Preserving and Promoting Western Heritage and Values
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Preserving and Promoting Western Heritage and Values
The Calgary Exhibition & Stampede is a volunteer supported, not-for-profit organization that preserves and promotes western heritage and values. Our organization began as an agricultural fair in 1886, but continues to grow and evolve in step with Calgary. TABLE OF CONTENTS Organizational Highlights 01 Financial Report 07 Consolidated Financial Statements 10 Stampede Leadership 24 Our Volunteers 26 Full-time Staff 40 Sponsors 42 2005 Calgary Stampede Event Champions 45
1 ORGANIZATIONAL HIGHLIGHTS The Calgary Exhibition & Stampede had a remarkable 2005. It was a year of special celebration and significant achievement, a year of embracing the past while pushing ahead toward a bold, new future. Our entire organization – from the 2,200 volunteers and 1,600 employees, to our many sponsors and community partners – should look back with pride, and look ahead with excitement. A MEMORABLE CENTENNIAL With the history of the Stampede so entwined with the history of Alberta, it was natural for our organization to embrace the province’s Centennial with a full year of initiatives that celebrated western heritage and values. Among our many Centennial highlights, we: established the Calgary Stampede Western Legacy Awards that honoured Dr. Frits Pannekoek, Ryan Perez, and Roy and Lenore McLean for their unique contributions to our heritage; conducted a youth essay contest that saw Alyssa Wheeler, Meredith Pritchard and Beth Anna Heslop each earn a place at the front of the 2005 Stampede Parade; unveiled a permanent display at the Calgary International Airport, featuring a stunning sculptural display that evokes the spirit of the west; launched a digital archives project, in partnership with the University of Calgary, that provides online access to the Stampede’s collection STEVE ALLAN, Chairman of the Board & President (standing) of artifacts; VERN KIMBALL, Chief Operating Officer
2 ORGANIZATIONAL HIGHLIGHTS built the first of five houses for Habitat for Humanity in the spirit of neighbours helping neighbours, thanks to the hard work of hundreds of volunteers and staff, and the contributions of many community partners; celebrated our long-standing partnership with the Treaty Seven First Nations through enhanced pageantry and programming at the 2005 Calgary Stampede; and, published a beautiful coffee table book, entitled Celebrating the Calgary Exhibition & Stampede: The Story of the Greatest Outdoor Show on Earth. The Centennial edition of the annual Calgary Stampede more than lived up to its worldwide reputation as the Greatest Outdoor Show on Earth. The Calgary Stampede Trail 2005 provided wranglers with a unique opportunity to relive history by trailing horses from Stampede Ranch, near Hanna, to Stampede Park. This otherwise spectacular experience concluded in an unfortunate incident near the end of the ride that resulted in the deaths of nine horses. A thorough internal review concluded that it was a tragic accident. Although the Stampede has no plans for another trail ride, our board of directors has accepted the review committee’s recommendation that we should not complete any future trail rides through the city of Calgary in the same manner. THE BEST STAMPEDE EVER The Centennial edition of the annual Calgary Stampede more than lived up to its worldwide reputation as the Greatest Outdoor Show on Earth. Certainly a record number of visitors – more than 1.2 million from around the globe – enjoyed an unprecedented line-up of attractions. This included the world’s premiere rodeo and chuckwagon races, some of the world’s top entertainers, unparalleled pageantry throughout Stampede Park, spectacular stage show and fireworks, international agriculture competitions, $1 million in free entertainment, and an enhanced midway. The excitement began in June with a group of Stampede cowboys and cowgirls riding down Wall Street to the New York Stock Exchange, launching our international media conference – broadcast live to the world via the Internet. Of course, the real start of the Calgary Stampede was on July 8 when parade marshals the Honourable Ralph Klein Premier of Alberta and His Honour the Honourable Norman Kwong Lieutenant Governor of Alberta led the Stampede Parade past a record crowd of 400,000 along the streets of downtown Calgary (and seen by millions more nationally via television coverage).
3 ORGANIZATIONAL HIGHLIGHTS Distinctive among the world’s great festivals, the fun spilled across the city into virtually every neighbourhood and workplace, creating a community-wide celebration. And as always, our Stampede volunteers were busy fanning the flames of public enthusiasm and involvement. Thanks to the support of a generous community leader, we recaptured the spirit of Stampede founder Guy Weadick’s famous efforts to encourage citizens to dress western. Through our Get Your Head in a Hat campaign, volunteers gave away 14,000 cowboy hats and 100,000 prizes to promote pride and participation. The heart of the action was at Stampede Park. Our efforts to offer “something for everyone” – from Western Showcase to Indian Village, from Ag-tivity in the City to the exciting midway – attracted more visitors than ever. This also resulted in a record number of Stampede Rodeo tickets sold and an unprecedented 10 sell-outs of the GMC Rangeland Derby and Grandstand Show package. Our diverse agricultural programs continue to connect young people to their agricultural heritage, introduce producers to consumers, and serve as a bridge between rural and urban communities. Thanks to our new Stampede Entertainment Inc. (SEI) partnership with White Iron Productions, we brought some of the world’s top entertainers to the 2005 Calgary Stampede, including Tim McGraw, Brad Paisley and Michael W. Smith. SEI also produced the subsequent national television special, A Day Inside: The Calgary Stampede, which was later nominated for a Gemini Award. By virtually every measure, the 2005 Calgary Stampede was an outstanding success: the level of community involvement, on-Park attendance, a record chuckwagon canvas auction, entertainment sell-outs, overall customer satisfaction ratings, and the smiles on everyone’s faces. Every year we endeavour to improve the annual Calgary Stampede and this year will be no different. In 2006 we’re introducing an exciting new format for the Stampede Rodeo, enhancements for the GMC Rangeland Derby, and a new level of big name entertainment. REINFORCING OUR ROOTS Agriculture has been the backbone of the Calgary Exhibition & Stampede since our formation in 1886 as the Calgary Agricultural Society. Our diverse agricultural programs continue to connect young people to their agricultural heritage, introduce producers to consumers, and serve as a bridge between rural and urban communities.
