UCD Income Increases, Despite Drop in State Funding
UCD has released its financial statements for the 2015/2016 year. The statements reveal that despite a decrease of state funding, UCD experienced an increased overall income of 3.1% in the 2015/2016 academic year. State grants for UCD decreased by 2.3% from the previous academic year, dropping from over €63 million to €61.95 million. UCD received almost €3 million less than the previous year in the form of research grants and contracts. Despite these reductions and an increase inexpenditure, the university saw a larger overall income.A growth in income from academic fees is partly the cause, bringing in over €12 million more than in 2014/2015. These figures come from recently released financial statements for the year ending September 2016.The highest income of any single UCD staff member for the year was between €320,001 and €330,000, but does not appear to have been paid to the president. “The salary paid to the President, Professor Andrew J. Deeks, for the year ended 30 September 2016 was €185,350 per annum.” It is not stated in the statements whether or not these wages include his rent for the year. The second highest wages for one person was between €240,001 and €250,000, while UCD paid 355 staff members between €70,001 and €80,000. 1264 of UCD’s 4906 staff members earned €60,000 or more in 2015/2016. This was a slight increase from a figure of 1225 earning the same amount in the previous academic year.From 2015 to 2016 UCD increased its rental income from campus residences by just over €2 million to €22.3 million. This news comes a few months after the announcement that Residential Assistants will no longer receive free accommodation.Other avenues of income include medical testing, where UCD saw a profit of €16.8 million, up almost €2 million from the previous year.The statements also reveal the percentage interest UCD has in multiple “subsidiary, associate undertakings and joint ventures” which include UCD O’Reilly Hall Ltd, UCD Nova Ltd, and UCD Campus Sport and Leisure limited, among other ventures. UCD has a 49% interest in Belfield Emergency Veterinary Hospital Ltd, and no transactions were made between the two bodies in 2015/2016. UCD has a 50% interest in Penang Medical College which is situated in Penang, Malaysia. The other half is owned by RCSI.The statements, which do not cover the finances of the Students’ Union or the UCD Foundation, also outlined the attendance of Governing Authority Meetings. Students’ Union Postgraduate officer at the time Hazel Beattie, attended just half of the meetings she was supposed to attend. Those described as elected by “UCD Graduates of NUI” attended half or fewer of their meetings and the Lord Mayor of Dublin was to attend 6 meetings but attended none of them.UCD’s income and expenditure is of particular interest at this time when many universities have been criticised by the Dáil’s Public Accounts Committee for their use of state funds. The Irish Federation of University Teachers has responded to a report by the committee by calling for “full transparency in spending by universities.” The UCD financial statements for 2015/2016 can be found in full here.