Restricted Funds is one of the four fund groups which the University has established to manage its funds (the other fund groups being the Operating fund, Ancillary Operations and the Capital fund). Sources of restricted funds are government and non-government research funding and charitable donations, the majority of which are governed by restrictions set by external organizations. The University is entrusted with the responsibility to ensure that the funds are used in accordance with the terms set out in the trust or funding agreement.
It is important to understand the distinction between endowment and expendable funds when dealing with restricted funds. These distinctions are covered in the section Endowment and Expendable funds.
Restricted funds are further classified as follows:
(Funds administered by the Division of Vice-President Research & Innovation (VPRI))
Non-Research Restricted Funds
(Funds administered by the Financial Services Department)
These funds consist mainly of donations received by the University to be used for non-research purposes such as student awards, and other academic purposes referred to as trust funds. It also includes non-research grants or contracts that the University receives from time to time. Non-research restricted funds are held in individual funds usually supported by a donor agreement, or reflecting a collection of small donations with common restrictions. Each of these non-research restricted funds is described in detail in the following sub-sections:
Student award funds include funds for: scholarships, fellowships, bursaries, prizes and loans, and are designated either for undergraduate or graduate students. Many of these funds are endowments which are invested to generate income in perpetuity for the support of student awards. Note that many student awards are made from University operating funds; only those awards funded by donations or by a restricted grant are established as restricted funds.
Although all restricted funds are received in trust, the term trust fund is generally used to refer to restricted funds OTHER than research awards, student awards and non-research agreements. Trust funds, then, are donation funds with general or specific purposes other than those above.
Non Research Funding
These funds include awards received by faculty members which do not fall under the terms of reference of VPRI.
Last revision November 2015