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Institutional finance and governance

SFC is a Non-Departmental Public Body of the Scottish Government. In addition to our legislative duties, the Management Statement and Financial Memorandum [PDF] between us and the Scottish Government sets out the broad financial and governance framework that we operate within and defines the key roles and responsibilities which underpin our relationship with the Scottish Government.

Financial Memoranda

The Financial Memoranda with colleges and universities set out the formal accountability relationship between SFC and institutions, and the requirements that institutions are expected to comply with in return for funding.

The Memoranda are an important part of the governance framework within which SFC and institutions operate and they ensure that we are able to meet our statutory duties in relation to the Public Finance and Accountability (Scotland) Act 2000 and other legislation.  

Mandatory requirements

The Memoranda make reference to further documents which set out detailed mandatory requirements:

Incorporated colleges only

Universities and non-incorporated colleges

Guidance on severance arrangements for universities [PDF] and non-incorporated colleges [PDF] are included in the Financial Memoranda.

Further information

For more guidance and information see:


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