Dr. James Browne:

I need a few moments to do this. University foundations, in my view, need to be separate from the university and there is a very good reason for that. I am talking about my experience here. There is no law in this regard. The experience that I have had in the university in the past ten years or so - I have spent, I would say, 15 years on the foundation board - has been that donors like to deal with independent foundations. One may well ask the question, why is that the case? That is the case internationally and it is the case in this country. I can give the committee, and I am happy to talk to the Comptroller and Auditor General, examples of individual donors who have done that. In fact, on our reserves - that is the reason I mentioned that the reserves are not as big as they appear in the accounts - there is some money in that foundation which is for a third party, through a donor.