Aerial view of the main university campus

Financial Statements

Reserves are monies that have been set aside over a period of several years by the Board of Governors and administration for strategic purposes. These are not able to be used to balance the operating budget in a permanent manner, as it is one-time money only. This means that the reserves can be used for one-time expenditures, such as a renovation of a student lounge space or a sessional teaching or co-op student contract but cannot be used to support base or permanent expenditures, such as full time faculty and staff. The Ministry of Colleges and Universities (MCU) reviews the levels of University reserves annually and measures their health in accordance with financial health metrics.

Note 8 of the audited financial statements explains the breakdown of the University’s internally restricted net assets, also commonly referred to as reserves. The section titled “Unexpended operating funds” are reserves that have accumulated through the operating fund.