Finances | Highlights
As per the Canadian Institute of Chartered Accountants' recent accounting guidelines, the university has these liabilities included
in its financial statements. The university has received approval from the Lieutenant-Governor in Council to exclude from the
current year operating results, any amounts resulting from the recognition of the liabilities related to future employee benefits.
* The above table has been prepared on a consolidated basis and therefore includes the following related entities:
- Canadian Centre for Marine Communications.
- Canadian Centre for Fisheries Innovation
- Genesis Group Inc.
- The Memorial University of Newfoundland Art Gallery Incorporated
- The Memorial University of Newfoundland Botanical Garden Incorporated
- Memorial University Recreation Complex Inc.
Operating Highlights - Comments and Highlights
The university's operating budget funds the operations of the university, including Sir Wilfred Grenfell College and the Marine Institute campuses. A grant is also provided to Harlow Campus in Essex, England.
The university's unconsolidated operating expenditures for fiscal year 2003 were $215 million.
The provincial government operating grant increased 7.2 per cent over fiscal year 2002.
The increase provided for salary increases and associated benefits and included the cost of tuition reductions.
Included in government grants is the first year of funding from the Canadian government in the amount of $3.283 million to offset indirect costs of research.
Although tuition fees had been reduced a further 10 per cent in fiscal year 2003, revenue generated by student fees has increased due to increased enrolment, higher retention and more recruitment.
The university's external auditors issued an unqualified audit report on the financial statements for the 2003 fiscal year.
Seventy-eight per cent of expenditures in the operating fund have been spent in the academic, library and student services functional areas.
Library holdings of $6 million have been purchased in fiscal year 2003.
Entrance scholarships in the amount of $1.046 million were issued to students entering Memorial University.
Banner Finance, a new accounting system, was implemented by Financial and Administrative Services effective April 1, 2002, the beginning of the fiscal year.