UBC’s consolidated statements are prepared according to accounting standards. They are audited by our external auditors and reported to the Province for consolidation in their accounts.
They include several components — the most significant being the operating fund. This includes student tuition and fees, the provincial operating grant and other unrestricted revenues earned by the university to support its operations.
Restricted funds include research and endowments, capital expenditure and university subsidiaries. The use of these funds is restricted by the sponsor, donor or granting agency.
2015/16 Consolidated Funds
2. Operating Funds
The chart here illustrates how the consolidated funds comprise the actual revenue for the 2015/16 operating year, plus the restricted funds for 2015/16. Scroll down for further information on the restricted fund.
* All figures noted capture both UBC Vancouver and UBC Okanagan.
1. Restricted Funds
These funds can only be spent according to the specific purpose for which they were received — they cannot be used to cover operating expenses. Within the restricted funds for 2015/16, the total revenue reported is equal to the amount actually spent.
Grants from government and other agencies, corporations and NGOs to be used for specific research purposes. An example would be funding from the Tri-Council Agencies, made up of the Canadian Institutes of Health Research (CIHR), the Natural Sciences and Engineering Research Council of Canada (NSERC) and the Social Sciences and Humanities Research Council (SSHRC).
Diverse range of funding sources and uses unrelated to research and endowment. This includes revenue received from government, corporations, NGOs, donors and other sources which is restricted for particular purposes, for example the Ministry of Health funding for medical residents and direct student awards.
Donations received by the university that are held in trust for perpetuity — ie., we do not spend the principal. We hold $1.5 billion in endowment principal which we invest, and the income generated from this investment is used as specified by the donors. For more information, please see endowment.
2. Operating Funds
These funds provide nearly all of the money for day-to-day expenses for teaching and operations. They also include some support for research.