Financial Strategy 2015-2020 - NUI Galway - National Centre for Laser Applications
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Ollscoil na hÉireann, Gaillimh
National University of Ireland, Galway
NUI Galway
Financial
Strategy
2015-2020
NUI Galway Financial Strategy 2015–2020
NUI Galway
Financial
Strategy
2015-2020
NUI Galway Financial Strategy 2015–2020
Contents
1 Foreword 2
2 Vision & Values 3
3 Finance Team & Governance Structure 4
4 Strategy 7
Maximising Income Generation 8
Optimising Resource Usage 11
Expanding Commercial Income 14
Enhancing Financial Governance 17
5 Finance Information 20
1
NUI Galway Financial Strategy 2015–2020
Foreword
This University Financial Strategy 2015 -2020 is designed Recognised around the world for the excellence of its
to create and maintain the financial conditions required learning and research and the talent and diversity of
to facilitate the achievement ‘Vision 2020’ which is the its staff and student bodies, NUI Galway is proud in
University’s Strategic Plan 2015 -2020 and details its its record of past success and is ambitious as it looks
ambitions for the future. Vision 2020 was published in forward to the opportunities that lie ahead.
March 2015 and sets the university’s Mission and Vision
for the next five years as follows:- In the pages that follow, we set out in detail our
financial ambitions for the future and how we plan
to achieve them. We describe our financial vision
MISSION: and values together with the programmes on which
“to foster a vibrant community of students and staff, our Financial Strategy is based. These are closely
aligned to those of Vision 2020. Also included are
where distinguished learning, impactful research profiles of the senior financial staff of the university
and creative thinking are shared with the world “ charged with delivery of its Financial Strategy 2020.
VISION:
“NUI Galway will be a leading global university,
renowned for our distinctive areas of research, Mary C. Dooley FCA, MBA
recognised as an institution of choice for our Bursar
teaching and scholarship, celebrated for our May 2016
outstanding engagement with wider society and
enriched by a dynamic network of partnerships.”
2
NUI Galway Financial Strategy 2015–2020
Vision & Values
VISION
Ensuring that the University’s financial environment enables the achievement
of the University’s strategic plan, Vision 2020.
VALUES
This Financial Strategy is driven by the following core University values:
Ambition
As an important enabler of Vision 2020, our Financial Strategy will
maximise resources available for strategic initiatives while safeguarding long
term financial sustainability through the provision of robust governance,
responsive and flexible support measures and excellent services.
Creativity
A spirit of creativity and innovation will be evident in new and better ways
of supporting and developing initiatives in the areas of income generation,
resource allocation, use of technologies and provision of services.
Impact
Financial Strategy will make a meaningful difference to the success of
the University in the period to 2020 and in the longer term. Enhanced
services and facilities will be provided through a programme of financial
restructuring including additional income generation and value
programmes.
Collaboration
Relationships will be enhanced through our network of local, national and
international partnerships in order to optimise both resource acquisition,
application and outcomes.
Integrity
The University’s reputation for strong governance and integrity will be
maintained and protected. Enhanced professional services will be deployed
in creating strategic opportunities, evaluating and challenging proposals,
facilitating robust decision making, optimising outcomes and delivering on
statutory and regulatory obligations.
3
NUI Galway Financial Strategy 2015–2020
Finance Team &
Governance Structure
The Governance of University finances is co-ordinated through parallel committee and executive authorities
as outlined in the following diagrams. The committee structure and President report to the Governing
Authority. The executive structure reports to the President through the University Management Team.
Internal Audit &
President Risk Management
Dr. James Browne Bernadette Costello
Registrar & Chief Vice President
Deputy Secretary Bursar Operating for Innovation
President Officer & Performance
Prof. Pól Gearóid Mary Dooley
University Ó Dochartaigh Ó Conluan Prof. Chris Curtin
Management
Team
(UMT)
VP for
VP for Student
Research
Experience
Prof. L. Dr. P.
Joshi Morgan
Bursar’s Financial Management Pensions & Commercial
Area Accounting Accounting Investments Services
4
NUI Galway Financial Strategy 2015–2020
Governing Authority
Standing Standing & Finance & Resource Academic Planning Support
Committees Strategic Planning Committee (FRC) Resource Services
Working Group
Sub Implementation of Risk Management Investment
Committees Capital Programme Audit Committee Group Committee
(WGICP)
The University’s Internal Audit service, Risk Management Group and Audit Committee are key elements
of the University’s overall system of governance. The University operates under the guidance of the various
legislative instruments and regulations including The Universities Act (1997) and the Code of Governance
for Irish Universities (2012).
