Irish universities ‘not operating on financially-sound basis’
Irish universities are not operating on a financially-sustainable basis, according to a report published today by the Higher Education Authority.
The financial review showed that Ireland’s seven universities recorded a combined surplus of €16m in the 12 months to the end of September last year.
The HEA said this surplus represented just 1.5% of the universities’ turnover of €1.1bn and such a level was not adequate to allow the institutions to maintain their academic and physical infrastructure.
The financial review was carried out against a background of a €50m cutback in government spending on the university sector in 2004.
The HEA said it raised questions about the perception that such a reduction in funding could be absorbed from the reserves available to the universities.
