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Abstract
The relationship between universities and society is perhaps too often discussed in financial terms. Questions such as grants, student fees, and accountability can be comprehended by the public and by politicians. National needs can be quantified, they believe, and the price for meeting these needs negotiated with the universities. This article discusses these topics: 1. the sources and application of university funds, 2. the University Grants Committee — recurrent finance, 3. the University Grants Committee — non — recurrent finance, 4. accountability of universities, and 5. awards to students.