UCC loses €11.2 million in 2023

€11.2 million represents 2.4% of UCC’s income.
Professor O’Halloran blamed rising costs for the deficit saying that strong income growth of 5% had been offset by costs that had risen by 8%
 
€11.2 million represents 2.4% of UCC’s income.
Professor O’Halloran blamed rising costs for the deficit saying that strong income growth of 5% had been offset by costs that had risen by 8%
11.3M Euro hole in their accounts is still a major cause of concern. Someone signed off on their annual accounts. I understand their former bursar has recently retired.
 
UCC have always been a bit mental with their spending. Any property that came up for sale anywhere near the college was hoovered up. FFS look at the old TSB on Lapp's Quay. That must have cost an absolute fortune. As well as that I'd say the maintenance of some of these old buildings must cost a fortune. ( Iron Throat, Sunday's Well convent,and the old PBS etc.etc.). Hope it gets fixed ASAP. UCC is a great asset to the city and a fantastic place to study.
 
UCC have always been a bit mental with their spending. Any property that came up for sale anywhere near the college was hoovered up. FFS look at the old TSB on Lapp's Quay. That must have cost an absolute fortune. As well as that I'd say the maintenance of some of these old buildings must cost a fortune. ( Iron Throat, Sunday's Well convent,and the old PBS etc.etc.). Hope it gets fixed ASAP. UCC is a great asset to the city and a fantastic place to study.
Large property portfolio certainly, with plans for even more including Brooks Haughton on South Terrace I think. But not sure that’s where the 11.2M went “missing”
 
Large property portfolio certainly, with plans for even more including Brooks Haughton on South Terrace I think. But not sure that’s where the 11.2M went “missing”
It's the obvious deep hole that I can think of. Pet and Ego projects by departments that may not be needed if more efficient use was made of space already acquired by the college. Maybe I'm completely off the mark and it's poor foreign investments of some sort.
Either way it doesn't look well for a 3rd. level seat of learning as it looks like they don't practice what they preach.
 
It's the obvious deep hole that I can think of. Pet and Ego projects by departments that may not be needed if more efficient use was made of space already acquired by the college. Maybe I'm completely off the mark and it's poor foreign investments of some sort.
Either way it doesn't look well for a 3rd. level seat of learning as it looks like they don't practice what they preach.

Could be wrong and no doubt there'll be more information emerge in the coming weeks and months, but I don't think that this 11.3M was identified as an over-spend on property, of which as you say they certainly aren't short.

The good or bad value of land acquired doesn't usually appear on the books. And if they spent 11.3M on say getting another building on the Mall, it would presumably just be written in as 11.3M spent, and 11.3M more in assets.

Think there's more a whiff of sulphur off this 11.3M
 
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