4 ORGANIZATIONAL HIGHLIGHTS Among the more than 60 programs spread across 100 days last year was Aggie Days. This popular program featured dozens of key industry exhibitors and provided thousands of students and families with a hands-on opportunity to learn about agriculture. In addition, the innovative presentation of displays, shows and competitions at the Calgary Stampede were honoured with the International Association of Fairs and Exposition’s 2005 Best of Show – Agriculture Award for fairs that host over one million visitors. This is a wonderful testament to the efforts of our staff and volunteers. Like the industry itself, our agriculture programming continues to evolve. Looking to the future, our plans include a new agriculture arena complex, and a fresh approach to programming to be developed by our agricultural staff, volunteer committees and industry partners. For example, we expect to significantly expand our innovative Calgary Campus partnership with Olds College to distribute agriculture learning across all 193 acres of Stampede Park. OUR CONTRIBUTION IS 365 DAYS STRONG Stampede Park is the gathering place for Calgary, welcoming over four million visitors each year. Stampede Park hosts more than 1,300 events ranging from commerce, trade, sports and entertainment, celebration and learning, aside from the many activities held at the Pengrowth Saddledome. Although our biggest connection to the community remains the Calgary Stampede each July, we are working hard to attract Calgarians and visitors every day of the year. In 2005, the Calgary Exhibition & Stampede was honoured with the Consumers Choice Award for business excellence in the Banquet/Reception Hall category. This award is a tribute to our employees’ dedication to A gathering place for Calgary and the world: the proposed 2020 full build- delivering outstanding customer out for Stampede Park expansion and development. service. Our hospitality also
5 ORGANIZATIONAL HIGHLIGHTS won universal praise following the May luncheon at which Premier Ralph Klein hosted Her Majesty Queen Elizabeth II, along with His Royal Highness The Duke of Edinburgh and 600 other special guests. The success of many of our year-round activities, such as Sales, Facilities & Event Services, Food & Beverage, Stampede Racing and Stampede Casino, provide a vital source of revenue that we put right back into the community. Stampede Casino, for example, is the only not- for-profit casino in Calgary: all revenue goes either to the 173 participating community charities or into Stampede programming and facilities. These revenues enable the Calgary Exhibition & Stampede, as one of Canada’s most respected not-for-profit organizations, to contribute to the community 365 days a year through our facilities and programs. Our accomplishments in 2005 have created momentum that will drive us to even greater success in 2006. In 2005, this meant we were able to invest more than $1.5 million into youth development programs, such as the Stampede Showband and the Young Canadians of the Calgary Stampede, and $1.5 million into agricultural programs, such as 4-H on Parade and Aggie Days. We also spent a total of $16.1 million on capital assets, including: completed land acquisition to allow the redevelopment and expansion of the Park; began preparatory work on the new agriculture complex; created new, more welcoming entrances for the Calgary Stampede festival; enhanced the competitiveness of the Stampede Casino by renovating the casino, opening the Mavericks Dining Room & Lounge and introducing a poker room; and, began the design and planning for the new bigger, better casino. BUILDING FOR THE FUTURE We were able to make these investments because of our strong financial performance in 2005. Overall revenues increased 12 per cent to $97 million from $86.7 million in 2004. The growth in revenues came primarily from a 15 per cent or $5.7 million increase in revenues from the Calgary Stampede; a $2.2 million increase in food and beverage; and an increase of $2.4 million in revenues from other year-around operations. In addition, we were exceptionally pleased that the Government of Alberta increased its annual operating support to $10 million in 2005 from $7 million in 2004.
6 ORGANIZATIONAL HIGHLIGHTS In addition to increasing our annual operating grant, the Government of Alberta contributed to the Stampede in two important ways in 2005: presenting the first instalment of a 10-year grant of $250,000 from the Alberta Lottery Fund to allow us to enhance our visitors’ experience at the annual Calgary Stampede; and, awarding a $35 million Centennial grant that will be used to expand the Roundup Centre. The Calgary Exhibition & Stampede has a bold and exciting vision for the future, and in 2005 we made great strides to turn our vision into reality. We have now completed the acquisition of all properties within the expansion zone, received municipal approval to increase our borrowing capacity and received municipal land-use approval. In short, we have the land, the funding and a solid plan. We are ready to go and construction will start this spring. We will invest nearly $200 million over the next five years, kick-starting the revitalization of Stampede Park as a gathering place for Calgary and southern Alberta. IN THANKS... We would like to express a sincere thank you to our sponsors and partners for their participation and support, and to our shareholders, volunteers and employees for their contributions and hard work. As well, all southern Albertans are to be recognized for their participation and encouragement in our Centennial events! Our accomplishments in 2005 have created momentum that will drive us to even greater success in 2006. We have a dynamic team of management, staff and volunteers who consistently turn dreams into reality. Our premiere facilities, services and programs exceed the expectations of our customers and patrons. And we have a solid plan that will guide us into the future. The Stampede is far more than just another tourist attraction, and it’s worth more to Alberta than the $345 million in economic value it generates each year. The Stampede has a special place in the heart of our Alberta community. For over 100 years, we have preserved and promoted our unique western heritage and values, and with our community’s continued support we will realize our ambitious plans to enhance our place as a destination for Calgarians and visitors from Alberta, Canada – and indeed, the world. Sincerely, Steve Allan Vern Kimball Chairman of the Board & President Chief Operating Officer
7 MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING The preparation and presentation of the consolidated financial statements and the overall quality of financial reporting are the responsibility of management of Calgary Exhibition and Stampede Limited. The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles and necessarily include estimates that are based on management’s best judgments. Information contained elsewhere in the 2005 Report to the Community is consistent, where applicable, with that contained in the consolidated financial statements. Management is responsible for installing and maintaining a system of internal controls to provide reasonable assurance that assets are safeguarded and that reliable financial information is produced for preparation of consolidated financial statements. Management believes that the system of internal controls operated effectively in 2005. Vern Kimball Paul Harrison Chief Operating Officer Chief Financial Officer January 20, 2006
8 AUDIT AND FINANCE COMMITTEE OF THE BOARD OF DIRECTORS The board of directors is responsible for overseeing management’s performance of its responsibilities for financial reporting and internal control. The board exercises this responsibility with the assistance of the Audit and Finance committee of the board. The Audit and Finance committee is composed of not fewer than five (currently eight) members, at least three (currently five) of whom are directors of Calgary Exhibition and Stampede Limited. The committee reviews the annual consolidated financial statements, considers the appropriateness of accounting policies and assesses the overall quality of the financial reporting. The committee also reviews and makes recommendations to the board regarding financial matters and oversees the process that management has in place to identify business risks. The committee recommends to the board the auditors to be appointed by the shareholders and approves in advance fees for the auditors’ services. Deloitte & Touche LLP was appointed by the shareholders as independent auditors in 2005 to conduct an examination and express their opinion on the consolidated financial statements. The Auditors’ Report outlines the auditors’ opinion and the scope of their examination. The services provided by the independent auditors are restricted to the audit of the consolidated financial statements and audit-related services. The committee reviews and approves the terms of engagement of the independent auditors, the scope and plan for the external audit and reviews with the auditors the results of the audit and the Auditors’ Report. The auditors report to the committee. The committee also discusses with the auditors their independence from management and Calgary Exhibition and Stampede Limited and receives written confirmation of their independence. Management and auditors attend committee meetings and each is provided with the opportu- nity to meet privately with the committee. The committee met nine times in 2005. Chris LeGeyt Chair of the Audit and Finance Committee January 20, 2006
