In 2019-20, we received revenue from a variety of essential and optional ancillary fees, and we used these funds to create student focused programs, events and services that enrich your life here at Sheridan.
From a fiscal perspective this is a period of considerable instability not just for Sheridan Student Union, but also for student unions in Ontario who derive most (and in some cases all) of their revenue from student fees. There have been significant factors affecting the consistent collection and budgeting of student fees over the last several years for Sheridan Student Union including the Ontario Colleges faculty strike (2017), the implementation (then court-ordered retraction) of the Student Choice Initiative implemented by the Ontario Government (2019-20) and now the impacts of the COVID-19 global pandemic.
While most of the challenges outlined above are provincial and global in nature, we also face an exciting period of growth on campus. Sheridan Student Union has partnered with Sheridan College to build an exciting new Student Centre at the HMC Campus as we aim to build equity in student experiences throughout the three campuses we serve. We are now building operational and reserve capacities to support three sizeable campuses, and we are confident that we will have the fiscal capacity to undertake this considerable challenge as we aim to open this new (and delayed) facility sometime in 2021.
From an operational standpoint, the changing environment we operate within has required us to develop new revenue and budgeting models, and to transition our operational environment from physical to virtual on at least two occasions (faculty strike and pandemic). There have been staffing impacts and austerity measures pursued, but throughout all of this we remain ready to serve the Sheridan community now, and in the future. Surplus fees collected are held – to a large extent – in restricted reserves that will ensure Sheridan Student Union continues to have the operational capacity and resources to support three student centres and a health and dental plan for the Sheridan College student community.
The audited financial statements presented here present some information related to the year-over-year position of each of our fiscal reserves. It is worth noting that our most sizeable reserves (building and medical funds) are associated with ongoing payment commitments to building and medical plan fees.
While our annual impact statement generally focuses on a high-level synopsis of Sheridan Student Union’s fiscal position, there are some unique elements this year worth some comment. Specifically, revenues of $14,085,974 outpaced expenses of $9,004,973. This resulted in significant contributions to restricted reserves including the Building Fee and Medical Plan Fee. Expenses were significantly lower than expected due to campus shutdowns for the pandemic, and the delayed opening of the HMC2A facility as the result of the same event. In addition to this, the student fee collection methodology of the Student Choice Initiative assumed a much-lower participation rate than the approximate rate of 80% of Sheridan College students who chose to support Sheridan Student Union’s optional student fees. This resulted in the collection – and transfer to reserve – of larger than expected student fee revenues during 2019-20, many of which remain restricted to the purpose for which they were collected. Since that time SSU has reduced (and in some cases eliminated) fees for the 2020-21 period.
Of final note, Sheridan Student Union prides itself on being one of the college’s largest employers of students on campus. By providing 342 paid student positions compensated at nearly $1.3 million in 2019-20, we see this – as well – as a significant investment supporting the college community.
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