities, and enhancing trades and energy programming. With support from the Government of Alberta and donors, we continued investing in spaces that support experiential learning. From the Newcombe N. Bentley Building renewal, which will open this fall, to ongoing revitalization of the Student-Managed Farm Lab and infrastructure improvements across both campuses, these projects reflect our long-term commitment to creating innovative, sustainable learning environments for future generations. Progress is measured by the success of our students and the strength of the communities we serve. Throughout 2025–26, we continued to build on both. As we look ahead, we remain focused on delivering Vision 2030 and strengthening our role as a leader in immersive learning, research and rural sustainability. Together with our students, alumni, donors, industry partners and communities, we will continue advancing innovation and preparing graduates to make a meaningful difference across Alberta and beyond. On behalf of the Board of Governors and my colleagues, I am pleased to present Lakeland College's 2025–26 Annual Report.

[Original signed by Dr. Alice Wainwright-Stewart] President & CEO, Lakeland College

*FLE numbers are unofficial and do not include apprenticeship FLEs, as that data was not yet appended by the provincial government as of August 2026.

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Goals and Performance Measures

Lakeland’s Vision 2030 Lakeland’s Vision 2030 aligns the college’s aspirations with the Government of Alberta’s priorities through four strategic outcomes:

LEARNER SUCCESS

RELEVANT PROGRAMMING AND RESEARCH

CONNECTIVITY

SUSTAINABILITY

Vision 2030 establishes key milestones, outlined in the 2025–26 Strategic Plan available on Lakeland’s website. This section of the annual report highlights the progress made toward those milestones during 2025–26.

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Board Ends

LEARNER SUCCESS is campus culture and supports, student experience. Key Initiatives

Expected Outcomes

(Vision 2030)

(2025 Milestones)

Priority: Belongingness 1) Lakeland fosters lifelong learning, leadership.

1.1) Every learner has access to a full range of supports and Lakeland is a partner in academic success. 1.2) Proactive healthy lifestyle programming.

2) Lakeland has a culture of belongingness, engagement, and innovation.

2) Lakeland is a leader in providing a safe and welcoming learning environment for every student.

Performance Measures (2025-26) 1.1) • • • • •

Increase awareness of services available. Survey students, asking if they are aware of the services available and how to access them. Every service area has a coordinated communication plan to all stakeholders. D2L shell link for every student and engagement of faculty. Increased use of services in The Commons as measured by The Commons annual report.

1.2) • •

romote the healthy lifestyle activities that Lakeland offers. Track participation in clubs, athletics and recreation, and P consolidate a report by end of April 2026. Offer holistic health & wellness.

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Performance Measures (2025-26) Continued 2) • Complete the rollout of the Belongingness compass by June 2026. • Track the number of key stakeholders trained. • Track the number of students who complete gender-based violence training in the new student orientation and use this to set a baseline for future training.

LEARNER SUCCESS | 2025- 26 Outcomes Priority: Belongingness 1.1) Lakeland continued to raise awareness of the support services available to students. This was achieved through website updates, campus posters and TV displays, a dedicated Commons Instagram account, the Involve App and other updating marketing materials. Students and faculty also have access to links to college services on the D2L global homepages. All links are accessible under Directory and Important Links. The Directory links send the students to the relevant page on Lakeland’s website or the department’s specific Padlet. A student survey was conducted to gauge awareness and access to services in 2025-26. The survey showed that general awareness of Student Services is strong, particularly for academic and health-related supports. The most frequently used services were library services, peer tutoring (Nimbus), recreation, and learner success strategists. Students shared they were aware of services including counselling, health supports (nurse), wellness supports and more. An increasing number of students accessed supports and lifestyle programs in 2025-26: • Counselling sessions: there were 1,438 counselling sessions in the 2025-26 academic year, 1,288 in person and 150 virtual sessions. The counsellors held 79 group sessions. This marks a 27 per cent increase from the previous year’s 1,130 counselling sessions. •

Received peer tutoring: 220 students attended peer tutoring sessions.

•

Provided peer tutoring: there were 53 peer tutors.

• Total peer tutoring sessions: 493 •

Learner success strategists: there were 373 individual sessions, 25 group sessions and 48 presentations.

• Work-integrated learning: 109 one-on-one sessions recorded with students on resumé support, transition to work placements, interview skills and other employability sessions. There were 15 group sessions and 16 presentations. The work-integrated learning team works directly with some departments on placements. Other departments have their own designated staff to manage placements. • Wellness team: held 212 individual student sessions, an increase of 72 per cent from the year prior and facilitated 25 groups. • Accessibility services: 329 students registered for accessibility services in 2025-26, representing a 9.3 per cent increase from 301 students in the previous year. • Accommodated exams: 296 were provided.

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LEARNER SUCCESS | 2025- 26 Outcomes Continued 1.2) Lakeland promoted healthy lifestyle activities offered at Lakeland through a variety of initiatives, including sharing info on D2L, posters, TV displays, social media and the Involve app. A variety of health and wellness programs were offered, including Mindfulness-Based Stress Reduction, Indigenous support services activities, and more. Lakeland tracked participation in clubs, athletics and recreation. There are 19 active clubs at the Vermilion campus and three at the Lloydminster campus. A variety of events were held throughout the year at each campus, from a colour relay to an outdoor movie night, safety and mental health presentations, free meals, recreation events and more. Event participation was tracked at each campus. In 2025-26, there were 132 student-athletes in athletics and 80 student-athletes in the Rustlers Club programs. There were 455 participants in the Rustlers Youth Club.

2) The rollout of the Belongingness compass was completed. It featured a poster campaign, video and an open house at each campus, among other initiatives. In total, 60 people participated in the open house event. In addition, directors, deans and chairs were oriented to present the video and lead belongingness discussions with their respective departments. Approximately 1,300 students completed the gender-based violence training – between 40 to 50 per cent of the total student population. The baseline for future training in 2027 is to roll out to first-year students only, targeting at least 60 per cent completion.

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Board Ends

RELEVANT PROGRAMMING & RESEARCH is program quality, labour market alignment, flexible and student-centered, innovative research, healthy enrolment.

Key Initiatives

Expected Outcomes

(Vision 2030)

(2025 milestones)

Priority: Investment Management Agreement 1) Every student learns experientially through work integrated learning initiatives.

1.1) Expand the student-led experience to Lakeland operations.

2) Graduates have employable skills and programs are launching pads into successful careers.

2) Lakeland programs align with market and industry needs.

3) Students learn when, where, and how they prefer and have access to learning pathways.

3) Growing flexible options for students.

4) Programs meet target enrolment expectations.

4) Programs are on target with enrolment growth plan.

1.2) Curriculum and teaching are aligned to the Academic Framework.

Priority: Research 5) Lakeland is nationally recognized as a leader in agricultural research and innovation.

5.1) Create sustainable research funding. 5.2) Lakeland identified as an applied research hub.

Performance Measures (2025-26) 1.1) Access RBC Grants to develop: • •

entorship (10,000 Cups): implement student mentorship program through the School of Business. Measure M year-over-year school retention. Leadership skills as measured by pre and post survey of Bachelor of Agriculture Technology students.

1.2) Implement the completed elements of the Academic Framework: • Course outlines (all outlines in the new tool by December 2025) • Annual refresh • Program lifecycle • Credit & credential • Work-integrated learning (WIL) The support and resource page for Academic Framework was completed on Lakeland's intranet. An informational webpage was built on lakelandcollege.ca.

2) Percentage of Lakeland graduates who report being employed approximately two years after graduation. Results collected from government’s biennial survey of graduates.

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Performance Measures (2025-26) Continued 3) Track participation with: • • •

Northern colleges pathways Collegiate with Buffalo Trail Public Schools Dual credit and CTS

Ensure modes of delivery align with the needs of students (international, Indigenous and domestic), as measured by total domestic / international / Indigenous enrolment FLE and headcount and enrolment in CTS and dual credit courses.

4) Programs meet optimal enrolment targets as per Investment Management Agreement (IMA) measurement.

Priority: Research 5.1) • Continue fiscally sustainable research activities. • Sponsored research revenue from federal, provincial, industry and other sources. 5.2) Implement Communication Strategy and measure year-over-year applied research media mentions

RELEVANT PROGRAMMING AND RESEARCH | 2025- 26 Outcomes Priority: Investment Management Agreement 1.1) The School of Business piloted the Ten Thousand Coffees mentorship program with co-operative education students from May to August 2026. In this cohort, there were five students and five alumni business mentors, from a variety of different industries, who participated. Bachelor of Agriculture Technology students were surveyed twice and the results will be used by program faculty to continue improving initiatives that support leadership development. 1.2) The following completed elements of the Academic Framework were implemented: course outlines, annual refresh, program lifecycle and work-integrated learning. The credit and credential element framework is being piloted. The support and resource page for the Academic Framework were completed, both on Lakeland’s intranet and website. 2) Results from the Government of Alberta’s 2023-24 Graduate Outcome Survey are not available until fall 2026. According to the last survey completed, 92 per cent of Lakeland graduates are employed.

3) Lakeland’s participation with the following was tracked: • Northern colleges pathways: Lakeland signed a memorandum of understanding with Keyano College, Northern Lakes College, Northwestern Polytechnic and Portage College to broaden educational pathways for students in Alberta’s northernmost communities. The five institutions met in March to discuss transferability, courses and programs for business and then in April to discuss energy transferability options. Lakeland met with northern institutions to discuss transfer options among health-care programs in late March. Potential exists for transfer options specifically with Northwestern Polytechnic’s nursing program and Bachelor of Health Science program (pending approval).

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RELEVANT PROGRAMMING AND RESEARCH | 2025- 26 Outcomes Continued • Collegiate with Buffalo Trail Public Schools (BTPS): Lakeland welcomed 225 students at the Lloydminster campus for BTPS Grade 9 Day. Twenty-eight BTPS students completed two dual credit courses offered by the School of Health, Wellness and Human Services in 2025-2026, including D120 Observation and Play and HE158 Health, Safety and Nutrition. • Dual credit and career and technology studies (CTS): The School of Health, Wellness and Human Services offered six dual credit programs to 127 students. Their CTS offerings included hairstyling and esthetics, of which 53 students participated. The School of University Transfer offered two dual credit courses – PSYCO 104 and SOC 100 – which saw 23 BTPS students participate in. The School of Business had two dual credit students enrolled in the MK170 Marketing Principles course. The School of Trades & Technology offered dual credit programs for automotive service technician, carpentry, welding – 418 high school credits were delivered in collaboration with BTPS. With Cenovus Energy’s investment in Lakeland in 2026, dual credit programming will expand in the future to include electrician and process and power engineering. In 2025-26, 251 students from both BTPS and East Central Catholic Schools participated in CTS programming – including mechanics, welding, carpentry, electrical and interior design. Lakeland proactively works to ensure modes of delivery align with the needs of students which has allowed Lakeland to improve access to students which is evident through growth in full load equivalents (FLE). Year over year, Lakeland saw an increase in FLEs – from 2,388.239 in 2024-25 to 2,422.975 in 2025-26 (not including apprenticeship). 2025-26 FLE numbers are unofficial and do not include apprenticeship FLEs, as that data was not yet appended by the provincial government as of August 2026. For 2025-26 the unofficial FLEs and headcounts, without apprenticeship FLEs (as that data was not yet appended by the provincial government as of August 2026) are: • •

Domestic: 2,231.029 FLE and 3,327 unique students International: 191.946 FLE and 225 unique students

Included in the above Domestic figures are: •

Indigenous: 248.358 FLE and 353 unique students

4) Lakeland’s programs exceeded the optimal enrolment targets outlined in the Investment Management Agreement (IMA). The IMA target measurement was 2,074 for 2025-26, Lakeland’s actual June update was 2,479. FLE numbers are unofficial and do not include apprenticeship FLEs, as that data was not yet appended by the provincial government as of August 2026.

