Laurentian University’s president is optimistic about the institution’s future as the school has posted a $37.9-million surplus for its last fiscal year.
“Mostly why I’m really positive is that the institution itself is on a great path,” Lynn Wells told CBC Radio.
“We have a lot going for us. We’re in a really positive space and there are only more good things to come.”
In 2021, Laurentian became the first public university in Canada to file for insolvency under the Companies’ Creditors Arrangement Act (CCAA).
Nearly 200 staff and faculty members lost their jobs and the university cut 69 academic programs.
Wells said the new surplus was thanks to additional tuition revenues from more international graduate students and because Laurentian has not yet filled many of the positions left vacant from its insolvency.
Now that Laurentian’s financial situation has improved, Wells said that will change.
“We’re hiring new faculty members, hiring new staff positions, improving our processes across the institution,” she said.
Laurentian’s financial statements show that it made $67.8 million from tuition revenue in 2024, compared to $52.8 million in 2023. But because of its insolvency, Wells said Laurentian can’t borrow money and needs to depend on cash reserves for its future growth.
Selling property
To pay back its creditors, she said Laurentian needs to abide by a court-approved plan that involves selling seven properties on campus. The proceeds from the sales would go to the creditors.
Last year, Laurentian announced it had an agreement to sell $53.5 million worth of real estate to the province.
Wells said those plans are still underway and the university is “making good progress” on the sale of those properties.
As for capital projects, Wells said the university’s main priority is on its core mandate in terms of teaching and research, and that will require some investment in existing infrastructure..
“We have many, many deferred maintenance requirements that we need to meet,” she said. “We have to make sure our buildings are safe.”
The university closed its Olympic-sized swimming pool in 2020, but Wells said Laurentian is in conversations with the city to build a business plan to reopen the facility.
Surplus revenues, she said, would have to be focused on things that support academic programs and research.