Shared responsibility to support institutional priorities
A key part of the SHARP budget model was the creation of the
central University Fund with contributions from the revenue-generating areas
and some additional revenues that cannot be easily attributed to a specific
Faculty (e.g., interest income, student fines, etc.).
The University Fund is intended to support strategic institutional initiatives, provide Operating Support to Faculties where needed, and enable contingency/emergency funding. The University Fund does not spend funds directly, it acts as a means to allocate the funds it has collected to the Faculties and shared services Units in support of time-specific strategic initiatives and Operating Support.
On an annual basis, the University Fund makes time-limited commitments to projects and initiatives based on requests submitted by Faculties and shared services units. The requests are reviewed and discussed by the University Fund Council (UFC), who advise the President on final funding decisions.
Purpose of the Fund
Strategic Initiatives
In large part, the fund provides for institutional priorities, assistance for special projects undertaken by Faculties or units, and/or to help alleviate challenges.
Tailored Faculty Support
A portion of the fund is used to support some Faculties, as needed.
Contingency
A portion of the fund is used to help manage institutional risks and mitigate the impact of unforeseen costs.
Governance
The University Fund Council (UFC) advises the President on the utilization of the central University Fund.
The mandate of UFC is to provide recommendations and advice to the President and Vice-Chancellor on the allocations from the University Fund to support University priorities.