5
NUI Galway Financial Strategy 2015–2020
Finance Team & Governance Structure
Senior Finance Team
Gearóid O Broin (B.Comm, FCA)
Director of Financial Accounting
Gearóid is responsible for the university’s systems of internal control, statutory
reporting and audit, tax compliance, and for the receipt and payment of all
university income and expenditure. Gearóid is a graduate of NUI Galway and
previously held senior positions as audit manager with Coopers & Lybrand
(subsequently PWC), and as Financial Accountant in Lakeland Dairies.
John Gaffney (B.B.S., ACMA)
Director of Management Accounting
John is responsible for the university’s financial planning, budget
management and decision support functions. John is a graduate
of TCD and previously held positions in the manufacturing sector
with Digital Equipment International and Hallmark Cards.
Ann Duggan (B.Comm, MBA)
Commercial Manager
Ann is responsible for the development and management of all
commercial services, including catering, conferences, residences,
retail and branding activities. Ann is a graduate of NUI Galway and
previously held positions in marketing roles within the private sector.
Triona Lydon (FCCA, MBA, LIA, LIAP)
Pensions & Investments Officer
Triona is responsible for the management of all university
pension schemes and the investment of University funds. Triona
is a graduate of NUI Galway and previously held positions in the
manufacturing sector with Crown Equipment & Boston Scientific
and in the Financial Services sector with HC Financial Services.
6
NUI Galway Financial Strategy 2015–2020
Strategy
This University Financial Strategy 2015-
2020 is designed to create and maintain the
financial conditions required to facilitate the
achievement of the University’s Vision 2020.
This Financial Strategy focuses on the
following Four Key Themes
Maximising Income Generation
Optimising Resource Usage
Expanding Commercial Income
Enhancing Financial Governance
7
NUI Galway Financial Strategy 2015–2020
Strategy:
Maximising
Income
Generation
As the years of recession recede, national
and international economic climates are
evolving and University funding structures
are changing. Levels of fee and state grant
contributions from the Exchequer are
decreasing. Demographic trends in the West
of Ireland also present additional challenges.
In order to secure our future, our major
priority for the next five years is to diversify
our sources of income while also developing
additional and alternative funding sources.
8NUI Galway Financial Strategy 2015–2020
Strategy: Maximising Income Generation
We Will
Diversify income sources to reduce Expand the current suite of executive
reliance on exchequer funding education and continuing professional
development programmes
Increase overall student enrolment,
retention and progression Increase non-exchequer research income from EU,
other international bodies, business and industry
Realign student enrolment profiles reflecting
growth in postgraduate and international students Pursue other national and international
and students from non-traditional backgrounds research funding opportunities
and from outside traditional catchment areas
Ensure the real support costs of research
Increase the provision of Irish contracts are appropriately funded
language based modules
Pursue partnerships with large businesses,
Develop financial models to incentivise SMES, professional bodies and others
Colleges and Schools to maximise income in the areas of knowledge transfers,
from changing student profiles entrepreneurship and commercialisation
Review all programme pricing structures in Further develop capital funding models to
line with competitive market conditions ensure optimum funding for each project
Lobby University Funding Bodies and Collaborate with the Galway University
Government Policy Makers to ensure Foundation and other Donors to cultivate
sustainable funding models are in place further investment and funding opportunities
to support the University’s Mission for University programmes and facilities
Continue to adapt programme offerings Revise current investment strategies to enhance
to respond further to changing patterns overall returns from University funds.
of demand and societal needs
Incorporate St. Angela’s College
Sligo and Shannon College of Hotel
Management into the University
Improve accessibility to University education and
flexibility in modes of learning including Massive
Open Online Courses (MOOCs) and other
emerging forms of technology-enhanced learning
9NUI Galway Financial Strategy 2015–2020
Strategy: Maximising Income Generation
Measures of Success
Increased non exchequer share of income
Revised suite of KPIs in place to
monitor achievement of targets
Financial model in place to incentivise
maximisation of income
New pricing framework implemented
for academic programmes
Improved national funding framework
implemented and additional income realised
Increase achieved in annual
direct research funding
Increase in EU share of research funding
Increased spin-outs, licenses and patents in place
Research overhead income increased as a
percentage of total contract research income
Specific funding schemes in place
for each capital project
Increase in philanthropic donations
Revised investment strategy in place
and overall returns optimised.
