CharityIntelligence Canada

University of Toronto

215 Huron Street, 2nd Floor
Toronto, ON M5S 1A2
President: Meric Gertler
Chancellor: Michael H. Wilson

Charitable Reg. #: 10816 2330 RR0001
Sector: Education - University
Operating Charity

Charity Rating

[Charity Rating: 4/4]

Results Reporting

Grade: A

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements for current and previous years available on the charity's website [Audited financial statement for most recent year]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to the Cause

2013 2014 2015
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #9,094

Avg. Compensation $147,381

Top 10 Staff Salary Range

$350k + 10
$300k - $350k 0
$250k - $300k 0
$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 F2015

About University of Toronto:

Founded in 1827 as King’s College, University of Toronto (U of T) is a public research university. It was the first institution of higher learning in Upper Canada. U of T has 3 campuses: Scarborough, Mississauga and the historic St. George campus in downtown Toronto. To support its teaching and research, U of T established the largest library in Canada. U of T is now affiliated with 10 teaching hospitals and 3 smaller universities in Toronto. Times Higher Education ranks U of T as the 19th best university in the world.

In F2015, University of Toronto spent $2.1b on its programs, including $1.3b on salaries. It gave out $218.5m in scholarships, fellowships and bursaries. U of T has 86,709 students, including 15,930 international students. 59,434 students study at the St. George campus, while 16,498 are graduate students. The university offers 700 undergraduate and 200 graduate programs. U of T also has 255 Canada Research Chairs, the highest in any Canadian university. Over 552,000 U of T alumni live across the world.

Like many other universities, University of Toronto calculates its economic impact on both Ontario and Canada. It estimates that U of T contributes $15.7b to the Canadian economy every year. Students’ spending provides $2.6b in indirect economic benefit, employment and alumni earnings contribute $7.3b and research gives $5.7b through higher productivity.  

Financial Review:

University of Toronto is one of Canada’s Major 100 charities with donations of $118.5m along with tuition of $1.3bn and government funding of $1.1b. Administrative costs are 3% of total revenues and reported fundraising costs are 24% of total donations. Total overhead costs come to 27%, falling within Ci’s reasonable range. U of T has total funding reserves of $3.1b, including an endowment fund of $2.1b. Excluding donor-endowed funds, funding reserves can cover program costs for 5 months.

University of Toronto’s endowment fund per student comes to $25k.

This charity report is an update that is being reviewed by the charity. Changes and edits may be forthcoming.

Updated on August 30th, 2016 by Mirza Ali Shakir.

Financial Ratios

Fiscal year ending April
Administrative costs as % of revenues 2.8%2.8%5.3%
Fundraising costs as % of donations 23.9%21.5%0.0%
Program cost coverage (%) 143.3%126.2%119.8%

Summary Financial Statements

All figures in $000s
Donations 118,500127,400118,300
Government funding 1,170,7001,178,3001,095,100
Fees for service 1,158,6001,039,000944,700
Business activities (net) 207,000222,100200,600
Investment income 367,900322,800151,300
Total revenues 3,022,7002,889,6002,510,000
Program costs 2,144,4732,089,2662,031,500
Administrative costs 73,56171,509125,100
Fundraising costs 28,26627,4250
Other costs 68,20083,80039,900
Cash flow from operations 708,200617,600313,500
Funding reserves 3,073,6002,636,7002,432,700
Note: Ci included donations to the charity’s endowment fund. U of T does not report administrative and fundraising costs on its audited financial statements. Ci took administrative and fundraising costs from the charity’s T3010 filings. Ci reports sales and services revenues net of expenses.