University of Waterloo

200 University Avenue West
Waterloo, ON N2L 3G1
President: Dr. Feridun Hamdullahpur
Board Chair: Cindy Forbes

Charitable Reg. #: 11926 0685 RR0001
Sector: Education - University
Operating Charity

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

2014 2015 2016
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #3,729

Avg. Compensation $135,842

Top 10 Staff Salary Range

$350k + 1
$300k - $350k 2
$250k - $300k 7
$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 F2016

About University of Waterloo:

Founded in 1957 as the Waterloo College Associate Faculties, the University of Waterloo is a public research university located in Waterloo, Ontario. Originally founded on a curriculum of science, engineering and mathematics, it now boasts 6 faculties and 4 affiliated institutions. It provides undergraduate and graduate programs, conducts research and fosters entrepreneurship. It strives to be one of the most innovative universities in the world.

The University reported an enrollment of 31,380 undergraduate students and 5,290 graduate students across 4 campuses, the main campus in Waterloo and satellite campuses in Kitchener, Cambridge and Stratford. Of the student body, 17% of undergraduate and 37% of graduate students are international students. Its co-op program, the largest in Canada, had 20,792 students enrolled in the fall of 2016 with the average co-op earnings per work term (usually 4 months) being $16,200. It reports a 6-month employment of 87% and a 7-year graduation rate of 79% as of 2015.

The university received $182.6m in research funding from external sources in F2016, from companies such as Toyota, Qatar Foundation and Global Affairs Canada. It currently has 65 Canada Research Chairs among the ranks. The university has a strong focus on innovation and has a commercialization office which helps convert research into commercially viable products and services. This office is currently managing 275 patents.

The university has placed a very strong emphasis on entrepreneurship, hosting Velocity, the largest free incubator in the world. Over eight years, it has helped 3,095 students through the program and has created more than 1,200 jobs through Velocity companies. The university was ranked the best school in Canada for venture capital-backed entrepreneurs, according to Pitchbook, and is located in the second most dense startup area in the world behind Silicon Valley.

According to an economic impact study conducted by PricewaterhouseCoopers in F2013, the total annual economic impact of the university to the provincial economy was $2.6 billion.

Financial Review:

The University is considered a large-cap charity with donations of $30.9m in F2016. Its administrative costs as reported in its T3010 filings are 0.6% of revenues, which is much lower than other universities and most likely understated. The university’s fundraising costs are 27% of donations. Overall, for every dollar donated to the university, 72 cents goes towards its programs, falling within Ci’s reasonable range. The university has funding reserves of $899m, of which $333.4m are donor-endowed. This can cover programs for just over one year.

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

Updated on July 20, 2017 by Josh Lam.

Financial Ratios

Fiscal year ending April
Administrative costs as % of revenues 0.6%0.6%0.6%
Fundraising costs as % of donations 27.0%42.2%73.9%
Program cost coverage (%) 107.1%108.5%109.8%

Summary Financial Statements

All figures in $000s
Donations 30,86120,29021,027
Government funding 368,204381,927385,580
Fees for service 389,216357,889332,416
Business activities (net) 103,49997,05698,319
Investment income 14,06234,06323,319
Total revenues 905,842891,225860,661
Program costs 839,299830,711774,328
Administrative costs 5,7474,7314,662
Fundraising costs 8,3378,56815,543
Cash flow from operations 52,45947,21566,128
Funding reserves 898,952901,171849,999
Note: Ci calculated business expenses net of Cost of Goods Sold, reducing revenues and expenses by $17.8m in F2016, $17.1m in F2015 and $18.1m in F2014. Ci excluded the amortization of deferred capital contributions which was $28.7m in F2016, $28.0m in F2015 and $27.1m in F2014.  

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