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Queen’s audited consolidated financial statements for the year ending April 30, 2025, have been approved by the Board of Trustees at their recent board meeting September 26. The statements are a summary of the university’s financial performance last fiscal year, and report an overall $60.1 million surplus, largely driven by investment income.

“This year’s surplus reflects the strength of our investment performance, which provides crucial support for the advancement of our academic mission,” says Donna Janiec, Vice-Principal (Finance and Administration). “However, the reality is our operating fund, which covers the day-to-day costs of running the university, continues to face significant pressure without the levers to increase revenue to cover annual inflationary increases. Without strong investment returns, the operating fund would have shown a deficit, underscoring the financial challenges we must continue to address.”

Much of this year’s investment income supported nearly 1,900 student awards, more than 100 faculty positions, and over 120 academic programs, including lecture series, teaching assistance, library funds, and special research initiatives.

In addition to direct academic supports, investment income is the sole source of funding beyond philanthropy for essential capital projects that modernize and improve the campus. In the past year, $22.6 million of the $42 million of investment income reserved for capital funding was directed to initiatives such as the redeveloped John Deutch University Centre (JDUC), and the new Environmental Science Research and Teaching Centre, with the remainder available for future initiatives such as the redevelopment of Kingston Collegiate Vocational Institution (KCVI) for new academic space.

While these investments create long-term benefits for teaching, learning, and research, Queen’s continues to face significant operating pressures. Revenues remain flat due to the 2019 provincial tuition cut, the ongoing tuition freeze, limited funding for domestic enrolment growth, and the federal government’s caps on international enrolment, while costs rise steadily with inflation. Since announcing a significant operating deficit in 2023, the university has taken steps to narrow the shortfall, but expenses continue to exceed annual revenues.

To help ease these pressures, the annual allocation from the Pooled Investment Fund for operating expenses increased from $5.2 million to $10 million beginning in 2025–26.

“As Queen’s looks toward its bicentennial year in 2041, we must exercise careful financial stewardship to remain competitive with Canada’s top universities and those around the world,” says VP Janiec. “Thanks to the hard work of our community, we are making good progress. The actions we take now will keep the university strong and ensure its mission of teaching and research excellence endures for generations.”

Information on Queen’s financial reporting is available on the Financial Services website.