The number of staff at University College Cork (UCC) earning more than €100,000 rose by 26 per cent last year to 644, due to national pay increases and new hires, reports Breaking News.
According to UCC’s new 2024 annual accounts, staff costs climbed by 8 per cent to €326 million. However, the university’s financial turnaround was aided by its cost-cutting initiative, Project Alpha.
The accounts show UCC posted a surplus of €6.77 million for the 12 months ending last September, a major improvement from the €8.57 million deficit the year before – a swing of €15.3 million, reports Breaking News.
Revenue from student accommodation played a key role, rising by 26 per cent to €12.8 million.
Total income for the year jumped by €50.77 million or 10 per cent, from €475.43 million to €526.2 million. Meanwhile, costs increased by €39.27 million or 8 per cent, from €487.82 million to €527 million.
The higher expenditure came alongside a rise in staff numbers, which grew by 160 from 3,521 to 3,681, reports Breaking News.
Following the €8.57 million loss in 2023, the university launched Project Alpha, a wide-ranging cost-cutting strategy.
In his report, UCC President Prof John O’Halloran said: “2024 was a challenging but successful year financially for UCC,” reports Breaking News.
He described the four key areas of Project Alpha as: cutting non-payroll discretionary spending; controlling payroll growth; increasing revenue from tuition and operations; and raising the financial contribution of UCC’s subsidiaries.
He said: “Throughout the period of the deficit reduction plan, the University prioritised maintaining the quality of the student experience, and teaching and learning,” reports Breaking News.
Prof O’Halloran added: “Following a successful deficit reduction plan, the University is confident of its ability to deliver strong financial results, strengthen our infrastructure and resource base, and ultimately deliver on our strategic plan.”
He credited the surplus to several factors: an increase of €12.3 million in State Grants related to Government Pay Awards; an €8 million rise in academic fee income from student growth; a €10.2 million increase in other operating income; €1.6 million more in interest income due to better treasury management; and a €2.2 million drop in other operating expenses – the latter three outcomes tied to Project Alpha, reports Breaking News.
Prof O’Halloran earned a salary of €236,114 during the year, not including employer PRSI or pension contributions. This was up from €226,300 the previous year.
The accounts reveal that 10 staff members earned more than €300,000, with another 10 earning between €250,000 and €300,000 – most of whom were likely medical consultants involved in teaching.
There were 644 employees earning over €100,000 last year, up from 509 the year before, reports Breaking News.
The University Management Team (UMT), which includes senior figures like the President, Deputy President & Registrar, Secretary, Bursar, and college heads, received total pay of €2.3 million – an increase from €2 million the year prior.
The accounts also show that staff costs as a share of total income fell from 63% to 61% in 2024, reports Breaking News.
Earlier this month, UCC confirmed the sale of the Irish Management Institute (IMI) to the Kilcullen Business Post Group (K-BPG).
In 2024, the IMI generated €10.98 million in income, compared to €11.13 million in 2023, reports Breaking News.
A note in the accounts explains UCC’s decision to upgrade dental teaching facilities at Cork University Hospital, instead of building a new dental hospital at Curraheen.
It notes that the €2.1 million spent on the Curraheen project was written off as of 30 September 2024 and removed from the university’s fixed asset register.
The surplus also factors in €23.99 million in non-cash depreciation. UCC’s cash reserves stood at €122 million at the end of September 2024, reports Breaking News.
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