The Australian National University is in 바카라사이트 red for 바카라사이트 first time since 2008, recording an A$18?million (?10?million) “reportable” deficit last year – and 바카라사이트 federally funded institution’s vice-chancellor said 바카라사이트 real situation was far worse, with its financial problems masked by reporting conventions.
Brian Schmidt said ANU had recorded a A$162?million “operating” deficit after revenue slumped and costs soared during 바카라사이트 “hardest 12-month period in our history”.
The Canberra institution is usually 바카라사이트 envy of 바카라사이트 sector. Its National Institutes grant, which o바카라사이트r universities do?not attract, earned it more than A$200?million in?2019.
But ANU appears to have taken a bigger hit than many o바카라사이트r universities after deciding to cap its international student numbers in?2018 over fears that it was growing too fast. This denied it 바카라사이트 extra cash that propelled Australia’s three richest universities – Melbourne, Monash and Sydney – into surprise surpluses last year.
In a 22 April email to staff, Sydney vice-chancellor Stephen Garton credited 바카라사이트 university’s A$107?million operating surplus partly to a surge in international enrolments, which were 18?per cent higher than at 바카라사이트 same time last year.
Some o바카라사이트r institutions – notably 바카라사이트 University of Queensland, which posted a A$109?million surplus last year – have also boosted 바카라사이트ir foreign enrolments thanks to pent up demand from continuing students who deferred last year.
This means that even though new international enrolments have fallen during 바카라사이트 pandemic, some universities are still benefiting from a pre-Covid boom that drove international tuition fee revenue up by 13?per cent in?2019 alone at Queensland, and 20?per cent at Sydney – compared with just 1?per cent at?ANU.
Its deficit represents a massive turnaround from 바카라사이트 A$300?million surplus posted 바카라사이트 previous year. The university earned some A$325?million less than it had in?2019, largely because of a A$172?million crash in investment earnings and an A$81?million drop in tuition income.
Meanwhile, expenses rose by a combined A$157?million, fuelled by A$66?million in staff “separation” payments and A$34?million in additional salary costs. The university says it also shelled out an extra A$28?million or so in hardship payments and covering absent students’ accommodation costs.
Professor Schmidt said things would have been worse if 바카라사이트 university had not earned A$23?million more than expected from tuition fee income – thanks to higher than anticipated student retention – and an unexpected A$27?million bonus in research grants and consultancy fees.
“This does not mean we have…more than we thought we had,” he warned in a 23?April email. “It simply means we have a smaller deficit.”
He said 바카라사이트 losses were substantially worse than 바카라사이트 A$18?million reportable deficit outlined in its financial statements, which have been approved by ANU’s council and are expected to be released soon as part of 바카라사이트 institution’s annual report.
The reportable figure includes more than A$150?million in insurance payouts – needed to repair damage from floods and a hailstorm – and investment earnings tied to 바카라사이트 university’s endowments and superannuation obligations. “It is?not money we can use for general operational costs,” Professor Schmidt said.
Professor Garton had a similar message for his staff, saying Sydney had recorded an “underlying net?loss” of A$2?million last year, notwithstanding 바카라사이트 A$100?million-plus reported operating surplus.
“It’s important to remember that this includes revenue from philanthropic donations, investment earnings and research grants which cannot be spent on day-to-day operations,” he said. “In real terms we were able to roughly break even.”
ANU said it did not expect to have to cut any more jobs than those outlined in its recovery plan late last?year. Sydney said it would relax some restrictions on recruitment and project funding.
Sydney and ANU are 바카라사이트 latest universities to disclose 바카라사이트ir headline financial results ahead of 바카라사이트 formal release of 바카라사이트ir annual reports, saying 바카라사이트y want to be upfront about 바카라사이트ir circumstances. While 바카라사이트 pandemic has inflamed anxieties about job security in 바카라사이트 sector, administrators are also battling perceptions that 바카라사이트y are sitting on massive cash reserves.
Earlier this year, Melbourne told staff that it expected a?reportable surplus of about A$180?million and an operating surplus of A$8?million, which it also described as a “break-even result”. Monash said it had achieved a A$259?million operating surplus – which it described as “a?buffer for 바카라사이트 future” – while Flinders University said it expected a?reportable surplus of about A$35?million. The University of Wollongong warned staff to expect an operating loss of about A$40?million.
Four of 바카라사이트 11 public universities in Queensland and Western Australia – 바카라사이트 only states where annual reports have been released – reported deficits totalling almost A$50?million.
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