Thanks to ongoing government support, along with generous corporate and private donors, in FY2023, Pathways Canada surpassed $38 million in funding to deliver the Pathways Program and reach more students than ever. The support Pathways is fortunate to have from across Canada reinforces a commitment to transforming lives and delivering better outcomes for students, and in turn, contributes to a healthier society and stronger economy.
This past fiscal year, Pathways achieved its goal to expand support into new communities across Canada, but the year was not without its obstacles. Economic instability and shifting priorities for many Canadians saw charitable giving at a record low. Against this backdrop, Pathways fell short on its private donor fundraising target. The lingering effects of the pandemic, along with high inflation and a competitive post-pandemic labour market with increasing demand for hybrid and remote work, also impacted some areas of Pathways’ working approach.
Overall, Pathways is celebrating a return to in-person learning and acknowledges the tremendous support and unwavering commitment from its many Program Partners. Thanks as well to the prudent financial management of reserves and spending, there is a stable financial outlook for Pathways to deliver on its mission and reach enrolment targets.
Pathways continued to spend the majority of its funds in areas directly impacting students and their families. Grants to Pathways Program Partners totalled $21.4 million, with an additional $1.8 million going directly toward student scholarships. Pathways also strategically invested in areas to achieve increased impact and reach, with the total investment in program growth, expansion, and innovation increasing by $7.3 million in FY2023.
Looking ahead, Pathways remains committed to stewarding the financial resources it is entrusted with and maintaining the long-term sustainability of its program, while continuing to provide stakeholders with transparent, evidence-driven results that demonstrate impact.
Summarized Financial Statements for the Fiscal Year Ending March 31, 2023
STATEMENT OF FINANCIAL POSITION
Unrestricted cash and investments
Restricted cash and investments
LIABILITIES AND NET ASSETS
Long-term deferred contributions
STATEMENT OF REVENUES AND EXPENSES
Donations and Grants
Pathways to Education Program™ Delivery
Program Growth, Expansion, and Innovation
Student Scholarships and Post-Secondary Support
Program Development, Research, and Evaluation
Fundraising and Awareness
Operations and Administration
Excess of revenue over expenses
Source of Funds
- 61% - Government
- 10% - Corporations
- 23% - Foundations and agencies
- 6% - Individuals
Expense by Activity
- 56% - Pathways to Education Program™ delivery
- 5% - Student scholarships and post-secondary support
- 19% - Program growth, expansion, and innovation
- 4% - Program development, research, and evaluation
- 11% - Fundraising and awareness
- 5% - Operations and administration