Responsible finances and stable economy

The status of universities as independent legal persons under public law entails new financial responsibilities. As a consequence, the funding base will expand and the university will have at its disposal both public and private funding. The university will also be able to invest the funds appearing on its balance sheet. Furthermore, the systems for financial monitoring and reporting will be updated to serve planning and management in an optimal manner. The tools for financial management will also be updated and continuous and systematic training will be made available to the personnel.

The management of resources and financial steering will be improved. In accordance with the strategy, the aim is to use available funding to achieve the best possible results in education, research and services. The responsible and predictable use of funds will also increase trust in the university among its strategic partners, stakeholders and external financiers.

In order to guarantee success in the intensifying competition for funding, more support and guidance will be available for applying for external funding. This means that the share of external funding in the overall budget of the university will be increased to 40% by 2012. To provide incentives for development, the internal formula for the allocation of funds will be adjusted in accordance with the strategy.