CQUniversity posts $24 million loss for year ending 2022
The Rockhampton-founded university is still feeling losses from international students during the pandemic. See the financial statements and how much Vice-Chancellor and President Nick Klomp was paid for the year.
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Rockhampton-founded Central Queensland University has posted a $24.3 million loss while the Vice-Chancellor and President Professor Nicholas Klomp was paid an annual salary of up to $794,999, the latest annual report has revealed.
The financial statements and annual report for the year ending 2022 were tabled to Queensland Parliament last month, as required under the Act.
In his opening remarks of the report, Professor Klomp shared CQUni “continued its emergence from a period of rebuilding and recovery post‑pandemic” in 2022.
The university was founded in Rockhampton in 1967 as the Queensland Institute of Technology Capricornia and gained full university status in 1992.
It is now one of the largest universities across regional Australia with campuses in Adelaide, Brisbane, Bundaberg, Cairns, Emerald, Gladstone, Mackay, Melbourne, Perth, Rockhampton, Sydney and Townsville and a site in Jakarta, Indonesia, opened in 2020.
CQUni is the only dual sector university in Queensland with more than 300 education and training offerings from short courses and certificates, through to undergraduate, postgraduate and research degrees.
In 2022, a total of 30,440 were enrolled with the university, with a total of 8,709 VET (vocational education and training) students, 4,311 international students and 11,339 new students that enrolled in 2022.
It was noted in the report international student numbers increased in 2022 compared to the year before, representing a 45 per cent growth in international student tuition fees to $67.6 million, with $46.3 million in 2021.
The total revenue from VET for 2022 was $56 million, a decrease of $6.25 million compared to 2021, which is attributed to grant funding from Department of Education for the establishment and construction of the School of Mining and Manufacturing at both Rockhampton North and the Gladstone Marina campuses.
The university employed 1,791 staff, excluding casuals.
In expenditure, salary spending decreased by $4.1 million “largely attributable to a tight labour market and positions unable to be filled”.
“The university continues to grapple with the increasing costs of compliance that are being transferred to the sector,” the report stated.
Professor Klomp sustained a difference of at least $75,000 less in salary from the year before.
In 2021, he was paid $870,000 to $884,999 and in 2022, the salary was recorded as $780,000 to $794,999.
A CQUniversity spokeswoman said the difference of at least $75,000 in Professor Klomp’s pay was due to a “one-off reinstatement of benefits” in 2021 that were “held back as part of cost-savings measures implemented in 2020”.
In review, the 2022 year ended with a reported operating deficit of $24.3 million, compared to a $21.762 million deficit in 2021.
“The university is still experiencing the ongoing effects of the COVID-19 pandemic and the slow return of international students, together with challenges relating to stagnate domestic
demand for education and training in the face of full employment and rising inflation.
“The university continues to act in a fiscally responsible manner to ensure it is equipped to operate in the post-pandemic environment.
“The university is committed to seeking new growth opportunities with a focus on diversifying sustainable income streams including growing our presence in Indonesia.
“The university is dedicated to providing world-class, transformative education and research and will continue to deliver on the strategic plan by engaging in projects to help maximise the student and stakeholder experience and enhance its reputation as an innovative, future-focused university.”
KEY EXECUTIVE MANAGEMENT PERSONNEL
- Vice-Chancellor and President: Professor Nicholas Klomp
- Vice-President (Global Development Division): Alastair Dawson (11/2/22), Barbara Miller (acting) (21/2/22)
- Vice President (Academic): Professor Helen Huntly OAM
- Vice President (Student and Corporate Services): Narelle Pearse
- Vice President (Research): Professor Grant Stanley
- Chancellor: Graeme Innes AM (6/12/22), John Abott AM (6/12/22)
- Deputy Chancellor: Dr Robyn Minchinton
- President of Academic Board: Associate Professor Celeste Lawson
- Member appointed by the Governor-in-Council: Emeritus Professor Robert Castle, Peter Corones, Sandra Lawrence, Dr Rochelle Macdonald, Ian McPhee AO PSM, Robyn Minchinton, Marjad Page
- Additional members appointed by council: Benjamin Brown, Patrice Brown, Joel Buchholz, Sheila Houston, Mark Peters
- Elected member (academic staff): Professor Kate Ames, Dr Gerard Ilott
- Elected member (professional staff): Bruce Young
- Elected member (student): Gabrielle Rooney
KEY MANAGEMENT PERSONNEL DISCLOSURES:
Number indicates how many persons are paid the figure
Council members:
10: nil to $14,999
6: $15,000 to $29,999
2: $30,000 to $44,999
1: $45,000 to $59,999
1: $60,000 to $74,999
Executive and key management personnel
1: $225,000 to $239,999
1: $360,000 to $374,999
1: $390,000 to $404,999
1: $405,000 to $419,999
1: $495,000 to $509,999
1: 780,000 to $794,999
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