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Thank you for your continuing support of students. At this time, we encourage anyone wishing to make a donation to do so via our secure online donation form. Please note that, in keeping with CRA regulations, external link, until the name of the university is legally changed, all tax receipts will be issued from Ryerson University.

For any questions regarding your donation or receipt please email Sergio Chiodo at Thank you.

2022 Endowment Financial Report

Why Your Gift Matters Today and Tomorrow

Endowed gifts to the university are the reason why Toronto Metropolitan University (TMU) continues to grow and gain prominence as a leading education centre for tomorrow’s creative thinkers, civic leaders and global citizens.  When you make an endowed gift to Toronto Metropolitan University, you are helping to sustain the university as a vibrant hub for education in the long-term, and more than that, you are investing in young people’s promise and potential to achieve excellence for years to come.

At Toronto Metropolitan University, “excellence” is as diverse as our student body and campus community. Within 10 entrepreneurial zones, young people are able to turn their creative ideas into actionable ventures. Across seven diverse faculties, students are encouraged to extend their learning and push beyond, supported by top-tier teaching staff and surrounded by state-of-the-art resources. At the heart of each young leader’s learning at Toronto Metropolitan University is a desire to make Toronto and cities around the world more equitable, inclusive and prosperous places to live. We’re here to ensure that it contributes to the abilities of our students and researchers to make an impact possible. With careful stewardship of your investment, we continue to give the university a strong and sustainable future – together.

Enhancing the Present and Planning for the Future

Endowed gifts to Toronto Metropolitan University provide on-going and self-sustaining support to the university, vital to fulfilling our mission and vision.

To ensure endowments provide the same level of financial support to future generations of students as they do to current students, all endowment funds are placed in a non-expendable, Ryerson Endowment Investment Pool (REIP) to earn investment income.  For a new endowment, expendable resources become available when the gift has been invested for a minimum of one full year. This ensures the preservation of the principal, and the longevity of the endowment's impact.

Each endowment at Toronto Metropolitan University has an expendable account. The interest generated annually from the invested endowment becomes expendable and is allocated to the expense designated by the donor, such as students awards, scholarships, bursaries, research and more. The spending level is a percentage of a three-year rolling average of the inflation-adjusted capital value of the endowment, a calculation authorized by the Ryerson Board of Governors.

To ensure the longevity and impact of each fund, interest earned above the spending allocation and rate of inflation is used to establish or contribute to a stabilization fund. Each endowment has its own stabilization fund, which allows for year-over-year fluctuations in earnings by providing a reserve to be used if a fund does not earn sufficient income to cover inflation and the approved spending amount. The maximum size of a stabilization fund is 15 percent of the inflation-adjusted value of the endowment. When a stabilization fund reaches the 15 percent maximum, excess earnings are returned to the principal endowment account.

In the rare instance when the investment return is less than the rate of inflation plus the spend rate, and there are insufficient funds in the stabilization fund to meet the spending commitment, there will either be a delay in spending or, following approval by the Ryerson Board of Governors, the expenditure will be paid from operating funds. 

Endowment Fund at a Glance

Endowment Structure chart

Endowment Structure

Endowment Fund Performance in 2021-22

Investment Highlights

Investment Highlights

Asset Allocation (by $ value)

Asset Allocation (by $ value)

Portfolio Growth

Portfolio Growth

Note: 2018 is lower than 2017 primarily due to net redemption and also due to closing on some smaller endowments.

Where Investments Are Made

Where Investments Are Made



Understanding Endowments at Ryerson

A: An endowment fund consists of a non-expendable pool of funds that earns investment income and grows at the rate of inflation. Investment income earned on the endowment principal provides the financial resources needed to preserve the value of the endowment and fund the related spending commitments.

A: The book value represents the actual cash value of gifts received to date since the inception of the endowment fund. The market value represents the combined value of all gifts to the endowment fund – and other increases, investment yields and gains or losses due to market fluctuations. Market value is based on the units held in each fund and represents their market value at a specific point in time.

A: TMU’s Board of Governors houses a dedicated Finance Committee, comprising a group of senior volunteers who bring vast experience in financial management from public and private sectors. Together with the university’s External Investment Managers at Fiera Capital Corporation, we ensure that every investment you make is managed and stewarded strategically to maximize long-term impact.

A: The spending level is a percentage of a three-year rolling average of the inflation-adjusted capital value of the endowment, and is authorized by the TMU Board of Governors.

A: Fiera Capital invests the entire pool of the university's endowment funds into a mix of equities (56.6%) and bonds and securities (43.4%) in accordance with the university’s Endowment Funds and Investments policies, approved annually by the Board of Governors. The university's investment portfolio is generally conservative while focused on high-quality companies that are predominantly environmentally responsible, socially ethical and practice good governance.

A: The interest earned above the spending allocation and rate of inflation on each investment is used to establish and grow a stabilization fund. Each investment has its own stabilization fund, allowing for year-over-year fluctuation in earnings and providing a reserve should an investment not earn sufficient income to cover inflation and the approved spending amount. The maximum size of a stabilization fund is 15% of the inflation-adjusted value of the endowment, with excess earnings returned to the principal and re-invested.

A: Yes, you may add gifts of any amount to your endowed fund at any time. Your gift will be added to the book value and will be recorded on your endowment statement the following fiscal year.

A: We would be pleased to provide you with an endowment statement at any time. Statements are based on the previous fiscal year and are mailed out each fall.

For more information, please contact:

Rivi Frankle
Assistant Vice-President, Advancement
University Advancement
Toronto Metropolitan University