9 AUDITORS’ REPORT TO THE SHAREHOLDERS We have audited the consolidated statement of financial position of Calgary Exhibition and Stampede Limited as at December 31, 2005, and the consolidated statements of operations, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the organization’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform our audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of Calgary Exhibition and Stampede Limited as at December 31, 2005, and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. Deloitte & Touche LLP Calgary, Canada January 20, 2006
10 CONSOLIDATED STATEMENT OF FINANCIAL POSITION December 31, 2005, with comparative figures for 2004 (in thousands of dollars) 2005 2004 ASSETS Current assets Cash and short-term deposits $ 2,391 $ 1,634 Accounts receivable 6,368 4,838 Inventories 1,238 1,405 Prepaid expenses 771 610 10,768 8,487 Employee future benefits (Note 2) 2,628 1,813 Capital assets (Note 3) 112,693 103,520 $126,089 $ 113,820 LIABILITIES, SHARE CAPITAL AND NET ASSETS Current liabilities Bank indebtedness (Note 4) $ 11,003 $ 4,482 Accounts payable and accrued liabilities 8,071 6,356 Advances on future events 4,486 3,116 Deferred operating grant revenue – 1,750 Current portion of long-term debt (Note 5) 840 794 24,400 16,498 Long-term debt (Note 5) 25,458 26,298 Deferred contributions (Note 6) 13,388 13,312 63,246 56,108 Share capital Authorized: 20,000 shares of no par value Issued and outstanding: 1,538 (2004 – 1,452) 8 7 Net assets Investment in capital assets 73,007 63,116 Accumulated operating deficiency (10,172) (5,411) 62,835 57,705 Contingency (Note 11) $126,089 $ 113,820 See accompanying notes On behalf of the board: Steve Allan, Director Chris LeGeyt, Director
11 CONSOLIDATED STATEMENT OF OPERATIONS Year ended December 31, 2005, with comparative figures for 2004 (in thousands of dollars) Gross Revenue Direct Expenses 2005 2004 2005 2004 2005 2004 OPERATIONS Stampede $ 43,264 $ 37,591 $ 32,539 $ 27,954 $ 10,725 $ 9,637 Facilities 11,781 11,630 8,455 8,136 3,326 3,494 Food and beverage 18,106 15,914 14,936 13,253 3,170 2,661 Horse racing (Note 7) 14,578 13,532 12,046 12,172 2,532 1,360 Agricultural activities 814 857 1,867 1,656 (1,053) (799) Other activities 8,412 7,170 9,356 7,681 (944) (511) $ 96,955 $ 86,694 $ 79,199 $ 70,852 17,756 15,842 INDIRECT EXPENSES Administration, marketing and park and property services 13,286 12,474 Interest and other 1,721 1,769 Employee future benefits (Note 2) 1,111 846 16,118 15,089 Income before amortization and Provincial Government assistance 1,638 753 Amortization of capital assets 6,903 6,465 Amortization of deferred contributions (Note 6) (793) (737) 6,110 5,728 Loss before Provincial Government assistance (4,472) (4,975) Provincial Government assistance (Note 8) 9,602 7,100 Net operating income $ 5,130 $ 2,125 See accompanying notes
12 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS Year ended December 31, 2005, with comparative figures for 2004 (in thousands of dollars) Accumulated Investment in Operating Capital Assets Deficiency 2005 2004 Balance, beginning of year $ 63,116 $ (5,411) $ 57,705 $ 55,580 Net operating income (6,110) 11,240 5,130 2,125 Net additions to capital assets 15,207 (15,207) – – Repayment of long-term debt 794 (794) – – Balance, end of year $ 73,007 $(10,172) $ 62,835 $ 57,705 See accompanying notes
13 CONSOLIDATED STATEMENT OF CASH FLOWS Year ended December 31, 2005, with comparative figures for 2004 (in thousands of dollars) 2005 2004 OPERATING ACTIVITIES Net operating income $ 5,130 $ 2,125 Items not affecting cash: Amortization of capital assets and deferred contributions 6,110 5,728 Employee future benefits expense 1,111 846 12,351 8,699 Net change in non-cash working capital (189) (1,305) Employee future benefits contributions (1,926) (1,791) Cash provided from operating activities 10,236 5,603 FINANCING AND INVESTING ACTIVITIES Acquisition of capital assets 16,076 5,538 Additional deferred contributions (869) (759) 15,207 4,779 Change in bank indebtedness (6,521) (15) Repayment of long-term debt 794 749 Proceeds from issuance of share capital (1) – Cash used in financing and investing activities 9,479 5,513 Change in cash and short-term deposits 757 90 Cash and short-term deposits, beginning of year 1,634 1,544 Cash and short-term deposits, end of year $ 2,391 $ 1,634 See accompanying notes
14 NOTES AUDITORS’ TO CONSOLIDATED REPORT TO FINANCIAL THE SHAREHOLDERS STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) PURPOSE OF THE ORGANIZATION: The basic purpose of the Calgary Exhibition & Stampede (“the Stampede”) is to preserve and promote western heritage and values. The Stampede is incorporated under the Companies Act of Alberta as a not-for-profit organization and is exempt from income taxes under the Canadian Income Tax Act. The directors of the Stampede are elected or appointed volunteers who cannot be paid in any form for their services under the by-laws of the organization. The shareholders of the Stampede, who are also volunteers, cannot receive any dividends, nor can the shares appreciate in value. Shares cannot be sold or held by persons outside of the province of Alberta nor in the estates of deceased shareholders. 1. SIGNIFICANT ACCOUNTING POLICIES: The financial statements of the Stampede have been prepared by management in accordance with Canadian generally accepted accounting principles for not-for-profit organizations. A precise determination of many assets and liabilities is dependent upon future events and, consequently, the preparation of periodic financial statements necessarily involves the use of estimates and approximations. Those estimates also affect the disclosure of contingencies at the date of the financial statements and the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below. (A) BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Stampede and its wholly owned subsidiary, Weadick Properties Limited (“Weadick”). The basic purpose of Weadick is to acquire lands for future Stampede expansion and development purposes. Weadick is incorporated under the Alberta Business Corporations Act as a not-for-profit organization and is exempt from income taxes under the Canadian Income Tax Act. The Stampede also controls the Calgary Stampede Foundation (“the Foundation”), due to the Stampede’s ability to appoint the majority of the board of directors of the Foundation. The Stampede has elected to disclose all pertinent financial information of the Foundation in the notes to the consolidated financial statements and accordingly, the Foundation’s financial accounts have not been consolidated with those of the Stampede. The Foundation has the primary objective of establishing programs for the benefit of young residents of southern Alberta to advance their knowledge and understanding of the history, heritage, traditions and culture of Alberta. The Foundation is incorporated under the Companies Act of the Province of Alberta as a not-for-profit organization and is a registered charity under the Canadian Income Tax Act and accordingly is not subject to income taxes. (B) CASH AND SHORT-TERM DEPOSITS: Cash and short-term deposits comprise cash on hand, demand deposits, deposits held in trust, bankers’ acceptances and commercial paper having a maturity of three months or less from the date of purchase and are recorded at cost, which approximates market value.
15 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) (C) INVENTORIES: Inventories held for resale are valued at the lower of cost and net realizable value. Supplies are valued at the lower of cost and replacement cost. (D) EMPLOYEE FUTURE BENEFITS: The Stampede has a number of defined benefit pension plans as well as a defined contribution pension plan that provide pension benefits to most of its employees. The defined benefit pension plans are based on years of service and final average salary. Pension benefit payments are not automatically increased for inflation. The cost of pension benefits earned by employees is actuarially determined using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation and retirement ages of employees. Plan obligations are discounted using current market interest rates and plan assets are presented at fair value. Actuarial gains (losses) arise from the difference between the actual long-term rate of return and the expected rate of return on plan assets, the difference between actual experience and actuarial assumptions used to determine the accrued benefit obligation, and from changes in the actuarial assumptions. The excess of the net accumulated actuarial gain (loss) over 10 per cent of the greater of the benefit obligation and the fair value of plan assets is amortized over the average remaining service period (2005 and 2004 – 13 years) of active employees for the applicable pension plan. The Stampede is amortizing a transitional asset on a straight-line basis over 13 years for one of its plans and is amortizing a transitional obligation over 10 years for another of its plans, which represented the average remaining service period of the active employees for each applicable plan at the 2001 transition date. (E) CAPITAL ASSETS AND AMORTIZATION: Buildings and equipment are stated at cost less accumulated amortization. Major overhauls and improvements are capitalized, while normal repairs and maintenance are expensed as incurred. Amortization is provided on a straight-line basis at rates designed to amortize the assets over their estimated useful lives. Title to the land on which Stampede Park is located is vested in The City of Calgary and is used by the Stampede under a long-term lease (“the Ground Lease Lands”) expiring in the year 2010. Negotiations with The City of Calgary are currently underway to renew the lease. Certain other lands owned either directly or beneficially by the Stampede are stated at cost and are held for future Stampede expansion and development purposes. (F) IMPAIRMENT OF LONG-LIVED ASSETS: Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable. An impairment loss is recognized when and to the extent that the carrying value of an asset exceeds the total undiscounted cash flows expected from its use and eventual disposition.
