Annual report confirms University's strong position
The University of Newcastle's 2010 Annual Report, including its financial statements, has been tabled in NSW State Parliament by the NSW Minister for Education and Training.
The financial statements report a surplus of $31.7 million for 2010, which includes almost $12 million in Commonwealth funding for research and capital works to be spent in future years.
The University's revenue increased 9.1 per cent in 2010, primarily as a result of additional Commonwealth supported places and fee paying international students, and strong investment returns. Its total assets increased by $88 million over the previous year now reaching $1.3 billion in total, and operating activities generated cash of $106 million compared to $79 million in 2009.
Also this week, the Auditor-General reported the University of Newcastle was one of only two universities in NSW to meet all four Australian Government financial benchmarks assessing liquidity, diversity of revenue, employee benefits and operating results in 2010. Earlier this year, the University achieved a strong credit rating of Aa2 from international rating agency Moody’s Investors Service.
Vice-Chancellor, Professor Nick Saunders, said the strong results in 2010 reflected the University’s significant efforts in recent years to consolidate its financial foundations.
“The 2010 financial results continue to build a solid foundation for the University’s future investment in improving and enhancing our facilities, infrastructure and services.
“Supporting our solid financial position are achievements across all areas of the University.”
The University’s achievements in 2010 included:
• The University established the Newcastle Institute for Energy and Resources (NIER), with support of $30 million from the Australian Government
• National Health and Medical Research Council funding was granted for a record number of projects and the University received its highest funding allocation from the Australian Research Council
• 80 per cent of staff reported strong job satisfaction in the staff survey
• Three University of Newcastle academics were recognised by the prestigious Australian Awards for University Teaching.
“We are in a prime position to make the most of the opportunities that lie ahead,” Professor Saunders said.
For interviews: University of Newcastle Chief Financial Officer Craig Wallis through Carmen Swadling, Media and Public Relations Officer, on 02 4985 4276 or 0428 038477.