How does the University work as financial actor? Like all public corporations the university uses both private sector practices and rationalities, and public sector ones; it is able to use both public law and private law;it is increasingly involved in public-private partnerships to build infrastructure and other investments; it is a real-estate owner; and it receives private donor funds. Its finances are correspondingly complex, as are the expectations of different stakeholders concerning accountability and transparency.  For most students, faculty and staff, the university as a financial actor is a black box about which we know very little. Hence we seek to discover i) Who decides on major expenditures and new income streams, and how endowment funds are invested? How does the drive for donor funds and international student recruitment affect university governance and academic mission? How is income from patents and other intellectual property channeled? ii) Who authorizes financial decisions? What roles are played by the governing council, and by the financial markets on which U of T’s debentures are sold? Over what kinds of financial decision do academic leaders of faculties, schools and other units have authority, and to whom are they responsible? iii)  How are assets, liabilities, and projected budgets presented, and to which stakeholders? Do donors get more information than tuition-paying students or future retirees? What is the level of detail in financial reports, and how do formats shape their legibility for different publics? When is information made available, and how soon after decisions are made are they reported? How, in short, is transparency performed and for whom? (Valverde and Moore 2018)