MUN refuses to locate records regarding $190 million non-operating funds under the president’s control
On November 1st, 2023, I requested all information in possession of the Memorial University President’s Office regarding the $190 million non-operating funds that the president was responsible for during the last fiscal year.
On November 29th, 2023, Memorial’s Information Access and Privacy Office responded that Memorial did not locate records responsive to my request, but the President’s Office provided the following information:
| Monitoring of non-operating funds | Memorial’s non-operating funds include research funds, plant funds, special purpose and trust funds, and ancillary funds. Oversight of these funds occurs as follows: Research funds: The university receives millions of dollars in research funding each year and this funding is restricted for use in accordance with each research funding agreement. The university reports to the various funding agencies on the use of their research funding on an annual or quarterly basis as required in each funding agreement. Memorial’s oversight of these funds is regularly audited by funding agencies, including the Tri-Council, ACOA, and the provincial Department of Industry, Energy and Technology. Plant funds: The campus renewal fee is approved by the Board of Regents when it approves the operating budget. Other components of the plant fund may include capital projects where the board has approved the associated capital project and the associated funding. The president reports to the board on these aspects through existing mechanisms such as the Capital Project Update which is submitted to every board meeting. The board also approves the annual deferred maintenance spending by the university. Special purpose and trust funds: These are funds restricted for specific purposes such as endowed scholarships and bursaries. Each trust fund has its own terms and conditions detailing how the funds are to be spent. Spending of these funds follows the board- approved Statement of Investment Policy and Objectives. The board receives an annual report on the funds. Ancillary funds: These funds include the operation of the university bookstores, housing, cafeterias, etc. These units are responsible to generate revenue to cover their expenses and are overseen by the respective vice-president. The board receives an annual update on their financial results as part of the university financial statements. |
See ATIPP below:
Matt Barter is a fourth-year student in the Humanities and Social Sciences Faculty at Memorial University of Newfoundland, majoring in Political Science with a minor in Sociology. He enjoys reading thought-provoking articles, walks in nature, and volunteering in the community.
Leave a Reply