Financing - DRAFT

  • Budget model that will be used consistently throughout the faculty
  • Multi-year budget planning
  • Efficient and effective management of philanthropic resources

5-year vision

March 31, 2025

  1. Balanced and sustainable budget.
  2. 40% funding by provincial grants; 60% self-generating funding.
  3. Increase tuition revenue by 60% by increasing Alberta student enrolment, international student enrolment and increase tuition of particular programs to national average.
  4. Fill 100% endowed chair positions.
  5. Increase philanthropy and have a named Faculty to support research activities and research trainees.
  6.  
  7. Reduction in the cost of administrative services through re-structuring and improved efficiency.

3-year picture

March 31, 2023

  1. Complete evaluation of utilization of research and education space.
  2. Implementation of newly identified revenue generation activities.
  3. Increase numbers of revenue-positive international and domestic non-degree granting programs (e.g., international PGME).
  4. Completed calendar and other administrative changes to allow for increased enrolment, new programs and tuition targets.
  5. All new endowed chair positions will have full academic salary funding.
  6. Complete review and implement any changes of existing TOR.
  7. Name research institutes.
  8. Set up separate "establishment grants" to fund operating expenses associated with the gift.
  9. Evaluate and refine the administrative re-structuring plan.

1-year plan

March 31, 2021

  1. Understand the costs vs. impact of all units within the FoMD.
  2. Develop a business planning unit to support revenue generation (new and existing).
  3. Develop a plan to increase student enrolment.
  4. Develop international student/learner partnerships.
  5. Develop new educational offerings.
  6. Utilize and potentially merge endowed chairs to cover existing budget shortfalls.
  7. Partnership with concurrent CRCs.
  8. Review TOR of all chairs.
  9. Differentiate between philanthropic dollars and foundation research grants.
  10. Develop clear guidelines for the flow of research philanthropic dollars within the Faculty.
  11. Complete administrative restructuring plan.