By Rosalind Russell – Laurentian University is showing a surplus for 2022-23.
According to the release, the Board of Governors gave their approval to the financial statements that shows a surplus of $52.6 million for the financial year 2022-2023, a year which the university still spent partially in insolvency.
The statements were audited by the financial firm BDO late last month.
Laurentian exited insolvency under the Companies’ Creditors Arrangement Act last November after nearly two years of creditor protection posting a deficit of $66.7 million in 2020-21 and a surplus of $16.8 million last year.
The settlement also cleared the institution of $89 million in long-term debt and factors in $53.5 million still owed to creditors, which is expected to be paid out of the sale of some university real estate.
It was also pointed out the main contributor to the increase in net assets was the transfer of $14.3 million from the transfer of the endowment of the Northern Ontario School of Medicine.
The financial statements will also be reviewed by the auditor general, as part of the settlement agreement