College in the black by $450,000 despite fall in revenue
Auditors have given the Bermuda College a passing grade for balancing its books in the last year.
Although revenues were down by more than $1 million for the fiscal year up to March, 2022, the college still managed to remain in the black to the tune of nearly $450,000.
Presenting the college’s latest audited financial statements in the House of Assembly in the House on Friday, Diallo Rabain, the Minister of Education, said the college had no long-term debt and that capital assets had increased during the year.
According to Mr Rabain, Government funding was cut by $523,303 to $15,382,697, while other revenues dropped by $537,289 – almost 10 per cent.
But savings of $491,010 were also made, resulting in excess revenues over expenses of $448,722 for the year.
Mr Rabain added: “The financial statements indicate that Bermuda College had assets worth $22,701,209, up from $22,642,466 in 2021, and total liabilities of $16,936,559 – a decrease from $17,326,538 in 2021.
“It should be noted that Bermuda College currently has no long-term debt. Cash and cash equivalents for the period increased by 17.7 per cent to $4,483,584.
The total accounts receivable increased by 39 per cent to $1,575,459, and the account payable decreased by 1.9 per cent and stood at $2,839,302 at the end of the 2022 fiscal year.”
Capital assets increased marginally from $14,909,119 in 2021 to $15,131,282, although the minister pointed out that that figure is expected to increase when other upgrades are taken into account.
Mr Rabain said the college can now appoint its own auditor under legislation passed earlier this year.
“The Bermuda College was pleased to report to its accrediting body, the New English Commission of Higher Education, that it will be able to meet the new accreditation standards introduced in 2021.
“The amendment allows Bermuda College to demonstrate to NECHE that it has autonomy over its programmes and operations, including its ability to ensure that the audit of its financial statements is completed in a timely manner.
“I am pleased to note that the College produced its 2021 audit package on schedule and received an unqualified opinion.
“Bermuda College has maintained the timely completion of its audits and remains current with the production of its financial statements.”