Loyalist College finished its 2022-23 fiscal year with an almost $20 million surplus.
The College’s Board of Governors recently approved the financial statements for the last fiscal year.
The $19.6 million in-year surplus was driven primarily by record enrolment.
Loyalist President and CEO Mark Kirkpatrick calls their current financial position the result of long-term strategic planning that will help transform the campus into a world-class teaching and learning environment.
Kirkpatrick says the college will use its surplus to deliver innovative educational programming, support an exceptional student experience, and strengthen organizational capacity and development.
Over the next year, Loyalist will accelerate its work toward becoming a Destination College.
The Board also approved the 2023-2024 Business Plan, including a budget that proposes a net surplus of $5.82M and record levels of capital and strategic operating investments.
“Budget is a balance between strategic investment today and the ability to fund opportunities for the future,” said Chair of the Loyalist College Board of Governors Pam Jolliffe. “This year’s strong financial statements are made possible by careful planning, thoughtful resource management by Loyalist’s leadership team, and the positive enrolment trends we have seen throughout the fiscal year. With the Port Hope campus opening in the fall and the next stage of capital renovations underway, Loyalist College is well positioned to embrace an exciting new chapter for its students, employees and communities.”
