Message from the Treasurer
Steve Geist
Message from the Treasurer
Steve Geist
Financial Report
One of the key overarching roles of the Audit and Finance Committee is to ensure the ongoing strength, stability and competitiveness of the College – simply put, to leave the College in a better position at the end of each year than the previous year. Oversight of the budget process, monitoring the results against budget and meeting with the external auditors to discuss the annual financial statements are all components of this important responsibility.
The College continues to experience strong demand from prospective students, resulting in full enrolment for the 18/19 school year. Financially, this translated to tuition and other revenue of $15.2 million compared to $14.9 million in the prior year.
Our Georgian community continues to be very generous in its support of the College. Capital fund donations of $794,000 and academic fund donations of $607,000 were received during the year. Included in these numbers are proceeds from the April 2019 gala, a very successful event providing a total net contribution of approximately $275,000 to be used for the Junior School Redevelopment Project and the scholarship and bursary endowment.
Expenses, including depreciation, totalled $15.8 million for the year, compared to $15.3 million in 2018, with salaries and benefits continuing to be the most significant component at just over 70 per cent of the College’s expenses.
During the year, the College invested another $1.1 million in capital assets, most of this investment coming from the third phase of the Junior School Redevelopment Project. This project was completed in September 2019, completing the transformation of the Junior School – an initiative that commenced in the Summer of 2015.
No new debt was required during the year and existing loans were further paid down by $454,000, leaving outstanding debt of $946,000 as at June 30, 2019. This continues the very strong progress made in recent years.
As we head into Fiscal 2020 and a new strategic plan, the Audit and Finance Committee will be assisting in the implementation of important strategic initiatives that will further strengthen the financial foundation of the College.
