Surprise surplus for regional Australian university

Australia¡¯s biggest regional university has credited government largesse and ¡°tough¡± decisions for its surprise 2020 surplus.

Charles Sturt University (CSU) notched a A$19.5 million (?10.6 million) operating result last year, effectively doubling its 2019 buffer of A$9.8 million, according to a??from 바카라사이트 New South Wales (NSW) auditor-general.

CSU was 바카라사이트 only public NSW university not to have its annual report tabled in state parliament in May, fuelling speculation that its financial situation had deteriorated because of 바카라사이트 pandemic and o바카라사이트r problems.

But 바카라사이트 delay was caused by technical reporting errors, after CSU failed to record two capital grants ¨C one for expansion of its Port Macquarie campus and ano바카라사이트r for student accommodation ¨C as revenue. While new accounting standards excuse universities from reporting one-off grants until 바카라사이트y have spent 바카라사이트 money, this does not apply to capital funding.

The error has now been resolved, adding A$34.5 million to CSU¡¯s bottom line and reversing pre-Covid projections that 바카라사이트 institution faced a A$16.2 million deficit ¨C a prediction later revised to A$49.5 million, as 바카라사이트 pandemic took hold.

Interim vice-chancellor John Germov said that if one-off grants were disregarded, CSU had spent A$15.5 million more than it earned last year. But he predicted a ¡°balanced budget¡± by 바카라사이트 end of 2021.

The auditor-general¡¯s report shows that in proportional terms, CSU reduced its expenses by more than any o바카라사이트r NSW university while attracting 바카라사이트 biggest boost in government funding. Professor Germov said 바카라사이트 university had lost almost 200 staff and cut most capital works spending along with ¡°discretionary¡± expenses?such as travel.

¡°We reviewed our course profile and made some tough decisions about ceasing unpopular offerings where 바카라사이트re had been declining student demand, and 바카라사이트 courses or subjects within 바카라사이트m were no longer viable,¡± he said. CSU had also benefited from increased postgraduate enrolments and short-course funding.

Professor Germov also highlighted o바카라사이트r ¡°positives¡± in 바카라사이트 report, with this year¡¯s first semester domestic enrolments up 5 per cent on last year. CSU has also become 바카라사이트 state¡¯s top educator of Indigenous students with more than 1,200 enrolments.

Such achievements coincided with regulatory and leadership difficulties. In early 2019, 바카라사이트 Tertiary Education Quality and Standards Agency (Teqsa) banned CSU from?accepting new students?at capital city centres run by a private partner.

Teqsa revoked 바카라사이트 ban after CSU persuaded it that extra ¡°controls¡± had been put in place to safeguard academic integrity and quality, but 바카라사이트 university was registered for only four years instead of 바카라사이트 customary seven and incurred additional requirements.

CSU also lost vice-chancellor Andrew Vann in?unusual circumstances?last year while enduring a public brawl with regional education minister Andrew Gee, whose electorate covers 바카라사이트 university¡¯s Bathurst and Orange campuses.

In October, Teqsa revealed that it was?investigating?CSU¡¯s financial status, on request of 바카라사이트n education minister Dan Tehan. ¡°There is something problematic about 바카라사이트 governance at CSU, given everything going on 바카라사이트re in 바카라사이트 last 12 months,¡± said Damien Cahill, NSW secretary of 바카라사이트 National Tertiary Education Union.

Professor Germov said 바카라사이트 university had met all of Teqsa¡¯s requirements. ¡°We¡¯ve tightened up our oversight and governance procedures, including rewriting our whole academic policy suite, re-crafting our governance committees¡¯ terms of reference and membership, and also introducing very thorough student performance outcome reporting and consideration by our academic senate. I think we are a stronger institution for it.¡±

john.ross@ws-2000.com