ON AG annual report examines financial practices of four universities, finds ministry vision lacking

The Office of the Auditor General of Ontario has released its annual report, which includes an examination of the financial management and governance of four Ontario universities: Algoma University, Nipissing University, Ontario Tech University, and the University of Windsor. All four universities were found to be currently financially sustainable, according to the release. However, the audit noted that if the issues in the universities’ financial management practises remain unaddressed, the future sustainability of the schools would be at risk. The Auditor General further determined that “the Ministry of Colleges and Universities does not have a clear strategy or long-term vision for the post-secondary sector,” and that the domestic tuition reduction and freeze and low per-student funding have resulted in increased dependence on international students’ tuition fees. AG (Summary Report)| AG (Release)| CTV News Note: Archived stories may contain dead links or be missing source links.