CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 2012number of factors including increased Scholarships and Fee Waivers, increased Marketing spend and increasedUtilities costs.The University also incurred significant expenses relating to the proposed merger with CQIT. The Universityengaged professional services firms to provide due diligence and development of a merger agreement in addition toemploying 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 AffairsFor the second year the University experienced significant decreases in international student numbers. During 2012the University was very strict on offers made to International students to ensure that the University could stay withinthe new streamlined visa processing system. This caused a significant issue in 2012 and as mentioned previouslysaw a decline in net revenue to the University of $12.2 M in 2012 from international student activity. Havingimplemented very strict screening in 2012 the University is aiming to stabilize international student intakes during2013.5ANNUAL FINANCIAL STATEMENTSMatters Subsequent to the End of the Financial YearThere are no matters which have arisen subsequent to year end that significantly impact upon the operations of theUniversity as disclosed at December 2012.Likely Developments and Expected Results of OperationsThe university was invited at the end of 2012 to re-submit its Structural Adjustment Fund bid. This will progressthrough 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 capitalfunding for various projects and $24M for student retention and curriculum development projects to positionCQUniversity into the future as a strong regional University.Insurance of officersCentral Queensland University indemnifies to the extent permitted by law, each Councillor, secretary, executiveofficer or individuals who formerly held one of those positions, against liability incurred in, or arising out of, theconduct of the business of the University or the discharge of the duties of the Councillor, secretary or executiveofficer. 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 UniversityCentral 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 insuredperson 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 oracademic, researcher, supervisor or student and any other person for whose acts the institution is legallyresponsible.This report is made in accordance with a resolution of the members of the Council of Central Queensland University.RC WareActing ChancellorRockhamptonDate : / / 2013