LOYALIST COLLEGE
Board of Governors Approves 2023-2024 Financial Statements

During their recent meeting, the Loyalist College Board of Governors approved the college's 2023-2024 financial statements, including an in-year surplus of $7.5M.

Despite significant upheaval in the college sector, driven primarily by the federal government's cap on student study permits, Loyalist College maintains a strong financial position. Prudent fiscal management and strategic investment have resulted in a modest surplus in 2023/24. These funds will allow Loyalist to continue improving campus infrastructure, launch innovative new programming and strengthen its organizational capacity in the coming years.

"Loyalist College's ability to remain financially secure during a period of change and uncertainty in the post-secondary landscape is the result of careful planning and responsible investment strategy," says Loyalist College President and CEO Mark Kirkpatrick. "Our fiscal position allows us to maintain Loyalist's positive momentum, delivering the exceptional student experience that we are recognized for, while continuing to evolve and respond to the needs of our community."

The Board also approved the 2024-2025 Business Plan, which outlines Loyalist College's strategic initiatives in response to emerging trends and challenges in Ontario's post-secondary sector. The approved plan highlights several key projects, including expanding Loyalist's Equity, Diversity, and Inclusion (EDI) initiatives to support a more inclusive environment for all students and staff. The college will prioritize student experience and career-readiness with planned investments in student housing, the launch of new academic programs, and continued capital renovations to upgrade teaching and learning spaces.

"As we begin the process of developing a new Strategic Plan, which will provide a clear vision for the college's future, a strong financial foundation will ensure that Loyalist is able to allocate resources effectively and continue to invest in initiatives that support its mission and strategic objectives," adds Chair of the Loyalist College Board of Governors Jennifer May-Anderson. "We look forward to building this new vision for the future in consultation with students, employees and community partners."