Ms Rosemary Fogarty:

We looked at UL Foundation and shared information on it with the Comptroller and Auditor General a number of years ago in this context. From an accounting perspective, there are rules under various accounting standards as to whether something is consolidated. The main points are about control and, a layer below that, dominant influence and control. We looked at that under a number of objectives. We do not control the board or the members. Donations that come from the foundation are donor specific rather than open to the discretion of the university to decide what to do with the money. In instances where the foundation gets funding that is open to the discretion of the university, it is the foundation's board that makes the discretion, not me-----