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