2021-2022 was an exciting year for Sheridan Student Union (SSU) as we worked to create student focused programs, events and services that enrich your life here at Sheridan - online and in person!
This fiscal report comments on an unusual academic year that continued to present 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. In particular, this year was characterized by the collection of ancillary fee revenues at pre-pandemic levels in anticipation of offering full student services in person at three student centres. The reality that SSU faced however, was another academic year that was largely characterized by virtual classes and work from home.
There have been significant factors affecting the consistent collection and budgeting of student fees over the last several years for Sheridan Student Union and student unions throughout Ontario. These factors include the implementation (then court-ordered retraction) of the Student Choice Initiative (SCI) introduced by the Ontario Government (2019-20), and now the impacts of the COVID-19 global pandemic (2020-?). Through these challenges, enrolment has declined slightly, and the SSU has transitioned to a mostly virtual organizational model. Despite this, operational and facility needs have endured, and budgets, spending and now inflation have created a highly unusual budgetary environment.
Looking at revenues and expenses for 2021-22, this year marked a return to pre-pandemic and pre-SCI fee collection methodologies. Generally speaking, surpluses ballooned in many student unions across the province as student revenues planned for a return to campus, while spending dropped considerably below budgeted levels due to operations remaining largely virtual. This, coupled with COVID related government support led to a fiscal surplus at the end of the year.
While most of the challenges outlined above are provincial and global in nature, SSU has faced 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 continuing to build the operational and reserve capacities to support three sizeable campuses moving forward.
The audited financial statements available 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, capital and medical funds) are associated with ongoing and future payment commitments to mortgage financing and medical plan fees. Recent surpluses had inflated SSU’s operating fund reserves at a time when building the capacity of these reserves is critically important as we open a new student centre and have new and expanding financial obligations to servicing it, along with two other facilities.
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 $10,482,342 outpaced expenses of $8,129,560. This resulted in significant contributions to restricted reserves including the Building Fee, Capital 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. This resulted in the collection – and transfer to reserve – of student fee revenues collected during 2021-22, many of which remain restricted to the purpose for which they were collected.
Of final note, Sheridan Student Union prides itself on being one of the college’s largest employers of students on campus. We look forward to continuing to return to campus and re-establishing a variety of paid student positions that will assist us to serve the Sheridan College community.
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