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BreakingNews.ie
13-06-2025
- Business
- BreakingNews.ie
Former UL President received over €215k in last 11 months in role
A former President of the University of Limerick (UL), Prof Kerstin Mey, received a salary of €215,663 in her final 11 months in the role. This is revealed in the newly released 2024 annual report for UL which shows that UL recorded a surplus of €12.44 million last year after a combined €8.2 million impairment cost from two controversial property purchases contributed to UL recording a loss of €799,000 in 2023. Advertisement As UL President since 2020, Prof Mey presided over the controversies from the 2019 purchase of a Dunnes Stores site in Limerick city centre and the 2023 purchase of 20 houses for student accommodation at Drominbeg Square, Rhebogue. UL recorded a €3 million impairment on the Dunnes Stores site purchase and a €5.2 million impairment for the Rhebogue purchase. Now, in UL's 2024 annual report, it records how Prof Mey went on leave from her role as President on March 27th, 2024, 'and following a mediation process in June 2024 she resigned as President effective 31 August 2024'. The report states that during the reporting period up to the end of August 2024 - - 11 months - her salary was €215,663. Advertisement The overdue 2023 annual report separately confirms that Prof Mey was paid €225,559 in 2023. At a UL appearance before the Dáil Public Accounts Committee (PAC) last October, UL Chancellor, Prof Brigid Laffan told members that Prof Mey was being paid €175,000 per year while on sabbatical from her new role as a professor of visual culture at the college. Prof Laffan told them Prof May had lost the confidence of UL's management after the university overpaid on a €12.58 million deal to buy 20 houses, and it was in the college's best interest to come to an arrangement which would enable it to appoint a new president and move on from the controversy. Prof Brigid Laffan told the PAC that Prof Mey received no severance payments after stepping down as president. Prof Mey was initially appointed as interim UL President in September 2020 and was appointed to the role for 10 years in October 2021. Advertisement The 2024 surplus of €12.44 million followed UL revenues increasing by eight per cent from €364 million to €392.5 million as academic fee income increased from €126 million to €133 million and State grants rose from €80.98 million to €94.48 million. UL's total expenditure increased from €365.67 million to €380.67 million as staff costs rose from €205.8 million to €223.17 million. In her report UL Chancellor, Brigid Laffan states that UL's success has unfortunately 'tended to obscure shortcomings in its governance and internal workings which have become increasingly apparent and problematic in recent years' Prof Laffan said that 'it is clear that UL must transform once again, but this time from the inside'. Advertisement Prof Laffan said that an implementation/recovery plan has been approved by the Governing Authority and endorsed by the Higher Education Authority, and is a very welcome first step in doing that'. Prof Laffan added that 'it is in everyone's interest that UL is properly run, and I think we are seeing encouraging signs that it will be in the future. She added: 'I am confident that both the Governing Authority and Executive Committee are committed to doing what is necessary, and we will devote ourselves to ensuring this plan is fully implemented so that UL develops a strong system of governance, high performance and accountability.' The report discloses that UL's spend last year on Investigations and Mediation under Policies & Procedures - Workplace Dignity & Respect, Grievance and Acceptable Behaviours in the Workplace and Protected Disclosures totalled €97,402 that included €67,760 spent on investigations. Advertisement The overall €97,402 spend followed a spend of €75,695 on investigations and mediation in 2023. Numbers earning over €100,000 at UL last year increased from 356 to 391 in line with national pay agreement increases and recruitment. Total numbers employed increased from 2,771 to 2,818. A number of the top earners would be teaching medics and the top earner in the 12 months to the end of September 2024 earned between €330,000 to €340,000. In his own report, Acting UL President, Professor Shane Kilcommins stated that 'it is heartening to see the positive financial results for the year, demonstrating that despite it being a very challenging time for UL - as we work through the fallout from the Rhebogue transaction and the Honan's Quay acquisition – the University of Limerick financial performance is strong and is prudently managed'. Prof Kilcommins states that 'we want to put the failings of UL's recent acquisitions behind us, but to do this we will have to implement a programme of organisational transformation, to regain institutional grip and to rebuild trust and confidence in University of Limerick's ability to manage its own affairs.' Chief Financial & Performance Officer, John Field stated that 'the financial year 2023-24 shows an overall surplus, driven by strong revenue increase and inflationary pressure on pay and non-pay combined'. Ireland Helen McEntee says mobile phone pouch scheme will... Read More Mr Field said that the University cash and balance sheet positions remain strong despite the small fall in overall cash balances. He said that the University's long-term forecasts show a continued healthy liquidity position. total reserves amounted to €286 million. He said that there are still a number of risks and uncertainties including the threat to cyber security and the impact of the cost of living and accommodation crisis on student enrolment and retention. Last year, UL's income from its residences rose from €22.2 million to €23.4 million.
