While respecting the institutional autonomy of our funded universities in allocating and managing their internal finances, the UGC recognises the importance of good financial governance and sound financial planning in universities; and adopts an accountable and transparent approach in ensuring the public money entrusted to the universities are applied meaningfully and provide value for money.
Universities should observe relevant provisions in the UGC Notes on Procedures (the Notes) on the use and unspent balances of the UGC funds. The Notes also laid down the reporting, audit and assurance requirements.
To help ensure universities' continuing good financial governance and sound financial planning, the UGC established the Financial Affairs Working Group in 2011 conducting review on universities' financial affairs. The Group completed its review and published a Report in October 2013, offering recommendations in cost allocation practices and financial transparency in universities. Financial guidelines were drawn up for funded universities in this regard.