Financial 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 the Harlow Campus in Essex , England . 
• The university's unconsolidated operating expenditures for fiscal year 2004 were $230 million.
• The provincial government operating grant increased 11.09 per cent over fiscal year 2003. The increase provided for salary increases and associated benefits and included the cost of tuition fee reductions.   
• Although tuition fees were reduced a further 5 per cent in fiscal year 2004, revenue generated by student fees increased due to increased enrolment, higher retention and more aggressive recruitment.
• Included in government grants is the second year of funding from the Canadian government in the amount of $3.627 million to offset the indirect overhead costs of research.
• Seventy-three per cent of expenditures in the operating fund were spent in the academic, library and student services functional areas.  
• Library holdings totaling $6 million were purchased in fiscal year 2004.
• Entrance scholarships in the amount of $1 million were issued to students entering Memorial University .    
• The university implemented a deferred maintenance program in fiscal year ended 2004. To date, approximately $5 million has been spent on various deferred maintenance projects.
• The university's external auditors issued an unqualified audit report on the financial statements for the 2004 fiscal year.

Note A - As per the Canadian Institute of Chartered Accountants' accounting guidelines, the Univeristy has this liability included in it's financial statements. The University has received prior approval from the Lieutenant-Governor in Council to exclude from the current year operating results, any amounts resulting from the recognition of the liability related to future employee benefits.