CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 2012
number of factors including increased Scholarships and Fee Waivers, increased Marketing spend and increased
Utilities costs.
The University also incurred significant expenses relating to the proposed merger with CQIT. The University
engaged professional services firms to provide due diligence and development of a merger agreement in addition to
employing a full time project officer. These costs were always anticipated to be recovered from the promised funding,
but at year end the merger had not proceeded.
Significant Changes in the State of Affairs
For the second year the University experienced significant decreases in international student numbers. During 2012
the University was very strict on offers made to International students to ensure that the University could stay within
the new streamlined visa processing system. This caused a significant issue in 2012 and as mentioned previously
saw a decline in net revenue to the University of $12.2 M in 2012 from international student activity. Having
implemented very strict screening in 2012 the University is aiming to stabilize international student intakes during
2013.
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ANNUAL FINANCIAL STATEMENTS
Matters Subsequent to the End of the Financial Year
There are no matters which have arisen subsequent to year end that significantly impact upon the operations of the
University as disclosed at December 2012.
Likely Developments and Expected Results of Operations
The university was invited at the end of 2012 to re-submit its Structural Adjustment Fund bid. This will progress
through the SAF Committee processes and the University expects a successful outcome and announcement of the
$74M allocation to be made in the middle of the 2013 financial year. This application includes around $50M in capital
funding for various projects and $24M for student retention and curriculum development projects to position
CQUniversity into the future as a strong regional University.
Insurance of officers
Central Queensland University indemnifies to the extent permitted by law, each Councillor, secretary, executive
officer or individuals who formerly held one of those positions, against liability incurred in, or arising out of, the
conduct of the business of the University or the discharge of the duties of the Councillor, secretary or executive
officer. The University as a general rule will support and hold harmless an employee who, while acting in good faith,
incurs personal liability to others as a result of working for the University
Central Queensland University has paid premiums totalling $ 22,817 for a “Directors and Officers Liability Insurance
& Employment Practices Liability Insurance Policy” with Zurich Australian Insurance Limited covering the insured
person which by definition under the policy shall mean any chancellor, provost, dean, risk manager, counsellor,
faculty member, volunteer, committee or council member, coach, consultant, contractor, assistant, trainer, teacher or
academic, researcher, supervisor or student and any other person for whose acts the institution is legally
responsible.
This report is made in accordance with a resolution of the members of the Council of Central Queensland University.
RC Ware
Acting Chancellor
Rockhampton
Date : / / 2013