The University Fund Council (UFC) advises the President on the utilization of the central University Fund.
The University Fund was created as part of the SHARP budget model as the main central source of funding for strategic institutional initiatives and contingencies/emergencies if needed.
The University Fund is funded by contributions from the revenue-generating areas of the University, i.e., the Faculties, School of Continuing Studies, and Ancillary Services, and from revenues that cannot be easily attributed to a specific Faculty, e.g., interest income, University rental income, student fines, etc.
On an annual basis, the University Fund makes time-limited (OTO or XTO) commitments to projects and initiatives based on requests submitted by Faculties and shared services Units. The requests are reviewed and discussed by UFC, who advise the President on final funding decisions.
Mandate
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.
Membership
UFC shall be comprised of the following:
- Provost & Vice-President Academic (Chair)
- President (ex officio)
- Vice-President Finance and Administration
- Vice-President Research & Innovation
- 4 Resource Faculty Deans, as follows:
- Dean of LAPS
- 1 Dean representing the large Faculties – Health, Science (2-year rotating appointments)
- 1 Dean representing the small Faculties – AMPD, Glendon, EUC, Education (2-year rotating appointments)
- 1 Dean representing the professional Schools – LSE, SSB, OSG (2-year rotating appointments)
The following will act as resources to the Committee:
- AVP Budgets and Asset Management
- Director of Budgets and Planning
- Others as requested from time to time by the Committee Chair
Responsibilities
UFC’s responsibility is to provide recommendations and advice to the President and Vice-Chancellor on:
- Submissions for funding requests from Faculties and shared service Units to advance institutional priorities as defined in the University Academic Plan and emerging priorities identified in the annual budget consultations with the University community
- The size and sustainability of the University Fund, including its continued ability to support institutional priorities