University of Victoria
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.
76%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 76 cents are available for programs.
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OVERVIEW
About University of Victoria:
University of Victoria is a 4-star charity with an above-average results reporting grade. Excluding donor-endowed funds from its reserve funds, UVic can cover program costs for five months. Like most Universities, UVic is financially transparent, and its overhead costs are within Ci’s reasonable range.
Founded in 1963, University of Victoria (UVic) is a leading research university located in the city of Victoria, BC. UVic’s vision is to become the university that best integrates scholarships, engaged learning and real-life involvement to contribute to a better future for people and the planet. UVic’s core programs consist of education and research. The charity does not provide a breakdown of its spending on its programs.
A Charity Intelligence 2023 Top 100 Rated Charity
University of Victoria states that in F2023, it had 15,968 undergraduate students and 2,960 graduate students. UVic offers over 280 undergraduate and graduate programs to its students under its 11 faculties. It also offers professional degrees, diploma programs and co-op opportunities. The university states that 72% of eligible UVic students take part in co-ops. Of these, 62% receive a job offer before graduation.
In F2023, UVic spent $129.1m on sponsored research. The university reports that it has 37 Canada Research Chairs and 40 faculty members who have been named fellows of the Royal Society of Canada. In F2022 it facilitated 850 external funding applications, and it distributed 39 internal research grants. In the 2024 QS Rankings, UVic ranked 4th among Canadian universities in citation impact per faculty member.
In September 2022 University of Victoria opened two new residence buildings. These buildings provide 783 total student beds, two 225-seat classsrooms, and a dining hall. The university is also planning an expansion to its Engineering and Computer Science building. The plan is to start construction in 2024 and complete the project by 2026.
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Results and Impact
In 2020, University of Victoria commissioned a report to evaluate its economic impact. The report states that UVic contributed $3.3 billion in added income to the BC economy and $1.8 billion in added income to the Greater Victoria economy. Particularly, UVic’s research spending and related spin-off activities added $213.9m to the local economy, and $281.3m to the BC economy.
The report also states that for every $1 spent, students gained $1.40 in higher earnings over their working lifetime, taxpayers gained $2.70 in added tax revenue and public sector savings, and society gained $4.20 in added provincial revenue and social savings.
While Charity Intelligence highlights these key results, they may not be a complete representation of University of Victoria’s results.
Charity Intelligence has not yet rated University of Victoria on impact. This shows as (n/r).
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Finances
University of Victoria received $31.8m in donations in F2023. The charity also collected $186.8m (25% of revenues) in tuition and $321.3m (42% of revenues) in government funding.
Administrative costs are 4% of revenues and fundraising costs are 20% of donations. This results in total overhead spending of 24%. For every dollar donated, 76 cents are available for programs. This is within Ci’s reasonable range for overhead spending.
In F2023, UVic spent $609.6m in its programs and grants, which is 80% of its total revenues. The university’s surplus was $117.0m in F2023, which is 15% of its total revenues. It also spent $109.8 on capital projects.
University of Victoria has net reserve funds of $699.6m ($861.0m in cash and investments less $161.4m in interest-bearing debts). These include $436.1m in donor-endowed funds. The university’s net reserve funds, excluding donor-endowed funds, can cover program costs for five months.
This charity report is an update that has been sent to University of Victoria. Changes and edits may be forthcoming.
Updated on May 29, 2024 by Alessandra Castino
Financial Review
Fiscal year ending March
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 3.9% | 3.9% | 3.7% |
| Fundraising costs as % of donations | 20.3% | 25.2% | 17.0% |
| Total overhead spending | 24.2% | 29.1% | 20.7% |
| Program cost coverage (%) | 44.8% | 30.8% | 76.7% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 31,844 | 25,646 | 31,714 |
| Government funding | 321,348 | 326,373 | 323,352 |
| Fees for service | 186,834 | 188,006 | 173,715 |
| Business activities (net) | 70,504 | 55,142 | 30,288 |
| Investment income | 72,407 | 39,643 | 26,064 |
| Other income | 76,977 | 54,596 | 103,959 |
| Total revenues | 759,914 | 689,406 | 689,092 |
| Program costs | 603,348 | 561,107 | 512,754 |
| Grants | 6,287 | 1,222 | 5,165 |
| Administrative costs | 26,773 | 25,346 | 24,449 |
| Fundraising costs | 6,468 | 6,468 | 5,398 |
| Total spending | 642,877 | 594,144 | 547,766 |
| Cash flow from operations | 117,037 | 95,262 | 141,326 |
| Capital spending | 109,820 | 135,843 | 87,575 |
| Funding reserves | 699,644 | 584,803 | 775,179 |
Note: : DEFERRED CONTRIBUTIONS: Ci adjusted for deferred contributions, affecting total revenues by ($6.7m) in F2023, $14.8m in F2022, and $68.5m in F2021. Ci removed revenue recognized from deferred capital contributions, decreasing total revenues by $27.0m in F2023, $27.8m in F2022, and $27.4m in F2021. Ci included received capital contributions, increasing total revenues by $74.6m in F2023, $33.2m in F2022, and $29.7m in F2021. Deferred contributions and capital contributions were included in other revenue as the charity does not separate government deferred contributions from private deferred contributions in its audited financial statement. INVESTMENT INCOME: Ci reported “net investment income & donations capitalized” as investment income, increasing total revenues by $12.4m in F2023, and $13.4m in F2022, and $2.6m in F2021. ENDOWMENT: Ci included endowment principal donations in donations, increasing total revenues by $5.5m in F2023, $12.1m in F2022, and $14.3m in F2021. DISPOSAL OF CAPITAL ASSETS: Ci removed loss on disposal of capital assets, increasing total revenues by $nil in F2023, $1.0m in F2022, and $1.5m in F2021. ACTIVITY-BASED COSTING: Ci used the charity’s T3010 filing to allocate fundraising costs as the audited financials did not provide this allocation. Ci backed this amount out of program costs. AMORTIZATION: Ci backed amortization from program and admin costs on a pro-rata basis
Salary Information
$350k + |
3 |
$300k - $350k |
4 |
$250k - $300k |
3 |
$200k - $250k |
0 |
$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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Tel: 205-721-7211