Checks & Balances

Checks & Balances

As one of Ontario’s largest colleges, Fanshawe’s financial picture can seem complex. We sat down with Jenny Ruz , vice president of finance and administration, to learn more about Fanshawe’s finances.

Where does Fanshawe’s revenue come from?

Most of Fanshawe’s revenue comes from student tuition. We also see revenue from ancillary fees, like student residence and parking. The College also receives provincial government funding through operating grants to support domestic students so that their tuition fees remain at a level to allow access to a college education. This government funding that we receive for domestic students is why domestic and international students pay different amounts.

How is Fanshawe investing resources to help students?

Investing in student success is our main focus. All colleges, including Fanshawe, must set aside a portion of the tuition collected to be used for student assistance purposes. Fanshawe also fundraises for additional awards and bursaries to recognize academic achievements and to help students offset the costs associated with post-secondary studies. Students can apply for emergency funding if they face an unexpected crisis while in school. We do everything we can to help students who need it most.

We have also made significant investments in learning spaces. This includes Innovation Village, the new Oral Health Clinic and a new welding lab equipped with virtual welding stations. These investments are made with the goal of meeting labour market and community needs.

One of Fanshawe’s values is “use resources wisely.” How do our values affect how the College uses financial resources?

Using our financial resources wisely is so important to Fanshawe’s short- and long-term success. We have thorough processes in place for all aspects of managing finances. We focus on financial stability so the College will be sustainable both now and in the future. We also have committees in place, like our capital planning committee, to make sure plans for our largest expenses go through proper checks and balances.

What are some misconceptions people may have about Fanshawe’s financial picture?

I think one of the biggest misconceptions is that our goal is to turn a profit. As a public college, we need to be financially stable. Part of how we do that is making sure we spend less than we earn, just like people do in their day-to-day lives. This helps ensure our long-term stability. A surplus allows us to maintain our facilities and keep ancillary costs as low as possible by not passing along the full increases we see from vendors to students. We can maintain a reserve fund to ensure operations keep running in unexpected situations, like the shutdowns related to the COVID-19 pandemic.

Fanshawe’s approach to financial stability has served us well. We are a strong institution and set up very well for the future.

The College’s audited financial statements are available on our website https://www.fanshawec.ca/about-fanshawe/corporate-info/strategic-plan-reports