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Home Campus News LOYALIST COLLEGE BOARD OF GOVERNORS APPROVES 2019-2020 FINANCIAL STATEMENTS

LOYALIST COLLEGE BOARD OF GOVERNORS APPROVES 2019-2020 FINANCIAL STATEMENTS

June 26, 2020

Belleville, Ontario, June 25, 2020 – During their meeting yesterday, the Loyalist College Board of Governors approved the College’s 2019-2020 fiscal financial statements, including an in-year surplus of $6.862M and an accumulated surplus of $17.1M, driven primarily by increased international enrolment. Approval of Loyalist’s business plan and budget have been deferred to the first Fall Board meeting, given COVID-19-related uncertainty and recognition from the Ministry of this challenging year.
 
“As the consolidated financial statements reveal, the College had another strong year, continuing a pattern of unprecedented enrolment growth as more students chose Loyalist as their destination for caring, customized learning experiences,” said Board Chair Bob Forder. “The surplus, which will be used to support 2020-2021 student-centric activities, coupled with significant cost containment measures, put Loyalist in solid stead to weather potential Fall enrolment and fiscal challenges posed by the pandemic.” 
 
An interim budget, projecting an in-year deficit, was shared with the Board along with an aggressive plan to drive revenue through new programs, business development initiatives and the launch of Loyalist College in Toronto. The Board approved the 2019-2020 Annual Report, outlining the College’s achievements related to its Strategic Plan 2025 objectives. For example, Loyalist placed above the provincial average for all five annual KPIs, released September 2019, including Graduate Satisfaction, Employer Satisfaction, Student Satisfaction, Graduate Employment, and Graduation Rate. Within Loyalist’s industry cluster-based framework for learning and applied research, the College introduced a number of new programs, including Advertising and Marketing Communications – Creative Design (diploma); Care of Vulnerable Populations (post-graduate); Pre-Service Firefighter Education and Training (certificate); and eLearning Developer (local certificate). 
 
“With our small class sizes and spacious 200-acre campus, we are able to offer some face-to-face instruction in 65 percent of our full-time Fall in-class programs, to complement remote delivery,” said Dr. Ann Marie Vaughan, Loyalist College President and CEO. “We’ve developed creative approaches and schedules to maximize students’ opportunities to gain hands-on experiences with specialized equipment in labs and shops while maintaining safe physical distances. For students who will be starting and continuing programs online, particularly those studying abroad, their receptiveness to remote delivery methods speaks to their confidence in our caring faculty and supportive Student Success teams.”
 
About Loyalist College
Loyalist is Ontario’s Destination College, empowering students, faculty, staff, and partners through experiential, industry cluster-based education, training and applied research programs. The College provides job-ready graduates for, and knowledge transfer to, industry and the community. Of 2017-18 Loyalist graduates, 88.5 percent were employed within six months after graduation. Located on more than 200 acres in the beautiful Bay of Quinte region, the College is perfectly positioned between Toronto, Ottawa and Montreal. Loyalist offers more than 70 full-time diploma, certificate and apprenticeship programs in biosciences, building sciences, business, community service, health and wellness, media studies, public safety, and skilled trades. Continuing education options are available through LoyalistFocus.com, including hundreds of online, distance and in-class courses, and through the College’s 100+ university transfer agreements. Loyalist is a key driver of social and economic health in eastern Ontario. It contributes 3.7 percent of the Gross Regional Product, representing $382 million annually to the regional economy – based on a March 2020 report by Emsi. For more information on Loyalist’s Belleville, Bancroft and Toronto campuses and Port Hope satellite location, visit YoureGoingPlaces.com.
 

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Contact: Kerry Lorimer, Director, Marketing, Communications and Recruitment 
Loyalist College, klorimer@loyalistcollege.com, 613-969-1913, ext. 2536

 

 

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