Financing of Higher Education Institutions in the Public Sector of the Republic of Serbia

Abstract

This paper examines the financing of higher education institutions owned by the Republic of Serbia in 2023 and 2024. The aim of the paper is to comprehensively present the framework of funding sources and the earmarked use of these funds. The data used in this research were obtained from official sources, includ ing the websites of the Ministry of Finance, the Ministry of Education, the Statistical Office of the Republic of Serbia, the Provincial Secretariat for Finance of the Autonomous Province of Vojvodina (APV), and the Faculty of Philosophy at the University of Belgrade. All data sources are publicly available. The collected data have been systematized according to higher education institutions so that total funding sources can be grouped by purpose. The available data enabled the creation of several simple indicators of allocation results. The financial reports of the Faculty of Philosophy at the University of Belgrade were used as an illustration of revenue sources and types of expenditures. The data indicate that 53% of the revenue generated in 2023 came from the Ministry of Education, 13% from self-generated income, and 33% from funds allocated for scientific projects, primarily from the Ministry of Science, Technological Development, and Innovation. The research also highlights signif icant deficiencies in regulations concerning financial reporting by higher education institutions. Given their public significance, higher education institutions should transparently publish data and information on their financial plans and outcomes. This is particularly important considering that nearly two-thirds of students finance their education independently.