5 days ago
UCD earned €42.8m from on-campus student accommodation last year
UCD
netted €42.83 million from its on-campus student accommodation blocks, the largest such income across
higher education
institutions in the country.
While down slightly from the €43.98 million revenue the university made in 2023, the accommodation income helped the university record a €34.5 million surplus for the year ending September 30th, 2024.
The university's total revenue reached €848.4 million in 2024, a 12 per cent increase on the previous year. The institution credited the growth to increased research income which grew €16.1 million to €130.3 million and 'a very welcome increase' in government support under the Funding the Future scheme of €21.2 million to €124.7 million.
A rise in student numbers led to student fee income rising by €9.8 million, to €301.4 million, a continuation of the trend which has seen student numbers increase by 30 per cent over the past 12 years.
READ MORE
[
Trinity College records €50.2m surplus as investment re-evaluation boosts bottom line
Opens in new window
]
Increasing 12.6 per cent, UCD's total expenditure hit €813.8 million, driven by a €45.1 million rise in staff costs due to a recruitment drive. Increased operating costs, which 'reflects an increase in costs associated with digital transformation, research expenditure and training and development' also drove the increase.
UCD's borrowings increased to €454.6 million, as a result of drawing down on a €350 million term loan facility from the European Investment Bank to support the development of capital projects such as the construction of its new Centre for Future Learning and a more than
€87 million development of its sports facilities
. Consequently, its bank and cash balances reached nearly half a billion, €481.9 million.
Following an assessment, UCD found that €1.46 million in expenditure was not compliant with public-sector procurement regulations during the financial year.
The university paid a total of €21.56 million on external consultancy and advisory fees for the financial year, largely driven by work on capital projects and transformation costs. A further €217,443 was paid out by the university on legal settlements.
UCD made €23.56 million from medical testing, a slight decrease from the prior year, in which it recorded revenues of €23.94 million.
According to the accounts, the college's best-paid employee is not the university president Orla Feely on a salary of €238,993: a further employee receives a salary of between €340,001 and €350,000. UCD has total staff costs of €455.9 million across its 6,139 employees. More than 200 employees are paid a salary in excess of €150,000.
