Financial Statements 2015-2016
Following a reported surplus of $371,000 in 2013–2014 and a deficit of less than $200 in 2014–2015, the 2015–2016 fiscal year ended with a deficit of $24,500, representing 0.1% of the University’s $21.5‑million expense budget. In light of these figures, Saint Paul University can be proud of having maintained an essentially balanced budget for three years.
As well, in spite of low investment returns due to market volatility (returns of under $1 million, versus over $2.7 million last year) and a supplementary contribution of more than $570,000 to offset the unfunded liability of the employee retirement plan, Saint Paul University was able to maintain the number and amount of scholarships granted to students (total value more than $1 million). As well, the University paid off $646,000 in debt, and made capital investments of approximately $870,000. In short, Saint Paul University is in sound financial health despite the challenges presented by the current economy.
For further details, please see the audited financial statements dated April 30, 2016, as reviewed by Saint Paul University’s Audit Committee and approved by the Council of Administration.