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

Five-year vision (December 31, 2025)

  • Budget is sustainable
  • Operating budget is 40 per cent funding by provincial grants (Campus Alberta grant); 60 per cent other sources of funding
  • Tuition revenue increased by 60 per cent through increases in Alberta and international student enrolment and tuition increase for particular programs to align with national average
  • Total number of endowed chair positions aligned with the research and teaching priorities of FoMD increased by 10 per cent (five new), including external recruits
  • Five professorship endowments created
  • Philanthropy increased, named Faculty supports research activities and research trainees

Three-year picture (December 31, 2023)

  • Budget is balanced
  • Restructuring of administrative services fully implemented with improved efficiency and cost reduction
  • Newly identified revenue generation strategies implemented
  • Number of international and domestic non-degree granting programs (e.g. international PGME) increased
  • Exceptional tuition increase (ETI) considered for relevant programs.
  • Financial assistance provided to students with demonstrated financial needs
  • Calendar and other administrative changes completed to allow for increased enrolment, new programs and tuition targets
  • Total number of endowed chair positions aligned with the research and teaching priorities of FoMD increased by 5 per cent (2 new), including external recruits
  • Two professorship endowments created
  • Two research institutes named
  • Separate “establishment grants” established, sufficient to fund operating expenses of FoMD (no negative impact on FoMD operating budget associated with gifts)

Possible activities to help us deliver Vision 2025

  • Plan for reduction in the cost of administrative services through re-structuring and improved efficiency
  • Plan for infrastructure maintenance and repairs of prioritized areas
  • Understand the cost versus impact of all units/programs within FoMD
  • Establish priority areas for investment and reductions/divestment
  • Develop a business plan by unit to support revenue generation (new and existing)
  • Develop a plan to increase student enrolment
  • Develop international student/learner partnerships
  • Develop new educational offerings
  • Advocate with Advanced Education and Alberta Health for fully funded student enrolment in MD and DDS programs with a focus on rural and Indigenous health
  • Fill 100 per cent of endowed chair positions
  • Use $30,000 per year for research support per new endowed chair; balance to support salary
  • Create opportunity for professorship endowments/positions (partial salary funded for existing faculty)
  • Differentiate between philanthropic dollars and foundation research grants
  • Develop clear guidelines for the flow of research philanthropic dollars within the faculty