Our Finances

Summary of Financial Performance

CQUniversity's Budget

The 2010 Annual Financial Statements can be viewed from within the University's 2010 Annual Report.

CQUniversity's Financial Management Practice Manual (FMPM)  

• Contractor Selection Policy
• Contractor Selection Guidelines and Procedures
• Purchasing Policy

2010

CQUniversity concluded its restructure (of Faculties and Divisions) in 2009 and the financial benefits will be seen for the first time in 2010.

The University, under the direction of the Vice-Chancellor and President, has implemented a number of revitalising strategies, including those designed to reposition it as an education provider in Central Queensland. The 2010 budget is from an operations perspective balanced, and $7 million has been set aside for repositioning activity in 2010 from the identified liquidity pool of $20 million. The overall result for the University therefore will most likely be a loss of around $7 million but it is essential that the University invest in renewing its programs and courses in order to achieve long-term sustainability.

The Federal Government is in the process of reviewing the list of eligible professions for permanent residency points. It is unknown whether this will have an impact upon the International student business but there is potential for both positive and negative impacts depending upon the final list of occupations.

2009

CQUniversity recorded a surplus for the year of $4.048 million compared to a $6.505 million surplus reported in 2008. This is a very solid result for the University and comes about due to increases in both domestic and international student numbers.

The 2009 result showed small increases in both Revenue and Expenditure. As a result of the Global Financial Crisis the University experienced a downturn in its Investment Income, Consultancies and Non-Government Grants. This however was offset by increases in both Government Grant Revenue and International Student Revenue on the back of improved student numbers.

CQUniversity recorded an increase in international full-fee paying student revenue of $8 million reversing the downward trend from the previous two years. The University now believes that the decline has been arrested and normal growth will return.

The number of courses taught at overseas delivery sites declined in 2009 in line with the University's strategy to redefine its international partnerships. The previous arrangements in New Zealand, Hong Kong and Singapore have all now come to an end. The new Melior Education partnership commenced in term 2, 2009 and 153 courses were delivered.

In 2009, the University's total expenditure increased by less than the CPI, in comparison to 2008. Employee expenses increased by $3.5 million, due mainly to the completion of Research Projects for which the funding was received in 2008. Management Fees paid to partners increased as a result of increased International Student courses. In 2008 the University recorded a loss of $9.5 million in the value of its investment in the QIC. As a result of improving financial conditions this investment has increased in value, however the $4.2 million increase in value was recovered through the University's reserves in the Balance Sheet. In 2009 the funding arrangements for Scholarships were changed and the University recorded a $5.82 million expense for the return of funds previously received. The University's liquidity improved slightly over 2008, to $104.1 from $101.4 million, which includes the improvement in the value of units in the QIC of $4.2 million.

C Management Services Pty. Ltd. (CMS)

CMS continued to operate strongly under the full control of the University. The University received a Management fee of $11 million and a dividend of $3.0 million during the year. The new college business was commenced in 2009 and showed good course numbers for the first year of operation. CMS delivered 745 courses to students in English Language, HE Diplomas or Australian Computer Society Professional Year during 2009 and has budgeted this to increase to around 2,200 courses in 2010. CMS delivered 38,262 degree courses in 2009 and has budgeted for this to increase to 42,214 in 2010. This growth underlies the strength of the business and the University's financial sustainability.