are also academically integrated with the University of Waterloo. Students who study at any of them are also considered registered students of the University of Waterloo; with students from the federated universities able to enrol in classes and faculties, and graduate as a student from the University of Waterloo. Regardless of the affiliated colleges and federated university's religious affiliations, enrolment is not restricted based on the student's religious beliefs. Finances The university completed the 2014–2015 academic year with revenues of $936.240 million and expenses of $906.730 million, yielding a surplus of $29.510 million. Grants and contracts make up the largest source of revenue for the university, totaling $392.357 million, followed by academic fees at $357.889 million. Salaries make up nearly half of the university's expenses, at $439.973 million. As of 30 April 2015, the university's endowment is valued at $335.731 million. Academics Waterloo is a publicly funded research university, and a member of the Association of Universities and Colleges of Canada. It functions on a term-based system, with fall, winter and spring terms. Undergraduate programs comprise the majority of the school's enrolment, made up of 24,377 full-time and part-time undergraduate students. The university conferred 5,741 bachelor's degrees and first professional degrees, 1,605 master's degrees, 332 doctoral degrees, during the 2016–2017 academic school year. The university is organized into six faculties, which operate a combined total of thirteen schools and over fifty academic departments. Financial aid available to students includes the Ontario Student Assistance Program and Canada Student Loans and Grants through the federal and provincial governments. The financial aid provided may come in the form of loans, grants, bursaries, scholarships, fellowships, debt reduction, interest relief, and work programs. The university has also partnered with other institutions for the purposes of jointly operating a graduate program. The Balsillie School of International Affairs (BSIA) is a graduate school and research centre operated in partnership with the Centre for International Governance Innovation and Wilfrid Laurier University. The Perimeter's Scholar International program is another graduate program operated in partnership with the Perimeter Institute for Theoretical Physics, in which its graduates receive a Master of Science from the University of Waterloo. The university also offers its students the opportunity to earn credits towards their degree while studying abroad through student exchange and international internship programs. The university has exchange agreements with over 100 institutions outside Canada. Co-operative education The university operates the largest post-secondary co-operative