Pandemic fails to damage Bermuda College finances
The global pandemic has not had a major economic effect on Bermuda College, the latest financial statements have revealed.
The statements for the college said auditors had “not observed any material impact on its operations or financial position” as a result of Covid-19.
The college’s books for the financial year to March 31 showed that it had assets of $22.64m and liabilities of $17.32m with no long term debt.
Diallo Rabain, the Minister of Education, told the House of Assembly last Friday that revenue at the college dropped by $577,704, from $22.2 million to $21.6 million over the period.
But expenses at the college fell by just over $2 million, from $22.6m to $20.6m – an excess revenue of $1.01m.
The college’s $15.9m Government grant was unchanged.
Mr Rabain said that building work was carried out at the Paget campus this year.
Work included construction of a Career Development Centre and upgrades to the IT network, but the improvement started after the period covered in the statements.
Mr Rabain added: “With the establishment of the Bermuda College Foundation, it is expected that there will be ongoing capital investments in the infrastructure.”
The minister also highlighted the Government’s additional $300,000 grant to assist students who could not afford to attend college without help.
Mr Rabain said: “This semester, 78 students received financial assistance from the tuition grant totalling $141,855.
“Twenty-five students were enrolled in the Mount Saint Vincent University Business of Administration degree programme, 23 were enrolled in business and finance programmes, 15 were enrolled in health programmes and 15 in service programmes.”
He added that 174 recipients had graduated or earned a certificate since the grant scheme was launched in 2017.
Mr Rabain said that 65 students were enrolled at Bermuda College through the “college promise” programme, which was designed to offer free tuition to eligible public high school leavers.
He added: “This Government remains committed to supporting our Bermudian students.
“They are taking the opportunity to pursue tertiary education and are doing well in their pursuits.”
Mr Rabain promised: “The Government will continue to provide funding to ensure that no student is denied a Bermuda College education due to a lack of finances.”