'Financial sustainability is weakening with declining revenues and consistent annual losses. Nipissing accumulated $9.4 million in net losses from 2016/17 to 2020/21'
NORTH BAY — North Bay's Nipissing University needs to manage its debt and improve the competence of its board of governors, says Ontario's Auditor General Bonnie Lysyk.
The report looks at key operations and governance structures at four Ontario universities including Nipissing, Algoma, University, Ontario Tech University, and the University of Windsor. "Nipissing has experienced an in-year deficit in four of the five years, drawing down its net assets by $9.4 million, but still maintains a positive net asset balance."
"Nipissing’s operating budgets for these years that it presented to its Board reported deficits without a strategy for how it would return to a surplus position."
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