10NUI Galway Financial Strategy 2015–2020
Strategy:
Optimising
Resource
Usage
Strategy implementation
depends on capacity to deliver.
Success will require a step
change in performance and
this will be reflected in a higher
skilled workforce, state of the art
technologies and an ambitious,
creative and collaborative culture
underpinning all activities.
11NUI Galway Financial Strategy 2015–2020
Strategy: Optimising Resource Usage
We Will
Support the continued adaptation of Recognise and reward outstanding individual
academic programmes to further respond performance across the University
to changing patterns of demand including
Reform student support services to respond
the development of new pedagogies and
more effectively to students’ needs
programmes including part-time, flexible, on
line and blended learning technologies Support increased student participation in
Expand work based learning opportunities sport, society, culture and civic engagement
to the majority of students Establish a series of cultural initiatives
Provide international engagement including a traditional music residency
opportunities to all students and staff Streamline our business processes through
Support the development of graduate attributes to investment in enhanced IT systems, emerging
empower and define graduates of NUI, Galway technologies and organisational restructure
Provide a suite of global scholarships Support the continued development of
to support internationalisation the bilingual campus and services and
develop annual programme to maintain
Support Academic Staff to further engage in linguistic networks across campus
research led activities and further growth of
Actively engage in the development and
inter-disciplinary research including scholarship
introduction of sectoral efficiency programmes
Develop mechanisms to support new including shared service initiatives
and emerging research priorities
Support the creation of a sustainable campus,
Develop a strong and proactive where all resources are used efficiently and
industry and innovation hub where facilities are managed and services
consolidated as effectively as possible
Increase investment in Research Support Services
Support the creation of regional clusters
Improve the commercialisation in higher education in order to promote
of Research outputs service and cost efficiencies through
Commit to the highest professional rationalisation of programme provision
standards and empower staff to fulfil their Invest in additional academic and other facilities
potential, foster personal and professional together with maintenance and regeneration
well-being, and develop their skills programmes for existing buildings
Invest in services and programmes to improve Revise our Resource Allocation Model to
equality and diversity and to appropriately address better target and incentivise activities that
gender inequality in current staffing profiles create value and support more efficient
Rebalance support staffing profiles and effective use of existing resources
moving towards professional, specialist Undertake an economic study of the
and high-performing teams University’s impact on the city and region.
Implement a career strategy for research staff
12NUI Galway Financial Strategy 2015–2020
Strategy: Optimising Resource Usage
Measures of Success
Revised resource allocation model implemented Programme provision rationalised
and additional resources provided in priority areas through regional clusters
Ongoing investment evidenced in training Funding model in place to optimise
and development programmes for staff financing costs of capital projects
Scheme in place for the recognition Centre for Theatre & Performance,
and reward of excellence Clinical &Translational Research Facility,
Human Biology Building, Water Sports
Increased investment in place for
and other facilities completed
Research Support Services
Hardiman library transformed into a
Athena Swan award in place and Equality dynamic learning environment
Taskforce recommendations implemented
Investment completed in strategic
Quantifiable benefits delivered from the information technology developments
continued rollout of the services of the Office of
Government Procurement and the development Economic Impact Report delivered.
of shared services for the Education Sector
Strategic Coordinator in place for
Irish language awareness
13NUI Galway Financial Strategy 2015–2020
Strategy:
Expanding
Commercial
Income
Diversification of University income is a key
objective of the University’s Strategy ‘Vision 2020’.
Demand for additional services is growing and
significant growth in commercial income has been
identified as a means of contributing to the overall
goal to increase and diversify the income base.
The University has for many years provided a
broad range of complimentary services under its
“Campus Living” brand. These services include
Student Accommodation, Conferencing & Event
Management, Catering, Retail, Sport, English
Language and Other Services. The range and
quality of services will be expanded and new
opportunities developed.
14NUI Galway Financial Strategy 2015–2020
Strategy: Expanding Commercial Income
We Will
Embed a culture across the campus which Attract additional visitors and conference
is supportive of, and enthusiastic for, delegates to the University campus and encourage
the generation of additional resources wider access for individuals, community groups,
from expansion of the current offering of businesses, professional and cultural organisations
complementary and commercial services
Collaborate with academic and research
Significantly expand complementary and communities to attract greater numbers
commercial service activity on campus of prestigious academic conferences
and realise commercial opportunities to
Network with national and international
develop new services and income streams
partners to develop tourism and cultural
Incentivise the generation of events, music and theatre performances,
additional commercial income sporting and other activities.