Priority: Research 5.1) In 2025-26, Lakeland continued its work with fiscally sustainable research activities, and received sponsored research revenue from federal, provincial, industry and other sources. Lakeland ranked: • 44th overall on the Canada’s Top 50 Research Colleges. • 15th for College Research Intensity ($ per Researcher). • 14th Industry Research Income as % of Total College Research Income. • 17th for Industry Research Income Growth amongst the small Colleges and Polytechnics. Lakeland updated and started implementation of the five-year plan for applied research sustainability which revolves around six key items: 1. Endowed research chairs (the chairs support scientist positions that are currently externally funded) 2. Grants (both project and research operating) 3. Overhead 4. Create a technology access centre to access tri-agency funding for those centres 5. Submit biennial Canada Foundation for Innovation (CFI) and Natural Sciences and Engineering Research Council of Canada (NSERC) Applied Research and Technology Partnership (ARTP) proposal 6. Lab/service account 12 | lakelandcollege.ca

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RELEVANT PROGRAMMING AND RESEARCH | 2025- 26 Outcomes Continued A letter of intent was submitted to NSERC for a new Technology Access Centre. Although it was unsuccessful, the reviewers’ feedback was very encouraging. A $2.6 million CFI / RCP infrastructure grant was secured that comes with an additional $300,000 in infrastructure operating funds. At present, the terms of reference to create a Crop and a Livestock Lab/Service Account are being finalized. A proposal for an Endowed Chair in Beef Cattle Production was also submitted. Lakeland secured $4.14 million in sponsored research revenue including $549,220 from industry. We also maintained a diversity of funding including approximately 38 per cent federal funding, 46 per cent provincial funding, 13 per cent industry and 3 per cent from other sources. 5.2) As part of our branding strategy for Applied Research, we created the Lakeland College Centre for Applied Research and Learning (CARL). The name of the centre was developed through internal consultations and a series of workshops that included representatives from several schools and departments at the college. CARL was launched on Lakeland’s website, which includes the Research Centre. It is a hub for the projects underway and completed at Lakeland, and a gateway to the college’s research expertise. A social media contract was hired to increase research’s social media presence. Lakeland’s applied research media mentions from April 1, 2025, to March 31, 2026, were 132 compared to 53 from the previous year – a 149 per cent increase.

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Board Ends

CONNECTIVITY is industry partners, fundraising, alumni and collaboration. Key Initiatives

Expected Outcomes

(Vision 2030)

(2025 milestones)

Priority: Belongingness 1) Industry partners are fully engaged as advocates for students and programs.

1) Industry partnerships that support programming.

2) A reliable stream of funds are available to support ongoing capital priorities and to support learners through scholarships and awards.

2) Sustainable resources and supported student success through fundraising and external partnerships.

3) Alumni are fully engaged as advocates for students, programs, and supports of the College.

3) Alumni engagement to support student mentorship, student outreach, and school outreach with alumni partners in industry.

4) Lakeland is a leader in maximizing system efficiencies and ensuring student success by coordinating with community and post-secondary partners.

4) Regional connector, partner, and collaborator to support economic development and rural sustainability.

Performance Measures (2025-26) 1) • • • • •

chools are tracking staff and student attendance at industry events, guest lectures from industry, and advisory committee S representation. Donor and Alumni Relations track industry engagement in Blackbaud. Marketing tracks Lakeland Link industry subscribers who open. Marketing & Enrolment track industry on campus (ex. career fairs, tours, events). Applied Research tracking partnerships.

2) Service Model for Donations and Sponsorship Processes: • • •

Training for staff/students. Transparency of rules and regulations. Measurement to track is the number of gifts and total value of gifts.

3) Alumni framework implementation, including mentorship program underway, piloted with students/staff and may expand to alumni. 4) •

• •

ontinue rural sustainability outreach with Alberta HUB, Vermilion River Regional Alliance, Colleges and Institutes Canada, C Invest Alberta, Saskatchewan Accessibility, Chair SBO, AB/SK Pres/SAO/CFO, ACIEA, CAUBO, Alberta Post-secondary Application System, ARDN Board member. Maximize regional stewardship and regional Indigenous bands economic collaborates. The measurement to track is the growth in the number of industry partnerships.

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CONNECTIVITY | 2025- 26 Outcomes Priority: Belongingness 1) Lakeland’s academic schools tracked staff and student attendance at industry events, guest lectures from industry, and advisory committee representation. For example, the School of Health, Wellness and Human Services had guest speakers from the Government of Alberta Early Child Care, CEASE Trafficking, Bodyography, The Curl Bar and other organizations. Human services students participated in conferences, including the Child & Youth Association and were also placed in over 208 practicum sites. Health and Wellness students participated in the provincial skills competition. The School of University Transfer and Foundational Learning hosted a variety of guest speakers, including British Home Children Historian, Walking Through Grief and more. The School of Trades and Technology welcomed a variety of trades professionals to campus for pre-employment lunch and learn sessions. Apprentices competed in provincial and national skill competitions. Students in the School of Agricultural Sciences completed numerous industry and producer tours. Throughout the year, students in programs that manage the Student-Managed Farm – Powered by New Holland (SMF) work with industry reps on business matters related to everything from grain pricing to genomics and heifer selection, to management strategies and more. They connected with industry during their year-end SMF presentations. Energy hosted a lunch and learn series featuring several industry partners from SaskPower, Cenovus, and others, and hosted tours for various groups on campus. Business students had a number of guest speakers ranging from MNP to Government of Alberta Municipal Assessment, Canada Revenue Agency and more, as well as lunch and learn sessions. Interior design technology students also benefited from guest speakers, site visits, the annual Toronto interior design show and practicum placements. In total, there were 1,766 practicum enrolments in 2025-26. Donor and Alumni Relations (DAR) did not track industry engagement in Blackbaud (Raiser’s Edge); however, alumni engagement was tracked throughout year: • • •

276 alumni attended events and socials 78,811 alumni email sends 9,624 copies of the Excel alumni magazine were shared

In 2025-26, the Lakeland Link newsletter was opened 5,042 times – 14 per cent of the subscribers who opened the Link were from industry. Enrolment completed one industry tour in 2025-26 as priority is given to prospective student tours. Lakeland held two career fairs in 2025-26 featuring 58 employers and 484 students. Applied Research had 81 partnerships with not-forprofit, government (provincial and federal), SME, large enterprises and external research institutions. 2) A Donor and Alumni Relations (DAR) team member presented the fundraising priorities and a new Student Fundraising Guide to the Leadership Team in September 2025. DAR representatives also met with the School of Agricultural Sciences, deans and the director of athletics to review the fundraising guide. The document was added to FRED, the college’s intranet, and a DAR team member served as the point of contact for fundraising and sponsorship questions from employees and students. Thanks to feedback from employees and students, an updated Fundraising Guide will be shared in 2026-27. In 2025-26, there were 701 donors and a total of $4.25 million donated, compared to 752 donors and $3 million donated the previous year. In 2025-26, there were 294 first-time donors and 121 alumni who are donors. 3) The Alumni Framework was implemented and several objectives were completed, including updating the Alumni policy with current academic programming and improving tracking processes. An alumni scoring system was implemented and a volunteer alumni form was developed. The Ten Thousand Coffees mentorship program was piloted with the School of Business and alumni were included as mentors. 4) Lakeland College continued to serve as an important regional connector, partner and collaborator, building relationships with industry, communities, municipalities and other stakeholders through participation on boards and committees, regional meetings and conferences, and by welcoming partners and groups to our campuses. While a new economic impact study was not completed in 2025–26, Lakeland continues to play a significant role in the economic strength and sustainability of the region. The most recent Economic and Investment Analysis, completed by Lightcast in 2025 using 2023–24 data, estimated Lakeland’s contribution to the regional economy at $225.7 million. Regional connections continued to expand in 2025–26, with the number of industry partnerships increasing by 27 per cent over the previous year, further strengthening opportunities for collaboration, workforce development and rural sustainability. 2025-26 Annual Report | 15

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Board Ends

SUSTAINABILITY is financial sustainability, empowering staff to excel, risk management, sustainable campus and recruitment. Key Initiatives

Expected Outcomes

(Vision 2030)

(2025 milestones)

Priority: Resourcing the Future 1) Lakeland’s fiscal position is strong and resources are available for strategic investment.

1) Budget framework continues to align with Lakeland needs.

2) Lakeland College has a culture of living our values and empowering our staff to achieve our mission and vision.

2) Values are integrated into all decisions.

3) Lakeland is responsive to internal and external threats.

3) Business continuity and risk frameworks are implemented to ensure the stability, safety, and services for staff and students at Lakeland.

4) Students are learning in world-class environments and have to access to modern equipment and technology.

4.1) Completion of a campus revitalization strategy. 4.2) Improve preventable maintenance cycle. 4.3) Digital strategies that supports academic and administrative efforts at Lakeland. 4.4) Completion of Sustainability Framework that integrates the United Nations 17 Sustainability Development Goals into our Framework.

5) Lakeland has a strong recruitment strategy.

5) Optimize sustainable enrolment growth.

Performance Measures (2025-26) 1) Budget framework continues to align with Lakeland’s needs. 2.1) Development and release of new values video to new employees as measured by annual video views. 2.2) Implement four college-wide Guarding Minds initiatives. 3) Adhere to and update the Enterprise Risk Management Report annually. 4.1) Construction of Bentley Building will be complete and staff will be moving into building in preparation for Fall 2026. 4.2) Update deferred maintenance plan. 4.3) • • • •

Work towards the “bring your own device” strategy. Improve Wi-Fi and power availability in classrooms and student spaces. Implement full Modern Campus suite. Process Improvements utilizing technology.

4.4) Achieve bronze to silver in Sustainability Stars Framework.

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Performance Measures (2025-26) Continued 5) Implement Enrolment and Student Success Roadmap (formerly SEM) and work on a minimum of one strategy for each goal.

SUSTAINABILITY | 2025- 26 Outcomes Priority: Resourcing the Future 1) Lakeland’s Budget Framework remained aligned with Lakeland’s needs in 2025-26. A small surplus was budgeted to help achieve investment back into the college. The actual surplus achieved this goal. 2.1) A new values video was completed in 2025-26. In total, 746 people watched the video. The tool is posted on the college’s intranet (FRED) and is available for onboarding and departmental usage. 2.2) The Leadership Team focused on four Guarding Minds initiatives throughout the year based on employee feedback: mentorship for staff and students, employee development, succession planning, and rewards and recognition. The Ten Thousand Cups mentorship program with students was piloted with business students, while a staff mentorship program was in development with a survey completed. Rollout was postponed until 2026-27. Succession plans were completed by all deans and directors. Lakeland now does succession planning for all leadership roles and critical professional roles annually. A focus was put on improving employee recognition within departments, a local survey was developed for use by larger departments, and a script was created for leaders to engage and ask smaller teams what their preferences were. In addition, it was reminded that breaks are important to teams and how we can help people feel more comfortable taking breaks 3) Lakeland continued to adhere and update the Enterprise Risk Management Report in 2025-26. Risks were identified, monitored and mitigated. Risks remained at a similar level, and risk mitigation practices led to maintaining zero high-risk areas for the College. This supported the stability, safety and services for staff and students at Lakeland. 4.1) The Newcombe N. Bentley Building modernization, a key component of Phase 3 of the Vermilion Campus Revitalization Plan, will be open with full access to staff and students in August 2026. 4.2) The deferred maintenance plan will be updated in 2026 to establish a comprehensive five-year capital renewal strategy that balances deferred maintenance priorities with institutional and program needs. The plan is being informed by structured condition assessments, dialog recommendations, and facilities team expertise and observations. 4.3) Significant progress has been made in advancing Lakeland's device access strategy across both the Lloydminster and Vermilion campuses. Investments to improve Wi-Fi coverage, power availability and classroom technology infrastructure are enhancing the student-learning experience while supporting current and future instructional needs. More than 40,000 feet of cabling has been installed to strengthen network capacity and support ongoing technology initiatives. Lakeland’s Campus Technology Services (CTS) team worked with the college's Academic Technology Committee to allow bring your own device (BYOD) in the renovated Newcombe N. Bentley Building and select classrooms at the Lloydminster campus. Wi-Fi capacity in that space is being built up to support a connected learning experience, and the Bentley Building is being trialed before a wider rollout is implemented. Wi-Fi connectivity is being evaluated to ensure it is addressed and configured to leverage student use issues. Lakeland is increasing wired internet speed from 1.8 to 5 Gbps and routing all Wi-Fi through our Telus 10 Gbps service.

