Financial review
The COVID-19 pandemic had significant health, social and financial impacts on people and organizations around the world, including Sheridan. The resulting challenges required significant shifts in programs and services and the financial agility to weather the storm.
In the first year of the pandemic, Sheridan was able to achieve a balanced year end due to prudent expense management and financial contingency planning. Sheridan has built up healthy reserves and maintains cash and short-term operating investments that are available to meet unexpected challenges and set Sheridan up for success in a volatile, uncertain, complex and ambiguous future world that is slowly emerging from the pandemic. While we ended the year with a deficit, we are projecting a balanced budget for 2022/23 and are actively reviewing revenue generation opportunities to ensure our long-term financial sustainability, including significant capital needs and projects within the campus master plan.
Provincial grants now account for less than 25% of Sheridan’s overall operating budget with tuition and student fees accounting for the largest portion of our revenue. Read more below to learn about some of our enrolment trends over the past year and the generous scholarship funding we have in place to support our learners.
Budget Expenses
Salaries & Benefits
$240,419,000
Supplies & Services
$86,462,000
Other Expenses
$44,245,000
TOTAL: $371,127,000
Budget Revenues
Tuition
$172,882,000
Government Grants
$93,377,000
Student Fees
$27,534,000
Ancillary Operations
$9,105,000
Research
$6,081,000
Other
$6,772,000
TOTAL: $336,301,000
Source: Sheridan 2021-2022 budget
Enrolment
Despite an initial dip in enrolment in the early days of the pandemic, Sheridan began to see some positive changes in enrolment in the second year of pandemic-affected programming, including a number of programs reaching pre-pandemic levels.
Sheridan’s academic programs were delivered in a variety of ways to respond to the extraordinary pandemic circumstances while ensuring students met their learning outcomes and received the highest quality education experience possible.
Some programs were offered both virtually and with in-person learning. Sheridan also began offering some courses in hyflex environments – an instructional approach that combines in-person and online learning where each class session and learning activity is offered in-person, synchronously online and asynchronously online. A minority of programs remained strictly virtual for the academic year and some very hands-on programs were fully delivered in person.
Sheridan’s Office Administration/Health Services program saw the largest growth in enrolment in 2021/22 with a 113% increase over the 2020/21 academic year. The program also exceeded enrolment numbers from pre-pandemic intake. The International Business Management program also saw an 103% increase over the previous academic year. Additional programs in health services – such as Practical Nursing and Pharmacy Technician also saw gains in enrolment. Following a significant investment from the provincial government to accelerate training for personal support workers, enrolment increased for the Personal Support Worker program as well.
Non-health sector programming, particularly Electrical Techniques and Plumbing Technician, recorded a 40% growth in intake enrolment over the previous academic year.
Supporting our students
Through the support of our communities and donors, Sheridan provided a range of awards and bursaries to students in need over the past year. In the 2021-22 academic year, Sheridan administered more than $10M in awards, bursaries and scholarships over the fall and winter terms. Of this, more than $6M were issued to domestic students and more than $4M to international students.
This encompassed bursaries granted 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.
Endowment Fund
The value of Sheridan’s endowment fund increased from $56.9 million to $65.8 million in 2020/21. This was primarily due to market volatility early on in the pandemic that caused a drop in the market in March 2020. Markets have since rebounded and that impact can be seen in the increase in investment income. In addition, the Board of Governors authorized increased spending from the endowment up to $3 million to support student financial aid.
Black Student Bursary
Sheridan’s Black North Initiative Bursary was launched in 2020 to help Black students studying full-time offset the costs of their Sheridan education. In Fall 2021, approximately $140,000 was distributed to 566 Black students and in Winter 2022, approximately $52,000 was distributed to 206 Black students.
Indigenous Student Bursaries
Approximately $120,000 in support was provided to Indigenous students through Indigenous funding opportunities during the Fall 2021 and Winter 2022 semesters.
United Nations' Sustainable Development Goals
Last year, Sheridan became Ontario’s first institution to sign the SDG Accord, the postsecondary sector’s collective international response to the United Nations’ Sustainable Development Goals . These 17 Global Goals were adopted by countries around the world in 2015 as a means to guide global action on the urgent social, economic and environmental challenges facing our planet. Which goals do the stories on this page advance? See below. s noxim me vernica patquodiu in simissoliis etiquam. Satatium voloration pos volorem aut inuscip santur sa endignis etus, coruptatia aut fugiatis.
