Financing
- Budget model that will be used consistently throughout the Faculty
- Multi-year budget planning
- Efficient and effective management of philanthropic resources
Five-year vision (December 31, 2025)
- Budget is sustainable
- Operating budget is 40 per cent funding by provincial grants (Campus Alberta grant); 60 per cent other sources of funding
- Tuition revenue increased by 60 per cent through increases in Alberta and international student enrolment and tuition increase for particular programs to align with national average
- Total number of endowed chair positions aligned with the research and teaching priorities of FoMD increased by 10 per cent (five new), including external recruits
- Five professorship endowments created
- Philanthropy increased, named Faculty supports research activities and research trainees
Three-year picture (December 31, 2023)
- Budget is balanced
- Restructuring of administrative services fully implemented with improved efficiency and cost reduction
- Newly identified revenue generation strategies implemented
- Number of international and domestic non-degree granting programs (e.g. international PGME) increased
- Exceptional tuition increase (ETI) considered for relevant programs.
- Financial assistance provided to students with demonstrated financial needs
- Calendar and other administrative changes completed to allow for increased enrolment, new programs and tuition targets
- Total number of endowed chair positions aligned with the research and teaching priorities of FoMD increased by 5 per cent (2 new), including external recruits
- Two professorship endowments created
- Two research institutes named
- Separate “establishment grants” established, sufficient to fund operating expenses of FoMD (no negative impact on FoMD operating budget associated with gifts)
Possible activities to help us deliver Vision 2025
- Plan for reduction in the cost of administrative services through re-structuring and improved efficiency
- Plan for infrastructure maintenance and repairs of prioritized areas
- Understand the cost versus impact of all units/programs within FoMD
- Establish priority areas for investment and reductions/divestment
- Develop a business plan by unit to support revenue generation (new and existing)
- Develop a plan to increase student enrolment
- Develop international student/learner partnerships
- Develop new educational offerings
- Advocate with Advanced Education and Alberta Health for fully funded student enrolment in MD and DDS programs with a focus on rural and Indigenous health
- Fill 100 per cent of endowed chair positions
- Use $30,000 per year for research support per new endowed chair; balance to support salary
- Create opportunity for professorship endowments/positions (partial salary funded for existing faculty)
- Differentiate between philanthropic dollars and foundation research grants
- Develop clear guidelines for the flow of research philanthropic dollars within the faculty