Calendar 2013–14

8 Part 1 • General Information Part 1 cultivation and sustainability of KT culture within the campus. The Knowledge Transfer Project Fund (KPF) witnesses an increasingly interdisciplinary effort among faculty members to engage with the community through different expertise. The Technology and Business Development Fund (TBF) encourages researchers to engage with industry end users at an early stage of technology development. The Professional Enhancement Fund (PEF) enables academics and researchers to take home and share among peers the international best practices in KT, in sciences as well as in the arts and humanities. The Patent Application Fund (PAF) continues to protect inventions derived from the university. In an increasingly knowledge-driven global economy, the transfer of invention and innovation through spin-offs and start-ups plays a key role in linking science to markets. In May of 2013, with the joint effort of the University’s Centre for Entrepreneurship, the Centre for Innovation and Technology, and KTO, the Advancing CUHK Entrepreneurship Hub (ACE Hub) was launched. The support that KTO provides in negotiating licensing deals for the Committee on University Subsidiaries and Spin-off Companies helps foster an infrastructure of linkages among the industry, academic and research base. We focus not only on building new bridges through start-ups, but also bridging gaps between incumbent firms and the knowledge base. Finance Funding from the Hong Kong SAR government is the main source of income and constitutes 58% of the University’s revenue for capital and recurrent expenses. Income from tuition, programme and other fee, being the next important source of revenue, accounts for about 27% of total income. In addition, the University and its constituent Colleges have endowment funds at their disposal and also receive financial support from private donors for research and other designated purposes. The annual total income for the University is about HK$5.7 billion. Negotiations between the University and the government are conducted through University Grants Committee, which is the committee advising the government on the financial requirements of the University.