Loyalist College Board of Governors approves 2022-2023 financial statements

Belleville, ON, May 29, 2023 – During their recent meeting, the Loyalist College Board of Governors approved the College’s 2022-2023 fiscal financial statements, including an in-year surplus of $19.6M, driven primarily by record enrolment.

Loyalist’s strong finances reflect the multi-year vision and robust organizational planning that will allow the College to achieve its strategic objectives and ensure growth opportunities for years to come. In particular, the in-year surplus was deliberately grown to support investments in capital assets and strategic initiatives. Loyalist will deploy its surplus to deliver innovative educational programming, support an exceptional student experience, and strengthen organizational capacity and development.

“Loyalist’s approach to resource allocation and investing is shaped by our unwavering commitment to our vision, mission and values,” said President and CEO of Loyalist College Mark Kirkpatrick. “Our current financial position is the result of long-term strategic planning that will help us to transform our campus into a world-class teaching and learning environment that provides unparalleled benefits to our students and our region. Over the next year, we will accelerate toward becoming a Destination College by providing exceptional academic programming, outstanding student experiences, increased integration with our community, and building on our existing strength and best asset – our people.”

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. The College understands that many external factors may impact gross revenue and appropriate risk plans and mitigation strategies are in place to ensure Loyalist can continue to advance the next phases of its strategic and campus master plans.

“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.”

About Loyalist College
Loyalist College is located on the territory of the Huron-Wendat, the Anishnaabeg, and the Haudenosaunee people. We acknowledge our shared obligation to respect, honour, and sustain these lands and the natural resources contained within. Ranked one of Canada’s top 50 research colleges, Loyalist College empowers students, faculty, staff, and partners through experiential, industry cluster-based education, training and applied research programs. As Ontario’s Destination College, the College provides job-ready graduates for, and knowledge transfer to, industry and the community. Located on more than 200 acres in the beautiful Bay of Quinte region, the College is perfectly positioned between Toronto, Ottawa and Montreal. Loyalist College offers more than 70 full-time diploma, certificate and apprenticeship programs in biosciences, building sciences, business, community service, health and wellness, media studies, public safety, and skilled trades. Continuing education options are available through LoyalistFocus.com, including hundreds of online, distance and in-class courses, and through the College’s 100+ university transfer agreements. Loyalist College is a key driver of social and economic health in eastern Ontario. It contributes 3.8 percent of the Gross Regional Product, representing $398.9 million annually to the regional economy – based on a November 2022 report by Emsi. For more information on Loyalist College’s Belleville, Bancroft and Toronto campuses and Port Hope satellite location, visit loyalistcollege.com.

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Contact: 
Hannah Brown
Acting Director of Marketing and Communications
613-921-0784
hbrown@loyalistcollege.com