In March each year the Higher Education Funding Council for Wales issues its  Grant Letter to universities and directly funded Further Education Institutions (FEIs) in Wales. The letter provides universities and FEIs with details of the investment they are to receive for the following academic year. Grant allocations are that investment that is not allocated by competitive bidding process or to universities via special project funding. Funding streams for universities detailed in this letter include research funding, investment in teaching, Research, Innovation and Engagement, and a number of other strategic investment streams.

The 2010/11 HEFCW Recurrent Grant Letter  was issued in March 2010.

The 2011/12 HEFCW Strategic Implementation Allocations was issued in March 2011.