Value for Money
It is a requirement of the Financial Memorandum issued by the Higher Education Funding Council for England (HEFCE) that the University's Council is responsible for delivering value for money from public funds. The University of Reading recognises its responsibility to achieve value for money (VFM) in all its activities, regardless of their source of funding.
The University is committed to the pursuit of efficiency, economy and effectiveness within its overall corporate and academic strategy. The University will seek, wherever possible, to adopt best practice and to incorporate VFM principles in all its activities.
With an increasing expectation on the sector to provide more evidence to demonstrate how value for money in Higher Education is being achieved from 2016 the University is required to produce annually a VFM report and submit this as part of its Annual Accountability Return to HEFCE. In 2016 this report was reviewed and assessed by the Audit Committee prior to providing its Annual Opinion on Value for Money to Council.
Value for Money requirements have been specified in the University's Financial Regulations which can be found on the webpage within Academic & Governance Services or the Finance webpages.
Further information on VFM is also available from the HEFCE VFM webpages.