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RCSI ANNUAL REPORT 2013-2014
78
Funding Model
The College, as a private entity, creates
its own future and has a financial
strategy that endeavours to support this
independence. Primarily, the College
operates a self-funding financial model.
The organisation must generate sufficient
resources to cover both its current and
capital funding requirements. It receives
minimal state funding yet makes a
significant annual contribution to the
local economy. It is estimated that RCSI
generates circa
20m annually through
employment and other taxes, with an
equivalent amount accruing from the
multiplier effect of international students
to the economy. It also contributes to
the building of the reputation of Ireland
as an international centre for education.
Under the charitable taxation status held
by the College, all surpluses earned are
reinvested to further its educational and
research objectives.
The financial strategy must support the
organisational strategy while ensuring
disciplined financial stewardship of
an international organisation. The
organisational strategy growth &
Excellence 2013 - 2017 includes
specific initiatives and investment plans
to continually improve the delivery
of quality education and research
programmes, building strategic
partnerships and enhancing our
organisational capabilities.
The model is underpinned by a
planning framework that supports both
these objectives. The model must take
FINANCE
RCSI is a private, independent, not-
for-profit, health sciences institution.
It operates under a Royal Charter
given by King george III in 1784 to the
College for the governance of surgical
training in Ireland. The Charter has
subsequently been amended under
Acts of the Oireachtas, through the Irish
Parliament. Its activities have extended
to include medical education through
undergraduate and postgraduate
programmes. The College is also
designated as a statutory degree
awarding body under Irish legislation. Its
overall aim is to develop leaders
in healthcare.
The College is a truly international
organisation with its education and
training activities spanning the three
continents of Europe, Africa, and Asia
and the Middle East. Its growth strategy
over the last number of years sees RCSI
now operating three medical schools
overseas in Bahrain and Malaysia, with
activities also in the United Arab Emirates.
The surgical training arm of the College
extends to supporting the College of
Surgeons East, Central and Southern
Africa (COSECSA), together with initiatives
in Qatar and Jordan. Our current student
base draws from over 60 countries,
while our Alumni and Fellows work as
healthcare leaders throughout the world.
Ms Jennifer Cullinane
Director of Finance