Calendar 2014–15

8 Part 1 • General Information Part 1 Business Development Fund (TBF) and the Professional Enhancement Fund (PEF). New funding from the Innovation and Technology Commission has also enabled further promotion of technology applications and collaborations with industry. In 2013–14, 19 new KPF projects were funded, making a total of 107 projects that translated academic knowledge into improvements in the social, cultural, environmental and economic aspects of our society. During the same year, a large number of contracts and agreements were signed and executed by ORKTS, to assist faculty members to share their knowledge and expertise for the benefit of the local and international community and industry. The TBF has continued to provide necessary seed money to support faculty members and researchers in exploring the technical feasibility and commercial potential of new innovations. The PEF encouraged academic participation and outreaching efforts in knowledge transfer-related events, such as the BIO International Convention 2014. Income generated from intellectual property rights has reached a new high—clear proof that CUHK’s research direction is increasingly effective in meeting the needs of society and creating economic impact. Nowadays, student ventures are of great interest to all forward-thinking universities including CUHK, as these ventures transform and transfer knowledge acquired by students to create sustainable impact on society. The CUHK Pre-Incubation Centre (Pi Centre), located in Lady Ho Tung Hall, was established to enable students to assess their creative ideas and turn those ideas into social and business ventures. These are expected to play an important role in expanding CUHK’s core missions and improving the return on investment in research and development. Finance Funding from the Hong Kong SAR government is the main source of income and constitutes 51% 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 22% 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$8.6 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.