Logo courtesy of Loyalist College.
Ongoing financial struggles by Ontario colleges continue to cause major financial uncertainties for Loyalist College.
The college’s recently published Annual Report for 2024-2025, by the independent auditor KPMG, has identified that the college could deplete its cash resources before March 31, 2026.
At the start of this year, Loyalist cut 30% of its programs and reduced staff by 20%, citing financial challenges, primarily caused by changes to the international student caps.
The College’s latest report also notes that Loyalist has received a commitment that the province will provide up to a $25 million emergency loan, subject to Loyalist meeting certain conditions.
Loyalist President Mark Kirkpatrick, has issued a statement to clarify that while the audited financial statements reflect a snapshot as of March 31, 2025, they do not capture the measures already taken to strengthen the college’s financial position. Kirkpatrick adds the college remains confident in its near and long-term future and has taken significant steps to ensure its sustainability.
91X reached out to the office of Tyler Allsopp, the MPP for the Bay of Quinte. His office provided the following statement from the MPP.
“Loyalist College plays a vital role in our community, and our government will continue to work with the college to ensure Bay of Quinte has access to a strong workforce and local students can get an excellent education close to home. Our government is currently working with all Ontario colleges and universities to review the funding model to support the post-secondary sector’s long-term success and sustainability,” noted Allsopp.
91X has reached out to Tracy MacKenzie, president of OPSEU Local 420, which represents Loyalist College faculty.
Comments