16 NOTES AUDITORS’ TO CONSOLIDATED REPORT TO FINANCIAL THE SHAREHOLDERS STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) (G) ADVANCES ON FUTURE EVENTS: Advances on future events represent funds received in advance for events including the Stampede festival, conventions and trade shows, and facilities, building and ice rentals. Revenue for such events is recognized in income in the period in which the event takes place. (H) INTEREST RATE SWAP: An interest rate swap (“swap”) is utilized to manage interest rate risk on the Stampede’s long-term debt. The Stampede does not enter into financial instruments for trading or speculative purposes and has not undertaken any similar financial transactions to date. The Stampede believes the swap is effective as a hedge, both at inception and over the term of the instrument, as the term to maturity, the (notional) principal amount and the interest rate basis in the instrument all match the terms of the debt instrument being hedged. The swap agreement involves the periodic exchange of payments (without the exchange of the notional principal amount upon which the payments are based), which are recorded as an adjustment of interest expense on the hedged debt instrument. The related amount payable to or receivable from counterparties is included as an adjustment to accrued interest. (I) GRANTS AND CONTRIBUTIONS: The Stampede follows the deferral method of accounting for grants and contributions. Unrestricted contributions are recognized as income when received or receivable. Amounts externally restricted for capital purposes are recorded as “Deferred Contributions” when received or receivable and included in income in the same proportion as the amortization of the related assets for which the capital contributions were expended. Amounts that relate to operating expenditures of a future period are deferred until the related expenditures are incurred. (J) DONATED SERVICES: A substantial number of unpaid volunteers make significant contributions of their time in developing and delivering Stampede programs. The value of this contributed time is not reflected in the financial statements since objective measurement or valuation is indeterminable. (K) COMPARATIVE INFORMATION: Certain comparative financial information has been reclassified to conform to the financial statement presentation adopted in 2005. 2. EMPLOYEE FUTURE BENEFITS: The Stampede has a number of defined benefit pension plans as well as a defined contribution pension plan. In 2005, the Stampede made cash payments to its pension plans for employee future benefits amounting to $2.1 million (2004 – $2.0 million).
17 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) (A) DEFINED BENEFIT PENSION PLANS: Actuarial valuations of the Stampede’s defined benefit pension plans were carried out as at September 30, 2005, and were then extrapolated to December 31, 2005. The next actuarial valuation of the Stampede’s defined benefit pension plans is required to be completed by September 30, 2008. Information concerning the Stampede’s defined benefit pension plans, in aggregate, is as follows: 2005 2004 Accrued benefit obligation Balance, beginning of year $ 24,600 $ 20,777 Current service cost 1,581 1,365 Plan amendments 293 – Interest cost 1,540 1,415 Benefits paid (1,048) (740) Actuarial loss 3,385 1,783 Balance, end of year 30,351 24,600 Plan assets Fair value, beginning of year 25,521 22,058 Annual return on plan assets 3,418 2,412 Employer contributions 1,926 1,791 Benefits paid (1,048) (740) Fair value, end of year 29,817 25,521 Funded status – plan (deficit) surplus (534) 921 Unrecognized past service cost 293 – Unrecognized net actuarial loss 5,246 3,552 Unrecognized transitional asset (2,377) (2,660) Accrued benefit asset $ 2,628 $ 1,813 The significant actuarial assumptions adopted in measuring the Stampede’s accrued benefit obligations at December 31 each year are as follows (weighted average assumptions): 2005 2004 Accrued benefit obligation: Discount rate 5.20% 6.00% Defined benefit costs: Discount rate 6.00% 6.50% Expected long-term rate of return on plan assets 7.07% 7.55% Rate of compensation increase 4.50% 4.50%
18 NOTES AUDITORS’ TO CONSOLIDATED REPORT TO FINANCIAL THE SHAREHOLDERS STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) The asset mix of plan assets at September 30 each year consist of: 2005 2004 Asset category: Balanced mutual fund 12.00% 11.00% Equity securities 54.00% 55.00% Debt securities 33.00% 32.00% Other 1.00% 2.00% The Stampede’s defined benefit costs recognized in the year are as follows: 2005 2004 Current service cost $ 1,581 $ 1,365 Interest cost 1,540 1,415 Actual return on plan assets (3,418) (2,412) Actuarial loss on accrued benefits 3,385 1,783 Plan amendments 293 – 3,381 2,151 Difference between expected return and actual return on plan assets for year 1,586 706 Difference between actuarial gain recognized for year and actual gain on accrued benefit obligation for year (3,280) (1,728) Difference between amortization of past service costs for year and actual plan amendments for year (293) – Amortization of transitional asset (283) (283) Defined benefit costs $ 1,111 $ 846 (B) DEFINED CONTRIBUTION PENSION PLAN The Stampede’s defined contribution pension plan expense for 2005 was $190,000 (2004 – $181,000). 3. CAPITAL ASSETS: 2005 2004 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Land $ 38,209 $ – $ 38,209 $ 28,059 $ – $ 28,059 Building & Leasehold Improvements 146,383 79,392 66,991 144,626 76,008 68,618 Equipment 21,368 13,875 7,493 20,308 13,465 6,843 $ 205,960 $ 93,267 $ 112,963 $ 192,993 $ 89,473 $ 103,520 Amortization Rate (%): 2.5 to 20.0 (Building & Leasehold Improvements), 10.0 to 33.3 (Equipment)
19 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) As at December 31, 2005, the Stampede, through The City of Calgary, had initiated the expropriation of the remaining 23 properties in Victoria Park that are required for planned Stampede expansion. The final purchase price of these properties will not be determined until expropriation compensation hearings have concluded. 4. BANK INDEBTEDNESS: Bank indebtedness at December 31 is comprised of the following: 2005 2004 Revolving demand operating loan $ 4,086 $ 507 Revolving demand credit facility 6,917 3,975 $ 11,003 $ 4,482 (A) REVOLVING DEMAND OPERATING LOAN: The revolving demand operating loan facility, available to a maximum $12.5 million, bears interest at the bank’s prime interest rate. As security, a Canadian chartered bank holds a demand debenture in the amount of $40.0 million as well as a first floating charge over all assets, which are subordinated to the security held by The City of Calgary, as disclosed in Notes 4(b) and 5(a). (B) REVOLVING DEMAND CREDIT FACILITY: The revolving demand credit facility, available to a maximum $30.0 million, bears interest at bankers’ acceptance rates of 3.43% plus 0.30% and matures on March 31, 2006. As security, The City of Calgary, as unconditional guarantor, holds a fixed debenture in the amount of $60.0 million charging the Ground Lease Lands, all improvements and any additional lands purchased by the Stampede from the proceeds of the credit facilities described herein and in Note 5(a). 5. LONG-TERM DEBT: 2005 2004 Committed non-revolving credit facility maturing in 2024 $ 26,298 $ 27,092 Less principal due within one year 840 794 $ 25,458 $ 26,298 (A) COMMITTED NON-REVOLVING CREDIT FACILITY: The committed non-revolving credit facility with a Canadian chartered bank (original credit facility limit of $30.0 million) bears interest at bankers’ acceptance rates (3.56% at December 31, 2005) plus 0.30% and is guaranteed by The City of Calgary for an additional cost of 0.02%. As security, The City of Calgary, as unconditional guarantor, holds a fixed debenture in the amount of $60.0 million charging the Ground Lease Lands, all improvements and any additional lands purchased by the Stampede from the proceeds of the credit facilities described herein and in Note 4(b).
