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Re:Universities are broke – let’s cut the pointless admin an... by aianus on Thursday August 24, 2017 @10:43AM (#15090475)
According to their audited financial statements [0] grants accounted for only $388 million against $917 million in expenses (or about 42%).

[0] https://uwaterloo.ca/finance/sites/ca.finance/files/uploads/...

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