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SUSTAINABILITY | 2025- 26 Outcomes Continued Lakeland implemented Modern Campus products for web, student engagement, and catalogue and curriculum management, including CMS, Involve, Catalog and Curriculum. CTS improved IT service management through a centralized portal and by working with the records office to initiate records management work. An assessment of services is being completed to provide recommendations to college leadership regarding AI governance. A full infrastructure roadmap was completed to set direction for the next three years. Connectivity upgrades, BYOD pilot, and records management are interconnected with these efforts. 4.4) Lakeland has advanced its Sustainability Tracking, Assessment & Rating System (STARS) from bronze to an unaudited silver, and is working toward achieving audited silver status. This achievement reflects the institution's ongoing commitment to sustainability and recognizes the collective efforts of departments across the college to document and demonstrate sustainable practices in operations, academics, research, engagement and planning. 5) The Enrolment and Student Success Roadmap (formerly SEM) was implemented and more than one strategy was worked on for each goal. Major projects include the launch of a user-friendly website and the Involve app, optimizing the use of HubSpot to automate the enrolment communications funnel and launching department-specific marketing plans. A reporting hub was created to house data from various departments which will support the use of analytics to shape a data-driven enrolment funnel. Staff and students have been consulted via surveys to tailor communication channels and an internal communications framework is underway. Work will continue in 2026-27.

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Student Supports and Resources

Lakeland offers the following support services and resources: Accessibility Services: accessibility is about connecting students to the accommodations, resources, and services they need to achieve their academic goals, including: • Exam accommodations such as extra time, quiet environment or readers/scribes; • In-class accommodations such as note takers, recording lectures, assistive listening devices, sign language interpreter, flexible assignment deadlines, alternate formats of exams, and textbooks; • Other supports such as tutors, study and learning strategies; • Accessibility audits if they use mobility supports. Health and Wellness Services: a range of supports are available, including: • Counselling services: four counsellors are available to assist with issues ranging from depression to grief, self harm to eating disorders, adapting to life in Canada, loneliness and more. • Campus nurse: available to provide first aid, health education, birth control counselling, and sexually transmitted disease testing, among other services. • Wellness services: examples of support offered can help with culture shock, time management, academic appeals, bullying, finding food and housing resources, developing self-care strategies and more. • Health and dental plan: Lakeland’s Students’ Association offers a mandatory health and dental plan.

Learning Success Strategists: two learner success strategists are available to help students with different strategies for learning and cover items such as time management, reading strategies, study skills, note taking and other academic skills. Work-Integrated Learning Advisors: advisors work with specific schools in managing placements for practicums and off-campus learning opportunities. They also provide support in employability skills and the transition to the world of work. There are resources for resumes, interviews, and managing conversations. Academic Advisors: available in specific academic schools to guide students through Lakeland (choosing courses, discussing education goals) and help them in their next steps (further education, career goals). If an academic advisor is not available in a school, the department chair fills the role. Indigenous Support Services: facilitates personal and academic resources, events and activities to help students during their Lakeland journey. Indigenous Support Services offers: • Academic supports: includes tutoring, assistance with projects and presentations, and access to the Learning Commons, among other services. • Cultural supports: includes teachings, workshops (beading, ribbon skirts), ceremonies, and events (powwows, storytelling). • Resource supports: includes financial support, emergency 2025-26 Annual Report | 19

ANNUAL REPOR T

support, career guidance and community connections. • Wellness supports: includes access to campus counsellors, wellness advisors and nurse. Library Services: each campus has a library, plus online databases, interlibrary loans, Hoopla and more. Peer Tutoring: using the Nimbus app, students can sign up to be a tutor or get a tutor. International Support: each campus has an international support coordinator to support students with admissions, orientation and life as a Lakeland student. Residences: each campus offers residence accommodations, including dorms and family housing. Support is provided from trained residence assistants. Career Fairs are held at each campus and a job board on the college website is available for employers to post positions for current students and alumni. Financial Aid and Awards: the financial aid team provides

20 | lakelandcollege.ca

information on government student aid, entrance awards, external awards, Lakeland’s student awards program, sponsorship and other funding options. Safety: security is available 24/7 throughout the year. They offer safe walk programs, assistance for those locked out, and help in emergency situations. Lakeland also has the Safe App as a general resource and the REES Reporting Tool to provide online reporting for sexual violence on campus. Recreational Activities: offered throughout the year at both campuses. Students have access to the Recreation Centre at the Vermilion campus, including the pool, hot tub, league volleyball, weight room, climbing wall, rowing and other drop-in sports. All Lakeland students can attend Rustler home games free of charge. A new disc golf course opened at Vermilion campus. The Lloydminster campus features a weight room, as well as the student-led spa and salon that feature student-rates.

L AKEL AND COLLEGE

Strategic Research Priorities

Lakeland’s Applied Research Strategic Plan was developed with agricultural industry stakeholders to ensure alignment with industry needs and opportunities. Our vision is to increase the industry’s productivity, sustainability and competitiveness, share knowledge with the livestock, crop, and ag-tech sectors, and deliver timely, innovative, and impactful solutions that will transform the future of agriculture. As such, seven Strategic Directions, that aligned with Government of Alberta strategies (see Appendix A and B), were identified: 1) Ensure research capacity delivers research results through strategic collaborations, investments in infrastructure and talent attraction. Alignment with provincial priorities: • ATIS Goal 1- Obj 1, 2, 3; Goal 2 - Obj 1, 2, 3; Goal 3 – Obj 1, 4; Goal 5 – Obj 1, 2. • Alberta 2030 Goal 2 - Obj 1, 3; Goal 3 - Obj 1; Goal 4 - Obj 1, 2; Goal 6 - Obj 1. Key achievements: • Successfully secure funding from CFI and RCP (2.6 million) to expand our research infrastructure including acquisition equipment for Individual Animal Intake and Performance Monitoring Infrastructure, Animal and Crop Greenhouse Gases Emission Monitoring, Small Plot Crop Research Equipment, and Fodder Infrastructure for growing livestock feed.

(Agriculture and Agri-Food Canada (Lethbridge, Lacombe, Swift-Current), Innotech Alberta), Applied Research Associations (Lakeland Applied Research Association, Farming Smarter, SARDA, Battle River Research Group, Chinook Applied Research Association, Gateway Research Organization, Mackenzie Applied Research Association, and North Peace Applied Research Association) and other post-secondary institutions (Dalhousie University, Olds College, University - Thompson River, University of Alberta, University of Calgary, University of Manitoba, University of Saskatchewan, University of Stellenbosch). • Lakeland trained a total of 24 students (paid positions and practicums) including 17 college students, one undergraduate student, four MSc, one high school student and one post-doctoral fellow. Students were provided with the opportunity to engage with industry partners and attend conferences.

• Lakeland‘s Applied Research team engaged with 20 strategic collaborators to deliver high quality research to industry. This included collaborations with Government 2025-26 Annual Report | 21

ANNUAL REPOR T

2) Promote industry adoption and on-farm implementation of research findings through knowledge transfer, demonstrations, and extension. Alignment with provincial priorities: • ATIS Goal 1 - Obj 2; Goal 3 - Obj 1, 2, 3; Goal 5 - Obj 1. • Alberta 2030 Goal 3 - Obj 2, 3. Key achievements: • In 2025-26, the Applied Research Team hosted the Crop Diagnostic Day and Livestock Field Day – Research for the Ranch that attracted over 160 attendees including students, researchers, ag professional, producers, and industry partners. • Dissemination, Awareness and Outreach o 44 Industry/community public events. o 21 Working group/expert panel, advisory committees. o 18 Articles in a magazine or newsletter. o 6 Broadcast/podcasts. 3) Enhance student learning experience, academic excellence, and training of a skilled workforce through engagement with students and faculty. Alignment with provincial priorities: • ATIS Goal 1 - Obj 1, 2, 3. • Alberta 2030 Goal 1 - Obj 1, 2, 5; Goal 2 - Obj 1, 2, 3; Goal 3 - Obj 1; Goal 4 - Obj 1, 2. Key achievements: • In 2025-26, 465 students from our diploma programs (including Animal Science Technology, Crop Technology, Bachelor of Agriculture Technology and Agribusiness) were engaged in research activities, an increase from the previous year’s total of 208 students. • In 2025-26, 12 faculty and staff were involved in applied research with 1,594 hours of engagement in research activities. 4) Investigate promising tools, technology, and innovations to drive strategic advances that enhance the environmental, social, and economic sustainability of the agriculture industry. Alignment with provincial priorities: • ATIS Goal 2 - Obj 1, 2, 3; Goal 3 - Obj 1, 2, 3, 4; Goal 4 Obj 4; Goal 5 - Obj 1, 2. • Alberta 2030 Goal 3 - Obj 2, 3; Goal 5 - Obj 2; Goal 6 - Obj 1.

5) Develop, optimize, evaluate and validate products, strategies, and management practices that consider our geographical context to enhance livestock and field crop production efficiencies. Alignment with provincial priorities: • ATIS Goal 2 - Obj 1, 2, 3; Goal 3 - Obj 1, 2, 3, 4; Goal 4 Obj 4; Goal 5 - Obj 1, 2. • Alberta 2030 Goal 3 - Obj 2, 3; Goal 5 - Obj 2; Goal 6 - Obj 1. Key achievements: See Strategic Direction #7 6) Offer high quality, science-based and unbiased research services to enhance productivity, profitability and sustainability of our industry partners and provide validation for producers to make informed decisions. Alignment with provincial priorities: • ATIS Goal 2 - Obj 1, 2, 3; Goal 3 - Obj 1, 2, 3, 4; Goal 4 Obj 4; Goal 5 - Obj 1, 2. • Alberta 2030 Goal 3 - Obj 2, 3; Goal 5 - Obj 2; Goal 6 - Obj 1. Key achievements: See Strategic Direction #7 7) Enhance environmental sustainability and social responsibility of the agriculture industry through responsible management of natural resources and care of livestock. Alignment with provincial priorities: • ATIS Goal 2 – Obj 1, 2, 3; Goal 3 - Obj 1, 2, 3, 4; Goal 4 Obj 4; Goal 5 - Obj 1, 2. • Alberta 2030 Goal 3 - Obj 2, 3; Goal 5 - Obj 2; Goal 6 - Obj 1. Key achievements*: • $4.14 Million in sponsored research revenue including $549,220 from industry that was leveraged with provincial and federal funders. • 81 partnerships with not-for-profit, provincial and federal government, SME, large enterprises, and external research institutions. • 62 active projects – all with environmental and economic implications. • Research output: o 33 conference, symposium or presentations. o 7 peer-reviewed academic publications • 916 product developed/improved. • 170 processes developed/improved.

Key achievements: See Strategic Direction #7 *Key achievements for Strategic Direction 4, 5, 6 and 7 are combined as a total overall research achievement.

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Collaborations with Other Learning Providers

Lakeland collaborates with numerous secondary and postsecondary learning providers to enhance learning opportunities. Examples include: • In 2025, Lakeland signed a Memorandum of Understanding with Keyano College, Northern Lakes College, Northwestern Polytechnic and Portage College to broaden educational pathways for students in Alberta’s northernmost communities. The five institutions met in 2026 to discuss transferability, courses and programs, for business and energy. • Lakeland collaborates with other post-secondary institutions to provide a variety of degree-completion options. For example, bachelor of education routes are available to Lakeland students thanks to collaborations with the University of Alberta and the University of Calgary. Lakeland is also a location for bachelor of science in nursing from the University of Saskatchewan. Four different degree completion options and almost a dozen different majors are available with Lakeland’s agreement with Athabasca University. • Northern Lakes College continues to offer labs for its practical nurse program at Lakeland’s Lloydminster campus. Clinical placements are completed in the surrounding region. • In 2025-26, the first cohort – 11 students – from Lloydminster campus’ distributed nursing site completed the University of Saskatchewan’s bachelor of nursing degree.

