According to St. Thomas University’s financial statements, the university made $14,000 last year compared to the year before when it was $140,000. Jeffrey Carleton, communications director, says in the grand scheme of things, this isn’t a significant difference because their main goal is to break even.
St. Thomas University released its financial statements for the 2011-2012 fiscal year, last week.
“We’re not budgeting to make a significant profit,” Carleton said.
If STU has 10 less undergraduate students than they expect, that’s a shortfall of $49,000.
They budgeted this year for 2,475 students but as of Oct. 1 there are only 2,376 students. That’s approximately $300,000 depending on how many are international or taking their bachelor of education versus an undergraduate degree.
The provincial government gives the university an operating grant which is paid over nine months.
“Last year was $116,000, which was a one per cent increase of the grant. It was not a significant increase but at the same time they cut in Nova Scotia by three per cent,” Carleton said.
About 75 per cent of the grant is flat, while 25 per cent is based on enrollment.
“At STU traditionally, about 45 per cent of all of our revenue in operations is the grant we receive and about 45 per cent are tuition fees,” Reg Gallant, comptroller for Financial Services said.
The financial report shows STU had $3,456,483 in bank indebtedness. This is partly because the report was finished on April 30 and the government hadn’t given STU their May payment yet. Gallant stresses the financial report is only a snapshot in time.
