2024-25 FINANCIALS

Vector is funded through multi-year commitments from different funding sources, including:

  • Funding through the Government of Ontario’s Ministry of Economic Development, Job Creation and Trade (MEDJCT) to establish the institute, deliver core programming, and support the development of the AI ecosystem, including workforce development, scholarships, and support to develop AI master’s programs.
  • Funding from the Government of Ontario’s Ministry of Colleges and Universities for Vector’s Smart Health initiative.
  • Federal funding from the Government of Canada through the Pan- Canadian AI Strategy (PCAIS) – Talent and Research, administered by CIFAR, to support research and education, including the Canada CIFAR AI Chairs Program.
  • Funding from the Government of Canada through the PCAIS – Commercialization, administered by Innovation, Science and Economic Development Canada (ISED), to support Vector’s AI commercialization programming and activities, including the FastLane program.
  • Industry sponsorships at various levels and commitments that support Industry Innovation programs and related initiatives.

The Vector Institute’s audited financial statements for the 2024-25 fiscal year are available below:

STATEMENT OF FINANCIAL POSITION

Assets

March 3120252024
Current
    Cash$ 21,592,893$ 20,969,584
    Short-term investments25,060,41130,706,438
    Accounts receivable2,185,7042,119,560
    Current portion of employee loans191,789184,308
    HST receivable85,22270,780
    Prepaid expenses815,167714,566
49,931,18654,765,236
Employee loans374,746690,213
Capital assets8,298,3779,424,144
Total Assets$ 58,604,309$ 64,879,593

Liabilities and Net Assets

March 3120252024
Current
    Accounts payable and accrued liabilities$ 6,139,932$ 4,112,013
Deferred rent390,224135,665
Deferred contributions815,8373,256,722
Deferred capital contributions2,821,8813,070,526
10,167,87410,574,926
Net Assets
    Unrestricted net assets48,436,43554,304,667
Total Liabilities and Net Assets$ 58,604,309$ 64,879,593

STATEMENT OF OPERATIONS

For the year ended March 3120252024
Revenue
Government grants
    Province of Ontario$ 8,091,639$ 6,546,912
    Government of Canada
        PCAIS – Talent and Research9,145,7889,365,823
        PCAIS – Commercialization5,000,0005,000,000
    Industry partners9,083,3349,916,667
    Amortization of deferred capital contributions657,0061,121,978
    Investment income2,228,5912,554,580
    Other revenue2,580,623825,764
    Employee loan recovery82,014–
36,868,99535,331,724
Expenses
    Research operations and academic partnerships12,641,61612,209,970
    Technology adoption – Industry innovation5,315,0604,865,351
    Technology adoption – Health1,686,4951,684,366
    Business acceleration – AI engineering5,598,8104,459,501
    Business acceleration – Technology2,942,8212,544,642
    Thought leadership2,889,3932,485,928
    General and administration4,304,4733,679,539
    Loan accretion20,474–
    Amortization1,940,9322,015,269
    PAICE5,417,627–
42,737,22733,965,040
Excess (deficiency) of revenue over expenses for the year$ (5,868,232)$ 1,366,684

STATEMENT OF CHANGES IN NET ASSETS

For the year ended March 3120252024
Net assets, beginning of year$ 54,304,667$ 52,937,983
Excess (deficiency) of revenue over expenses for the year(5,868,232)1,366,684
Net assets, end of year$ 48,436,435$ 54,304,667

Audited Financial Statements

Audited Financial Statements (FR)