Concordia University recently announced a significant achievement in its fundraising efforts, successfully raising over $365 million as part of its Campaign for Concordia: Next-Gen Now. This amazing milestone surpasses the initial campaign goal of $350 million. It’s a big win for the embattled institution that has been weathering financial extremes since the onset of the COVID-19 pandemic.
President Graham Carr highlighted the importance of this fundraising success, stating that it reflects confidence in the role universities play in society. The successful campaign was built by thousands of donors contributing small amounts, illustrating the commitment of people across the state to the university’s mission and goals.
Even with this success, Concordia University is still in the throes of an unprecedented financial crisis. The challenge The institution has run in the red since COVID arrived. Never before has the nation seen such an occurrence where overall revenues are projected to be lower year-over-year. The picture grows much worse with a nearly 30 percent decline in out-of-province student enrolment. As a result, this substantial decline will severely affect the upcoming 2024 academic year. Ignoring their recommendations, the province increased fees for out-of-province students by more than 30 percent. As Carr labeled this move harmful, the effect was swift and callous, resulting in a sharp drop.
Carr also added, the university has raised sufficient funds to make up for the fee increase for affected students. This major accomplishment will enable the institution to continue delivering a high-quality educational experience, despite a daunting national landscape. No, it’s the broader factors, as he said, the real drivers that are creating this pain financially. Perhaps the largest is the rapid drop in international student enrollment due to tough immigration policies.
“It allows us to provide support for students, it allows us to support some research and cool initiatives that we wouldn’t otherwise be able to,” – Graham Carr
In reaction to these fiscal pressures, Concordia University is implementing a fiscal recovery plan to get back on solid financial ground. The strategic countermeasures outlined in the plan are specifically intended to both stabilize revenues and better support the students at RISD.
That environment has inspired Carr and other university officials to fight for their own “fresh start.” They are particularly thrilled that a new provincial higher education minister was appointed just recently! They are eager to work with new leadership to do it. The partners hope this new collaboration will result in systemic changes that address the financial challenges threatening the institution.
Carr stressed that although every fundraising accomplishment should be celebrated, none of them actually address all the operational costs required to run on a daily basis. He noted that the money raised provides for more resources but does not fix ongoing financial crises.
“But it’s not money that we can use in terms of the day-to-day operations of the university,” – Graham Carr
The university’s original campaign goal was set at $250 million in 2017, reflecting a long-standing commitment to enhancing educational opportunities and infrastructure. The success of their recent campaign demonstrates their ability to raise funds. These dollars will make possible innovative student programs and cutting-edge research projects that further the university’s academic mission.
With ongoing efforts to stabilize its financial situation, Concordia University remains committed to providing quality education and support to its students. The administration is counting on smart planning and community buy-in to help get them there to avoid a post-oil city.
