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2025 Annual Financial Report Now Available
The 2025 Annual Financial Report is released following submission to the Province of British Columbia, after the release of the Public Accounts reporting.
About the 2025 Financial Report
This year鈥檚 financial statements were audited by the Office of the Auditor General (OAG), which issued a qualified opinion for the 2024/25 fiscal year. The qualified opinion does not affect the university鈥檚 reported financial results. This opinion is based on the Public Sector Accounting Standards (PSAS), rather than the accounting requirements under Section 23.1 of the Budget Transparency and Accountability Act, which had been followed by other externals auditors in previous years. As a government reporting entity, SFU is required to adopt the accounting policy as prescribed by the Province of British Columbia under Treasury Board Regulation 198/2011.
The University must present a balanced position from operations and must not report an annual deficit from operations. The university reported a $2.4 million deficit in operating funds, which is offset by net surpluses in non-operating funds (research, specific purpose, capital and ancillary funds) for an annual surplus from operations of $6.5 million for the end of March 31, 2025. This result is below the budgeted surplus of $11.8 million, primarily due to lower international tuition enrolment. The annual surplus from operations does not indicate that excess funds are available, it primarily reflects timing differences between the receipt and spending of funds that are already committed to ongoing projects.
The university received $37.1 million in net restricted endowment contributions, Resulting in an annual surplus of $43.6 million. The endowment funds are restricted for specific donor-designated purposes and cannot be used for general operational needs at the discretion of the university. As the endowment contributions are restricted in nature, these are excluded from the annual surplus from operations reported to the Ministry as part of the balanced budget mandate.
Looking ahead, the fiscal environment is expected to remain tight. As previously shared by leadership, the university is facing a shortfall in international enrolments, and limited tuition increases. The university anticipates targeted budget reductions to continue in order to deliver a balanced budget.