• Lakeland collaborates with regional school divisions to offer career and technology studies (CTS) and dual credit courses to high school students. In 2025-26, more than 195 students completed dual credit studies in programs ranging from business to human services, university transfer and health and wellness. The School of Trades & Technology offered dual credit programs for automotive service technician, carpentry, welding – 418 high school credits were delivered. In total, 304 students completed CTS courses. • Lakeland hosted 225 students at the Lloydminster campus for Buffalo Trail Public Schools Grade 9 Day. • Lakeland collaborated with Onion Lake Cree Nation, Thunderchild, Frog Lake and Kehewin Cree Nation to offer introduction to carpentry, automotive, and welding courses in both the fall of 2025 and spring of 2026. Of the 83 students who completed these courses, 34 students applied to Lakeland's pre-employment programming. • Lakeland has more than 194 transfer agreements in place. During the 2025-26 academic year, 22 new program agreements were developed and one renewed. • During the 2025-26 academic year, Lakeland had 81 partnerships with not-for-profit, government (provincial and federal), SME, large enterprises, and external research institutions. Lakeland’s Applied Research team hosted Alberta Crop Diagnostic Day and Livestock Field Day where producers, researchers and industry representatives learned more about the college’s latest insights and advances.

2025-26 Annual Report | 23

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Capital Report

The Newcombe N. Bentley Building will be completed for fall 2026.

Lakeland College continued to invest in modern, safe, and student-focused learning environments throughout the 2025–26 fiscal year. Significant progress was made on strategic infrastructure renewal, campus improvements and initiatives that enhance the student experience. Key highlights include: • The Newcombe N. Bentley Building modernization, a key component of Phase 3 of the Vermilion Campus Revitalization Plan, will open with full access August 2026. • Significant progress continued on the Student-Managed Farm Lab Revitalization Plan, including completion of the new lighted pathway to the Dairy Learning Centre, provincial funding approval for the Beef Yard and Horse Penning projects, and continued planning for future phases. • The exterior Alumni Hall entrance includes a completely redesigned front plaza and together with roof and glazing upgrades, will create a vibrant space at the heart of the

Type

Vermilion campus while enhancing the building's long-term performance. • Residence revitalization advanced at both campuses, with upgrades improving building performance, sustainability and student experience. Final project completion is anticipated by the end of summer 2027. • Additional infrastructure investments included elevator modernizations, roof, HVAC and heating plant upgrades, campus-wide lighting improvements, expanded technology infrastructure classroom capabilities, enhanced video surveillance systems and site utility upgrades.

Project Description

Total Project Cost

Funding Sources

$17.9 Million

Government of Alberta (GOA): $14,161,342 Institutional Funds: $1,900,000 Industry: $1,900,000

Funding Received To Date And Source

Revised Funding Source

Priority Capital Projects Modernization and Expansion

Project 1: Livestock Learning Centre: This project is the final Phase 1 initiative within Lakeland’s three-phase Student-Managed Farm Lab Revitalization. It will modernize and expand the Livestock Learning Centre to address aging infrastructure, improve functionality, and support continued growth in agricultural programming and work-integrated learning.

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Institutional Funds: $200,000

No change

L AKEL AND COLLEGE

Project Description

Type

Total Project Cost

Funding Sources

Funding Received To Date And Source

Revised Funding Source

Priority Capital Projects Continued Demolition and Redevelopment

Project 2: $5.9 Million Bin Yard Upgrade: Priority 1 of Phase 2 of Lakeland's Farm Revitalization Plan, this project will modernize critical infrastructure within the Student-Managed Farm Lab through upgrade of the Bin Yard, relocation of the Silage Pit to improve operational efficiency, and redevelopment of the former Beef Yard site. These improvements will enhance farm operations, support future agricultural programming, and increase the long-term functionality and capacity of the campus

GOA: $4,714,124 Institutional Funds: $600,000 Industry: $600,000

$2.5 million has been approved to address overall civil work needed for the Farm Lab Revitalization

No change

Modernization and Expansion

Project 3: Artificial Insemination (AI) Barn, Calving Barn, and G.N. Sweet Livestock Research Facility: As Priority 2 of Phase 2 of Lakeland's Farm Revitalization Plan, this project will modernize the AI Barn, Calving Barn, and G.N. Sweet Livestock Research Facility. The upgrades will enhance agricultural teaching, applied research, animal care, and industry collaboration while improving facility functionality, sustainability, and long-term operational capacity.

GOA: $7,900,964 Institutional Funds: $1 Million Industry: $1 Million

$2.5 million has been approved to address overall civil work needed for the Farm Lab Revitalization

No change

Type

Project Description

$9.9 Million

Total Project Cost

Current Status

Other Capital Projects Expansion

Project 4: Vermilion Campus Revitalization Phase 3: Bentley Building project (nearing completion)

$28.5 Million

Nearing completion: Open Fall 2026

Maintenance and Preservation

Project 5: Residence Redevelopment Project

$16 Million

Completion Summer 2027

Expansion and Preservation

Project 6: Beef Yard Upgrade and Expansion

$6.7 Million

Approved: Finalizing design

Maintenance and Preservation

Project 7: Horse pen relocation, quarantine pen creation, and area development

$2.4 Million

Approved: Finalizing design

Expansion and Preservation

Project 8: Farm Shop Renovation: Construction of Farm Office and Dairy Learning Centre enhancements

$15.9 Million

Submitted: Not approved

Maintenance and Preservation

Project 9: Renovation and reconfiguration of Academic Link to optimize space utilization and extend facility life

$4.4 Million

Submitted: Not approved

Maintenance and Preservation

Project 10: Modernization of Emergency Training Centre facility to address aging envelope and HVAC systems and reconfigure to meet current program demands

$12.4 Million

Submitted: Not approved

2025-26 Annual Report | 25

ANNUAL REPOR T

Mandatory Non-Instructional Fees (MNIF) Reporting

MNIF Financial Summary For each MNIF provide the name of the fee, identify all specific goods and/or services supported by the fee, the budget and actual amounts for all specific goods and/or services for the reporting period and provide a brief explanation for any significant variances between budget and actual amounts. Fee Name

Budgeted Amount

Supported Goods / Services

Actual Amount

Variance Explanation

Transcript services

Unlimited access to official transcripts and mycred requests

$37,022

$39,145

Vermilion Recreation

Unlimited access to Lloyd recreation centre

$58,653

$62,015

ACAC Student Athletics

No cost student attendance to ACAC events

$92,037

$97,313

Health Services and Counselling

Campus counsellors, nurses, wellness advisors

$254,531

$269,123

Events Arena

Facility for riding and large scale student events

$15,996

Vermilion Pool

Student access to the Vermilion pool facility

$47,989

More student $16,913 enrollment than budgeted/ $50,740 estimated

Scholarship Stewardship and Career Services

Stewardship and administration of student employment services

$23,139

$24,466

Learning Centre

Learner success strategist services, peer tutoring program

$175,858

$185,939

Lloydminster Servus Centre Provider

3rd Party Fee

$49,166

$51,984

$754,391

$797,638

Total

Compliance Statement There were no new MNIFs introduced, nor were any existing MNIFs substantively changed during the reporting period. 26 | lakelandcollege.ca

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Financial Statement Discussion and Analysis

This financial statement discussion and analysis (FSD&A) provides supplemental information that should be read in conjunction with Lakeland’s financial statements for the year ended March 31, 2026. The FSD&A and audited financial statements are reviewed and approved by Lakeland’s Board of Governors on the recommendation of Lakeland’s Audit, Risk and Sustainability Committee. Lakeland’s financial statements have been prepared in accordance with Canadian Public Sector Accounting Standards (“PSAS”).

Overall Financial Performance: Statement of Operations 2025-26 (in thousands of dollars)

Budget

Actual 2026

Actual 2025

Variance from Budget

Percentage Variance

Revenues

$78,276

$84,889

$82,144

$6,613

8.4%

Expenses

$77,526

$78,878

$76,320

$1,352

1.7%

Annual Operating Surplus

$750

$6,011

$5,824

$5,261

Endowment Contributions

$274

$363

Endowment capitalized investment income Annual Surplus

$1,588

$582

$750

$7,873

$6,769

$5,261

The College generated an annual operating surplus of $6.01 million. The recognition of endowment contributions of $274k and endowment capitalized income of $1.59 million increased our total annual surplus to $7.87 million.

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Contributing factors for this surplus: 1. Operating revenues were slightly higher than budget for tuition and fees and donations and other grants, and significantly higher in sales of services and products and investment income. 2. Although domestic enrolment remained close to status quo to the previous year, there was a decrease in international students. This change in student mix led Tuition and Fees to be only slightly higher than budget. 3. Sales of Services and Products were higher mainly due to higher non-educational contracts, residence revenues, bookstore sales, farm related sales, and memberships. 4. Investment Income was almost $3 million higher than budget. Investments were higher due to positive investment performance of our non-restricted portfolio

and realized gains as the result of the rebalancing of this portfolio. 5. Expenses were higher in Materials, Supplies and Services and cost of goods sold, both with budget and year over year, but were offset with higher revenues due to student volumes and sales of goods and services including farm related sales. 6. Salaries and Benefits came in close to budget and were $2.5 million higher than the previous year. 7. Included in our budget were funds allocated for contingencies. Funds are being used for these contingencies as they arise. Unused amounts will help support our Strategic Investment Fund.

Revenues and Expenses, as well the College state of Financial Position and the future, are discussed in the following.

Percentage of Total 48.1%

Federal & Other Government Grants

3.0%

Student Tuition & Fees

23.5%

Sales of Services & Products

17.3%

Insurance Proceeds

0.02%

Donations & Other Grants

2.2%

Investment Income

5.8%

4,6

Total

$40,841

$84,889

,93

9 $1

$2,590

Government of Alberta Grants

$4,949

(in thousands of dollars)

69 $1,8 8 $1

2025-26 Revenue by Source

Actual revenues of $84.89 million were $6.61 million higher than budget. The primary reasons for these budget variances were: •

Sales of Services and Products revenues were $3.774 million higher than budget due to: 1.

Higher educational and non-educational contracts ($662k higher than budget)

Higher event services revenues ($80k higher than budget)

Higher residence services revenues ($626k higher than budget)

Higher bookstore revenues ($325k higher than budget)

Higher farm related revenues due to livestock sales and farm related pricing ($1.13 million higher than budget)

General Sale of Goods and Services largely consisting of higher than budgeted program, event and student activity ($744k higher than budget)

Gain on disposal of assets of $130k

Other items netting $77k.

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• Non-restricted portfolio earnings of $3.3 million comprise realized gains as a result of portfolio rebalancing ($1.5 million) and portfolio interest and dividend income ($1.78 million). Investment income was $2.98 million higher than budget due to higher recognized income for scholarships ($438k), and higher recognized earnings on Lakeland's non-restricted portfolio ($2.9 million). These were offset by a loss on sale of securities and lower interest income (-$350k). •

Tuition and other fees were only slightly higher than budget. There was an overall increase in students, however international students dropped more than budgeted. Coupled with this were higher than budgeted tuition fee waivers.

•

Donations and other grants were $296k higher than budget due to higher realized restricted donations ($448k), unbudgeted stewardship fees ($145k) and sponsorships ($119k), and offset by lower corporate realized donations (-$333k) and other items (Net -$84k).

2025-26 Revenues Compared to 2024-25 Revenues Actual revenues were $2.75 million or 3.3 percent higher than the prior year. The primary reasons for this were: • Higher investment income of almost $1.61 million or 48% is primarily from higher realized gains and dividends paid from our non-restricted portfolio ($2.1 million) and offset by lower interest earnings (-$428k) and slightly lower investment income for scholarships (-$65k). • Government of Alberta grants were $1.53 million or 4% higher than the previous year. There was an additional $636k provided for salary settlements, and the balance is attributed to higher realized grant revenues for the period. •

Slightly higher realized federal and government grants ($104k or 4%).

•

Sales and services of products revenues increased by $1.94 million or 15% – for the same reasons previously described for comparison vs budget.

•

Donations and other grants were slightly higher ($60k or 3%).

•

These increases were offset by lower tuition revenue (-$772k) and almost no insurance proceeds (-$1.73 million).

Overview of Revenue Types Government of Alberta Grants: Government of Alberta grants are the primary revenue source for Lakeland (48% in 2026 vs 48% in 2025). Note 20 to the financial statements provides a breakdown of the types of grants received from the various departments and agencies of the Alberta Government.

Federal and Other Government Grants:

Student Tuition and Fees:

These consist of grants received primarily for research and usually have federal sponsorship but can have other sponsorship as well. Also included are grants received from the Province of Saskatchewan, as Lloydminster serves a Saskatchewan community as well.

The second largest source of revenue for Lakeland is student tuition and fees (23% in 2026, and 25% in 2025). As per the Government of Alberta directive, tuition fee increases were limited to a maximum of 2% in total per year. Increases in the future will be limited to the Alberta consumer price index (most 2026-27 tuition increases equal 2%).

