Financials

During 2020/2021 the vast majority of our services were provided virtually due to the COVID-19 pandemic. Most of our employees worked from remote workspaces. The campus closure negatively affected our ability to generate ancillary revenue, which dropped more than 8% to just over 10% of our total revenue. On the positive side, general contributions and tuition and fees grew slightly while sundry revenue grew by over 5% and ended the year at over 11% of our total revenue. Sundry revenue includes $1.7M in Government of Canada wage subsidies which were a tremendous blessing for Tyndale and its employees.

Tyndale University was blessed with positive net operating results in 2020/2021 of nearly $1.5M. These positive results enabled Tyndale to invest just over $800K in needed capital expenditures and meet its regular monthly debt obligations. Although the excess was not sufficient to meet the annual debt balloon repayment of $2M, we were blessed to receive a postponement of this required payment from our lenders. As noted in the table, Tyndale ended the year with a cash shortfall of under $200K which was financed by its line of credit.

Those who have been to the campus understand the incredible beauty of our Chapel and the centrality that this brings to Tyndale. In May 2021, we started a $1.3M Chapel refurbishment project and, to date, have received contributions of $400K toward the total cost. Please consider making a donation toward this iconic part of Tyndale’s campus.

With great hope and anticipation, we look forward to what lies ahead for the University in 2021/2022. We have much to be thankful for, and many unique opportunities as God’s stewards of this amazing asset that is Tyndale University.

Glen Roadknight
SVP, Administration & Support Services