The global pandemic created considerable uncertainty for Sheridan in 2020/21. Sheridan undertook scenario planning to assist with budget and resource planning needs across the college.
A cross-functional Enrolment Intelligence Team was formed to evaluate qualitative and quantitative data to develop possible enrolment scenarios. An enterprise risk-based methodology was then applied to develop a range of impact scenarios.
Sheridan operated under a “high impact” scenario throughout the pandemic, with a forecasted decrease in revenues of $86M resulting in a forecasted deficit of $31M. This deficit was funded from Sheridan’s unrestricted reserves, per Board approval of the 2019/20 year-end financial statements, enabling Sheridan to achieve a balanced budget.
Salaries & Benefits
Supplies & Services
Contribution to Capital Budget
Supporting our students
Financial aid was particularly vital in 2020, as many students faced additional pressures due to the pandemic. Through the support of our communities and donors, Sheridan provided a range of awards and bursaries to students in need over the past year.
Awards, bursaries and scholarships
Sheridan administered over $6 million in awards, bursaries and scholarships from September 2020 – March 2021. This encompassed bursaries granted based on financial need as well as awards and scholarships based on academic merit. Funding sources for these awards include Sheridan’s endowment, and gifts from donors.
COVID-19 Emergency Bursary
The college quickly mobilized to provide financial support to students in financial distress early in the pandemic, helping them cover basic needs and unexpected costs. More than 7,000 domestic and international students received a bursary.
$1.12 million awarded to international students
$1.09 million awarded to domestic students
Black Students Bursary
We launched the new Sheridan Black North Initiative Bursary to help Black students studying full-time offset the costs of their Sheridan education. During Fall 2020, approximately $366,000 was distributed to 513 Black students as part of this new bursary. During Winter 2021, approximately $293,100 was distributed to 247 Black students as part of this bursary.
Indigenous Student Bursaries
A total of $116,124 in support was provided to Indigenous students through Indigenous funding opportunities during the Fall 2020 semester. An additional $16,500 was provided to students during the Winter 2021 semester.