Consultation on the Final Report of the Alternative Funding Sources Advisory Group (PDAD&C # 74)
From: Cheryl Regehr, Vice-President & Provost
Date: April 25, 2019
Re: Consultation on the Final Report of the Alternative Funding Sources Advisory Group (PDAD&C # 74)
In April 2018, I announced a review of the University’s budget model, with a mandate to address emerging issues and ensure that the budget model will continue to serve the University well into the future. The Budget Model Review is guided by a steering committee and includes five working groups:
- Strategic Mandate Agreement Implementation Committee
- Cost Efficiencies Working Group
- Alternative Funding Sources Advisory Group
- Tri-Campus Budget Relationships Working Group
- Inter-Divisional Teaching Working Group
As the University remains committed to being an internationally significant research university, it must think creatively about how to fund its academic mission and aspirations in an environment of reduced government funding. The President and I established the Alternative Funding Sources Advisory Group as part of the Budget Model Review to consider how the University can broaden its funding sources to provide it with a strong financial basis going forward.
Within its Terms of Reference, the Advisory Group was asked to:
- Articulate a set of principles, aligned with the University of Toronto’s mission and values, to guide recommendations regarding alternative funding sources;
- Develop an understanding of the regulatory environment for publicly assisted universities in the province of Ontario;
- Consider core assets of the University that can be leveraged to generate new revenue streams;
- Examine a wide set of options for alternative funding sources through consideration of examples from the higher education sector and other sectors;
- Develop a consultation and community engagement process to seek input on options; and
- Recommend a limited set of options and strategies for diversifying funding sources.
The Alternative Funding Sources Advisory Group, which included faculty, students, staff, governors and alumni, has recently completed its work and produced a report and list of recommendations.
I invite comments and feedback on the Advisory Group’s report and recommendations from all members of the University community, including faculty, students, staff, governors and alumni, through the consultation website. The site will remain open until June 26, 2019, at which time all comments will be referred to the Budget Model Review Steering Committee for consideration as it reviews the work of the various working groups making up the Review.
Comments or questions about the Budget Model Review or the Alternative Funding Sources Advisory Group can be sent to firstname.lastname@example.org.