University of Prince Edward Island
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
A-
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
DEMONSTRATED IMPACT
The demonstrated impact per dollar Ci calculates from available program information.
NEED FOR FUNDING
Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.
79%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 79 cents are available for programs.
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OVERVIEW
About University of Prince Edward Island:
University of Prince Edward Island is a top-rated five-star charity with a high results reporting grade and overhead spending within Ci's reasonable range. The charity is financially transparent and has funding reserves that can cover less than a year of program costs.
Founded in 1969, University of Prince Edward Island (UPEI) is a public university in Charlottetown, Prince Edward Island. UPEI was created by combining of Price Wales College and St. Dunstan’s University. The university has ten faculties that offer both undergraduate and graduate programs. As of 2023, it has 31 buildings and 819 student residence spaces which combine for a total of 1,509,376 square feet. UPEI’s main charitable programs are Education and Research, for which it does not provide a spending breakdown.
A Charity Intelligence 2023 Top 100 Rated Charity
As of October 2023, University of Prince Edward Island had 5,816 students enrolled. This includes 5,192 undergraduate students and 624 graduate students. The charity reports that it had 5,465 full-time students and 351 part-time students. UPEI had 2,051 international students. It reports that 47% of international students were from Asia, 35% from Africa, 14% from North America (excluding Canada), 2% from South America and 2% from Europe.
In the 2023 academic year, UPEI gave out 1,111 degrees. This included 782 undergraduate degrees, 181 graduate degrees, and 148 professional degrees. The charity gave out 12,039 scholarships to 5,555 recipients during the year. It reports that the scholarships had a total value of $14.9m.
University of Prince Edward Island has six research institutes and centres. It is home to seven research chairs. This includes two Canada Research chairs and one UNESCO Chair.
In September 2023, UPEI opened the Performing Arts Centre and Residence. It has two residence towers, classroom space and a 400-seat auditorium. University of Prince Edward Island will open a Faculty of Medicine. It is in collaboration with Memorial University of Newfoundland. Its first cohort, made of 20 students, will begin studies in August 2025.
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Results and Impact
University of Prince Edward Island published an economic impact report in January 2015. It states that the university’s total spending of $137.5m in 2013, increased the province’s gross domestic product by $150.1m. The university sustained 23 out of 1,000 jobs on Prince Edward Island.
While Ci highlights these key results, they may not be a complete representation of University of Prince Edward Island’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
In F2023, University of Prince Edward Island received $8.4m in donations. This is a 34% increase from F2022. The charity received $83.6m in government funding (41% of total revenue) and $58.7m in student fees (29% of total revenue). In F2023, UPEI earned $5.6m in investment income, a 52% decrease from F2022 ($11.7m in F2022). This investment income represents a 4% annual investment return. Its average annual investment return from F2021 to F2023 is around 10%.
Administrative costs are 5% of total revenues (excluding investment income). Fundraising costs are 16% of donations. This results in total overhead spending of 21%. For every dollar donated to the charity, 79 cents are available for the cause. This is within Ci’s reasonable range for overhead spending. In F2023, UPEI spent $150.6m in programs, which is 74% of total revenues. The operating cashflow of $37.9m represents 19% of total revenues. The charity also spent $43.1m in capital projects, a 76% increase from F2021.
University of Prince Edward Island has $135.6m in net funding reserves ($202.2m in liquid assets less $66.6m in interest-bearing debts). The university’s liquid assets also include $61.7m in donor-endowed funds. UPEI’s net funding reserves, excluding donor-endowed funds, can cover program costs for around seven months.
This charity report is an update that has been sent to University of Prince Edward Island for review. Changes and edits may be forthcoming.
Updated on May 16, 2024 by Alessandra Castino
Financial Review
Fiscal year ending April
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 4.8% | 4.5% | 5.3% |
| Fundraising costs as % of donations | 15.8% | 16.5% | 14.8% |
| Total overhead spending | 20.5% | 21.0% | 20.1% |
| Program cost coverage (%) | 56.7% | 68.9% | 71.5% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 8,438 | 6,310 | 6,762 |
| Government funding | 83,580 | 81,637 | 76,574 |
| Fees for service | 58,680 | 54,868 | 50,764 |
| Investment income | 5,649 | 11,737 | 17,794 |
| Other income | 47,310 | 42,650 | 28,849 |
| Total revenues | 203,657 | 197,202 | 180,743 |
| Program costs | 150,610 | 133,565 | 123,508 |
| Administrative costs | 9,402 | 8,270 | 8,564 |
| Fundraising costs | 1,332 | 1,041 | 1,003 |
| Other costs | 4,402 | 3,880 | 4,003 |
| Total spending | 165,746 | 146,756 | 137,078 |
| Cash flow from operations | 37,910 | 50,446 | 43,665 |
| Capital spending | 43,076 | 45,427 | 24,527 |
| Funding reserves | 135,636 | 136,752 | 129,561 |
Note: ENDOWMENTS: Ci includes contributions to the charity’s endowment fund in donations, increasing total revenues by $6.0m in F2023, $4.0m in F2022, and $4.3m in F2021. DEFERRED REVENUES: Ci included deferred investment income in investment revenue, affecting total revenues by ($103k) in F2023, $2.2m in F2022, and $7.2m in F2021. Ci removed amortization of deferred capital contributions, decreasing total revenues by $3.9m in F2023, $3.6m in F2022, and $3.5m in F2021. Ci included capital contributions received, increasing other revenues by $11.5m in F2023, $12.7m in F2022, and $7.8m in F2021. Ci included general deferred revenues and deferred revenues relating to the special purpose funds and research contracts, affecting total revenue by $8.3m in F2023, $7.3m in F2022, and $6.2m in F2021. Deferred and capital contributions are included in other revenue because the charity's audited financial statements do not separate government deferred contributions from private deferred contributions. ACTIVITY-BASED COSTING: UPEI does not report administrative and fundraising costs on its audited financial statements. Ci took administrative and fundraising costs from the charity’s T3010 filings.
Salary Information
$350k + |
3 |
$300k - $350k |
2 |
$250k - $300k |
0 |
$200k - $250k |
5 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
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