20 NOTES AUDITORS’ TO CONSOLIDATED REPORT TO FINANCIAL THE SHAREHOLDERS STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) (B) INTEREST RATE CONTRACT: The Stampede has entered into an interest rate swap agreement with a Canadian chartered bank under which the Stampede has fixed interest payments on its committed non-revolving credit facility at 6.23% per annum to March 22, 2024. The fair market value of the interest rate swap at December 31, 2005, which has been estimated using year-end market rates, would result in a loss of $3.0 million (2004 – loss of $2.3 million), and approximates the amount that the Stampede would pay if the swap agreement was closed out at that date. (C) PRINCIPAL REPAYMENTS: The amount of principal repayable in each of the next five years and thereafter is as follows: 2006 $ 840 2007 890 2008 942 2009 998 2010 1,057 Thereafter 21,571 $ 26,298 6. DEFERRED CONTRIBUTIONS: The Stampede receives capital contributions from the Province of Alberta and other sources to assist in the financing of capital asset acquisitions. Details of deferred contributions are as follows: 2005 2004 Balance, beginning of year $ 13,312 $ 13,290 Additional contributions 869 759 Amortization (793) (737) Balance, end of year $ 13,388 $ 13,312 Consisting of: Unamortized capital contributions used to acquire capital assets $ 13,085 $ 12,986 Unspent contributions 303 326 $ 13,388 $ 13,312 7. HORSE RACING: In order to accommodate its expansion plans, the Stampede will exit its horse racing operation no later than June 30, 2007. The results of operations associated with horse racing are as follows: 2005 2004 Operating revenue $ 10,066 $ 9,258 Racing discretionary grant 482 588 Slot revenue supplement 4,030 3,686 14,578 13,532 Operating expense 12,046 12,172 Operating income $ 2,532 $ 1,360
21 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) The Stampede receives, through Horse Racing Alberta, a discretionary grant of 0.95% of the gross handle from horse racing operations and a slot revenue supplement based on 18.33% of computer gaming terminal proceeds generated by Stampede Casino. Both the racing discretionary grant and the slot revenue supplement will cease at the exit date. 8. PROVINCIAL GOVERNMENT ASSISTANCE: The Stampede receives funding from the Government of Alberta through the Alberta Lottery Fund as follows: (A) OPERATING GRANT: The Stampede receives general purpose funding from the Alberta Lottery Fund in accordance with the terms of an agreement with the minister responsible for the Department of Gaming and the Alberta Lottery Fund. The funding is unencumbered and is subject to the availability of lottery funds in the annual Alberta Lottery Fund Estimates. Effective April 1, 2005, the Stampede’s Operating Grant was increased from $7.0 million per annum to $10.0 million per annum. (B) STAMPEDE GRANT: Effective April 1, 2005, the Stampede receives funding from the Alberta Lottery Fund of $250,000 per annum in support of the annual Calgary Stampede festival. The grant, together with all interest earned, is required to be maintained in a segregated bank account and has a 10-year term expiring in 2014. (C) AGRICULTURE GRANT: As a “Class A” fair, the Stampede receives an annual operating grant to support agriculture programs. Provincial government assistance recognized in income is as follows: 2005 2004 Operating grant $ 9,250 $ 7,000 Stampede grant 252 – Agriculture grant 100 100 $ 9,602 $ 7,100 9. FINANCIAL INSTRUMENTS: The Stampede’s financial instruments include cash and short-term deposits, accounts receivable, bank indebtedness, accounts payable and accrued liabilities, deferred operating grant revenue, long-term debt, and an interest rate swap. (A) FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES: The fair values of financial instruments, excluding long-term debt and the swap, approximate their carrying amount due to the short-term maturity of these instruments. The fair value of long-term debt approximates carrying value given its underlying floating interest rate and the fair value of the associated swap is disclosed in Note 5(b).
22 NOTES AUDITORS’ TO CONSOLIDATED REPORT TO FINANCIAL THE SHAREHOLDERS STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) (B) CREDIT RISK: The Stampede’s accounts receivable are due from a diverse group of customers and are subject to normal credit risks. (C) INTEREST RATE RISK: The Stampede has entered into a swap transaction, as disclosed in Note 5(b), to manage exposure to interest rate increases on floating rate debt. 10. CALGARY STAMPEDE FOUNDATION: The Foundation’s financial accounts have not been consolidated in the Stampede’s financial statements. The Foundation uses fund accounting and follows the restricted fund method of accounting for contributions. The Foundation’s funds include the General, Designated Youth, Designated Endowment and Undesignated Endowment funds. The Foundation’s investments are held by The Calgary Foundation and are pooled investments in stocks, bonds and debentures and are recorded at cost. Dividends, interest and realized capital gains and losses are included in revenue. To preserve the initial capital base of donations contributed to the endowment funds, an annual investment retention allowance, based on the rate of inflation, is determined and retained. Financial summaries of the Foundation as at December 31, 2005 and 2004 and for the years then ended are as follows (the Foundation does not present a Statement of Changes in Cash Flow as it would provide no additional meaningful information): FINANCIAL POSITION 2005 2004 Total assets $ 7,795 $ 7,360 Total liabilities $ 199 $ 124 Total net assets 7,596 7,236 $ 7,795 $ 7,360 In accordance with donor-imposed restrictions: $176,000 (2004 – $305,000) of the Foundation’s net assets must be distributed to designated youth programs specified by the donor; $254,000 (2004 – $237,000) of the Foundation’s net assets must be held in perpetuity or for a period of not less than 10 years, the income from which is to be used for the benefit of specified activities; and $374,000 (2004 – $373,000) of the Foundation’s net assets are subject to donor imposed restrictions that they be held in perpetuity or for a period of not less than 10 years with no direction respecting the specific use of income earned or from the ultimate disposition of the invested capital.
23 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005, with comparative figures for 2004 (in thousands of dollars) RESULTS OF OPERATIONS 2005 2004 Total revenue $ 939 $ 6,456 Total expenditures 585 357 Excess of revenue over expenses $ 354 $ 6,099 During 2004 the Foundation received a gift of $5.9 million from the Nat Christie Foundation. In accepting this gift, the Foundation was obliged to reserve a portion of the funds for the future development of a significant capital project at Stampede Park. The remainder of the gift will be used to support the Foundation’s ongoing charitable activities. All expenditures pertaining to this gift, including approval of the capital project, are subject to approval by the Foundation’s board of directors. 11. CONTINGENCY: The Stampede has been named as one of the defendants in a suit claiming $91.6 million. Management and legal counsel are of the opinion that the Stampede has a good defense based on the merits of the case and it is management’s view that the outcome of this action will not have a material adverse affect on the financial position or operating results of the Stampede. Accordingly, no provision has been made in the financial statements. 12. SUBSEQUENT EVENT: In recognition of the 2005 Alberta Centennial, the Stampede is entitled to receive a capital grant of $35.0 million from the Government of Alberta under the terms of an agreement entered into on January 17, 2006. The funds are restricted to expand the Roundup Centre facility and are required to be maintained in a segregated bank account with all interest earned accruing to the grant. If for any reason the capital grant, including interest earned, is not fully expended by December 31, 2009, the Stampede will be required to return the remaining funds to the Government of Alberta.
