Despite changes to federal international student policy gutting the post-secondary sector, Cambrian College posted a record surplus, coming in at almost $41.8 million for the 2024-2025 financial year.
Audited by KPMG, the college’s financial statements for the financial year ending on March 31 were approved by Cambrian’s board of governors at their June 4 meeting.
Last year, for the 2023-2024 fiscal year, the Sudbury college also posted a record surplus, coming in just slightly less than it did in 2024-2025, at almost $41.2 million.
Cambrian president Kristine Morrissey stated a year ago of the 2023-2024 financials that “we have fully expected that this is our last good year.”
However, this has turned out not to be the case.
Cambrian had revenues of $299.5 million and expenses of $257.7 million for 2024-2025, and saw an increase in tuition fee revenues from both international and domestic students.
Its international student tuition revenue increased from $176 million in 2023-2024 to $190 million in the past fiscal year, and its domestic student tuition revenue increased from $14.9 million to $17.6 million.
But officials warned not to expect another year with a record surplus.
In fact, Cambrian is projecting a $1.4 million deficit for the 2025-2026 fiscal year, and in April suspended intake to 10 of its programs, most of them previously with strong international student enrolment.
The college's partnership with Hanson, a private college offering Cambrian programming to international students, is now winding down following changes to government policy.
“As you can see, we did have another solid financial year,” said audit committee chair Claire Parkinson, and said a large portion of that comes from Hanson private college revenues.
While 2024-2025 is ending “on a positive note,” she said “we know that that is coming to an end. It was expected as a result of the international students that still were on the books for ‘24, but we know that that is winding down, as the partnership with Hanson is coming to an end. It’s expected it’s the last time you can see those kind of surpluses over the next few years.”
Cambrian’s “strong cash position” has “put the college in a position to weather what comes as a result of the change in our dynamic or change in our student makeup,” Parkinson said.
“We know that we've continued to spend capital where required, so our capital allocations have been done wisely and continue to maintain the safety of the college, as well as do any upgrades that are required,” she said.
Cambrian president Kristine Morrissey said of the $41.8-million surplus, $38 million was transferred to the college’s stabilization fund for future deficit coverage, and $2 million was set aside for an endowment fund, to which Cambrian will solicit matching donations.
“We have a significant surplus, and really, overall, continue to be in a very good financial position,” she said.
“We've got good cash and investment balances, good working capital, fairly low debt to equity, which helped by us paying off one of our loans that were on the books and just really setting ourselves up in a better position for the next couple of years, as we're going to have some tougher times.
“So we do have over $120 million set aside in reserves in both unrestricted stabilization and capital. So we've got some good bench strength in our financials.”
Heidi Ulrichsen is Sudbury.com’s assistant editor. She also covers education and the arts scene.
