2022-23
IMPACT REPORT
“For if eagerness is there, the gift is acceptable according to what one has - not according to what one does not have:’ 2 Corinthians 8:12
Thank you! Thank you to all our donors and supporters who made the choice to donate to St. Michael’s College School. Each year, St. Michael’s College School provides a glimpse into the donations received by the school through the publication of the Impact Report. I have had the privilege of working with many of our donors who value and share the school’s values by making SMCS their charity of choice. Generally, I have been told that it’s not about the ‘thank you’ or recognition for the donation, but rather, the ability to impact students’ lives at St. Michael’s College School. With 20 different inter-school sports and 56 competitive teams, and more than 60 clubs and activities, the donations certainly go a long way in ensuring we can continue to offer such a vast and diverse slate of opportunities for all students. The Financial Assistance Programme offered approximately $1.8 million in assistance to qualified students for the 2022-23 academic year. Since 2002, $29.9 million has been awarded to over 2,700 students. The programme includes named bursaries established by alumni, current parents, past parents, and friends of St. Michael’s. Through the generosity of our donors, SMCS has assisted 180 students to attend St. Michael’s this past academic year. Our Annual Double Blue Campaign saw the School’s Greatest Needs and the Financial Assistance programme receive over 67% of all donations in the 2022-23 academic year. Your donations change lives through the much-needed financial support to attend St. Michael’s which aligns with the mission of the Basilian Fathers. Thank you for joining us in our mission to transform lives through education. Your generosity means everything to us and the SMCS community we serve. With deepest gratitude. Kimberley Bailey Director of Advancement
Grade 7 Blazer Ceremony
Drumline
Chess Club
Homecoming
Spring Musical
Shoebox Drive
Camp Mass
Football
Band
St. Michael’s College School Financial Report for Fiscal 2023 from the Chief Operating Officer For the fiscal year ended June 30, 2023, the School’s Current Fund, which finances St. Michael’s College School’s (SMCS) day-to-day operations, had an operating loss of $5,269,000 before extraordinary items as compared to the previous year’s loss of $4,266,000. This loss reflects lower enrollment due to COVID-19 and lingering effects from November 2018 incidents. The School also had non-reoccurring expenses of $353,307, which will be funded by the Foundation which currently manages the School’s endowment. The Foundation contributed $4,411,000 to SMCS for fiscal year 2023. The School’s net investment and rental income was $1,502,000 compared to the previous year of $440,000. The Restricted Funds (Building and Scholarship) had an operating surplus of $1,468,000, down from last year’s surplus of $1,813,000 before extraordinary items. Capital spending was flat, the traditional level of approximately $1,000,000 was down slightly to $877,000 during the year. The major capital expenditure for 2023 continued to be an upgrade to HVAC systems and the continued upgrading of lighting to LED lights. Williams & Partners, Chartered Professional Accountants LLP, have audited the school’s financial statements and have expressed an unqualified opinion on the fair presentation of our financial statements. Enrolment levels for academic 2023-24 will drop to 750. SMCS recognizes how increasingly competitive the private school market has become and continues to adapt the Offices of Admissions and Student Affairs and provide them with resources to attract and retain qualified student candidates. The school’s overall financial position continues to be strong. It is incumbent on SMCS to continue to be fiscally responsible in setting tuition fees, generating additional revenues, and controlling its costs to ensure its viability for years to come. I am pleased to announce that Alex Cassar ’99 has taken over the financial responsibility of the school and will work closely with Fr. Leung, CSB and senior administration to ensure the future redevelopment of the arena and Bathurst and St. Clair corner are done in a timely manner, thereby ensuring the school will be at 1515 Bathurst for the next 75 years. The Board and the administration will work to develop and advance these plans and update the community on its progress over the year. Thank you all for your support. Yours truly, Greg Hook ’80 Chief Operating Officer
The St. Michael’s College School High School Foundation Annual Report for Fiscal 2023 The St. Michael’s College High School Foundation was established in June 2005 with the purpose of raising, managing, and investing funds for the benefit of general charitable purposes carried out by St. Michael’s College School. The Foundation funds encompass the Basilian Fathers’ endowment, the Odette Arts Scholars Bursary Fund donation, and the Bathurst and St. Clair land proceeds. The Foundation endeavours to grow the fund capital while contributing annually to the School’s charitable purposes. This is accomplished by having investment policies in place that will generate yearly returns in excess of 3.5% to 4% (the returns for fiscal 2022-23 were over 8%) through the application of prudent investment strategies. The goal is to have the fund grow to $100+ million (excluding the proceeds from the land deal) over time to ensure better support for the School’s charitable purposes. Since its inception, the Foundation has financially assisted St. Michael’s through the financial assistance programme and for the construction of the Centre for the Arts. To date, $22.8 million has been gifted to the School. In addition, the Foundation has also provided short-term loans of up to $4.5 million annually as required. Currently, there are no loans outstanding. The Foundation is overseen by an independent Board of Directors separate from the School. For the fiscal year ended June 30, 2023 the Foundation had an operating surplus of $5,529,000 (2022 – deficit $2,437,000) from various investments before the transfer of funds to the School of $4,411,000 (2022 – $3,803,500) to support its annual financial assistance programme. The financial statements have been audited annually by Williams & Partners, Chartered Professional Accountants LLP, and they have expressed an unqualified opinion on the fair presentation of our financial statements for the year ended June 30, 2023. Since its inception, the Foundation has been an integral part of the school’s finances. It will require support from alumni, parents, staff, and friends of the school to fully achieve its goals. If you would like to donate to the Foundation, kindly contact Kimberley Bailey, Director of Advancement, at baileyk@smcsmail.com. Sincerely, John Piccininni ’77 Chair, Board of Directors
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