Improve the operating returns achieved Identify new opportunities to realise value
on existing services and further develop from the NUI Galway brand while remaining
the quality of services provided true to its principles of academic endeavour.
Improve the utilisation of existing facilities and Expand our existing suite of English Language
where appropriate, develop additional facilities services for international students through
provision of programmes on a year round basis.
Develop additional bed spaces for student
residents and enhance the overall design to better Provide additional foundation
serve customer and operational requirements courses for potential students
Explore opportunities to partner with private Develop revenue generating aspects
sector providers of student accommodation of cultural initiatives.
to ensure an overall increase in availability
of bed spaces during the academic term
Develop additional visitor attractions
and promote the University campus as a
cultural, social and sporting amenity
Optimise the utilisation of existing
and additional sporting facilities
15NUI Galway Financial Strategy 2015–2020
Strategy: Expanding Commercial Income
Measures of Success
Commercial Strategy adopted and implemented
Increased Annual commercial revenues
Commercial Revenue increased as
percentage of total revenues
Scheme to incentivise income generation in place
Improved operating returns delivered
Increased summer occupancy
of student residences
Financial models and business cases for new
facilities and services developed and implemented
Additional student bed spaces
delivered and occupied
Additional retail and catering
outlets open on campus
Increased Conference delegate and
campus visitor numbers
Increased Delegates to academic conferences
Additional corporate sponsorships in place
Additional students enrolled in the
English Language Programmes.
16NUI Galway Financial Strategy 2015–2020
Strategy:
Enhancing
Financial
Governance
The University has a reputation for integrity and
excellent financial governance and has had a
robust internal control environment in place for
many years. These governance arrangements are
designed to support financial stability and long-
term viability and to ensure that all stakeholders’
interests are protected.
Accountability for the use of public funds requires
significant levels of transparency as well as probity
in the use of such funds and compliance with
related statutory and regulatory obligations.
Overall governance frameworks will be enhanced
in line with emerging best practice.
17NUI Galway Financial Strategy 2015–2020
Strategy: Enhancing Financial Governance
We Will
Ensure that Recurrent and Capital Accounts Embed formal benchmarking models and
are appropriately balanced in support of techniques as a standard management
the long term viability of the University tool in financial planning processes
Review the current suite of financial Complete due diligence for the incorporation
policies, systems and procedures to identify of St. Angela’s College Sligo
and address any emerging gaps
Enhance statutory financial reporting by
Further develop current strategies to implementing recent developments in
ensure safeguarding of asset values recommended standard best practice
Significantly improve the skills, systems Continue to lobby for appropriate
and processes employed to support measures to be put in place to support
overall financial governance the Model and SPS Pension Schemes
Further develop Risk Management Systems Implement additional measures to improve
to ensure that emerging opportunities and management and accounting for Fixed Assets,
risks are appropriately monitored, fully Capital Ledgers and Part-Time Employments.
understood and actioned where appropriate
Improve statutory reporting time lines
Review and revise current IP and and associated audit completions.
Commercialisation Policy to better
reflect current best practice
Enhance financial planning processes to
formalise detailed long range planning for
both Recurrent and Capital Accounts
18NUI Galway Financial Strategy 2015–2020
Strategy: Enhancing Financial Governance
Measures of Success
Balanced budgets delivered Detailed 5 Year cycles of Income and Expenditure,
Balance Sheet and Cash Flow projections in place
Clean Audit Reports available each year
A revised suite of KPIs in place to monitor
Maintenance of revenue reserves overall university performance
at optimum levels
FRS 102 implemented
Revised Strategic Risk Register
and Risk Appetite in place Provisions of the Companies Act 2014
fully implemented for companies owned
Enhanced suite of processes in place
and controlled by the University
for risk assessment and management
of clinical trial activities Improvement evidenced in the timelines for
availability of statutory annual financial statements
Revised IP and Commercialisation Policy in place
Improved processes in place for the
Revised Investment Policy in place recruitment and payment of Part-Time staff
Incorporations of St Angela’s College Fixed asset tagging and restructure
Sligo and Shannon College of Hotel of capital ledgers in place.
