Ensuring Financial Sustainability
Growth and Diversification of Revenue
Our emphasis on maintaining Queen’s as the balanced academy must be matched by our commitment to achieving financial sustainability. With the activity-based budget now in place, giving units incentives to grow revenues and reduce costs, we are better positioned to make the university more resilient in difficult economic times.
Over the next five years we will pursue both revenue generation and revenue diversification, while also focusing on cost containment. Diversification will come from new programs that fall outside those supported by provincial funds, as well as from increased philanthropic support, especially through growth of our endowment fund, and increased external support for the indirect costs of research. Our ability to increase revenue is dependent on our ability to diversify revenue sources, which is why we will measure our share of revenue that comes from sources other than those regulated by the government.
Our commitment to financial sustainability reinforces the need to make difficult choices and, accordingly, we will also focus on containing costs, including those associated with shared services, which represent a major component of the indirect costs charged to Faculties and Schools. The new budget model is designed to provide faculties and schools with incentives for revenue growth and diversification, and a focus on cost containment across the institution will ensure that a high proportion of new revenue stays within these revenue generating units.
- Design and execute campaign plans that align to the Queen’s Initiative Campaign to meet fundraising targets.
- Implement cost containment initiatives and process efficiencies across the academy.
- Grow ancillary revenue to support the university’s priorities.
- Expand our online and distance efforts through better coordination.
- Improve internal and external communication strategies.
- Provide support as required for new program development and net revenue growth.
- Enhance and improve learning and research resources, services, technology and facilities.
- Revenue generation & diversification: the percentage growth in net budgets in Faculties and Schools and the proportion of operating revenue from sources other than government grants or government-regulated tuition.
- Cost containment: the growth in the cost of discretionary expenditures on shared services.