24 STAMPEDE LEADERSHIP 2005 OFFICERS Allan, J.S. (Steve) Chairman & President Wilson, J.D. (Don) Immed. Past President Brookman, G.H. (George) Vice-Chairman Chalack, D.A. (David) Vice-Chairman Kimball, Vern Chief Operating Officer Armitage, Doug Vice-President, Business Development Fache, Gord Vice-President, Corporate Development & Stampede Programming Harrison, Paul Chief Financial Officer Schild, Laurie Vice-President, Marketing & External Relations Whittle, Mike Vice-President, Agriculture & Western Events 2005 ELECTED OFFICERS (L-R): GEORGE BROOKMAN, Vice-Chairman; STEVE ALLAN, Chairman of the Board PATRONS & President; DAVID CHALACK, Vice-Chairman His Honour The Honourable Norman Kwong Lieutenant Governor of Alberta The Honourable Ralph Klein Premier of Alberta His Worship David Bronconnier Mayor of Calgary EXECUTIVE MANAGEMENT TEAM (L-R): GORD FACHE, Vice-President Corporate Development & Stampede Programming; DOUG ARMITAGE, Vice-President Business Development; VERN KIMBALL, Chief Operating Officer; LAURIE SCHILD, Vice-President Marketing & External Relations; and, MIKE WHITTLE, Vice-President Agriculture & Western Events.
25 STAMPEDE LEADERSHIP 2005 BOARD OF DIRECTORS FRONT ROW: Vice-Chairman GEORGE BROOKMAN (seated left), Chairman of the Board & President STEVE ALLAN (standing center), Vice-Chairman DAVID CHALACK (seated right) SECOND ROW (L-R): Jim Brennan, Val Robinson, Don Wilson, MLA Cindy Ady, Bill Porter, Sally Holman, Jackie Engstrom, Glenn Street THIRD ROW (L-R): John Copithorne, Bob Thompson, Fred Allen, Mike Casey, Russ Tynan, Rob Laidlaw, Wee Yee BACK ROW (L-R): Guy Buchanan, Steve Snyder, Alderman Ray Jones, Gord Burrell, Gordon Bussey MISSING FROM PHOTO: Doug Fee, Mayor David Bronconnier, Alderman Madeleine King, Chris LeGeyt, Harold Milavsky, Sherali Saju 2005 DIRECTORS Street, G.W. (Glenn) Moore, W.K. (Ken) Lang, M.P. (Pam) Allen, F.G. (Fred) Thompson, R.M. (Bob) Pearce, H.G. (Gordon) Langford, H.G. (Harry) Brennan, J.S. (Jim) Tynan, R.E. (Russ) Steen, J.A. (Jack) Lougheed, E.P. (Peter) Buchanan, G.D. (Guy) Yee, W. (Wee) Young, R.A.M. (Bob) Macdonald, A.H. (Howard) Ady, Cynthia (Cindy) MLA MacInnes, R.B. (Richard) Burrell, G.J. (Gord) Bronconnier, (Dave) Mayor HONOURARY LIFE McBride, R.B. (Rod) Bussey, G.J. (Gordon) DIRECTORS Casey, M.F. (Mike) Jones, (Ray) Alderman McDaniel, R.R. (Rod) King, (Madeleine) Alderman Abercrombie, L.A. (Linda) Minnes, P.D. (Patsi) Copithorne, J.G. (John) Bailey, E. (Eleanor) Engstrom, J.A. (Jackie) O’Connor, G. (Graham) PAST PRESIDENTS Cairns, R.M. (Bob) O’Connor, D.L. (Larry) Fee, E.D. (Doug) Blackburn, L. (Les) Copithorne, M. (Marshall) Holman, S.J. (Sally) Phillips, R.F. (Ross) Church, R.B. (Bob) Dyck, P.R. (Bob) Poffenroth, R.W. (Bob) Laidlaw, R.W.A. (Rob) Copithorne, W.H. (Danny) Edwards, S.W. (Steve) LeGeyt, C. (Chris) Smith, B.A.R. (Quincy) Crawford, Q.C. (George) Finn, F.C. (Frank) Sumner, R.J. (Bob) Milavsky, H. (Harold) Cross, D.J.A. (Donald) Gant, W. (Bill) Porter, W.G. (Bill) Talbot, D.W. (David) Dinning, R.S. (Bob) Holman, J.L. (Len) Thompson, L.S. (Lee) Robinson, V. (Val) Jarvis, C.S. (Roger) Hymas, R.F. (Bob) Saju, S. (Sherali) Thornton, H.P. (Harold) Laidlaw, R.W.A. (Bob) Irwin, I.G.M. (Ian) Snyder, S.G. (Steve) Matthews, R.C. (Rob) Jacques, D.E. (Don)
26 OUR VOLUNTEERS VOLUNTEERS Al-Noor Jinnah A Anderson, Diane SH, SA Bacon, Terry SH, SA A - ASSOCIATE John A. Larsen SA Anderson, Donna K V Badzgon, Jessica E V ALM - ALUMNUS Tom Sampson SA Anderson, Doug G V Bagby, Robyn SH, SA CM - CHAIRMAN Blake R. Somerset A Anderson, Fran SH, ALM, HSA Bailey, Diane M A D - DIRECTOR Anderson, Frances SH, SA Bailey, Eleanor J SH, HLD HLD - HONOURARY LIFE 2005 VOLUNTEERS DIRECTOR Abbott, Andrew SH Anderson, Frank J SH, SA Bailey, Jim R A HSA - HONOURARY SENIOR Abbott, Fraser A Anderson, Guy R SH, A Bailey, Scott C V ASSOCIATE Anderson, Heather SH, SA Bailey, Terry SH, A IPP - IMMEDIATE PAST Abbott, Fred F. SH, SA Abercrombie, Hart A SH, SA Anderson, Heather M V Baillie, Brooke V PRESIDENT LM - LIFE MEMBER Abercrombie, Linda A SH, HLD Anderson, John L V Baillod, Brad SH, SA P - PRESIDENT Aberle, Floyd V Anderson, Julie ALM Bain, John ALM PP - PAST PRESIDENT Abrams, Brian SH, SA Anderson, Marilyn SH, SA Baker, Diana E V SA - SENIOR ASSOCIATE Anderson, Maurey K. A Baker, Fred SH, ALM SH - SHAREHOLDER Abrams, Edie A SH, SA VC - VICE CHAIR Abrams, Joel A Anderson, Ron K SH, SA Baker, Owen SH, ALM, HSA V - VOLUNTEER Acteson, Henry W. ALM Andrew, Christine A Baldick, Karon A Adams, Carolyn SH, SA Angus, Ian J.T. SH, LM Baldick, Stephen SA We also remember the Adams, Don SA Anselmo, Tony SH, ALM Ball, Bev A SH, SA significant contributions of Adams, Rosanne SA Ansloos, Norma A Ballantine, Jane SH, SA volunteers who passed away Antoniuk, Brad V Bamford, Bruce SH, SA Adams, Ryan W SH, SA in 2005. We bid a sad final Antoniuk, Jodi A Bamford, Kate SH, SA Adams-Wood, Alice SH, SA farewell to: Appleton, Stanley F SH, LM Bamford, Mary SH, SA Adamson, Marian SH, SA Donald Barker ALM Addley, Cy SA Archer, Fred ALM Banadyga, Jarrod S A Stu Barker SH, PP Adolf, Elizabeth J. V Archibald, Alan D SH, SA Baranieski, Hugh SH, A Louise Big Plume SH, SA Ady, Cindy D Archibald, Catharine SH, SA Baranieski, Linda SH, SA David Bruce SH, SA Agar, Gordon L