Learner and Enrolment Demographic as measured by Full-load Equivalents: Description Canadian Citizens & Permanent Residents

2022/23

2023/24

2024/25

Estimate 2025-2026

1,948

2,031

2,285

2,231

Visas

137

202

325

191

Total

2,085

2,233

2,388

2,422

2025-26 Annual Report | 29

ANNUAL REPOR T

The primary operational driver for Lakeland is student enrolment. The past three years - from 2022 to 2025 - have seen student numbers increase year over year. Estimates for 2025-26 show an increase in the number of domestic students and a little more than half of the international students compared to the prior year. This is due to the federal IRCC requirements which has impacted the revenue mix of tuition. However, the College exposure to international tuition was relatively low in comparison with many institutions.

Sales of Services and Products: The next largest source of revenue for Lakeland is from sales of services and products at 17.3% (15.5% in 2025). Ancillary revenues from the Bookstore, Residence, Food Services, Farm, Events, Athletics, and Recreation are included here. This revenue source is highly dependent on student enrolment and activity, as well as external and community activities from services the College provides.

Donations and Other Grants: Actual donations can fluctuate quite significantly from year to year, but restricted donations are not recognized as revenue until they are spent on the purposes intended by the donor. Donation activity has been in line with budget and previous years’ activity.

Investment Income: The College Investment Income is derived from interest held in cash accounts, short to medium term Guaranteed Investment Certificates, and two investment portfolios – one which is not restricted and the other that is restricted for Endowment purposes. Income derived from these portfolios includes interest, dividend, and market gains (losses) from securities. Funds held by the College are governed by investment policy which has Board oversight.

Expenses Lakeland’s expenses totaled $78.88 million for the 12-month period for 2025-26, $1.35 million higher than budget and $2.55 million more than 2024-25. Objects of expenditure higher than the previous year and with the largest dollar amount variance occurred with salaries and benefits and material supplies and services. Expenses are presented by function in the Statement of Operations and by object in note 18 to the financial statements (page 35). The functional breakdown of expenses shows which activities Lakeland is spending its money on. The largest functional expense category is instruction and training.

Expense by Function

Academic Support

9.7%

Student Services

11.8%

Facilities Operation & Maintenance

18.2%

Institutional Support

8.3%

Computing & Communication

5.5%

Ancillary Services

6.3%

Sponsored research

2,604

2,243

1,948

861

963

860

77,526

78,878

76,320

750

Expenses (note 18) Instruction and training

Special purpose

Annual operating surplus

6,011

5,824

Endowment contributions (note 13)

274

363

Endowment capitalized investment income (note 13)

1,588

582

750

7,873 107,778

6,769 101,009

750 $

115,651 $

107,778

Annual surplus Accumulated surplus, beginning of year Accumulated surplus, end of year (note 13)

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

6 2025-26 Annual Report | 41

ANNUAL REPOR T

Lakeland College STATEMENT OF CHANGE IN NET FINANCIAL ASSETS YEAR ENDED MARCH 31, 2026 (thousands of dollars) Budget (Note 22)

Annual surplus

750

2026

2025

7,873

6,769

Acquisition of tangible capital assets

(20,500)

(16,953)

Proceeds on sale of tangible capital assets

200

Amortization of tangible capital assets

7,902

8,486

8,305

Gain on disposal of tangible capital assets

(130)

(38)

Increase in inventories of supplies

(297)

(858)

Decrease (increase) in prepaid expenses

213

(113)

Increase in spent deferred capital contributions

1,685

5,752

(Decrease) increase in accumulated remeasurement gains

(645)

2,140

(Decrease) increase in net financial assets

(3,115)

5,084

Net financial assets, beginning of year

38,458

33,374

Net financial assets, end of year

The accompanying notes are an integral part of these financial statements. 42 | lakelandcollege.ca

35,343

38,458

L AKEL AND COLLEGE

Lakeland College STATEMENT OF REMEASUREMENT GAINS AND LOSSES YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2026

4,678 $

2,538

865

2,165

Portfolio investments - non-endowment

(1,510)

(25)

Change in accumulated remeasurement gains

(645)

2,140

4,033 $

4,678

Accumulated remeasurement gains, beginning of year

2025

Unrealized gains attributable to: Quoted in active market financial instruments: Portfolio investments - non-endowment Amounts reclassified to statement of operations: Quoted in active market financial instruments:

Accumulated remeasurement gains, end of year

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

8 2025-26 Annual Report | 43

ANNUAL REPOR T

Lakeland College STATEMENT OF CASH FLOWS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2026 Operating transactions Annual surplus

2025

7,873 $

6,768

8,486

8,305

Loss (gain) on sale of portfolio investments

645

(1,140)

Gain on disposal of tangible capital assets

(130)

(38)

(3,822)

(4,047)

170

(768)

(73)

Add (deduct) non-cash items: Amortization of tangible capital assets

Expended capital contributions recognized as revenue Asset retirement obligations accretion Increase in accounts receivable

Decrease in inventories held for sale

Increase in accounts payable and accrued liabilities

3,029

1,818

Decrease in deferred revenue

(3,864)

(4,148)

Increase in inventories of supplies

(297)

(858)

Decrease (increase) in prepaid expenses

213

(113)

Cash provided by operating transactions

11,587

6,571

(20,500)

(16,953)

200

(20,300)

(16,873)

(44,414)

(13,156)

Proceeds on sale of portfolio investments

42,001

6,046

Cash applied to investing transactions

(2,413)

(7,110)

(1,062)

(1,042)

5,508

9,798

Cash provided by financing transactions

4,446

8,756

Decrease in cash and cash equivalents

(6,680)

(8,656)

Cash and cash equivalents, beginning of year

20,022

28,678

13,342 $

20,022

Capital transactions Acquisition of Tangible Capital Assets Proceeds on sale of tangible capital assets Cash applied to capital transactions Investing transactions Purchase of portfolio investments

Financing transaction Debt - repayment Increase in spent deferred capital contributions, less expended capital contributions recognized as revenue

Cash and cash equivalents, end of year

The accompanying notes are an integral part of these financial statements. 44 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 1.

Authority and Purpose

The Board of Governors of Lakeland College is a corporation which manages and operates Lakeland College (“the College”) under the Post-Secondary Learning Act (Alberta). All members of the Board of Governors are appointed by either the Lieutenant Governor in Council or the Minister of Advanced Education, with the exception of the Chancellor and President, who is an ex officio member. Under the Post-Secondary Learning Act, the College is a comprehensive community institution offering mandated credentials and programs. The College is a registered charity, and under section 149 of the Income Tax Act (Canada), is exempt from the payment of income tax. 2.

Summary of significant accounting policies and reporting practices

These financial statements have been prepared in accordance with Canadian public sector accounting standards (PSAS) as recommended by the Chartered Professional Accountants of Canada. Significant aspects of the accounting policies adopted by the College are as follows: a)

Use of Estimates

The measurement of certain assets, liabilities, revenues and expenses is contingent upon future events; therefore, the preparation of these financial statements requires the use of estimates, which may vary from actual results. The College's management uses judgment to determine such estimates. Amortization of tangible capital assets, amortization of purchased intangibles, revenue recognition for expended capital contributions, and the estimate for the asset retirement obligation and contaminated sites are the most significant items based on estimates. In management's opinion, the resulting estimates are within reasonable limits of materiality and are in accordance with the significant accounting policies summarized below. These significant accounting policies are presented to assist the reader in evaluating these financial statements and, together with the following notes, should be considered an integral part of the financial statements. b)

Valuation of Financial Assets and Liabilities

The College's financial assets and liabilities are generally measured as follows: Financial Statement Component

Measurement

Cash

Cost

Portfolio investments

Fair Value and amortized cost

Inventories held for resale

Lower of cost or net realizable value

Accounts receivable

Lower of cost or net recoverable value

Accounts payable and accrued liabilities

Cost

Liability for contaminated sites

Cost

Asset retirement obligation

Present value

Debt

Amortized cost

Unrealized gains and losses from changes in the fair value of financial assets and liabilities are recognized in the statement of remeasurement gains and losses. When the restricted nature of a financial instrument and any related changes in fair value create a liability, unrealized gains and losses are recognized as deferred revenue.

10 2025-26 Annual Report | 45

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) b)

Valuation of Financial Assets and Liabilities

All financial assets are tested annually for impairment. When financial assets are impaired, impairment losses are recorded in the statement of operations. A write-down of a portfolio investment to reflect a loss in value that is other than temporary is not reversed for a subsequent increase in value. For financial assets and liabilities measured using amortized cost, the effective interest rate method is used to determine interest revenue or expense. Transaction costs are a component of cost for financial instruments measured using cost or amortized cost. Transaction costs are expensed for financial instruments measured at fair value. Investment management fees are expensed as incurred. The purchase and sale of cash and cash equivalents and portfolio investments are accounted for using trade-date accounting. The College does not use foreign currency contracts or any other type of derivative financial instruments for trading or speculative purposes. Management evaluates contractual obligations for the existence of embedded derivatives and has determined that no embedded derivatives are present for the twelve months ending March 31, 2026. When derivatives are identified, management elects to either designate the entire contract for fair value measurement or separately measure the value of the derivative component when characteristics of the derivative are not closely related to the economic characteristics and risks of the contract itself. Contracts to buy or sell non-financial items for the College’s normal purchase, sale or usage requirements are not recognized as financial assets or financial liabilities. c)

Revenue recognition

All revenues are reported on the accrual basis of accounting. Cash received for which goods or services have not been provided by year end is recorded as deferred revenue. Government grants, non-government grants and donations Government transfers are referred to as government grants. Restricted grants and donations are recognized as deferred revenue if the terms for the use, or the terms along with the College’s actions and communications as to the use, create a liability. These grants and donations are recognized as revenue as the terms are met. If the grants and donations are used to acquire or construct tangible capital assets or to purchase intangible assets, revenue will be recognized over the useful life of the tangible capital assets or the intangible assets. Government grants without terms for the use of the grant are recorded as revenue when the College is eligible to receive the funds. Unrestricted non-government grants and donations are recorded as revenue in the year received or in the year the funds are committed to the College if the amount can be reasonably estimated and collection is reasonably assured. In-kind donations of services, materials and tangible capital assets are recorded at fair value when such value can reasonably be determined. Transfers of tangible capital assets from related parties are recorded at the carrying value. Grants and donations related to land Grants and donations for the purchase of land are recognized as deferred revenue when received and recognized as revenue when the land is purchased. 11 46 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) c)

Revenue recognition

The College recognizes in-kind contributions of land as revenue at the fair value of the land when a fair value can be reasonably determined. When the College cannot determine the fair value, it records such in-kind contributions at nominal value. Land transferred from related parties is recognized at the carrying value or nominal amount. Sales of services and products Sales of services and products represent revenues from non-tuition related services and/or products such as parking fees, locker rental fees, media production, conferences, amenities fees, recreation program registration fees, membership fees, food services and related commissions, vending revenue, gift certificates, book sales, rental income, grain and livestock sales, event ticket sales, fines and surcharges, non-refundable application fees, interest revenue, sponsorship revenue, other administrative charges. These revenues, with the exception of fines and surcharges, non-refundable application fees and some administrative fees, are considered revenues arising from exchange transactions. Revenue from these transactions is recognized when or as the College fulfils its performance obligation(s) and transfers control of the promised goods and services to the payor. If the performance obligation is outstanding at year end, the remaining revenue is deferred. Revenue without performance obligations is a non-exchange transaction with a payor and is recognized when the College has the authority to claim or retain an inflow of economic resources and identifies a past transaction or event that gives rise to an asset. Student tuition and fees Student tuition and fees are charged for the programs offered by the College such as program registration and application fees, course delivery fees, student ID fees and laboratory fees. These fees are considered revenue arising from exchange transactions with performance obligations. The College recognizes revenue from program registration and application fees when received as the performance obligations of registering the student are met when paid. Revenue from course delivery and laboratory fees are recognized over the course of each academic period/semester as the College fulfils its performance obligations by delivering the courses. If the performance obligation is outstanding at year end, the remaining revenue is deferred. Revenue from student ID fees is recognized when the performance obligation to provide the student ID cards to the student has been met. Student fees revenue without performance obligations are non-exchange transaction with a payor and is recognized when the College has the authority to claim or retain an inflow of economic resources and identifies a past transaction or event that gives rise to an asset. These include late payment fees and tuition deposit forfeiture. Endowment contributions Endowment contributions are recognized as revenue in the statement of operations in the year in which they are received and are required by donors to be maintained intact in perpetuity. Investment income (loss) Investment income includes dividends, interest income and realized gains or losses on the sale of portfolio investments. Investment income from restricted grants and donations is recognized as deferred revenue when the terms for use create a liability and is recognized as investment income when the terms of the grant or 12 2025-26 Annual Report | 47

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) c)

Revenue recognition

donation are met. The endowment spending allocation portion of investment income earned by endowments is recognized as deferred revenue when the terms for the use by the endowment create a liability. Realized investment income allocated to endowment balances for the preservation of endowment capital purchasing power is recognized in the statement of operations. d)

Endowments

Endowments consist of externally restricted donations received by the College and internal allocations by the College’s Board of Governors, the principal of which is required to be maintained intact in perpetuity. Investment income earned on endowments (excluding unrealized income) must be used in accordance with the various purposes established by the donors or the Board of Governors. Benefactors as well as College policy stipulate that the economic value of the endowments must be protected by limiting the amount of income that may be expended and reinvesting unexpended income. Under the Post-secondary Learning Act, the College has the authority to alter the terms and conditions of endowments to enable: •

income earned by the endowment to be withheld from distribution to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment.

