Financial Reporting

2023-24 Annual Financial Report

The administration of the university is responsible for the preparation of the consolidated financial statements and has prepared them in accordance with Canadian generally accepted accounting principles. The administration believes that the consolidated financial statements fairly present the financial position of the university as of April 30, 2024 and the results of its operations and the changes in its fund balances for the year then ended.

• 2023-24 Annual Financial Report

Message from Shelley Brown Chair, Board of Governors

As chair of the Board of Governors, I am pleased to say that the University of Saskatchewan (USask) has emerged stronger than ever after three challenging years, with its financial picture looking stable and its academic mission delivering on the goal of serving the needs of the province, Canada, and the wider world.

Heading into 2024-25, the provincial government’s latest budget provided an increase of 2.2 per cent to the university’s operating budget in the final year of a multi-year Memorandum of Understanding (MOU) that promised four years of stable funding. This one-time increase to address inflationary pressures for the coming year bolsters USask’s ability to deliver on its teaching and research mandate.

The board would welcome a renewed multi-year MOU to continue stable funding for all post-secondary educational institutions.

The board takes very seriously our duty of stewardship over public funding. Stability and predictability in operating grants mitigate against wide fluctuations in resources that we have seen in some jurisdictions, and enable the board to make strategic, well-informed decisions to guide university leaders on delivering on their mandate to educate new generations of bright minds, and foster research and innovation to contribute to a healthier and more prosperous future for Saskatchewan and Canada.

Shelley Brown 
Chair, Board of Governors