SH, A Armstrong, Art SH, SA Barby, Jim M SH, SA Fred Clarke SH, SA Ahloy, James A Armstrong, Cathy SH, SA Barfuss, Milo ALM Laurie Draper SH, HSA Airth, Bob SH, SA Armstrong, Chris A Barge, Ron SH, SA Bill Egbert SH, HLD Aker, Audrey C A Armstrong, Doug SH, SA Bargetzi, Ernst ALM Margaret Fraser SH, LM Aker, Eric E A Armstrong, Fletcher SH, SA Barker, Donald ALM Andy Gibson SH, SA Aldred, Glen SH, SA Armstrong, Jack SH, SA Barker, Geoff SA Dewey Grant V Aldred, Ross ALM Armstrong, Melinda A SH, SA Barker, Jay D SH, SA Rodney (Rod) Hall SH, SA Alexander, Greg A Armstrong, Tanya L A Barker, Pam SA Donald Heimbecker SH, SA Alexander, Jean SH, SA Arnold, Bob S SH, LM Barlass, Lesley SH, SA Harry C. Hobbs SH, LM Alexander, June SH, ALM, HSA Arnold, John A Barlow, Happy SH, SA Gerri Hooks SA Alexander, Percy ALM Arthurs, Derek A Barrett, Gord A SH, SA Dianna Kirouac V Alexander, Wes SH, SA Arthurs, Ric A Barrett, Marion A SH, A Edward Shute SH, LM Algate, Betty J SH, SA Arthurs, Robin G SH, SA Barrington, Gordon SH, SA Steve Stiven SH, HSA Allan, Steve SH, CM & P Ashbacher, Kelly A Barritt, Angela N SH, ALM Allen, Fred SH, D Ashbacher, Wendy S A Bartelen, Clarence ALM Deceased 2004 Atchison, Sr., Bill SH, ALM Bartlett, Erin S A Allen, Ray SH, ALM Edward Klimuk SH, HSA Atkins, Gordon A SH, SA Basarsky, Don A Allen, Roy SH, ALM, HSA Ed Roberts SH, HLD Austen, Keath SH, SA Bass, Marilyn L SA Allery, Dave SH, SA (Not listed in last year’s Austin, Cynthia SH, SA Bates, Rick ALM Allison, Cathy V Report to Community) Austin, Kimberly A Batke, Alfred ALM Allison, Glenn SH, SA We would also like to Allison, Ted SH, ALM, HSA Avey, Noreen P SA Batycky, Bill SH, SA thank our Appointed Aloisio, Bryan A V Ayer, Andrea M SH, SA Baxter, Allan A Representatives for their Ambrose, R. Mark A Aylesworth, Ken W SH, SA Baxter, Paula L V significant contribution to Amery, Hiesem V Aylesworth, Robert SH, ALM Beaton, Louise ALM our organization. Amthor, Carla SH, SA Ayoungman, Angeline SA Beattie, Al SH, LM Amthor, Joan A Ayre, Gary SH, SA Beaver, Lori A Don A. Basarsky A Anderson, Bill SH, SA Ayre, Nate A Beck-Edwards, Brenda SH, SA Peter Davison Anderson, Blake SH, ALM Bacon, Keith SH, SA Bedford, Judy SH, SA Sara-Jane Gruetzner SH, A Anderson, Dave ALM Bacon, Stephen R SH, SA Beeman, Denny SA
27 OUR VOLUNTEERS Beermann, Kari V SA Blakley, Lorne SH, SA Braunwarth, Leta SH, SA Burgess, Ralph SH, ALM Befus, Dale SH, A Blood, Kathy SH, SA Brayton, Joyce SH, SA Burgess, Sandra L A Belan, Chris V Blue, Bev SH, SA Breaker, Nick ALM Burgess, Wayne B. SH, SA Bell, Andrew M SH, SA Boake, Bill J SH, LM Breakey, Alan R A Burke, Brian SH, ALM Bell, Herman J SH, SA Boake, Bud M SH, LM Brenda, Doug A Burke-Gaffney, Kevin F SH, SA Belot, Dan SH, SA Boake, Peter A Brennan, Jim S SH, D Burke-Gaffney, M. Elizabeth SH, SA “At every event and in every public interaction, the Calgary Stampede volunteers portray our original pioneers’ message of friendship and co-operation. They work hard ensuring that those they meet are touched by our friendship and legendary western hospitality. Many work hard year-round spreading our western spirit at events, quite literally around the world.” JOE CONNELLY, TOURISM CALGARY Benedictson, Richard B SH, SA Bobenic, Jodi SH, SA Brewster, Amy A V Burkowski, Janet A SH, ALM Benjamin, Karin SH, SA Bock, Andre A Brewster, Jim A Burns, Greg SA Benner, Beryl SH, A Bodnar, Marilyn B. V Brewster, Jolene V Burns, James (Larry) V Bennett, Barry I SH, SA Boisjoli, Sherry ALM Brewster, Robert A Burns, John SH, SA Bennett, Kerrie V Boisjolie, Dave V Brimacombe, Peter R SH, SA Burns, Rob A Bennett, Kristie L V Bond, Nicholas A Broad, Judy A Burns, Shelly A SH, A Benning, Bernie SH, SA Bondarchuk, Alex SH, SA Broadhurst, Michael SH, SA Burrell, Gord SH, D Benning, Maureen SH, ALM, HSA Bonke, Les L SH, SA Brock, Bruce SA Burrell, Mary SH, SA Benoit, Chantale A Boomer, Barbara SH, ALM, HSA Bromley, Bill SH, SA Burrell, Scott J A Bentham, John LM Borland, Bob SH, SA Bronconnier, David D Burritt, Joe SH, SA Bentley, Wally H SH, SA Borrow, Patricia J SH, SA Brookes, Mike LM Burwash, Les D SH, SA Beres, Garry B. A Boskers, Harm K SH, SA Brookman, George SH, VC Burwash, Mary E. SH, ALM Bergeson, Judy A A Boswell, Bob SH, SA Brookwell, Gerry SH, ALM, HSA Burwash, Sue A A Berglund, Donald James A Boswell, Pat L V Browarny, Walt SH, SA Bushell, Beverley SH, ALM Bertels, Frank SH, ALM Botkin, Dave R. V Brown, Bill SH, SA Busse, Linda L V Bertram, Darlene SH, SA Bourne, Christopher A Brown, Diana SA Bussey, Gordon SH, D Bessem, Brian SA Boutestein, Jarrett A Brown, Garth O SH, ALM, HSA Bussey, Jim W SH, ALM Best, Kay A Bower, Sam M A Brown, Gordon SH Busst, Bill H A Beverley, Gareth ALM Bowlen, Maureen SH, LM Brown, Jack SH, LM Busst, Jack H SH, SA Bewley, John SH, A Bowman, Murray SH, SA Brown, Jason K V Butler, Dale ALM Bews, Jim SH Boyce, Carol SH, SA Brown, John H. SH, SA Bzeta, George SH, ALM, HSA Bews, Joy SH, SA Boyce, Don G SH, ALM Brown, Trudy F A Bzeta, Judy SH, LM Bezak, Erin SH, SA Boyce, Gwen SH, SA Browne, Al A Cadre, Rhonda ALM Bierwagon, Bruce SH Boyer, Colleen SH, SA Browne, Irene A. A Caines, Richard T SH, SA Biggelaar, Mike SH, SA Boyle, Randy ALM Bryant, Linda L SH, SA Cairns, Bob M. SH, HLD Biggelaar, Ray