•

encroachment on the capital of the endowment to avoid fluctuations in the amounts distributed and generally to regulate the distribution of income earned by the endowment if, in the opinion of the Board of Governors, the encroachment benefits the College and does not impair the long-term value of the fund.

In any year, if the investment income earned on endowments, including unspent investment income from prior years, is insufficient to fund the spending allocation, the spending allocation is funded from the accumulated capitalized investment income. In the event realized investment income is not sufficient to fund in-year spending allocation, any endowment expenses above realized income (and prior year deferral realized spending allocation) will result in a decrease to Annual Operating Surplus as there is not enough realized income to offset these expenses. Endowment expenditures in excess of spending allocation and realized investment are treated as an operating expense which reduces accumulated operating surplus with no impact to endowment net assets. Endowment contributions, matching contributions, and associated investment income allocated for the preservation of endowment capital purchasing power are recognized in the Statement of Operations in the period in which they are received. e)

Inventories

Inventories held for sale are valued at the lower of cost or expected net realizable value and are determined 13 48 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) e)

Inventories

using the first-in, first-out method. Inventories of supplies are valued at the lower of cost or replacement cost. f)

Tangible capital assets

Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets, and costs associated with asset retirement obligations. Cost includes overhead directly attributable to construction and development, and interest costs that are directly attributable to the acquisition or construction of the asset. Work in progress, which includes facilities and improvement projects and development of information systems, is not amortized until after the project is complete and the asset is in service. All leases are recorded in the financial statements as either a capital or operating lease. Any lease which transfers substantially all the benefits and risks of ownership associated with the leased asset are accounted for as leased tangible capital assets. Capital lease assets and liabilities are recognized at the lesser of the present value of the future minimum lease payments and the asset’s fair market value at the inception of the lease, excluding executor costs (e.g. insurance, maintenance costs, etc.). The discount rate used to determine the present value of the lease payments is the lower of the College's rate for incremental borrowing or the interest rate implicit in the lease. The cost, less residual value, of the tangible capital assets, excluding land, is amortized on a straight-line basis over the estimated useful lives as follows: Building & site improvements

10-40 years

Furniture and equipment

5-40 years

Computer hardware and software

5-10 years

Tangible capital assets are written down when conditions indicate that they no longer contribute to the College’s ability to provide goods and services, or when the value of future economic benefits associated with the tangible capital assets are less than their net book value. The net write-downs are recognized as expenses in the statement of operations. Intangible assets that are not significant, works of art, historical treasures and collections are expensed when acquired and not recognized as tangible capital assets because a reasonable estimate of the future benefits associated with such property cannot be made. g)

Foreign currency translation

Transaction amounts denominated in foreign currencies are translated into their Canadian dollar equivalents at exchange rates prevailing at the transaction dates. Carrying values of monetary assets and liabilities and non-monetary items included in the fair value category reflect the exchange rates at the statement of financial position date. Unrealized foreign exchange gains and losses are recognized in the statement of remeasurement gains and losses. In the period of settlement, foreign exchange gains and losses are reclassified to the statement of operations, and the cumulative amount of remeasurement gains and losses is reversed in the statement of remeasurement gains and losses.

2025-26 Annual Report | 49

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) h)

Employee future benefits

Pension The College participates with other employers in the Local Authorities Pension Plan (LAPP). This pension plan is a multi-employer defined benefit pension plan that provides pensions for the College's participating employees based on years of service and earnings. The College does not have sufficient plan information on the LAPP to follow the standards for defined benefit accounting and therefore follows the standards for defined contribution accounting. Accordingly, pension expense recorded for the LAPP is comprised of employer contributions to the plan that are required for its employees during the year; which are calculated based on actuarially pre-determined amounts that are expected to provide the plan’s future benefits. Other employee future benefits The College provides other employment benefits to eligible employees; namely, self-insured short-term disability and other post-employment benefits. These benefits are recorded as a liability and expensed when the event obligating the College occurs, and value is determined by actual costs incurred. The College provides long-term disability insurance through a third-party insurance provider and the premiums are recorded as an expense in the period that premiums are paid. i)

Liability for contaminated sites

Contaminated sites are a result of contamination of a chemical, organic, or radioactive material or live organism that exceeds an environmental standard, being introduced into soil, water, or sediment. It does not include airborne contaminants. The College recognizes a liability for remediation of contaminated sites when the following criteria have been met: •

an environmental standard exists:

•

there is evidence that contamination exceeds an environmental standard:

•

the College is directly responsible or accepts responsibility for the contamination:

•

it is expected that future economic benefits will be given up: and

•

a reasonable estimate of the amount can be made.

A liability for a contaminated site may arise from operations that are either considered in productive use or no longer in productive use when environmental standards are exceeded. It will also arise when an unexpected event occurs resulting in contamination that exceeds an environmental standard. In these situations, the College reviews the information to determine if a contaminated site liability exists or if an environmental liability exists and if it does it will record the liability. In cases where the College’s responsibility is not determinable or a reasonable estimate cannot be made, a contingent liability may be disclosed.

15 50 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) i)

Liability for contaminated sites

Where an environmental standard does not exist or contamination does not exceed an environmental standard, a liability for remediation of a site is recognized by the College when the following criteria have been met: •

the College has a duty or responsibility to others, leaving little or no discretion to avoid the obligation,

•

the duty or responsibility to others entails settlement by future transfer or use of assets, or a provision of services at a specified or determinable date, or on demand; and

•

the transaction or events obligating the College have already occurred.

In cases where a reasonable estimate cannot be made, a contingent liability may be disclosed. These liabilities reflect the College’s best estimate, as of March 31, 2026, of the amount required to remediate the sites to the current minimum standard of use prior to contamination. Where possible, provisions for remediation are based on environmental assessments completed on a site; for those sites where an assessment has not been completed, estimates of the remediation are completed using information available for the site and by extrapolating from the cost to clean up similar sites. This liability is reported in accounts payable and accrued liabilities in the Statement of Financial Position. j)

Asset retirement obligations (ARO)

Asset retirement obligations are legal obligations associated with the retirement of a tangible capital asset (TCA). The tangible capital assets include but not limited to assets in productive use, assets no longer in productive use, and leased tangible capital assets. Asset retirement activities include all activities relating to an asset retirement obligation. These may include, but are not limited to: •

Decommissioning or dismantling a tangible capital asset that was acquired, constructed, or developed;

•

Remediation of contamination of a tangible capital asset created by its normal use;

•

Post-retirement activities such as monitoring; and

•

Constructing other tangible capital assets to perform post-retirement activities.

A liability for an asset retirement obligation is recognized when, as at the financial reporting date: •

There is a legal obligation to incur retirement costs in relation to a tangible capital asset;

•

The past transaction or event giving rise to the liability has occurred;

•

It is expected that future economic benefits will be given up; and

•

A reasonable estimate of the amount can be made. 16 2025-26 Annual Report | 51

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2.

Summary of significant accounting policies and reporting practices (continued) j)

Asset retirement obligations (ARO)

When a liability for an asset retirement obligation is recognized, asset retirement costs related to recognized tangible capital assets in productive use are capitalized by increasing the carrying amount of the related asset and are amortized over estimated useful life of the underlying tangible capital asset. Asset retirement costs related to unrecognized tangible capital assets and those not in productive use are expensed. Where a present value technique is used to measure a liability, the liability is adjusted for the passage of time and is recognized as accretion expense in the Statement of Operations. This expense ensures that the time value of money is considered when recognizing outstanding liabilities at each reporting date. When a present value technique is not used, the asset retirement obligation is measured at the current estimated cost to settle or otherwise extinguish the liability. k)

Expense by function

The College uses the following categories of functions on its statement of operations: Instruction and training Expenses relating directly to the provision of instruction and training programs of the College. This function includes the cost of instructional staff, other direct expenses related to instruction, and the cost of labs, including the College’s student managed farm. Academic support Expenses relating to support of the instruction and training function of the College. This function includes the cost of faculty professional development, program administrators, advisors, Deans, their offices, and assistants. Student services Expenses related to providing services to students, including registration, counselling, library, and advisory services. Facilities operation and maintenance Expenses relating to maintenance and renewal of facilities that house the teaching, research, and administrative activities within the College. These include utilities, facilities administration, building maintenance, custodial services, landscaping and grounds keeping, as well as major repairs and renovations. Institutional support Expenses relating to support for operational functions of the College both directly and indirectly. This function includes expenses incurred by the administrative functions of the College. Computing and communications Expenses relating to information technology, including support, licensing and maintenance of computer software and hardware. Ancillary services Expenses relating to services and products provided to the College community and to external individuals and organizations. Services include the College bookstore, recreation, and student residences. Sponsored research Expenses for all sponsored research activities specifically funded by restricted grants and donations. 17 52 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 2. Summary of significant accounting policies and reporting practices (continued) k) Expense by function Special purpose Expenses related to fundraising and community service specifically funded by restricted grants. l)

Funds and internally restricted net assets

Certain amounts, as approved by the Board of Governors, are set aside in accumulated surplus for future operating and capital purposes. Transfers to / from funds and internally restricted net assets are an adjustment to the respective fund when approved. m)

Future changes in accounting standards

The College will adopt the following new conceptual framework and accounting standard approved by the Public Sector Accounting Board: •

Effective April 1, 2026, The Conceptual Framework for Financial Reporting in the Public Sector. The Conceptual Framework is the foundation for public sector financial reporting standards. It replaces the conceptual aspects of Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives. The conceptual framework highlights considerations fundamental for the consistent application of accounting issues in the absence of specific standards.

•

Effective April 1, 2026, PS 1202 Financial Statement Presentation. Section PS 1202 sets out general and specific requirements for the presentation of information in general purpose financial statements. The financial statement presentation principles are based on the concepts within the Conceptual Framework.

The College is currently assessing the impact of the new conceptual framework and standard, and the extent of the impact of their adoption on the financial statements has not yet been determined. In May 2025, the Public Sector Accounting Standards Board issued amendments to PS 3150, Tangible Capital Assets. The amendments are effective for fiscal years beginning on or after April 1, 2030. Key changes include revised definitions, new guidance on collections, contributed materials and labor costs, and enhanced disclosures. In March 2026, the Public Sector Accounting Standards Board issued PS 3251, Employee Benefits. This Standard, which replaces Retirement Benefits (PS 3250) and Post-Employment Benefits, Compensated Absences and Termination Benefits (PS 3255), applies to fiscal years beginning on or after April 1, 2029. PS 3251 establishes requirements for the recognition, measurement, presentation, and disclosure of employee benefits. The College is currently assessing the impact of the amendments to PS 3150 and PS 3251 on the financial statements.

18 2025-26 Annual Report | 53

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 3. Cash and cash equivalents a) Accounts by period 2026 $

Cash

2025

13,342 $

20,022

Cash equivalents include short-term investments with a maturity less than three months from the date of acquisition or redeemable on demand. 4.

