The current year net surplus increased from the prior year as a result of a higher tuition and fees revenue due to increased fees (which offset the impacts of lower enrolment), higher auxiliary revenue and higher investment income. This was offset by higher expenses due to an increase in staffing and compensation and higher supplies and services costs.
The CUE community continued to demonstrate incredible commitment and resilience in the fiscal year that ended March 31, 2023. Due to steps taken by management to cut spending on non-essential items and generate cost savings wherever possible, we were able to generate a net surplus of $7.0 million for the year. The generation of an annual surplus is necessary in order to meet CUE’s ongoing capital growth needs.
Despite the overall net surplus, CUE continues to be impacted by the effects of decreased enrollment and significant inflationary pressures. More information on how CUE demonstrates fiscal prudence and aligns spending with strategic goals is available here.
Please find the annual financial statements linked below: