REPORT NUMBER 286 OF THE BUSINESS BOARD
THURSDAY, SEPTEMBER 25, 2025
To the Governing Council,
University of Toronto,
Your Business Board reports that it held a meeting held in the Council Chamber, Simcoe Hall, on September 25, 2025, at 5:00 p.m. with the following members present:
PRESENT: Rajiv Mathur (Chair), Indi Gopinathan (Vice-Chair), Scott Mabury (Vice-President, Operations & Real Estate Partnerships), Kelly Hannah-Moffat (Vice-President, People Strategic, Equity & Culture), Trevor Rodgers (Chief Financial Officer), Amanda Bartley, Janet Cloud, Samuel Elfassy, Samantha Figenshaw, Maureen Harquail*, Thomas Hofmann, Paul Huyer, David Jacobs, Sarosh Jamal*, Samantha Kappagoda, Audrey Karlinsky, Kevin Li, Scott MacKendrick*, Nicole Martin, Adel Melek, Debbie Oakley, David Regan*, Rishi Shah, Danielle Skipp, Paul Tenenbein, Geeta Yadav*
REGRETS: Rima Ramchandani
NON-VOTING ASSESSORS: Trevor Young (Vice-President & Provost), David Palmer (Vice-President, Advancement), Christine Szustaczek (Vice-President, Communications), Joseph Wong (Vice-President, International) Jeff Lennon (Assistant Vice-President, Planning & Budget), Ann MacDonald (Assistant Vice-President, Spaces & Experiences), Deborah Brown* (Chief Administrative Officer, UTM), Ron Saporta (Chief Operating Officer, Property Services & Sustainability), David Lehto (Chief of University Planning, Design & Construction), Sonya Donovan (Managing Director, Real Estate)
*joined remotely
SECRETARIAT: Timothy Harlick (Secretary), Amanda Grant
IN ATTENDANCE: Gillian Morrison (Assistant Vice President, University Development), Steve Hoscheit (Assistant Vice President, Divisional Relations), Lauren Turner (Deputy Secretary of the Governing Council), Anthony Tia (Executive Director of Treasury and Investment Services), Sanish Samuel (Controller and Executive Director of Financial Services), Meg Connell (Senior Writer and Special Projects Officer), Ann Perry (Senior Issues & Media Relations Strategist), Jakub Stach
ITEM 11 AND IN CAMERA ITEM 19 WERE APPROVED. ALL OTHER ITEMS ARE REPORTED TO THE GOVERNING COUNCIL FOR INFORMATION
Pursuant to section 38 of By-Law Number 2,
consideration of items 17 to 19 took place in camera.
OPEN SESSION
- Chair’s Remarks
The Chair welcomed new and returning members and guests to the first meeting of the 2025-26 academic year and introduced Vice-Chair, Indi Gopinathan, and Board Secretary, Timothy Harlick.
The Chair then introduced the Senior Assessor, Professor Scott Mabury, Vice-President, Operations & Real Estate Partnerships, and the Voting Assessors, Professor Kelly Hannah-Moffat, Vice-President, People Strategy, Equity & Culture, and Mr. Trevor Rodgers, Chief Financial Officer. - Reports of the Administrative Assessors
Professor Mabury reported on the recent successful opening of Oak House, the first student residence the University has built on the St. George Campus in twenty years.
Professor Mabury and Mr. Jeff Lennon, Assistant Vice-President, Planning & Budget, then reported on campus activity as the University welcomed approximately 100,000 students, including 17,000 new undergraduate students and 8,000 new graduate students, to the Fall semester.
Mr. Lennon updated the Board on the enrolment and budget outlook. He noted that while overall enrolment was close to target, the distribution between domestic and international students created financial challenges with a small increase in domestic students and a decrease in international students. These trends resulted in a revenue shortfall of $50 to $60 million, or 1.5% of the operating budget. The gap is manageable in the current year using reserves but raises long term considerations about the international market. The University would be therefore considering a recalibration of future enrolment targets.
Mr. Lennon concluded by noting the University had signed the Strategic Mandate Agreement 4 with the provincial government, and a review of the government's funding formula was underway.
Discussion
Following the report, members asked questions about the enrolment and budgetary situation.
In response, Professor Mabury explained the underlying financial model. He clarified that provincial funding does not cover the full cost of educating a domestic student and as result, an increase in unfunded domestic students creates additional financial pressure. The discussion also highlighted that the University has accepted approximately 900 domestic students above the provincial government’s funding corridor.
Professor Mabury affirmed that the University is actively engaged with the provincial government for more funded domestic student positions and is eager to find a solution. - Capital Priorities Report
Professor Mabury provided an overview of ten major capital projects across the University that are targeting governance approval in the upcoming governance year. Examples of key projects for construction included the Temerty Building for health sciences, the Academic Wood Tower, the multi divisional building at 90 Queen’s Park, and a new Field House at UTSC. Significant renovations are planned to modernize facilities such as the MacMillan Theatre, the Dentistry Clinic, and research labs for Astronomy & Astrophysics. Other projects include new space for the Department of Computer Science. Finally, critical infrastructure initiatives include the LEAP 2.0 energy efficiency project and the demolition of the 215 Huron St. building to enable future development. Professor Mabury concluded his remarks with comments on the creation of a new St. George Campus Master Plan, which will guide campus growth through 2040. -
Annual Report: Vice-President, Advancement
The Annual Report of the Vice-President, Advancement, was received by the Board for information. Mr. David Palmer, Vice-President Advancement, began by thanking the Business Board for the opportunity to present on Advancement’s year end and what was ahead for the Defy Gravity campaign. Mr. Palmer introduced the senior members of his team and thanked them and divisional advancement teams across the University for their many contributions throughout the past fiscal year.
Highlights of the presentation included:
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Despite global volatility, the University continued to excel in philanthropy. It surpassed its annual goal by raising $361.5 million. This marked the fifth consecutive year of raising over $300 million with a $376 million average per year.
- The campaign has raised $2.266 billion so far, toward a target of $4 billion. Record breaking alumni participation was noted.
- The 2025 Alumni Reunion was the most successful ever, with nearly 16,300 registrants, an 11% increase from the previous year.
- The successful Alumni Innovator Showcases facilitated connections between University startups and alumni. Events took place in New York, San Francisco, and Toronto. They brought together U of T startups with entrepreneurs and innovators, fostering engagement.
- The University’s brand marketing efforts were highly successful. The University moved to fourth globally in the 2025 Global University Visibility Rankings, its highest position ever.
- In December 2024, the Defy Gravity campaign celebrated a significant milestone when it surpassed the halfway mark toward its fundraising and alumni engagement goals.
Discussion
In response to an inquiry, Mr. Palmer confirmed that philanthropic donations have historically tracked in line with stock market performance.
A member asked if the recent five year trend of fundraising growth was sustainable. Mr. Palmer expressed confidence, noting a trend where fewer donors are giving larger gifts. He stated there was no sign of this pace slowing for major donations and that the University is one of very few institutions capable of deploying gifts over $100 million. He also confirmed a strategic focus on gifts in the $1-5 million dollar range.
When asked about the fulfillment rate for pledges, Mr. Palmer reported that the University has a historically high receipt rate of 98 to 99 percent.
- Provostial Guidelines on Gift Acceptance and Gift Administration
The Board received an overview of the Provostial Guidelines on Gift Acceptance and Gift Administration, which were presented for information.
Mr. Palmer described how the new Guidelines complement the University’s existing robust framework of donation policies, which a recent peer review commended as "a model for the sector". The review also identified opportunities to formalize procedures, leading to these new Guidelines. Key enhancements include more explicit requirements for due diligence before soliciting a gift and the discontinuation of anonymous gifts from corporations. The guidelines also formalize three distinct levels of anonymity for individual donors and add a public disclosure clause to gift agreements of $250,000 or more. An internal task force would be established to oversee the implementation of these new business processes.
Discussion
Professor Trevor Young, Vice President and Provost, and Mr. Palmer provided context for the new guidelines following the presentation. They explained the guidelines were created to document existing practices and to address challenges from recent, complex gifts.
Two specific examples highlighted this necessity; one case involved an anonymous corporate donation which was returned after it raised concerns about a perceived conflict of interest. Another instance required forming a special committee to review a gift due to the nature of the donor. These experiences demonstrated the need to formalize existing procedures for managing risk in unusual circumstances. -
Annual Report: Equity, Diversity and Inclusion
The Board received the 2024 Annual Report on Equity, Diversity and Inclusion for information.
Professor Kelly Hannah-Moffat, Vice-President, People Strategy, Equity & Culture, presented an overview of the report, focusing on the Employment Equity Survey and its companion dashboard. It was noted that the survey was part of the University’s obligation to the Federal Contractors Program, and that the University’s tools exceeded these requirements to provide a more comprehensive understanding of workforce diversity.
In 2024, the Employment Equity Survey reached a response rate of 73.9% among all employees. The data showed relative stability in the overall staff workforce representation. Key trends included an increase in promotions for staff who self-identified as racialized or persons of colour, alongside an increase in exits by staff who identified as persons with disabilities and as men. Among faculty, a small increase was noted in the overall representation of members identifying as racialized or persons of colour and as men.
The full report also highlighted numerous tri-campus initiatives that support the University's equity goals, such as the launch of the Muslim, Arab, and Palestinian Discrimination Working Group and ongoing consultations for a new Multi-Year Accessibility Plan. - Status Report on Debt to August 31, 2025
The Status Report on Debt to August 31, 2025, was received for information.
Mr. Rodgers provided an overview of the Report and advised the Board that going forward, this item would be included in the consent agenda.
CONSENT AGENDA
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the consent agenda be adopted and that Item 11, the Report of the Previous Meeting, be approved.
- Approvals Under Summer Executive Authority
The Report on Approvals Under Summer Executive Authority was received for information. -
Health and Safety Requirements – Quarterly Report on Compliance for April 1, 2025 to June 30, 2025
The Health and Safety Requirements – Quarterly Report on Compliance for April 1, 2025 to June 30, 2025, was received for information. - Quarterly List of Donations of $250,000 or more to the University of Toronto – May 1, 2025 to July 31, 2025
The Quarterly List of Donations of $250,000 or more to the University of Toronto: May 1, 2025 - July 31, 2025, was received for information. - Report of the Previous Meeting: Report Number 285, June 17, 2025
Report Number 285 of the Business Board held on June 17, 2025, was approved. - Business Arising from the Report of the Previous Meeting
There was no business arising from the Report of the previous meeting. -
Report Number 164 of the Audit Committee, June 16, 2025
Report number 164 of the Audit Committee, June 16, 2025, was received for information. -
Calendar of Business, 2025-26
The Calendar of Business (2025-2026) was received for information. -
Date of Next Meeting – November 26, 2025, at 5:00 p.m.
The Board was reminded that the next meeting was scheduled for Wednesday, November 26, 2025, at 5:00 p.m.
- Other Business
The Chair provided an overview on the Board’s Striking Committee explaining that the Striking Committee is responsible for appointing a small number of members from outside the Governing Council to the Board and its Audit Committee. He further informed members that the Secretary will be seeking members’ interest in serving on the Striking Committee in the coming weeks.
The Board moved in camera.
IN CAMERA SESSION
- In Camera Reports of the Administrative Assessors
The Board continued its discussion on capital projects.
Professor Hannah-Moffat provided an updated on collective bargaining. -
Report on Capital Projects
Professor Mabury and Mr. David Lehto, Chief, University Planning, Design & Construction, presented the Capital Projects Report for the period ending August 31, 2025. The report included a comprehensive list of capital projects under construction and in design. -
Capital Project (Level 2): Report of the Project Planning Committee for the MacMillan Theatre Remediation – Execution of Project
The Board approved a motion that the recommendation of the Vice-President, Operations and Real Estate Partnerships, as outlined in the memorandum dated July 30, 2025, be approved.
The Board returned to Open Session.
The meeting adjourned at 7:16 p.m.
September 29, 2025