Irish Times
13-06-2025
- Business
- Irish Times
UL returns €12.4m surplus a year after soured property deals drag it into the red
Accounts for the University of Limerick for the past two years, filed recently, show that an €8.3 million impairment dragged it to a loss in 2023 but that it bounced back last year with a surplus of €12.4 million. That compares with a surplus of €10.8 million in 2022 before the university found itself mired in crisis. UL has been at the centre of controversy following losses incurred by overpaying for student homes and a Dunnes Stores stores site in Limerick city centre. The subsequent fallout prompted the resignation of its president, Prof Kerstin Mey, at the end of August, having been on leave from her post for the previous five months. The university's annual report notes that Prof Mey was paid a salary of €215,663 during the 11 months of the financial year that she was in office. Prof Shane Kilcommins, who stepped in as acting president of the university in April last year was paid a salary of €110,117 over the five months from that point to the end of the financial year. READ MORE The figures are the first since the controversy first broke. The financial accounts for both September 2023 and September 2024 financial periods were signed off in March 2025, due to 'delays finalising the audit' for its 2023 accounts. Despite being appointed in November 2023, following the conclusion of the university's financial year, the Chancellor of UL, Prof Brigid Laffan, said it was 'necessary' to comment on the accounts due to the 'unprecedented requirement for the University to include two impairment charges in the Financial Statements'. 'The necessity for both impairments arose as the University acquired properties for a price now determined to be greater than the recoverable value of those properties,' she said. Prof Laffan said the impairments 'had the effect of turning a healthy surplus for the period into an overall deficit of €0.7 million'. She said that the 'overall financial sustainability' of UL will not be 'materially impacted' by incurring the impairment charges but said the policy, controls and risk management failures have to be addressed. The Comptroller & Auditor General's report, which was included in the financial statement, said the university paid 'significantly over the open market value' in the two controversial transaction. It also confirms that UL reported 'certain concerns related to the student accommodation transaction to An Garda Síochána.' Prof Shane Kilcommins said the UL community had been 'justifiably shocked' by the situation. 'There is sadness, and anger too, at the damage that the Rhebogue controversy has done to the university's reputation. UL has been in the media for the wrong reasons,' he said. The university and its subsidiaries incurred a surplus of €12.44 million after academic fee income reached a new peak last year at €133 million. The income stream has steadily increased in each of the past four years, with the primary source being undergraduate fees. Staff costs at the university last year rose to €223.2 million, up 8 per cent. The university recorded donations of €1.84 million in 2024 and €1.7 million in 2023. 'UL's success has tended to obscure shortcomings in its governance and internal workings which have become increasingly apparent and problematic in recent years,' Prof Laffan writes in the 2024 accounts.
RTÉ News
28-05-2025
- Business
- RTÉ News
UL Chief Commercial Officer resigns from role
The University of Limerick's Chief Commercial Officer has resigned. Staff at the university were informed in an email from Chancellor Brigid Laffan late yesterday evening that Andrew Flaherty was resigning with immediate effect. The email stated that Mr Flaherty had also resigned all directorships and offices associated with or connected to the university. Last year, the university was rocked by a scandal centred on the purchases of properties at grossly inflated prices. In relation to the purchase of 20 houses intended for student accommodation the Comptroller and Auditor General (C&AG) last September found "no evidence of proper, objective appraisal of the options of the kind that should have been available to decision makers, including the Governing Authority members, when they were asked to approve the acquisition". Mr Flaherty was appointed to the role of Chief Commercial Officer in October 2020. According to the UL website, as Chief Commercial Officer he had responsibility to lead commercial operations of the university, in addition to responsibility for Buildings and Estates, Strategic support for the realisation of the Strategic Development Zone (SDZ) venture and other commercially focused projects.
