An operating result 8% better than budgeted-for is Lincoln University's end-of-year financial position for 2002, as announced in its Annual Report just released.
The Lincoln University Group recorded a deficit of $2.001 million for the year against a budgeted-for deficit of $2.178 million.
"It is pleasing to be able to report a result better than the budgeted outcome by $177,000," says Vice-Chancellor Dr Frank Wood.
"And the result is even better when one-off unbudgeted adjustments, such as the $1.2 million incurred through the adoption of new financial reporting standards for the treatment of depreciation expense for buildings, are taken into account.
"There is no question that the continuing flat domestic student market, particularly in the South Island, has impacted negatively on the overall financial fortunes of Lincoln," he says.
In looking to the future Dr Wood said it was even more pleasing to be able to report that as a result of strategies, which have been introduced, Lincoln was budgeted to return a healthy surplus in 2003.
"This forecast is supported by positive recruitment outcomes already achieved in 2003."
In the Annual Report Dr Wood says that Lincoln is widely recognised for its successful diversification initiatives. This is reflected both in the range of opportunities available to the University and in the strong support it receives from its many stakeholder communities.
"Lincoln now has by far the most evenly balanced portfolio of income streams of any tertiary institution in New Zealand. Government EFTS funding makes up only 26.7% of the total University Group's income streams. At a time when changes in Government policy affecting student enrolments are imminent, when demographics are clearly influencing domestic student recruitment, and when international circumstances can quickly change market conditions, diversification provides some flexibility in managing risk."
Highlights of Lincoln University's performance in 2002 itemised in the Annual Report include -
- an increase in student EFTS of 10.3% on 2001, with student enrolments of 3912 being the highest achieved since 1998;
- entry level student EFTS s were 85% higher than those achieved in 2001;
- 86% of surveyed Lincoln University graduates "satisfied" or "very satisfied" with the quality of the teaching programme;
- research income increased 22.8% compared to 2001, to a total of $6.842 million and it is set to increase further in 2003, with the announcement that a Centre of Research Excellence (CoRE) The Centre for Advanced Bio-Protection Technologies, will be located at Lincoln University from 2003. The Centre will attract $5.7million in capital funding and $19.7million in operational funding over six years.
The academic and sporting performance of Lincoln University students also features in the Annual Report. Mentioned are the 16 Lincoln students who won New Zealand Dairy Industry Undergraduate Scholarships administered by Dexcel, the four AGMARDT scholarship winners who took half of the nationally available 2002 awards for research into aspects of the agricultural industry and the outstanding sporting successes at national and international level for Lincoln students and alumni, in men's and women's rugby, cricket and karate.
This year Lincoln will celebrate the 125 th anniversary of its founding. Reflecting on Lincoln's role in the history of New Zealand, Dr Wood's closing comments in the Report look at the value Lincoln will create for New Zealand and New Zealanders in the future.
"We want to see Lincoln recognised internationally for its standing and value to New Zealand and New Zealand's role on the world stage; a Lincoln that is sought out by other institutions; a Lincoln that is strategically supported by industry; a Lincoln that is underpinned by strong research and research-based education and supported by complementary networks of business initiatives both onshore and offshore.
"We want all students, national or international, to come to Lincoln as first choice and we want top quality school-leavers and achievers at other institutions to view Lincoln as their platform for their own career development."
For further information contact
Ian Collins, Journalist, Lincoln University, Canterbury
Tel: (03) 3252811 ext 8549.
Email: Ian Collins