Making sense of University finances

Richard Florizone, vice president finance and resources. Photo by Colleen MacPherson

The University’s vice-president finance and resources will be devoting some time to ensuring the campus community has a good understanding of how the institution is financed – of where the money comes from and where it goes.

That phrase – “Where the Money Comes From and Where it Goes – is the title of two one-hour presentations Richard Florizone will give Nov. 23 and Nov. 27. Geared toward a general audience from the University community, the presentations are designed to demystify what he described as a very complex financial environment, and to “ensure people feel confident this University is well managed.”

“Coming into the University from outside, one thing I recognized almost immediately is just how complex an institution we are,” said Florizone, “and that is reflected in our financial statements.” As an example, he explained the University uses fund accounting practices whereby each separate activity on campus has its own fund, “and the University has 17,000 funds.”

The presentations will cover a number of areas, including sources of revenue and expenditure, a more detailed description of fund accounting as well as key fund activity, and the University’s budget process. The identical events will be held in Convocation Hall, from noon-1 p.m. Nov. 23 and 1-2 p.m. Nov. 27. Each will be followed by an opportunity for those in attendance to ask questions.

“As a public institution, people have an interest in our financial situation. It’s good practice for us to be out there … and to make some of this stuff more digestible. It is not lost on me that the University exists based on hundreds of millions of tax dollars, and we have a responsibility to be accountable for that.”