Portfolio investments 2026 $

Portfolio investments - non-endowment Portfolio investments - restricted for endowments

2025

58,795 $

55,773

17,816

16,601

76,611 $

72,374

The composition of portfolio investments measured at fair value is as follows: 2026 Level 1

Level 2

Total

Bonds Pooled Investment Funds

19,463 $

19,463

Equities Pooled Investment Funds

39,558

Money market and term securities

1,159

60,180

60,180 16,431

Money market and term securities at amortized cost $

76,611

19 54 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 4.

Portfolio investments 2025 Level 1

Level 2

Total

Bonds Canadian Bonds Pooled Investment Funds

6,220 $

6,220

19,027

Equities Canadian Equities

3,917

Foreign Equities

6,464

Pooled Investment Funds

19,800

Money market and term securities

1,056

16,601

39,883

56,484

Money market and term securities at amortized cost

15,890 $

72,374

The fair value measurements are those derived from: Level 1 – Quoted prices in active markets for identical assets; Level 2 – Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the assets, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3 – While the College does not have any level 3 investments, their fair value measurements are those derived from valuation techniques that include inputs for the assets that are not based on observable market data (unobservable inputs). 5.

Financial risk management

The College is exposed to the following risks: Market price risk The College is exposed to market price risk - the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, its issuer or general market factors affecting all securities. To manage this risk, the College has established an investment policy with a target asset mix that is diversified by asset class with individual issuer limits and is designed to achieve a long-term rate of return that in real terms equals or exceeds total endowment expenditures with an acceptable level of risk. At March 31, 2026, the impact of a change in the rate of return on portfolio investments would be as follows:

20 2025-26 Annual Report | 55

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 5.

Financial risk management

Portfolio investments - non endowment • •

1% change in bonds would result in a $206 increase or decrease (2025 - 1% and $201) 10% change in equities would result in a $2,174 increase or decrease (2025 - 10% and $1,980)

Portfolio investments - restricted for endowments • •

1% change in bonds would result in a $71 increase or decrease (2025 - 1% and $62) 10% change in equities would result in a $1,082 increase or decrease (2025 - 10% and $1,038)

Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The College is exposed to foreign exchange risk on investments that are denominated in foreign currencies. The College does not use foreign currency forward contracts or any other type of derivative financial instruments for trading or speculative purposes. The College's exposure to foreign exchange risk is very low due to minimal business activities conducted in a foreign currency. 2.5% decrease

1% decrease

Currency

Fair Value

Portfolio investments - non-endowed US Dollars

8,406

(205)

(83)

Portfolio investments - restricted for endowment US Dollars

6,929

(169)

(69)

Currency Portfolio investments - non-endowed US Dollars

1% increase

2.5% increase

205

Portfolio investments - restricted for endowment US Dollars

169

Credit risk Counterparty credit risk is the risk of loss arising from the failure of a counterparty to fully honor its financial obligations with the College. The College is exposed to credit risk on investments and has established an investment policy with required minimum credit quality standards and issuer limits to manage this risk. The credit risk from accounts receivable is low as the majority of balances are due from government agencies and corporate sponsors .

21 56 | lakelandcollege.ca

L AKEL AND COLLEGE

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 5.

Financial risk management

The credit risks on investments held are as follows: 2026

2025

Credit rating AAA

4.2%

AA+

22.8%

48.5%

45.6%

AA-

9.2%

8.6%

4.8% -

A+

4.6%

36.4%

15.3%

BBB/BBB+

100.0%

% 100.0%

Liquidity risk Liquidity risk is the risk that the College will encounter difficulty in meeting obligations associated with its financial liabilities. This risk is managed by maintaining excess funds in the College’s operating bank account which earns interest at a rate comparable to a short-term redeemable investment product. Interest rate risk Interest rate risk is the risk to the College's earnings that arise from the fluctuations in interest rates and the degree of volatility of these rates. This risk is managed by investment policies that limit the term to maturity of certain fixed income securities that the College holds. Interest risk on the College's debt is managed through fixed-rate agreements with the Department of Treasury Board and Finance (Note 7). A 1% change in interest rates on bond and marketable securities values would result in a $277 increase or decrease (2025 - $263) in fair market value. The maturity and effective market yield of interest-bearing investments are as follows:

< 1 year

1 to 5 years

> 5 years

Average effective market yield

Asset class: Cash and cash equivalents

100.00%

2.75%

Portfolio investments, short term

100.00%

2.51%

75.80%

4.26%

Portfolio investments, fixed income

24.20%

22 2025-26 Annual Report | 57

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 6.

Employee Future Benefit Liabilities

Defined benefit plan accounted for on a defined contribution basis Local Authorities Pension Plan (LAPP) The LAPP is a multi-employer contributory defined benefit pension plan for faculty, administrative and support staff members and is accounted for on a defined contribution basis. At December 31, 2025, the LAPP reported an actuarial surplus of $22,561,246 (December 31, 2024 - $19,557,148 surplus). An actuarial valuation of the LAPP was carried out as at December 31, 2024, and was then extrapolated to December 31, 2025. The pension expense recorded in these financial statements is $2,392 (2025 - $2,242). Other than the requirement to make additional contributions, the College does not bear any risk related to any deficit LAPP may have. 7.

Debt

Debt is measured at amortized cost and is comprised of the following:

Debentures payable to the Department of Treasury Board and Finance

Collateral

Maturity

Interest Rate

Residences

2026

6.5%

Residences

2036

2.1%

2026 $

120 $

2025 240

11,182

12,125

11,302 $

12,365

Principal and interest repayments in each of the next five years and thereafter are as follows: Principal 2027

1,082 $

Interest 239 $

1,321

2028

982

210

1,192

2029

1,003

190

1,193

2030

1,025

168

1,193

2031

1,046

147

1,193

Thereafter

6,164

397

6,561

11,302 $

1,351 $

12,653

As per the loan agreement, spending is restricted to residence renovations of which $13,950 has been spent (2025 - $12,223). As at March 31, 2026, the unspent balance from the residence renovations loan is $0 (2025 - $1,727). Interest expense on debt is $260 (2025 - $294) and is included in the statement of operations. The net book value of assets pledged as collateral is $121,461.

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 8.

Deferred revenue

Deferred revenues are set aside for specific purposes as required either by legislation, regulation, or agreement: 2026

2025

Unspent Research deferred and special Tuition and capital purpose contribution other fees Balance, beginning of year

12,406

9,576

Total

5,556

$ 27,538

31,170

Grants, tuition, donations received

12,549

2,404

22,282

37,235

35,225

Restricted investment income

3,910

203

4,113

2,219

Change in unrealized gains

(3,116)

517

(994)

(4,514)

(5,508)

(9,798)

Recognized as revenue

(7,891)

(1,359)

(22,595)

(31,845)

(30,934)

Transfers to Endowments(1)

(1,622)

(4)

Transfers to spent deferred capital contributions

Other Balance, end of year

15,238

6,310

5,243

$ 26,791

(860) $

27,539

(1) During the year, the College redeemed portfolio investments restricted for endowments and reinvested the proceeds in portfolio investments restricted for endowments with another investment manager. Of the restricted investment income earned, $1,622 was transferred to endowments.

24 2025-26 Annual Report | 59

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 9.

Tangible capital assets

2026

Land

Building & Site Improvements

2025

Furniture & Equipment (1)

Computer Hardware & Software

Total

Cost(2)

15,122 $

228,683 $

31,969 $

19,771 $ 295,545 $

279,850

Acquisitions

16,417

2,842

1,241

20,500

16,953

Disposals, including write downs

(43)

(592)

(274)

(909)

(1,259)

245,057

34,219

20,738

315,136

295,544

Balance, beginning of year

15,122 Accumulated Amortization Balance, beginning of year

111,925 $

17,739 $

13,175 $ 142,839 $

Amortization expense

5,692

1,601

1,193

8,486

8,305

Effects on disposals, including write-downs

(43)

(533)

(262)

(838)

(1,217)

117,574

18,807

14,106

150,487

142,840

Net book value at March 31, 2026

15,122 $

127,483 $

15,412 $

6,632 $ 164,649

Net book value at March 31, 2025

15,122 $

116,758 $

14,229 $

6,595 $

135,752

152,704

(1) Furniture & Equipment includes vehicles, office equipment and furniture, other equipment and learning resources. (2) Cost includes work in progress at March 31, 2026, totaling $28,309 (2025- $18,110) comprised of $27,384 in buildings and site improvements (2025 - $17,031), $145 in software (2025 - $215) and $780 in furniture and equipment (2025 - $864). These assets are not amortized as the assets are not available for use. No interest was capitalized by the College during the 2026 or 2025 fiscal years.

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 10. Spent deferred capital contributions Spent deferred capital contributions is comprised of restricted grants and donations spent on tangible capital acquisitions (not yet recognized as revenue). 2026 Spent Deferred Capital Contributions Balance, beginning of period

84,189 $

78,438

Transfers from unspent deferred capital contributions

4,514

8,962

Transfers from deferred research and special purpose

994

836

Expended capital contributions recognized as revenue

(3,822)

(4,047)

85,875 $

84,189

Balance, end of year

2025

11. Liability for contaminated sites The composition of liabilities is as follows: 2026 Balance, beginning of year

2025 189 $

189

Addition to liabilities in the year

Change in estimate related to existing sites

Remediation work performed

Balance, end of year

189 $

189

As at March 31, 2026, the liability for contaminated sites includes two sites that were contaminated as a result of ongoing agricultural activity. The Alberta Ministry for Environment and Protected Areas was informed of the contamination and a risk management plan for both sites were approved in August 2023. For the twelve months ending March 31, 2026, no work has been performed to remediate but the risk management plan has been adhered to. Liability estimates are based on third party assessment. These estimates may change upon approval of the risk management plan and based on ongoing assessments in future years.

26 2025-26 Annual Report | 61

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 12. Asset retirement obligations 2026 Asset retirement obligations, beginning of period

6,776

2025 $

6,679

Liability incurred

Liability settled

170

Accretion expense -

Revision in estimates

170

Increase in asset retirement obligations Asset retirement obligations, end of period

6,946

97 $

6,776

Tangible capital assets with associated retirement obligations include buildings located on the main campus in Vermilion. Asset retirement obligations are initially measured as of the date the legal obligation was incurred, based on management's best estimate of the amount required to retire tangible capital assets and subsequently remeasured taking into account any new information and the appropriateness of assumptions used. The estimate of the liability is based on third party quotes. The extent of the liability is limited to costs directly attributable to asbestos and the removal of hazardous asbestos fibre containing material from various buildings under the College's control in accordance with agreement establishing the liability. The entity estimated the nature and extent of hazardous materials in its buildings based on the potential square meters of 28,705 affected and the average cost per square meter of $230 to remove and dispose of the hazardous materials. Included in ARO estimate is $6,946 (2025 - $6,776) measured using a present value technique. At March 31, 2026, the undiscounted amount of estimated future cash flows required to settle this obligation is $7,826 (2025 - $7,807 and is discounted using a discount rate of 2.51% (2025 - 2.51%). Asset retirement obligations are expected to be settled over the next 1 to 7 years.

