Mr. Seamus McCarthy:

No. My concern is that there would be a clear view in the financial statements of the financial status of a university. Very often donations are given for a specific purpose. It could be that they are ring-fenced for the construction of a particular building. Sometimes that comes with a requirement that it be acknowledged in the name of the building and or it may be that the donation is anonymous and the donor does not want to be acknowledged. All that can be catered for in proper sets of financial statements. One can have restricted reserves when they come in from a donor. The concern I would have would be that if the members, as legislators, are looking at the financial statements, they should understand what resources the college has available to it. If it controls the foundation, under the standard accounting procedures, the expectation would be that it would consolidate the resources into the other resources of the university. If a foundation is not controlled by the university and is independently raising funds to apply or donate to the university at a time of their choosing, then there may be a case for holding them separately. We look at the situation as it exists in law and we try to ensure that where consolidation is appropriate that consolidation is done and we see the full picture.