Queen's University
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.
77%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 77 cents are available for programs.
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OVERVIEW
About Queen's University:
Queen's University is a 4-star charity. It is financially transparent, has overhead spending within Ci's reasonable range, and has an above-average results reporting grade.
Founded in 1841, Queen's University (Queen's) is a public university in Kingston, Ontario and one of Canada's oldest degree-granting institutions. Queen's states that it has a global alumni network of more than 150,000 members. Its main programs are education and research. Queen's does not provide a breakdown of spending on these programs.
In F2023, Queen's University had 28,142 enrolled students. This includes enrolment of 20,592 undergraduate students, 3,965 graduate students, 1,666 second degree students (law, medicine, etc), 1,357 MBA and graduate professional master's students, and 562 post-graduate medicine students. The university is home to 4,037 international students from 120 countries. Queen's offers programs in 178 disciplines taught by eight faculties.
Queen's University has 23 research centres and institutes. Additionally, the university is home to 49 Canada Research Chairs. In F2023, 54 Queen's researchers published 52 articles and garnered over 1.1 million reads on The Conversation Canada.
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Results and Impact
Queen's University states that for its 2014 cohort, the 7-year graduation rate was 86%. The charity also reports that the first-year retention rate for the 2020 cohort was 94%.
The university reports that in 2019 it contributed $1.9 billion to Canada’s GDP.
Queen's was ranked third globally and first in North America for universities advancing the United Nation's Sustainable Development Goals in 2023.
While Ci highlights these key results, they may not be a complete representation of Queen's University's results and impact. This charity is not yet rated on impact (n/r).
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Finances
Queen's University had total donations of $73.8m in F2023. During the year, Queen's also received $431.1m in government grants (35% of revenues), and $425.1m in student fees (34% of revenues).
Administrative costs are 4% of revenues (less investment income), and fundraising costs are 19% of donations. This results in total overhead spending of 23%. For every dollar donated to the charity, 77 cents are available for programs. This is within Ci's reasonable range for overhead spending.
In F2023, Queen’s spent $986.0m on its programs and grants, which is 80% of total revenues. The charity had $178.2m in surplus and spent $63.6m on capital projects.
Queen's University has $2.1 billion in net reserve funds ($2.5 billion in cash and investments less $392.8m in interest-bearing debts), of which $1.2 billion is donor endowed. Excluding donor-endowed funds, Queen's could cover 94% or 11 months of annual program costs.
Charity Intelligence has sent this update to Queen's University for review. Changes and edits may be forthcoming.
Updated on August 23, 2024 by Alessandra Castino.
Financial Review
Fiscal year ending April
|
2023 | 2022 | 2021 |
---|---|---|---|
Administrative costs as % of revenues | 3.8% | 3.8% | 3.6% |
Fundraising costs as % of donations | 19.0% | 42.1% | 14.6% |
Total overhead spending | 22.8% | 45.9% | 18.1% |
Program cost coverage (%) | 94.0% | 100.2% | 116.0% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
---|---|---|---|
Donations | 73,801 | 32,748 | 85,802 |
Government funding | 431,113 | 425,672 | 429,842 |
Fees for service | 425,083 | 427,633 | 409,473 |
Business activities (net) | 115,955 | 86,566 | 45,532 |
Investment income | 139,618 | 35,829 | 371,577 |
Other income | 51,354 | 30,981 | 32,319 |
Total revenues | 1,236,924 | 1,039,429 | 1,374,545 |
Program costs | 985,830 | 896,936 | 839,516 |
Grants | 190 | 395 | 40 |
Administrative costs | 41,510 | 37,956 | 35,662 |
Fundraising costs | 14,027 | 13,778 | 12,513 |
Other costs | 17,121 | 17,262 | 17,385 |
Total spending | 1,058,678 | 966,327 | 905,116 |
Cash flow from operations | 178,246 | 73,102 | 469,429 |
Capital spending | 63,626 | 91,371 | 37,641 |
Funding reserves | 2,059,343 | 1,990,432 | 2,040,008 |
Note: DEFERRED DONATIONS: Ci adjusted for deferred revenues, affecting total revenues by $34.8m in F2023, ($9.8m) in F2022, and $45.2m in F2021. DEFERRED CAPITAL CONTRIBUTIONS: Ci excluded amortization of deferred capital contributions and included received capital contributions, affecting total revenues by ($3.3m) in F2023, ($12.4m) in F2022, and ($10.6m) in F2021. ENDOWMENT: Ci included endowment contributions in donations and investment income on external endowments in investment income. This increased revenues by $79.6m in F2023, $52.8m in F2022, and $244.7m in F2021. ACTIVITY-BASED COSTING: Ci reported grants, administrative costs, and fundraising costs from the charity’s T3010 filings with the CRA. AMORTIZATION: Ci removed amortization on a pro-rata basis from program, administrative, and fundraising costs.
Salary Information
$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 F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
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