The University of Southern Queensland injected more than $268 million into the local economy last year according to figures contained in the University’s 2012 Annual Report.
Tabled recently in State Parliament the Report marks 12 months of academic achievement and strong economic management for the University as well as giving a comprehensive review of USQ’s performance over the past year.
It is the University’s first annual report since Professor Jan Thomas commenced as Vice-Chancellor in mid-January last year.
Professor Jan Thomas said that USQ’s operating revenue had increased by 17 percent on the previous year.
“Total revenue to USQ from the Australian Government increased to $197.6 million brought about largely by student number increases and grant funding. In 2012 USQ had a total enrolment of 27 649 students.”
Professor Thomas said that compared to 2011, overall student load increased by 4.2 percent however the University’s international student load decreased by 1.3 percent mainly as a result of changing visa entry requirements and the impact of the strong Australian dollar.
“While the Report shows that USQ achieved an operating surplus of $38 million, almost $20 million of this is for one off funding received under the Federal Government’s Structural Adjustment Funding allocation for the construction of a second USQ Springfield building and for the work USQ is doing in association with TAFE Queensland on the development of alternative entry pathways, on line course delivery and articulation platforms.”
Professor Thomas said the financial stability of USQ coupled with a carefully constructed investment portfolio will allow the University to plan for continued growth in student numbers and research activity well into the future.
“By 2016 USQ anticipates that its total annual revenue will increase to more than $305 million. In order to plan for and accommodate this growth, the University has adopted a long-term plan in line with the University’s strategic goals to ensure we are developing a teaching and research profile the envy of many in the education sector,” Professor Thomas said.
The 2012 Annual Report showed that net assets owned by the University also increased last year by $46.6 million to $449.6 million with USQ having cash deposits of $89.5 million compared to $52.2 million in 2011.
“This is mostly attributable to the receipt of Commonwealth funds from the Educational Investment Fund and the Diversity and Structural Adjustment Fund, as well as the effect of the increase in student load,” Professor Thomas said.
The Vice-Chancellor said 2012 has been a year of change designed to promote growth and adapt to a rapidly expanding university sector.
“I am very proud of the University’s accomplishments during my inaugural year as Vice-Chancellor,” Professor Thomas said.
“As USQ continues to make a number of important structural and organisational changes over the coming months it is pleasing to know the University is financially secure and ably positioned to confidentially take on the challenges of a changing university sector.
“Decision making processes and the executive management structure have been streamlined and a realignment of the University’s various divisions, faculties and sections is work in progress for 2013.
“These positive and proactive steps have helped to secure the University’s future as a strong institution that is developing the next generation of leaders through education.”
The USQ 2012 Annual Report is available here.
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