The University of Alberta Students' Union runs executive elections using instant-runoff voting. CGP Grey's video on alternative vote explains why this is a good idea.
The graphs below break down results round-by-round in visual form. The yellow portion of the bars indicate how many votes were carried forward from previous rounds.
In each round of counting, the candidate with the lowest number of votes is eliminated, and the votes from ballots ranking them at the top are transferred to the next-highest-preference candidate who is still in the running. Here, the eliminated candidates' votes are shown in grey, and the portion transferred to each other candidate is shown in green.
This process of eliminating candidates and transferring their votes continues until once candidate is a clear winner; that is, until they have over 50% of the votes from non-exhausted ballots.