Universities took a hit when lockdowns impacted campus life, but healthy returns on investments helped boost the bottom line, a Statistics Canada report says.
From coast to coast, universities saw record-high surplus revenues of more than $7 billion during the 2020-2021 fiscal year.
Provincial funding remained the major source of income making up $15.1 billion or 32.5 per cent of total revenue. However, this was down from 36.7 per cent the previous year. Virtual learning also helped universities spend less on campus life, but with restrictions lifted and students back in class, those expenses will return.
“There was a significant drop with these services but that’s also because the need wasn’t there during lockdown,” Wurtele said. “Many people were laid off during this time with operating and labour costs being cut. But that will bounce back up.”
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