The project addresses two main elements of the modernisation agenda for Europe’s universities (i) the sustainability of university funding, financial management and development of full-costing and (ii) the transparency and appropriateness of measurement tools for the assessment of university-based research reflecting the diversity of university missions. A third “transversal” focus running through the project in addressing these two main issues will be to identify requirements for further development of human resources and management in universities to enhance the attractiveness of university careers. It deals directly with the aims of the work programme in providing support for mutual learning, exchange of experiences by universities of guidelines and recommendations from European Commission Expert Groups on the impact of external project-based funding on the financial management of universities, and the assessment of university-based research. The project will draw upon related empirical evidence from several projects conducted by the European University Association with its individual and collective membership and in partnership with other European associations representing the business communities, regional agencies and non-governmental bodies. As a European approach, the “take-up” activities will provide a crucial comparative framework in which to promote the modernisation of universities. The European Research Area requires a globally competitive European university sector as a main stakeholder that needs funding mechanisms which support its sustainability and research assessment indicators that respect the aims and objectives of chosen strategic missions and measures their excellence on these terms. Through a series of workshops and study visits held at different universities across Europe as a result of an open competition with transparent selection criteria, the expected impact of the project will be that lasting concrete results are achieved.