Algoma University's 2024-25 annual budget delivers record investments in people and communities by building more, hiring more, and supporting academic excellence.
Passed Thursday evening by the Algoma University Board of Governors, the $233.8 million budget invests $44 million in capital plus $18 million to ensure building operations are smooth and responsive to student and faculty needs.
Algoma University's upcoming capital construction projects include:
- Makwa Waakaa'igan in Sault Ste. Marie, a global centre of cross-cultural excellence, which will also house the Northern Ontario Mental Health and Addictions Research and Training Institute.
- A new student residence in Brampton with more than 500 bedrooms
- Completing renovations at 145 Queen St. in Brampton, which will be used for social work programming and will house the Peel Region Ontario Mental Health and Addictions Research and Training Institute.
- A new animal care facility and CL2 laboratory on the Sault Ste. Marie campus.
Creating jobs and brighter futures, the university will invest over $70 million in salaries, an increase of more than $10 million compared to 2023-24. That means hiring nearly 200 additional people, including 161 staff and leadership roles and 33 new full-time faculty members.
On top of hiring new full-time faculty members, Algoma University will invest more than ever in academics and research. That includes $2.7 million for an academic strategic initiatives fund, which provides faculty members with funding to pursue academic projects, advance Algoma University's Special Mission or respond to the Calls to Action of the Truth and Reconciliation Commission.
Algoma University changes lives by making a university education accessible to more people. In 2024-25, Algoma U is budgeting $28.4 million for scholarships and bursaries, up from about $24.3 million in 2023-24. Algoma University is ranked second, nation-wide, for the availability and generosity of its scholarships and bursaries according to the Maclean's magazine university rankings.
Other major program investments include expanding the Learners Early Access Program (LEAP) and expanding the National Centre of Excellence for Immersive Technologies at Algoma University, in partnership with Unity.
Quotes
Asima Vezina, President and Vice-chancellor
"Algoma University is deeply rooted in our communities, Brampton, Sault Ste. Marie and Timmins. When we invest in bricks and mortar classrooms, a new residence, and centres of excellence we're giving our students the state of the art facilities they need to excel. But we're also giving the communities we love more gathering places, more jobs, more economic activity and assets that will last for generations. Especially when you consider projects like the Ontario Mental Health and Addictions Research and Training Institute, which will serve unique community needs. Building and investing for the future is a priority for us because we are members of these communities, and when Brampton, Sault Ste. Marie and Timmins succeed, Algoma University succeeds."
Kramer Rousseau, interim Vice-president of Finance and Operations
"Algoma University continues to be in a strong, stable financial position. That's incredibly important, because we not only have a major economic impact on the communities around us, we also have a powerful human impact. When Algoma U is financially healthy, we can give out more scholarships and bursaries to change more lives. We can create more good jobs. We can invest in the impactful research that helps protect people and our planet. And we can really build for the future not only building exciting new programs, but also seeing incredible spaces like Makwa Waakaa'igan rise, creating a space that will change life for generations who do important work there."
By the numbers
- Total expense - $233.8 million
- Capital - $44.8 million
- Operations - $233.8 million
- Staff - $71.8 million
- Total revenue - $242.3 million
- Surplus - $8.5 million
