An Overview of University Finances
Author | Cheryl Foy |
Pages | 179-189 |
179
An Overview of University Finances
In Chapter , we began the discussion of the government’s role in uni-
versity nances. In this chapter, we take a closer look. is chapter is not
about how to read balance sheets and university nancial statements. When
universities look for board members, they look for a certain number of
members who have strong nancial backgrounds and are nancially literate,
so that the board has the requisite expertise to oversee university nances.
Even if you aren’t recruited because of your nancial expertise, you should
learn to read nancial statements. e focus of this chapter, however, is a
further understanding of university nances and the issues the board and
leadership team face in making nancial decisions.
It won’t surprise you to know that the nancial picture for universities
is complex . e board has a role in approving the budget and must under-
stand the strategic choices and the risks associated with budget decisions.
e board plays a primary role in ensuring the nancial sustainability of
the university. Board members should understand revenue sources, main
categories of expenditures, and trends that underlie nancial sustainability.
is is not an easy thing to learn. ere are provincial dierences, and
those will have an eect on your university. For example, in , the
Ontario government undertook a review of its post-secondary education
funding formula and, in a bid to include other objectives, switched from
1 Ben Lewis, “University Funding in Ontario and the Implications of the New Performance-
Based Funding Model, a Discussion” Academic Matters (13 December 2017), online:
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