Covid boosts college coffers

NUI Galway reported an operating surplus of almost €19 million during the first year of the Covid-19 pandemic when its campus was closed for months.

The healthy finances reported by NUIG has prompted its student body to call for it to waive repeat exams’ fees and student levies, and to invest in mental health services.

Consolidated financial statements for NUIG for the year ended September 30 2020 show the university reported an operating surplus of €18.9 million. This was up by €16 million on the surplus generated in 2019.

The financial statement said that while Covid-19 was ‘extremely challenging’, the ‘extraordinary dedication and work ethic of its staff have mitigated against the financial impact’ of the year.

The report said a surplus of €18.9 million was a ‘commendable performance’ given that 95%  of staff and students withdrew from campus in March 2020 to study and work remotely in line with Government regulations.

It noted that core income fell by a net €4 million compared with the previous year.

“Drops in research income of €9m and a Covid-related decline in commercial and student accommodation income of some €5m were offset by increased fee income of €4m, a €3m increase in the fair value of investments, and other increases of €3m relating to Government grants and other income,” the report said.

It said that the increase in Government grants includes Covid Support grant funding from the Higher Education Authority to cover additional specific Covid-19 related costs of €2.2m.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or  HERE to get the Android Version from Google Play.