University of Dundee
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Register hereThe University of Dundee announced in November 2024 that it was facing significant financial challenges. Since then SFC has been engaging closely with the University as it works to return to a position of financial health and long term sustainability.
Investigating root causes
The Scottish Funding Council has commissioned an independent investigation to determine the causes and contributing factors to the deterioration of the University of Dundee’s financial position as revealed to its Court on 12 November 2024. SFC wishes to understand how it was possible that this deterioration came as a surprise to the University leadership.
The investigation will be overseen by Professor Pamela Gillies. The Terms of Reference were published on Tuesday 25 March.
A tender process was run to appoint a team to support Professor Gillies. BDO has been appointed and will conclude the investigation by mid-June.
Liquidity support
The SFC Board approved a funding package of £22m at its meeting on 20 March.
Return to sustainability
SFC continues to engage with the University as it develops it financial recovery plan following publication of high-level principles at the end of April. While this work must happen at pace, due diligence is essential given the level of funding requested to support the university to return to a position of financial health. Leveraging a wider group of expertise to consider the options will also be key and the Scottish Government appointed Advisory Task Force will play a vital role in supporting the University.
SFC monitoring role
SFC’s Financial Memorandum with universities set out the formal accountability relationship between SFC and institutions, and the requirements that institutions are expected to comply with in return for funding. Universities must plan and manage their activities to remain sustainable and financially viable. University principals must inform SFC’s Accountable Officer (CEO) without delay of any circumstance that is having, or is likely to have, a significant adverse effect on the ability of the institution to deliver its education programmes, research and other related activity. He or she must also notify SFC’s Accountable Officer of any serious weakness, such as a significant and immediate threat to the institution’s financial position, significant fraud or major accounting breakdown, or any material non-compliance with any requirement of the Financial Memorandum.
On notification of the significant challenges at the University of Dundee, SFC immediately stepped up its engagement with the University. This includes receipt of monthly management accounts and attendance at University Court, Finance & Policy Committee and Audit & Risk Committee.
SFC Strategic Plan 2022-27
Building a connected, agile, sustainable tertiary education and research system for Scotland.