Differences Between Uni And Private
Whether you are a business or you are a not-for-profit business, the only way to sustain it is financial resources. Without financial resources, you can't do anything, so that is fundamental to all entities. And, like I say for businesses, it's in the sense different to the extent that they have the ability to offer services and products that the marketplace is willing to pay, and therefore, that's where they make their money. But in the case of a university and the model that we run here it is subsidised business and that's quite typical of most publicly funded universities, they are heavily subsidised so you are heavily dependent on the Government to sustain it and what you can charge the students is only a portion of the cost of teaching them. So, how do you balance that? Now the Government doesn't write you a blank check. So, the need to again balance the needs of the university with the financial resources to keep it is the same as any other business, so it's the same. In fact, more challenging. I'd say our ability to generate revenue, like other businesses do, is more limited because of that subsidy component. We cannot charge as we please because there's a public service aspect to it. And so it's a fine, limited capacity that we can use to bring in the extra resources. So really, we got to run the university as a very tight ship and make sure that we don't go off-course financially.