Uni's finances back on track
Wednesday, 21 May 2003
The University of Adelaide ended the 2002 financial year on a sound footing showing an operating surplus of $12.4 million, according to audited figures released today. This significant surplus more than recovers the $6.4 million operating deficit of 2001 and demonstrates the successful efforts of the management team and all staff.
In announcing the university's 2002 financial performance, Vice- Chancellor Professor James McWha said the university's net assets grew by $58 million to $618 million, a 10.4 per cent growth.
"In addition we significantly reduced our current liabilities last year by paying out a $20 million loan, leaving us debt free," Professor McWha said.
He added that, "as with all universities, part of the surplus relates to pre-committed funds, such as capital funds. However, this is still a sound result."
"I am encouraged by the positive turnaround, but at the same time, cognisant of the hard work that lies ahead to sustain this position.
"This turnaround would not have been possible without the incredible commitment and hard work of all staff. This result is testament to their efforts over the past year," he said.
Professor McWha attributes the positive turnaround to a number of factors.
"In the area of teaching and learning, there was a $12 million increase in revenue. This comprised a rise of $6.4 million in international student fee income; additional non-award courses of $1 million from the Graduate School of Business, Professional Continuing Education and other programs; and additional teaching related grants of $3.8 million.
"In the area of research, there was an $8.2 million increase in revenue. This consisted primarily of an increase of $3.8 million in national competitive grants and industry grants of $4.7 million," Professor McWha said.
Professor McWha said another contributing factor was the $6 million reduction in costs from staff reductions and other staff-related savings.