“... we are excited about being 'on Bayview' and eagerly anticipating the many ways we expect the property to be used to further God’s work in this part of His kingdom!”
"Change can be good, and it can also be challenging. Transitions can be exciting and inspiring, and they can also be stretching and unsettling." These words from the opening paragraph of last year’s Annual Impact Report certainly proved true this past year as we worked hard on the renovations of the Bayview campus leading up to the April move from the Ballyconnor campus. It has been an exciting time as we have worked long hours with our advisers and contractors to bring the facility up to code and watched the resulting transformation of the 55-year-old building. It has also been a year that has stretched our people and our financial resources in ways we could not have imagined when the campus was purchased eight years ago. In the end, we are excited about being "on Bayview" and eagerly anticipating the many ways we expect the property to be used to further God’s work in this part of His kingdom!
As anticipated, Tyndale ended the 2014-2015 fiscal year with a financial loss. Several factors entered into these results. For the second year in a row, Tyndale carried the operating costs of both the Bayview campus and the Ballyconnor campus while renovations were being done to the Bayview campus. In addition, substantial interest costs were incurred in relation to the required bridge financing for the funds needed to proceed with the renovations in the midst of our capital fundraising initiatives. While interest costs are not reflected in the operational expenses shown in this report, there is a substantial impact to Tyndale’s available resources. Most of these costs are recorded in the “Property” portion of Tyndale’s financial statements rather than the “Operating” portion that is shown in this report.
On the revenue side, as a result of graduating the largest class in its history in the spring of 2014, Tyndale’s total enrolment and associated tuition and student fee revenue did not grow this year. Fortunately, in spite of these factors, tight operating controls and increased donations from a faithful, generous supporter base enabled Tyndale to end the year ahead of budget and with improved financial results compared with the prior year.
We are anticipating further bottom line improvement in the current fiscal year as a result of the sale of the Ballyconnor campus, increased student enrolment relative to last year, and the continued commitment of supporters responding faithfully to the call of God in their lives.
It has always been our belief that the provision of the Bayview campus was about far more than just additional classroom space. We hold to what we believe to be a God-given vision of the Bayview campus as both a spectacular site for advancing the cause of Christian higher education and a hub of Christian engagement with the world, in the midst of Canada’s largest and most multicultural city. This is not a small vision! It is a vision that requires the continued prayers and financial support of the Christian community. Please help us realize the vision!
Senior Vice President, Finance and Chief Operating Officer
We are so grateful for our community of supporters! Every Tyndale student benefits from the partnership, vision and faithful support of alumni, individuals, churches, foundations, monthly supporters and businesses who believe in Tyndale’s mission. Together we surpassed our $1.5-million goal through the Project:Now campaign! Bequests were also a huge blessing to Tyndale this year with several gifts given to Tyndale through estates. In this year of transition every dollar was needed to continue to provide an outstanding educational experience. Tyndale provides an experience that transforms lives, and this would not be possible without partners like you. Thank you.