In a Jan. 29 letter to the province's minister of colleges and universities, Alan Harrison writes that a review of documents and presentations from the school suggests Laurentian University's financial woes are "long-standing".
He said court proceedings under the federal Companies' Creditors Arrangement Act were underway, but they would not affect day-to-day operations at the school. According to Harrison's report, the school has been using a line of credit, and is $90 million in debt to banks, but its deficits were actually higher than reported because of $38 million in deferred contributions - liabilities in the form of research grants, restricted donations, and other third-party funds.
He also notes that the current president, who was hired in 2019, has taken corrective action to address the financial issues and is not to blame for the situation. The government said it could not provide the $100 million in funding without an independent third-party review of the school's finances."In other words, and the provincial government were, and are still at, an impasse," Harrison says in his report.
The University leadership was clearly irresponsible. I wonder how it will affect students, tax payers, the professors and staff.
Why not wait a few weeks. Mail in voting only is subject to a lot of problems. Many are unforseen.