Lincoln University $5.3m surplus
22 February 2005
Diverse income streams deliver Lincoln University $5.3m surplus
Lincoln University increased its surplus in 2004, over 2003, on the back of a buoyant and diverse range of activities connected with its core business of teaching and research.
A surplus of $5.3 million for 2004 has been announced today (22 Feb.) by Vice-Chancellor Professor Roger Field.
The operating surplus is in line with the University’s target for 2004 but is enhanced by a particularly successful 2004, he says.
The University is required to secure a strong financial position to support future growth and innovation. The University is embarking on initiatives to support staff and students and to meet a number of national goals.
Lincoln University Council, meeting today for the first time this year, recognised that the University’s financial performance in 2004 was a “significant achievement” and one that had to be seen in the terms of sustained future opportunity, allowing the University to respond to business conditions which continue to change.
A revenue increase of $10.8 million over the previous year to $82.4 million led to improvement across core business performance and a significant increase in the surplus was achieved. Major contributions to this came from international tuition fees increasing by $4.2 million and research contracts increasing $3.1 million.
“The University’s surplus for 2004 is particularly notable insofar as it was achieved in an environment of increased operating costs, particularly related to compliance costs, and personnel expenditure,” says the Vice-Chancellor.
“As I said at the time of announcing last year’s favourable financial situation, when the surplus is looked at alongside a strong asset base, virtually no debt, no significant credit risks and a strong cash flow, it must be concluded that Lincoln University is in a sound financial position,” said Professor Field.