The Board appointed Jukka Majava as the Education Dean for the Faculty of Technology, approved interim financial statement, and discussed operational and financial framework for 2025
Associate Professor of Industrial Engineering and Management, Jukka Majava, will begin a four-year term as Education Dean for the Faculty of Technology on 1 January 2025. He has served as interim education dean since 1 March, when his predecessor, Antti Niemi, started as the dean of the faculty. Rector Jouko Niinimäki proposed Majava for the position after consulting the preparatory committee, the faculty management group, and the faculty board. Two candidates applied for the position.
The board approved the University of Oulu's interim financial statement. For January–August 2024, the University’s operational accounting result was a loss of EUR 2.12 million, while the adjusted operational profit was EUR 5.7 million. The recorded result of investment activities was EUR 19.1 million, bringing the total result to a profit of EUR 22.1 million after including fundraising proceeds allocated to the restricted fund. Adjustments included the University’s investment assets, the use of donated funds, and dividends from University Properties of Finland Ltd.
The forecasted operational accounting result for the full year of 2024 is a loss of EUR 7.0 million, with an adjusted operational profit of EUR 4.2 million based on decisions regarding the use of assets and investment holdings.
The University's finances have been challenged by a structural deficit, necessitating significant use of investment assets. However, during 2024, the situation has shown improvement compared to what was budgeted. The university’s balance sheet position is strong, and the equity ratio has remained good. The total balance at the end of August 2024 was EUR 355.3 million (EUR 343.8 million as of 31 December 2023).
The operational and financial framework for 2025 is proceeding as planned
The board has reviewed the 2025 operational and financial plan in a separate budget session as well as in its regular meeting. Budgeting has proceeded in four stages, as in previous years: (1) strategic funding of vice rectors’ sectors, (2) funding of designated units, (3) indicator-based funding for faculties, and (4) supplementary funding. The goals for each faculty and unit will be addressed in the operational and financial negotiations held between weeks 42 and 45.
According to the latest calculations, government funding allocated to the University of Oulu by the Ministry of Education and Culture is EUR 178 million for 2025, an increase of EUR 10.6 million compared to 2024. Final amounts will be confirmed by the end of the year. The board has set a maximum target for an operational loss of EUR 4 million in 2025.
In addition, the board approved the university's commitment, under certain conditions, to the 5G satEllite Media dElivery micRoedGE project (5G EMERGE). This project, now in its second phase, has been in progress for approximately two years, with the University of Oulu joining as a new partner. The project's funder, the European Space Agency (ESA), will also finance the University of Oulu's share of the project, amounting to EUR 590,000.