Budget Model and Timeline

Budget model

The university is a not-for-profit institution and like other Canadian universities, uses the fund accounting method. Fund accounting separates financial resources into distinct funds that are used for specific purposes or activities.

Saint Mary’s has three fund categories:

General Fund

The General Fund includes:

• The Operating Fund pays for day-to-day operations, including instruction and program delivery, academic and administrative support, community outreach, ancillary operations (e.g. bookstore, food services, parking) and other operating activities. It is unrestricted; it can put used toward any activity related to the university’s academic mission. 
• The Projects and Reserves Fund is for internally restricted special projects and reserves.

Restricted Fund

The Restricted Fund includes:

• The Capital Fund used to pay for the renovations, construction and improvements to land, equipment and buildings.
• The Research Fund supports university researchers and includes funds received from federal government granting bodies for research such as NSERC and SSHRC.
• The Trust Fund is designated for activities stipulated by donors.
• The Specific Purpose Fund supports externally restricted specific activities.

Endowment Fund

The Endowment Fund represents long-term investments and is permanently restricted. Original contributions (the principal) cannot be spent down by the university and earned investment income is devoted to activities specified by donors such as scholarships, bursaries, and endowed chairs.

Sources of revenue   

Our revenues come from a variety of sources: tuition and fees, government grants and external funding.

Operating Fund Revenue – Fiscal Year 2023 

Where the money is spent

The university’s operating budget funds the day-to-day functions of the university. People are our most important resource and so the largest portion goes to salaries and benefits for faculty and staff.

Operating Fund Expenses Fiscal Year 2023

Budget timeline

Each Fall, budget planning begins, as senior leaders across the university meet in committee to review budget assumptions and determine how funds will be allocated. The Executive Management Group reviews the draft operating budget and then seeks formal approval from the Board of Governors.

	October to December  Consultations begin among budget owners and Financial Services Planning and budget forecasting begins Resource allocation decision
	January Annual budget developed Consultation period
	March Board of Governors approves budget for the next fiscal year Finalized annual budgets shared with units/departments
	June Annual Financial Report is prepared Report reviewed by outside auditors
	September Annual Financial report officially released at University Annual General Meeting