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 2008 were $297 million (excluding employee future benefits).
Student fees were 17.9 per cent of total revenue.
The provincial government operating grant increased 10.26 per cent over fiscal year 2007. The increase provided for salary increases and associated benefits, cost of inflation adjustments as well as provide strategic initiative funding.
Included in government grants is the fifth year of funding from the Canadian government in the amount of $4.365 million to offset the indirect overhead costs of research.
The university's external auditors issued an unqualified audit report on the financial statements for the 2008 fiscal year.
75 per cent of expenditures in the operating fund have been spent in the academic, library and student services functional areas.
Library holdings of $5 million were purchased in fiscal year 2008.
The university'spooled investment fund had a market value of $64.419 million (book value Ð $61.073 million) and generated a return of -0.87 per cent.
The university added one separately incorporated entity during fiscal year 2007-2008 Ð namely Edutech Services Inc.
Memorial University of Newfoundland
Index to Consolidated Financial Statements
for the year ended March 31,2008