The model has certainly improved stakeholder understanding of University activities from a financial perspective and reinforces the interdependence of all Faculties and support units, building a culture of unity. Unspent funding is allocated back to Faculties in accordance with the terms of reference approved by the Provost and Deans. These allocations support strategic priorities of the Faculties consistent with the Institutional Strategic Plan.
Going forward, the model will continue to be evaluated and adjustments to the model will be made, in consultation with the SALT, where appropriate to ensure the model is meeting its goals as well as supporting the Institutional Strategic Plan.
Figure 2021-22 Budget costsasasa apercentage percentageofoftotal total revenue Figure 113:113: 2021-22 Budget costs
160
143 140 126 120 105 100
80
60
13
88
19
11
8
12 4 6
11
20
0
14
14
16
13
12 3
81
40
54
55
FAHS
GSB
Direct costs
Scholarships
16
10
101 92
93
9
11
15
16
12
6 8
9
90
47
FOE Space costs
FOH Academic and student support
FMS Overhead
52
FOSS
12 15 8 8
58
Total
100%
85 2021-22 Budget Report
Figure 113 is a visual representation of the 2021-22 budget, using the details of the revenue and expense allocation model shown in Figure 114. This model reports the full operating budget and portrays expenses as a percentage of revenues allocated to each Faculty and in total. The model identifies three Faculties generating net positive contributions and three Faculties requiring additional funding from these positive contributions to support their operations. Through guidance from the Senior Academic Leadership Team (SALT), this model reports all tuition allocated to the course students take and the Faculty the course belongs to, regardless of a student’s home Faculty. Taking a student-centric approach, allocating tuition based on a 100 per cent students-in-seats model, facilitates the ongoing review of academic program requirements and supports increased flexibility in programs for students to take additional elective credits.
The revenue and expense allocation model was developed through a consultative process with allocation methodologies approved by the Deans and Provost. The model has three key functions to support academic and financial planning of the University: 1. Enhances the understanding of how revenues are generated and how costs are incurred and allocated at the Faculty level in a transparent manner. 2. Supports longer-term resource allocation decision-making for academic units. 3. Establishes an incentive mechanism to ensure year-end surplus funds are allocated to the Faculties and to support institutional strategic priorities.
ALLOCATION MODEL
Revenue and expense allocation model