Finance

For the 8-month fiscal year ended March 31, 2025 (in thousands of dollars)

Perimeter Institute has recently changed its fiscal year-end date from July 31st to March 31st to align with the federal and provincial government year-end. This year-end alignment with the government eliminates the need to maintain dual reporting, offering a practical and efficient reporting solution. Although this change departs from the Institute’s longstanding practice, it underscores PI’s commitment to aligning with standard practice for scientific funding in Canada.

The financial statement of operations, changes in fund balances, and statement of cash flows together with related notes presented in the 2024/25 Annual Report correlate with the eight-month period from August 1, 2024, to March 31, 2025. The current period reflects financial results for the 8 months ended March 31, 2025, compared with the prior 12-month period ended July 31, 2024. Direct year-on-year comparisons should be interpreted with this difference in mind.

In the 2024/25 fiscal year, Perimeter continued full standard operations with both in-person and virtual programming in research, training, and outreach. A full eight months of programs – including conferences and workshops, student training and internships, and public lectures and outreach events – saw over 5,800 members of the public and scientific community come through Perimeter’s doors.

Research activities continued to showcase physics excellence, including a number of conferences and workshops, a full complement of seminars and colloquia, and recruitment activities for student, postdoctoral, and faculty research positions. Perimeter’s world-leading training programs, from PhD, to Perimeter Scholars International (PSI), to undergraduate programs like PSI Start, continued to attract and train talented young people from across Canada and around the world. The outreach team delivered outstanding programs to teachers, students, and the general public, including exciting public lectures, informative training and professional development for physics educators, and inspiring content for grade school and high school physics students.

The past year saw significant financial activity across various areas of the Institute, demonstrating Perimeter's focused commitment to strategic execution in critical areas. Perimeter Institute continues its funding agreements at both the federal and provincial level, with support from the Province of Ontario until 2027 as well as funding through Innovation, Science and Economic Development Canada’s Strategic Science Fund (SSF) until 2029.

Research

Perimeter continued to undertake a multifaceted and strategic approach to creating a broad research portfolio, supporting the core focus of advancing our understanding of the universe. The Institute continued building Canada’s scientific future by retaining its reputation as a hub for top-calibre physics research and continued to attract some of the world’s most brilliant scientists. Welcoming Marcela Carena as the new Executive Director underscores Perimeter’s commitment to advancing research at the intersection of particle physics and quantum information, and it reflects the importance of leadership in driving Perimeter’s scientific vision. The Institute continued to invest in its research mandate, with an emphasis on supporting a robust hybrid and in-person environment, led by a world-renowned faculty across nine research fields and home to an impressive cohort of the world’s brightest theoretical physics postdoctoral researchers. Perimeter's research expenditure this year was consistent with prior years and strategically aligned with its objectives. The focus was on supporting Perimeter’s scientists and their activities, which included hosting collaborators and organizing high-level, in-depth conferences and seminars.

Research Training

The Institute continued to invest in innovative research training programs, such as the Perimeter Scholars International (PSI) master’s program, the PhD program, and the portfolio of undergraduate programs, including PSI Start and PSI Bridge. Each program attracts and trains top scientific talent – increasing expertise, advancing research, and producing job-ready leaders in many fields that drive economic growth in Canada. Expenditures were consistent and predictable compared to previous years, enabling the PSI master’s program to support 25 students. The PSI master’s program, in collaboration with the University of Waterloo, offers an intensive one-year course in theoretical physics, aimed at developing exceptional research and critical-thinking skills for both academia and the private sector. Perimeter continued to prioritize competitive salaries for resident PhD students to stay attractive in the academic landscape, not only to counteract inflation and rising cost of living but also to ensure that the Institute continues to attract and retain top-tier talent from around the world. Finally, Perimeter provides robust career development support through workshops, networking opportunities, and tailored resources, preparing students and postdoctoral researchers for successful careers in various fields.

