Clean audit opinion from the external auditors
“The Consolidated Financial Statements present fairly, in all material respects, the financial position of the University as at April 30, 2018 and the results of its operations and its cash flows for the year then ended, in accordance with the Canadian Accounting standards for not-for-profit organizations.”
The operating fund statement reports a structural operating deficit of $4.5 million, a positive variance of $0.3 million from the approved budget.
This translates to a net operating deficit of $1.9 million after one-time items.
We made strategic investments in Student Recruitment and Marketing while still limiting overall operating fund expense growth to 1.5%.
Annual revenue growth surpassed annual expense growth in the operating fund for the first time in many years.
Completion of two projects - the Kinesiology Building and Multi-use Greenhouse - under the Strategic Investment Fund program sponsored by the federal and provincial governments.
Trust and endowment assets grew by $17.7M over 2016-17:
| Donations and contributions | $23.4 M |
| Investment earnings | 9.0 M |
| Less spending | (14.7 M) |
| $17.7 M |
