UPEI ‘balanced its books’ in 2025–26—audited statements now available
The following message was also emailed to faculty, staff, and students on October 8, 2026.
Dear UPEI Community Members,
In May 2025, the UPEI Board of Governors approved a balanced budget for the year ended April 30, 2026 (i.e., 2025–2026 fiscal year). UPEI’s consolidated financial statements for that fiscal year were audited by our external auditors, Doane Grant Thornton LLP, and received an unqualified audit opinion.
UPEI’s external audit provides independent assurance that “the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the University of Prince Edward Island as at April 30, 2026.”
UPEI submitted the audited 2025–2026 financial statements to the Board of Governors on October 6, 2026, for approval. The approved statements are now posted to the Publications page on the upei.ca website.
These financial statements reflect total revenues of $244.5M as well as a $1.7M increase to the University’s unrestricted operating net surplus. They also reflect a contribution of over $6.8M to internally restricted net assets in the operating fund (i.e., allocations to future-focused projects and expenditure).
This reflects a better-than-budgeted financial result. While most of this positive contribution (~89.5%) is the result of activity throughout the Campus main budget, the remainder (~10.5%) is attributable to further positive results within the Atlantic Veterinary College.
UPEI continues to monitor its financial health. In 2025–26, the University’s contribution to the unrestricted operating net surplus represents 0.8% of its revenues being reinvested into UPEI’s provision for future contingency.
While this growth helps safeguard the University against future financial challenges by growing its reserves, significant future growth in those reserves remains necessary to reach the financial health standards set by the Canadian Association of University Business Officers.
Despite fiscal challenges in the post-secondary education landscape, UPEI continues to demonstrate good financial stewardship and diligence in working to stabilize and enhance the student experience.
Sincerely,
Tim J. Walker, FCPA, CA, ICD.D, BBA
Vice-President Administration and Finance
