Financial reporting

The Annual Financial Report is prepared by the Strategic Finance Office, under the coordination of the University Controller and the oversight of the Chief Financial Officer. It includes the audited financial statements for the fiscal year ending April 30, prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP). These statements provide a fair and accurate representation of the university’s financial position, operational performance, and changes in fund balances.

Accompanying the audited statements, the report outlines key financial outcomes, highlights notable achievements and challenges, and analyzes revenue and expense trends. It also includes disclosures aligned with the Canadian Sustainability Disclosure Standards and discusses the university’s approach to enterprise risk management.

• 2024-25 Annual Financial Report

Chair, Board of Governors

On behalf of the Board of Governors, I’m proud to share that the University of Saskatchewan has closed the 2024–25 fiscal year with a surplus—an accomplishment made more meaningful given the challenges we faced. From shifting patterns in international enrolment to new tariff announcements and an extended Memorandum of Understanding (MOU) with the Ministry amid ongoing economic uncertainties, the year demanded resilience and focus.

And yet, what a remarkable year it has been. Our “Be What the World Needs” campaign concluded with an extraordinary $570 million raised. Strong results in research funding and conscientious financial stewardship helped us navigate tuition-related revenue gaps. We now step into a new chapter of gratitude—ensuring our donors feel the depth of our appreciation for their trust in our ability to educate future leaders and advance meaningful research. This financial report is dedicated to those donors, with heartfelt thanks and highlights from the campaign enclosed.

As we look ahead to 2026–27, we’re eager to collaborate with the Government of Saskatchewan on our next MOU, and to strengthen ties with academic partners across the country and beyond. Together, we will continue shaping an education that meets the needs of Saskatchewan, of Canada, and of the world.

Keith Martell
Chair, Board of Governors

President and vice-chancellor

Despite many external pressures, including evolving federal international enrolment policies and the impact of tariffs, I’m pleased to report a strong set of financial results for 2024–25. The University of Saskatchewan has not only met these challenges but has delivered positive results—from a balanced operating outcome to robust research achievements, capital project support, and remarkable donor-driven momentum for student scholarships, mental health initiatives, infrastructure, and research support, through the successful Be What the World Needs campaign.

I have been honoured to serve for the last decade as President and Vice-Chancellor of this fine institution. I have witnessed the university excel in all respects during that time. Our global reputation has continued to grow, anchored by 17 exceptional colleges and schools and by one of Canada’s most expansive and unique research ecosystems that includes our Vaccine and Infectious Disease Organization, our Canadian Light Source, our Sylvia Fedoruk Canadian Centre for Nuclear Innovation, and our Global Institutes for Water and Food Security. Domestic enrolment has grown over 3 per cent this year, a testament to USask’s strength and future. And thanks to our generous donors, students have access to the academic, financial and health supports they need.

USask’s success is built on the commitment of our faculty, staff, and students, but it is sustained by the support of our donors and community. Thank you for making this extraordinary journey possible.

Peter Stoicheff
President and vice-chancellor