SH, ALM Boyle, Rick A. V Bryant, Victor SH, ALM Cairns, Gordon SH, SA Bill, Tara SH, SA Brachman, Kirk SH, SA Buchanan, Deborah I SH, SA Cairns, Ken SH, LM Billington, Rick SH, SA Bradley, Stu SH, SA Buchanan, Gary N SH, SA Calf Robe, Ed SH, SA Bishop, Leanne M SH, SA Bradley, Tom SH, ALM Buchanan, Guy SH, D Calf Robe/Ayoungman, Bissell, Judy E SH, SA Brager, Joe SH, LM Buckley, Margaret SH Natasha V Bittner, Sharon SH, A Brakke, Nancy L SH, SA Bucsis, Anita A Callan, Lyne SH, ALM Bjerstedt, Karen A Brasso, Donna K. SH, SA Buhler-Low, Jo-Ann V Cameron, Bob A Black, Cliff SH, ALM, HSA Brasso, Einar SH, LM Builder, Brenda L SH, SA Cammaert, Pat SA Black, Michael SH, SA Braun, Ed SH, SA Bunka, Andrew A Campbell, Bill SH, ALM Blackburn, Jim ALM Braun, Ilona B SH, SA Burak, Doris B SH, SA Campbell, Doris SH, SA Blackburn, Les SH, PP Braunwarth, Garry SH, SA Burak, Heather J SH, SA Campbell, John SH, SA
28 OUR VOLUNTEERS “These are people that will have an honest story to tell their grandchildren about the hard work their ancestors accomplished. To me that’s what western values and heritage is all about. It’s about the people that singled themselves out to change history. To walk on the edge of fear and accomplish something that has never been done.” ALYSSA WHEELER, 12, ONE OF THE THREE WINNERS OF THE STAMPEDE’S 2005 SHARING OUR HERITAGE ESSAY CONTEST Campbell, John C SH, SA Chow, Tina L. V Cooke, Don SH Cunningham, Bill SH, SA Campbell, Kurt SA Christensen, Dennis SH, SA Cooke, Grant SA Cunningham, Debbie M Campbell, Laura L SH, ALM Christensen, Lynn SH, SA Cooke, Shane A SH, SA Campbell, Linda SH, SA Christie, Nat SH, SA Cooke, Sharon SA Cunningham, Lori SH, ALM, HSA Campbell, Shannan SA Chu, Allan SA Cooper, Jocelyn SH, SA Cunningham, Norma SH, ALM Campion, Lori M SH, SA Church, Andrea M SH, SA Copeland, John ALM Cunnington, Mike SH, ALM Cannon, Dennis SH, SA Church, Bob SH, PP Copithorne, Danny SH, PP Cupit, Jackie L SH, SA Cantalope, Annette SH, SA Church, Lanny M SH, SA Copithorne, Jim SH, SA Curran, Arlene V Cardiff, John A Clapham, Bill SH, SA Copithorne, John G. SH, D Curran, Mike SA Carels, Val SH, A Clapham, Kyle A Copithorne, Marshall SH, HLD Curran, Jr., Stephen James SH, SA Carey, Frank G SH, SA Clark, Brendan C. V Copithorne, Melba F SH, SA Curran, Sr., Stephen SH, SA Carey, Hugh SH, SA Clark, Cam SH, A Corbett, Stewart SH, SA Currie, Susan SH Carey, Neil SA Clark, Jim SH, SA Corraini, Debbie L A Cushing, Don G SH, LM Carignan, Shannon D A Clark, Lloyd J SH, SA Corraini, Vallentina SH, ALM Cushing, Pat ALM Carpenter, Marcel SH, ALM, HSA Clarke, Bonny SH, A Costello, Barry SH, SA Dahl, Cheryl A SH Carter, Kay C SA Clarke, Jr., Eric G SH, SA Cote, Claude V Dahlgren, Nelson E SH, SA Cartwright, Fred SH, SA Clarke, Sr., Eric SH, SA Courtland, Christopher Daines, Grant A Carver, Debbie L A Clarkson, Linda A SH, ALM Dalgetty, David SH, SA Carver, Stan SH, SA Claughton, Donald SH, SA Courtman, Ray SH, SA Dalgleish, Dianne J SH, SA Casey, Michael SH, D Claughton, Mindy SH, SA Coutney, Bunny SH, ALM Dalgleish, Steve A Cashman, Larry SH, ALM Clay, Cam L SH, SA Coutu, Marcel SH, A Dalgleish, William SH, ALM Cassels, John SH Clayton, Cody SA Cowling, Lloyd G SH, SA Dalgliesh, Judy L SH, SA Cassidy, Lynne A Cleeve, Gail SH, SA Craig, Heather SH, SA Dalik, Dalton E SH, SA Cassie, Deanne J SH, SA Coates, Joe SH, ALM Cranston, John SH, ALM, HSA Dalik, Dorothy SH, ALM, HSA Catellier, Shannon SH, SA Coates, Warren S SH, A Cranston, Mary ALM Dalton, Rick K A Catherwood, Andy G SA Colborne, Barb SH, SA Crawford, Q.C., George SH, PP Damm, Mark G SH, SA Cavanaugh, Buzz B SH, SA Coleman, Brian SA Danard, Bryan N V Cremers, Devon V Celmainis, Sheryll, SH, ALM Coleman, Karalee SH, ALM Danchuk, Jim A Cremers, Hans ALM Chadwick-Lynch, Connie Collins, Alison P A Dansie, Lynn SH, SA SH, SA Cremers, Maureen B SH, SA Collins, Bill E SH, SA Danyleyko, Erin A Chalack, David SH, VC Cridland, Kelly SH, ALM Collins, Dave SH, SA Davidson, Brenda A Chan, Leslie RH V Cripps, Bruce SH, SA Collins, Karen A A Davidson, Debbie A SH, SA Chapman, Ron SH, ALM, HSA Cripps, Ron SH, ALM Collins, Michael SH, SA Davidson, Doug W SH, SA Charlton, Murton SH, ALM Crook, Phil G. V Collins, Pat SH, SA Davidson, Lori SH, SA Chartrand, Allan R A Crook, Rhea SH, SA Colpitts, Garth ALM Davies, Anne E SH, SA Chartrand, J. Aime SH, SA Crosbie, Wayne W A Comeau, Guy SH, SA Davies, Arliegh E SH, SA Cheetham, Rick E A Cross, Donald SH, PP Comeau, Val SH, SA Davies, Bob W SH, SA Cherry, Gordon A Cross, Eddie SH, SA Connelly, Dan B SH, SA Davies, Don C SH, SA Chisholm, Bill LM Cross, Jill SH, A Connelly, Sharleen A SH, SA Davies, Ivan SH, SA Chisholm, Wynne SH, SA Cross-Moulton, Sara J SH, SA Connolly, Luanne SH, SA Davies, Lynne A SH, SA Chitrenky, Evelyn ALM Crowe, Leslie SH, LM Connors, Earl SH, A Davies, Rowland SH, SA Chitrenky, Walter ALM Crowshoe, Reggie SA Constable, Bob M SH, SA Davis, Arthur SH Chorney, Alan SH, SA Crowshoe, Rose SH, SA Constable, Loraine SH, ALM, HSA Davis, Bill SH, LM Chorney, George A SH, SA Crowther, Thelma ALM Cook, Lorna J SH, SA Davis, Jay SH, SA Chow, Catherine A. V Crundwell, Brian A Cooke, Darrell SH, SA Davis, Karen SH, ALM Cumming, Yvonne J A
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