UCD sees revenues grow with record year for research grants

UCD has reported an increase in its annual surplus to €35.2 million for the financial year ending in September 2018 – up €3.1 million over the previous 12-month period.

The university reported a successful financial year against a background of concern about funding for third-level education in the Republic.

The latest accounts show a 6 per cent rise in income for UCD to €587.1 million – an annual increase of €33.4 million.

The growth in revenue was driven by increases in both academic fees, which were up €11.3 million to €230.8 million compared to the previous 12-month period and State grants which were up €6.7 million to €68.7 million.

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UCD president Andrew Deeks said it was also the college's most successful year ever for research grants which were up more than 25 per cent to €122.4 million and €5.5 million more than the previous record amount in a single year.

Total expenditure also rose by 5.8 per cent to €552.1 million.

UCD’s consolidated accounts do not include the financial statements of the UCD Foundation, an independent charity that seeks to raise funds for the university through alumni, donors and friends.

The college’s bank and cash balances increased by 4.2 per cent to €139.5 million, while its borrowings were reduced by 6.4 per cent to €62.9 million.

Overseas

Prof Deeks said the university's Global Engagement Strategy had received significant support during 2018 including the opening of a new Global Centre in Dubai, which brought the total number of centres supporting UCD's engagement overseas to five.

International student numbers rose to 7,923 in 2018, representing over a quarter of all students enrolled at UCD campuses.

The accounts show capital expenditure by UCD in the year to September 2018 totalled €38.3 million, which included work on the college’s residential masterplan which aims to provide student residences to a population of 6,000 with the first phase due to provide 924 beds for the start of the 2020/21 academic year.

UCD also incorporated a new subsidiary, UCD English Language Academy Company, in May 2018 involved in the provision of English language tuition.

Expenditure

The accounts revealed that UCD incurred expenditure totalling €3.9 million on contracts with 50 suppliers during 2018 that did not comply with national or EU procurement rules.

UCD said it was aiming to achieve full compliance with public sector procurement requirements within three years.

The accounts also show Prof Deeks received a salary of €194,175 for the 12-months to the end of September 2018, while 10 staff at UCD are on annual salaries in excess of €200,000.