Copyright © 2024 Perimeter Institute for Theoretical Physics


Summary of Operating Costs

For the year ended July 31, 2023 (in thousands of dollars)

View Summarized Statement

In the 2022/23 fiscal year, Perimeter was able to return to full occupancy and vibrancy as the public health restrictions made necessary by the COVID-19 pandemic were lifted. This year saw a full return to Perimeter’s signature conference, seminar, workshop, and visitor programs, which were able to resume at or even above pre-pandemic levels.

Research activities continued apace, with both research and recruitment returning to in-person in Waterloo. Perimeter’s acclaimed training programs, from PhD, to Perimeter Scholars International (PSI), to undergraduate programs like PSI Start, brought talented young people through the doors. The Outreach team delivered outstanding programs to teachers, students, and the general public, including the return of Perimeter’s public lecture series and training and professional development for physics educators. Perimeter continued to bolster the existing virtual and hybrid tools put in place at the height of the pandemic to accommodate remote access and effectively facilitate virtual participation, enhance collaboration, and increase research access and impact.

All these activities were accomplished in the 2022/23 fiscal year while effectively managing inflationary impacts across the wider economy. Reorientation of organizational structure in some areas and optimization of resource use across the Institute has resulted in redistribution of costs between some departments in the following budget breakdown.


Advancing our understanding of the universe at the most fundamental level remains Perimeter’s core focus. The Institute continued to invest in the 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 one of the largest cohorts of theoretical physics postdoctoral researchers in the world. Faculty and postdoctoral researcher recruitment continued at the expected pace, and the academic environment was further stimulated by the full return of in-person seminar, colloquium, conference, and workshop offerings. Research expenditures increased by 23 percent compared with 2021/22, due in large part to the full return of the visitor program and conferences, including hosting more Canadian and international visitors. Increased recruitment for faculty and postdocs was also a contributing factor.

Research Training

The Institute continued to invest in innovative research training programs, such as the PSI master’s program, the PhD program, and the newly redesigned undergraduate program, PSI Start. 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 increased by 33 percent compared with the previous year across Perimeters training programs. These increases are primarily due to increased support to Perimeter PhD students to adapt to the increasing cost of living, as well as the cost of the full suite of PSI programs – PSI master’s, PSI Start, and PSI Bridge – and the associated inflationary costs of room and board.

Outreach and Science Communications

Perimeter’s world-class educational outreach program has continued to build on the success of its pivot to digital resources during the previous two years, leveraging what was learned in the digital environment, combined with renewed in-person engagement and training. The Outreach team continued to offer educators classroom-ready digital and curriculum-compliant materials, and online and in-person professional development workshops. EinsteinPlus, Perimeter’s flagship professional development program for educators, was offered in person to Canadian and international teachers. Other outreach programs continued to reach teachers, students, and the general public, from the largest cities to remote and underserviced communities, helping to prepare youth for STEM-based careers and to inform the public about the value of scientific research. A second season of the Conversations at the Perimeter podcast reached audiences across the globe. Total outreach expenditures in 2022/23 increased by 12 percent compared with the previous year due to redistribution of resources across the Institute and the return of in-person outreach programming.

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. Perimeter continued to invest in a healthy community to maintain productivity levels and retain staff and researchers during this challenging time. Overall, indirect research and operations expenditures increased by 11 percent compared with the previous fiscal year, primarily due to redistribution of resources as well as inflationary costs.


Perimeter continues to receive significant support from the public sector, the private sector, and research grants.

Federal and provincial governments continued to provide revenues in accordance with the terms of their grant agreements. Ongoing major investments from the Governments of Canada and Ontario demonstrate recognition of Perimeter’s value for money and strong return on investment among its public funders.

To complement public investments, Perimeter has been able to secure generous support from the private sector, including corporations, foundations, and donors. The Institute achieved an increase compared with the previous year in both its private sector fundraising campaign and its grant revenue from private foundations, which generated approximately $8.3 million to support the Institute’s operations.

Financial Position

Perimeter’s financial position remains strong and resilient. Under the guidance of the Investment Committee, funds remain invested in accordance with Board-approved investment policies and procedures.

A fairly stable economic environment resulted in a positive annual return of 7 percent. The Investment Committee and the overall governance that it deploys aims for risk objectives that produce steady, predictable returns. 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, creating major assets for Ontario, and Canada, 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.

At the end of the previous fiscal year, Perimeter completed the final year of five-year commitments of $50 million from both the federal and provincial governments. The Government of Ontario committed to grants totalling $24 million from 2022 to 2024; the Government of Canada committed to grants totalling $20 million in the same period while inviting Perimeter to apply for 2024-2029 funding through the Strategic Science Fund.

Within the 2022/23 fiscal year, proposals for renewed funding were submitted to the Ontario provincial government for the period 2024-2027 and to the federal government through the Strategic Science Fund for the period 2024-2029. The Government of Canada has signaled their ongoing confidence in Perimeter Institute, and decisions on these proposals are expected within the first half of the upcoming fiscal year.

Today’s theoretical physics is tomorrow’s technology

Stay up to date

Join the Perimeter Institute community and receive updates about our research, events and resources.

Sign up