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Institutional finance for universities

Mandatory requirements

The Financial Memoranda make reference to further documents which set out detailed mandatory requirements.  


Statement of Recommended Practice for Further and Higher Education (SORP)

Financial forecasts

Financial statements





Accounts direction

British Universities Finance Directors Group (BUFDG) model financial statements

Early retirement and pensions

See also Institutional finance for colleges.

Transparent Approach to Costing

The Transparent Approach to Costing (TRAC) is the standard methodology used by higher education institutions (HEIs) in the UK for costing their activities. It was established as an approach to identifying the Full Economic Costing (FEC) of all activities to improve the accountability for the use of public funds and inform institutional decision making.