10. Finances
The Faculty’s revenue is derived primarily from tuition fees and government grants received for undergraduate and graduate students. A smaller portion flows from endowed expendable earnings, Canada Research Chair funding, federal and provincial support to cover the institutional costs associated with conducting sponsored research (ICR coverage), and from the return on short-term investments. Revenue is split between the Faculty and the University, with roughly half used to cover the Faculty’s attributed central costs. Some of the Faculty’s contribution to the University is returned to the Faculty through the University Fund.
Ultimately, the Faculty’s Operating Budget is a combination of net revenue, University Fund allocation, and divisional income – for a total of $80.9M in 2008–2009.
Within the Faculty, we categorize our revenue sources as either “restricted” or “unrestricted”. Restricted revenues are those generated from endowed expendable earnings, student aid and scholarships, Canada Research Chair grants, and ICR coverage. This type of revenue is reserved for specific uses, as prescribed by policy arrangements and contractual obligations. By contrast, unrestricted revenues are those generated from tuition fees, government grant funding, interest from short-term investments, and other income such as application fees. Unrestricted revenue may be used by the Faculty to meet its general operating needs.
To ensure we are able to continue advancing our critical priorities and build upon our successes in the future, we have strengthened our finances and will deploy a new internal budget model. The new budget model is guided by transparency, incentives for increasing revenues and reducing costs, and minimal increase in record-keeping.
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The Engineering Newsletter is a twice-monthly summary of key headlines, events and opportunities for faculty and staff in the Faculty of Applied Science and Engineering. If you have questions or comments, please contact us: barbara@ecf.utoronto.ca.
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