Five years has brought Aalto University closer to its goals
2014 was Aalto University’s fifth year of operations. The university progressed towards the goals listed in its strategy despite the challenges presented by the economic situation.
In five years (2010–2014), the amount of competitive research funding (from the Academy of Finland, EU Framework Programmes and Tekes FiDiPro programme) has increased by 27%. The number of international refereed scientific articles has increased by a total of 19% from 2010 to 2014. The bachelor's and master's degree programmes have undergone major reforms.
Tenure track system implements the strategy
Aalto University's most important strategic investment is the tenure track system for professors. The tenure track system opens positions in areas of strength in research. By the end of 2014, a total of 246 new tenure track positions had been opened, of which 206 had been filled. Implementation of the tenure track system has also significantly increased the internationality of the faculty, with 31% of the filled positions being international recruits.
Securing possibilities for research and teaching through greater efficiency
When Aalto University was established, it was given a special national mission to support Finnish competitiveness and well-being through high-quality research and teaching. In 2014, funding for the national mission was cut by a further 10 million euros. To secure the prerequisites of research and teaching, the university sought to cut costs through more efficient support services and use of space. The number of service staff decreased by 8% in 2014 while facility use dropped by 4%.
Financial statements show deficit
The university's pro forma operative deficit during 2014 was 11 million euros (2 million in 2013). The operative income in 2014 totalled 389 (418) million euros, of which 266 (275) million euros was budget funding from the government. Total operative expenses were 400 (420) million euros, with personnel expenses accounting for 64% and facility expenses for 17% of that sum.
The surplus on investment activities was 39 (31) million euros and the surplus on fundraising activities was 5 (5) million euros. Thus, Aalto University's net surplus for the year was 33 (33) million euros. The university’s balance sheet total increased from 1 075 to 1 101 million euros.
Aalto University Group, which comprises Aalto University and its subsidiaries, posted a surplus of 36 (39) million euros for the financial year. The Group’s balance sheet as of the end of the year totalled 1 405 (1 376) million euros.
The Board of Aalto University approved the annual board report and financial statements for 2014 in its meeting on 27 March 2015.
The article was edited on 30 March 2015 at 15.14. The increase in the number of international refereed scientific articles was revised.