Impact Report 2021-22

IMPACT REPORT 2021-22

“We always give thanks to God for all of you and mention you in our prayers, constantly.”

- 1 Thessalonians 1:2 (NRSVCE)

Dear St. Michael’s College School Donors,

On behalf of St. Michael’s College School student body, I would like to extend my gratitude for your generous donations.

I have been attending St. Michael’s for four years and have witnessed many great events and the changes to the facilities that have taken place because of your donations. It has made me personally extremely thankful for these memories I have made as a student, and without your generous support, none of these things would be able to happen. Specifically, your impact on all of the students at St. Michaels College School has helped us build a stronger brotherhood.

Further, this stronger brotherhood has been crafted through athletics, clubs, arts, and theatre activities that have been made possible only due to your funding. Through athletics, students including myself have been provided with amazing facilities, team gear, and funding in order to play the games we love. Through our clubs, we have been gifted amazing field trips and high-tech equipment. Within the arts and theatre, we’ve been able to host concerts, and plays, and listen to some of the most inspirational speeches from guest speakers.

All of these have been possible because of you, and we as a student body are extremely appreciative of your support.

It has been the best four years of my life because of the amazing opportunities offered at St. Michael’s College School and I hope students for years to come can experience it as well.

Sincerely,

Jaeger Watson Student Government President

ANNOUNCEMENT STUDIO

GREEN INITIATIVE

CHAPLAINCY

ART STUDIO

M SQUAD

DRUMLINE

MUSIC CONCERTS

CURLING

CO-ED ULTIMATE

Financial Report for Fiscal 2022 from the Chief Operating Officer

For the fiscal year ended June 30, 2021, the School’s Current Fund, which finances the School’s day-to-day operations, had an operating loss of $4,266,000 before extraordinary items as compared to the previous year’s loss of $3,033,000. The loss reflects the lower enrolment due to COVID-19 and the lingering effects of the November 2018 incidents. The School also had non-reoccurring expenses of $220,165 which will be funded by the Foundation that currently manages the School’s endowment. The Foundation contributed $3,803,500 to the School for the fiscal year 2022. The School’s net investment and rental income was $440,000 compared to the previous year of $2,000,000.

The Restricted Funds (Building and Scholarship) had an operating surplus of $1,813,000 up from last year’s surplus of $1,606,000 before extraordinary items.

Capital spending was up significantly from the traditional level of approximately $1,000,000 to $1,546,000 during the year. The major capital expenditure for 2022 continued to be an upgrade to HVAC systems and the continued upgrading of campus lighting to LED lights.

Williams & Partners, Chartered Professional Accountants LLP, have audited the School’s financial statements and have expressed an unqualified opinion on the fair presentation of our financial statements.

Enrolment levels for academic 2022-23 will drop to 850. The School recognizes how increasingly competitive the private school market has become. In response to this environment, the Administration continues to adapt the Offices of Admissions and Student Affairs to provide them with resources to attract and retain qualified students.

The School’s overall financial position continues to be strong. It is incumbent on the School to continue to be fiscally responsible in setting tuition fees, generating additional revenues, and controlling its costs to ensure the viability of St. Michael’s College School for years to come.

For the past five years, the President’s position and the Basilian Fathers of St. Michael’s College School have been working together with Senior Administrators on a strategic plan to keep St. Michael’s College School at 1515 Bathurst into the next century. A part of the plan is to develop the lands on the corner of Bathurst and St. Clair. The project is well underway and Canderel is projecting a start-to-dig date in late 2024. The School’s proposed addition of a Cocurricular/Athletic complex will restart committees in late 2023. During the 2022-23 academic year, the Board will be working with the School to further develop and advance these plans and we will update the community on its progress over the year.

Thank you all for your support.

Yours truly,

Greg Hook ’80 Chief Operating Officer

The St. Michael’s College High School Foundation Annual Report for Fiscal 2022

The St. Michael’s College High School Foundation was established in June 2005 with the purpose to raise, manage, and invest funds for the benefit of the general charitable purposes carried out by St. Michael’s College School. The Foundation funds encompass the Basilian Fathers endowment, the Odette Arts Scholars Bursary Fund donation and the Bathurst and St. Clair land proceeds. The Foundation endeavours to grow the fund capital while contributing annually to the School’s charitable purposes. This is accomplished by having investment policies in place that will generate yearly returns in excess of 3.5% (the returns for fiscal 2021-2022 were flat given the volatility in the markets for 2021-2022) through the application of prudent investment strategies. The goal is to have the fund grow to $100+ million (excludes the proceeds from the land deal) over time to ensure better support for the School’s charitable purposes.

Since its inception, the Foundation has financially assisted St. Michael’s through the bursary programme and for the construction of the Centre for the Arts. To date, $18.43 million has been gifted to the School. In addition, the Foundation has also provided short term loans of up to $4.5 million annually as required. Currently, there are no loans outstanding.

The Foundation is overseen by an independent Board of Directors separate from the School. For the fiscal year ended June 30, 2022, the Foundation had an operating deficit $2,437,000 (2021 - $9,824,536) from various investments before the transfer of funds to the School of $3,803,500 (2020 - $3,364,000) to support its annual bursary programme.

The financial statements have been audited annually by Williams & Partners, Chartered Professional Accountants LLP, and they have expressed an unqualified opinion on the fair presentation of our financial statements for the year ended June 30, 2021.

Since its inception, the Foundation has been an integral part of the finances of the school. It will require support from alumni, parents, staff, and friends of the School to fully achieve its goals. If you would like to make a donation to the Foundation, kindly contact Kimberley Bailey, Director of Advancement, at baileyk@smcsmail.com.

Yours truly,

John Piccininni ’77 Chair, Board of Directors

GIVING BY GROUP

*Other 50% Alumni 50%

*(Current & Past Parents, Friends, Corporate)