Management successfully completed
Benchmarking embedded as a
standard planning tool
19NUI Galway Financial Strategy 2015–2020
Financial
Information
20NUI Galway Financial Strategy 2015–2020
Financial Information
Income
€221m
Income
€47m
INCOME €M % INCOME €M %
State Grant 24 51% State Grant 46 21%
Student Fees 14 30% Student Fees 104 47%
Other Income 1 2% Other Income 19 9%
Research 8 17% Research 52 24%
Total 47 100% Total 221 100%
1994 2014
EXPENDITURE €M % EXPENDITURE €M %
Pay 29 63% Pay 136 61%
Non Pay 17 37% Non Pay 87 39%
Total 46 100% Total 223 100%
Expenditure
€46m
Expenditure
€223m
Income & Expenditure
1994/2014 Comparison
21NUI Galway Financial Strategy 2015–2020
Financial Information
Full Time Students
13,873
Full Time Students
6,114
Undergraduate FT 4,542 74% Undergraduate FT 10,586 76%
Postgraduate FT 797 13% Postgraduate FT 2,502 18%
Visiting FT 236 4% Visiting FT 770 6%
Diploma FT 539 9% Diploma FT 15 0%
Total FT 6,114 100% Total FT 13,873 100%
1994 2014
Full Time Student Numbers
1994/2014 Comparison
Part Time Students Part Time Students
529 2,610
Undergraduate PT 210 40% Undergraduate PT 832 32%
Postgraduate PT 264 50% Postgraduate PT 847 32%
Visiting PT 12 2% Visiting PT 133 5%
Diploma PT 43 8% Diploma PT 798 31%
Total PT 529 100% Total PT 2,610 100%
1994 2014
Part Time Student Numbers
1994/2014 Comparison
22NUI Galway Financial Strategy 2015–2020
Expenditure
€223m
Expenditure
€46m
EXPENDITURE €M % EXPENDITURE €M %
Pay 29 63% Pay 136 61%
Non Pay 17 37% Non Pay 87 39%
Total 46 100% Total 223 100%
1994 2014
Expenditure
1994/2014 Comparison
Commercial Commercial
Turnover Turnover
€3.4m €21.7m
TURNOVER €M % TURNOVER €M %
Catering 1.0 29% Catering 7.0 32%
Retail 0.4 11% Retail 2.3 11%
Residences 1.6 47% Residences 4.6 21%
Conferencing 0.2 5% Conferencing 1.0 5%
Student Services Student Services
0.1 4% 2.8 13%
& Sports & Sports
1994 Other 0.1 4% 2014 Other 4.0 18%
Total 3.4 100% Total 21.7 100%
Commercial Turnover
1994/2014 Comparison
23NUI Galway Financial Strategy 2015–2020
Financial Information
Total Staff
1979
Total Staff
879
STAFFING NUMBERS % STAFFING NUMBERS %
Academic 448 51% Academic 716 36%
Research 155 18% Research 507 26%
Support 276 31% Support 756 38%
Total 879 100% Total 1979 100%
1994 2014
Staffing Levels
1994/2014 Comparison
BALANCE SHEET €M BALANCE SHEET €M
Fixed Assets 61 Fixed Assets 418
Investments - Investments 14
Bank & Cash 9 Bank & Cash 49
Debtors 5 Debtors 44
75 525
Creditors 16 Creditors 95
General Reserves 54 General Reserves 423
1994 Current Reserves 5
75
2014 Current Reserves 7
525
Balance Sheet
1994/2014 Comparison
24NUI Galway Financial Strategy 2015–2020
2014 Student Numbers
7000 6152
6000
5000
4000
2651 2608
3000 2272
2000 1465 1606
Total Students
1000
0
521
17,275
Acadamh
Adult Education
Arts
Business / Law
Engineering
Medicine
Science
2014 Research Income
COLLEGE €M % €1.3m / 2% €2.9m / 6%
€3.4m / 6%
Arts 2.9 6%
Business / Law 3.4 6%
Engineering 12.9 25% €21.7m / €12.9m /
41% 25%
Health Sciences 10.3 20%
Science 21.7 41%
€10.3m /
Other 1.3 2% 20%
Total 52.5 100%
RESEARCH €5.2m / 10%
€M %
CENTRE
DERI 5.2 10%
ICHEC 5.6 11% €5.6m /
11%
NCBES 8.7 17% €24.9m /
47% €8.7m /
RYAN 5.3 10% 17%
REMEDI 2.8 5%
OTHER 24.9 47%
Total 52.5 100% €2.8m / 5% €5.3m / 10%
25NUI Galway Financial Strategy 2015-2020 Bursar Office NUI Galway T: +353 91 492130 www.nuigalway.ie/bursars-office www.facebook.com/nuigalway www.twitter.com/nuigalway www.linkedin.com/company/nui-galway
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