Outreach and Science Communications

Perimeter’s world-class educational outreach program remains a key component of the Institute’s mission, ensuring that science is accessible and its benefits are widely recognized as well as celebrated. Programs for students and teachers, along with public engagement activities like lectures and digital media, continue to enhance the appreciation of theoretical physics and its transformative potential for society. The outreach team continued to offer educators classroom-ready digital and curriculum-compliant materials as well as online and in-person professional development workshops. Outreach programs continued to reach teachers, students, and the general public, from the largest cities to remote and underserved communities, helping to prepare Canadian youth for STEM-based careers and to inform the Canadian public about the value of scientific research. Perimeter’s public lectures brought hundreds of local attendees into the building, and the Institute is exploring new methods to engage with a wider public audience such as YouTube shorts and Instagram Reels. Multimedia content reached millions of viewers around the world. Total outreach expenditures over the 8-month 2024/25 reporting period have increased compared to the usual 12-month period, primarily due to the ongoing 25th anniversary celebration that started in fiscal 2024/25 and will continue in 2025/26. The anniversary, which involves significant planning and execution of events, is expected to further increase spending. This milestone offers an opportunity for Perimeter Institute to celebrate its achievements and prepare for future growth.

Indirect Research and Operations

Indirect research and operating expenditures cover the costs of core support areas, including administration, advancement, information technology, and facilities. Perimeter continues to invest in technology, understanding that hybrid and online environments are a part of the future and allow for greater breadth of audiences and improved access for more people. Additionally, Perimeter has implemented a robust cybersecurity strategy for its researchers and administrative community alike, as it is crucial to safeguard research, operations, and reputation in an increasingly hostile digital environment. Expenditures in fiscal 2024/25 saw an upward trend due to cost pressures for certain goods and services. While these expenses were carefully managed, certain essential repairs became necessary throughout the year. Also included in this area are expenditures in Advancement, largely due to the appointment of the Chief Advancement Officer (CAO), which further increased activity and expenditures in this segment. Advancement operations are returning to full capacity and will facilitate growth in this area of strategic importance that is crucial for the long-term sustainability of Perimeter.

Income

Perimeter continues to receive support from the public sector, the private sector, and research grants. In 2024, the Institute secured a substantial three-year funding agreement from the Province of Ontario, ensuring support until 2027. Federal support through the SSF, which is due to expire in 2029, significantly amplifies these provincial investments, providing a robust foundation for long-term planning. This stability enhances the Institute's capacity to attract private-sector investments and guarantees continuous support for innovative research initiatives. Altogether, government grants contributed more than $13.7 million in fiscal 2024/25. In addition to government support, private philanthropy and grants remain vital for Perimeter, contributing $8.6 million in revenue during fiscal 2024/25. Perimeter will continue to attract active and committed Board members and marquee fundraising volunteers, expand the Institute’s base of visionary private supporters, source research grants where possible, and maintain active partnerships with the federal and provincial governments to support ongoing operations and growth.  

Financial Position

Perimeter's financial position remains robust, bolstered by strong investment returns that exceeded 6.5 percent for the reporting period. This strong performance underscores PI's commitment to Board-approved investment policies, which carefully guide the Institute's asset allocation strategies. By adeptly balancing risk and returns, the Investment Committee ensures that the endowment continues to support PI's activities, even as external funding pressures intensify. However, variabilities are inevitable over time, and Perimeter is in a strong financial position to withstand them while retaining the flexibility and speed to take advantage of scientific opportunities as they arise. This creates major assets for Ontario and Canada while positioning Perimeter as a global centre of theoretical research and technology development.

The Long Term Plan

Perimeter Institute exists through cooperative and highly successful public and private partnerships that provide for ongoing operations while safeguarding future opportunities.

The Institute remains committed to advancing world-class research, training, and outreach programs to benefit Canadians and advance humanity’s knowledge. The appointment of the new Executive Director in the 2024/25 fiscal year brings fresh ideas and a strategic focus that aligns seamlessly with Perimeter's core pillars.

Perimeter is one year into both a five-year commitment of $34 million from the federal government and a three-year commitment of $36 million from the provincial government. As Perimeter continues with funding agreements at both levels of government, the Institute will continue taking steps toward federal and provincial renewals in coming years.

Despite external challenges such as inflation, geopolitics, and shifts in the funding landscape, Perimeter Institute has shown remarkable resilience and foresight in managing its financial resources. With a robust endowment, prudent financial management, and a clear long-term strategy, PI is well-positioned to continue its vital work in advancing theoretical physics and training the next generation of scientists, while aligning its goals with federal and provincial renewals.