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 13. Net assets (liabilities)

Net assets, as at March 31, 2024

Accumulated surplus from operations $

Investment in tangible capital assets

7,231 $

Annual operating surplus (2)

5,824

Internally restricted surplus

50,748 $

Endowments

34,984 $

Total

10,584 $

103,547

5,824

Endowments Endowment Contributions

363

Capitalized investment income

582

Tangible capital assets Amortization of tangible capital assets (1)

4,258

(4,258)

Acquisition of tangible capital assets

(5,699)

7,155

Debt repayment and financing allocation

(1,042)

1,042

Debt Financing Adjustment

2,664

Change in asset retirement obligations (note 12)

(2,664)

(97)

Additional transfers from Operations

792

(792)

Net book value of tangible capital asset disposals

(32)

(109)

5,000

Initiatives funded by operations

109

Board Appropriations

(5,000)

Change in accumulated remeasurement gains

2,140

Net assets, as at March 31, 2025

11,406 $

Annual operating surplus (2)

6,011

(1,456)

51,102 $

38,419 $

2,140 11,529 $

112,456

6,011

Endowments Endowment Contributions

274

Capitalized investment income

1,588

Tangible capital assets Amortization of tangible capital assets (1)

4,663

(4,663)

Acquisition of tangible capital assets

(4,170)

14,992

(10,822)

Debt repayment

(1,062)

1,062

Change in Asset Retirement Obligation (Note 12)

170

(170)

Debt Financing Adjustment

1,727

Additional transfers from Operations

(16)

Net book value of tangible capital asset disposals

(130)

5,000

Initiatives funded by operations Transfers from operating Board appropriation Change in accumulated remeasurement gains

(1,727) -

130

(5,000)

(645)

Net assets, as at March 31, 2026

13,284 $

Net assets is comprised of: Accumulated surplus

9,251 $

Accumulated remeasurement gains and losses

4,033

13,284 $

16 (70)

60,526 $

32,483 $

60,526 $ -

32,483 $ -

60,526 $

32,483 $

(645) 13,391 $

119,684

13,391 $

115,651

4,033

13,391 $

119,684

(1) Included in amortization of tangible capital assets is $865 of amortization expense associated with the asset retirement obligation (2025 - $895). (2) Included in annual operating surplus is $170 of accretion expense (2025 - $97). 28 2025-26 Annual Report | 63

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) Investment in tangible capital assets represents the amount of the College's accumulated surplus that has been invested in the College's tangible capital assets. Internally restricted surplus Internally restricted net assets represent amounts set aside or appropriated by the College’s Board of Governors. These amounts are not available for other purposes without the approval of the Board and do not have interest allocated to them. Internally restricted net assets reserved for future purposes are summarized as follows : Balance, beginning of year Appropriations for capital activities Major capital projects

31,365 $ 2,949

Emerging capital needs

Appropriations for operating activities Major maintenance Delivery initiatives $

Net additions or (disbursements) during the year

5,000 $ -

Balance, end of year

(10,711) $

25,654

(112)

2,837

34,314

5,000

(10,823)

28,491

2,897

(6)

2,913

170

Emerging operating needs

Total appropriations

Appropriations from (returned to) unrestricted net assets

170

1,038

(104)

(25)

909

4,105

(82)

(31)

3,992

38,419 $

4,918 $

(10,854) $

32,483

14. Contingent assets The College has conducted a review to determine if any contingent assets exist. There are no contingent assets to report. 15. Contingent Liabilities As at March 31, 2026, the College has been named as defendant in four (2025 - four) legal actions. The resulting loss from these claims, if any, cannot be determined at this time. There are no liens registered against the College. The College continues to review environmental objectives and liabilities for its activities and properties as well as any potential remediation obligations. There may be contaminated sites that the College has identified that have the potential to result in remediation obligations. A liability has not been recorded for these sites because either the likelihood of the College becoming responsible for the site is not determinable, the amount of the liability cannot be estimated, or both. The College’s ongoing efforts to assess environmental liabilities may result in additional environmental remediation liabilities related to newly identified sites, or changes in the assessments or intended use of existing sites. Any changes to the environmental liabilities will be accrued in the year in which they are assessed as likely and measurable. 29 64 | lakelandcollege.ca

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 16. Contractual rights Contractual rights are rights of the College to economic resources arising from contracts or agreements that will result in both assets and revenues in the future when the terms of those contracts or agreements are met. Estimated amounts that will be received or receivable for each of the next five years and thereafter are as follows: Operating Leases

Research, other grants and contracts

43 $

4,314

2028

648

675

2029

204

231

2030

2031

Thereafter

104

2027

Total $

4,357

Total at March 31, 2026

227 $

5,256

5,483

Total at March 31, 2025

262 $

6,033

6,295

17. Contractual Obligations The College has contractual obligations which are commitments that will become liabilities in the future when the terms of the contracts or agreements are met. The estimated aggregate amounts payable for the unexpired terms of these contractual obligations are as follows: Service Contracts 2027

Capital Projects

2,406 $

Information Systems and Technology

2,119 $

Long-term Leases

Total

925 $

221 $

5,671

2028

1,489

349

185

2,023

2029

1,307

205

185

1,697

2030

724

211

101

1,036

2031

107

162

Thereafter

114

128

Total at March 31, 2026

6,147 $

2,119 $

1,711 $

740 $

10,717

Total at March 31, 2025

7,091 $

2,788 $

2,512 $

505 $

12,896

30 2025-26 Annual Report | 65

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 18. Expense by Object The following is a summary of expense by object. 2026 Budget (note 22)

Actual

45,433 $

44,993 $

42,486

15,925

17,569

16,516

839

1,291

1,040

Scholarships and bursaries

1,461

1,264

1,387

Maintenance and repairs

3,005

2,876

3,809

Utilities

2,811

2,399

2,777

Amortization of tangible capital assets

8,052

8,486

8,305

77,526 $

78,878 $

76,320

Salaries and benefits

2025

Materials, supplies and services Cost of goods sold

$ 19. Related parties

The College is a related party with organizations within the Government of Alberta reporting entity. Key management personnel of the College and their close family members are also considered related parties. The College may enter into transactions with these entities and individuals in the normal course of operations and on normal terms. The College has debt with the Department of Treasury Board and Finance as described in Note 7. During the year, the College provided and received the following services at nominal or reduced amounts: •

During the year, Government of Alberta related parties occupied space from the College at a nominal cost. These costs and related revenues are recorded at carrying values that differ from values that would have been recorded if the parties were at arm’s length.

The College has accounts receivable with the Ministry of Advanced Education in the amount of $639 (2025 - $344).

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 20. Government transfers The College operates under the authority and statutes of the Province of Alberta. Transactions and balances between the College and the Government of Alberta are measured at the exchange amount and are summarized below. 2026

2025

Grants from Government of Alberta Advanced Education: Operating

32,343 $

31,704

Capital

2,199

2,456

Other conditional grants

4,040

3,188

38,582

37,348

Other Government of Alberta departments and agencies: Alberta Agriculture and Irrigation

926

1,068

Jobs, Economy, Trade and Immigration and other agencies

1,003

Total other Government of Alberta departments and agencies

1,929

1,120

Total contributions received

40,511

38,468

Expended capital contributions recognized as revenue

3,264

3,447

Deferred revenue

(2,934)

(2,599)

40,841

39,316

3,204

2,502

Expended capital recognized as revenue

170

181

Deferred revenue

(784)

(197)

2,590 $

2,486

Total Advanced Education

Federal and other government grants Contributions received

32 2025-26 Annual Report | 67

ANNUAL REPOR T

Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 21. Salary and Employee Benefits 2026 Other cash benefits(3)

Base salary(2) Governance(1) Chair of the Board of Governors

Members of the Board of Governors

Other non-cash benefits(4) 2 $

Senior Leadership President

2025

Total $

Total

2 $

249

260

262

VP Academic & Research

208

242

VP People and Culture)

199

235

212

Vice-Presidents:

VP External Relations & Infrastructure(5)

VP Finance and Infrastructure & CFO(6) $

457

199

232

247

855

114

969

1,420

114 $

982 $

1,445

855 $

13 $

(1) The Chair and Members of the Board of Governors receive no remuneration for participation on the Board. (2) Base salary includes pensionable base pay. (3) Other cash benefits include honoraria, tuition fee waivers for student members, and severance, when applicable. No bonuses were paid in 2026 or 2025. (4) Other non-cash benefits include employer's share of all employee benefits and contributions, or payments made on behalf of employees including pension, health care, dental coverage, vision coverage, out of country medical benefits, group life insurance, accidental disability, and dismemberment insurance, long and short-term disability plan and professional memberships. (5) This position was removed in 2024-25. (6) The Chief Financial Officer, as reported last year, has been changed to VP, Finance and Infrastructure & CFO.

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Lakeland College NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2026 (thousands of dollars) 22. Budget Figures The College's 2025-26 budget was approved by the Board of Governors and submitted to the Minister of Advanced Education. 23. Approval of financial statements The financial statements were approved by the Board of Governors of Lakeland College.

34 2025-26 Annual Report | 69

ANNUAL REPOR T

Appendix A Alberta Technology and Innovation Strategy (ATIS) 1.0 Goal 1: Increase the depth of Alberta’s technology and innovation talent pool Objectives: 1.

Expand Alberta’s talent pool so our province continues to compete globally.

Strengthen industry and academic partnerships to generate the knowledge and skills for Alberta’s future workforce.

3. Direct government funding to advance talent goals that align with Alberta’s research priorities and drive commercialization in key sectors. Goal 2: Increase access to private capital and public investments in Alberta’s technology and innovation sector Objectives: 1.

Leverage public and private investments to enhance Alberta’s investment and capital environment.

Attract more private capital into Alberta’s technology and innovation ecosystem.

Leverage federal public investments to maximize support for Alberta’s technology and innovation priorities.

Goal 3: Advance a system of supports that facilitate commercialization of Alberta research and innovations Objectives: 1. Convene institutions, industry and potential investors to advance cutting edge research and innovation collaborations and grow federal and industry investment in priority areas. 2. Accelerate Alberta as a leader in the commercialization of technologies, including artificial intelligence, machine learning and quantum science. 3.

Enhance access to public data to support the creation of new products and services.

Invest in fundamental infrastructure that enables Alberta’s technology and innovation sector to thrive.

Goal 4: Optimize Alberta’s technology and innovation ecosystem Objectives 1.

Improve system efficiency and ensure supports are responsive and robust to entrepreneurial needs

Goal 5: Enhance Alberta’s reputation as a leader in technology and innovation Objectives: 1.

Strengthen Alberta’s reputation as a technology hub and the best place to start and grow a technology business.

Attract investment by global anchor firms to Alberta to enhance the technology and innovation sector.

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Appendix B Alberta 2030: Building Skills for Jobs Goal 1: Improve Access and Student Experience Objectives: 1. Empower learners to make informed decisions on post-secondary pathways. 2.

Ensure that students have a high-quality experience.

aligning resources and incentives. 3. Set a national standard for policies and practices that foster commercialization Goal 4: Strengthen Internationalization Objectives:

3. Improve the transfer system and foster flexible career and education pathways.

1. Attract talented international students to Alberta’s post-secondary institutions and communities.

4. Prioritize the expansion of digital infrastructure and support distance education to reach students where they are.

2. Equip learners with international skills and competencies

5. Develop targeted strategies to strengthen the inclusion of Indigenous learners. 6. Improve support for foundational learning and create integrated pathways for learners. 7. Support the expansion of Open Educational Resources, such as course materials and textbooks. Goal 2: Develop Skills for Jobs Objectives: 1. Become the first province in Canada to offer every undergraduate student access to a work-integrated learning opportunity. 2.

Expand apprenticeships in careers of the future.

3. Reduce the skills gap by fostering the strongest employer, industry and postsecondary partnership environment in Canada. 4. Develop strategies and approaches to measure employment-related skills in students. 5. Develop a provincial framework to guide the development of micro-credentials. 6. Streamline the program approval process to allow institutions greater ability to respond to labour market needs and develop innovative new programming. 7. Strengthen the role of post-secondary institutions in the reskilling and upskilling of our workforce.

Goal 5: Improve Sustainability and Affordability Objectives: 1. Set a global bar for efficiency, transparency and accountability. 2. Enable institutions to compete for and grow nonprovincial sources of funding while preserving access for all Albertans. 3. Deconsolidate certain institutions to reduce red tape and strengthen innovation and entrepreneurialism. 4. Implement a funding formula to determine allocations to institutions. 5. Prioritize future student aid funding to grants and bursaries. 6. Explore the modernization of student aid to support diverse learners and the needs of the economy. Goal 6: Strengthen System Governance Objectives: 1. Establish a new and world-class governance structure to improve system outcomes, drive collaboration, depoliticize decision-making, and foster continual long-term strategic planning. 2.

Simplify the current six-sector governance model.

3. Develop Centres of Excellence around key areas of programming and research.

Goal 3: Support Innovation and Commercialization Objectives: 1.

Attract and nurture world-class faculty and students.

2. Drive Alberta’s competitiveness in critical areas by

2025-26 Annual Report | 71

ANNUAL REPOR T

Vermilion Campus 5707 College Drive Vermilion, Alberta T9X 1K5 Lloydminster Campus 2602 59 Avenue Lloydminster, Alberta T9V 3N7 1.800.661.6490 | lakelandcollege.ca 72 | lakelandcollege.ca