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Statement of Financial Position – Mona Campus For the third consecutive financial year, the Mona Campus increased current assets by J$1.09B or 12% to $9.1B, due mainly to increases in cash and cash equivalents and inventories partially offset by a small decline in investments. Current Liabilities increased by J$342M or 3% to J$12.3B due mainly to an increase year over year (YoY) in deferred tuition income offset by a decline in accounts payable and accruals, as the Campus focused on payment of overdue creditors and adhered to the extended payment arrangements with trade vendors. It should be noted that the above changes allowed the Mona Campus to reduce its net current liability position by J$751M or 23%. Long term assets such as property, plant, and equipment, declined by J$622M to J$13B due mainly to the annual depreciation charges and reduced capital investments.
Statement of Comprehensive Income (Profit or Loss Statement) Mona Campus The primary source of Income of J$18.8B for the Mona Campus, continues to be annual contributions from the Governments of the West Indies. Proportional representation of main drivers of income are as follows: i) Contributions from the Governments of the West Indies (41%) ii) University Grant programme tuition fees net of tuition discounts (12%) iii) Project funds from governments, international agencies and private donors (6%) iv) Other projects (including fees from self-financed programmes, investment income, contributions from Centre) (33%) v) Commercial Operations and property related income (7%) Year over year (YoY) income grew by 4% due mainly to additional one-off contributions from the Government of Jamaica in 2022.
Rebuilding Foundations for Financial Sustainability
O INTRODUCTION
ur Agility and flexibility were fully demonstrated under the period which this Report covers. Pivoting entered the everyday vocabulary as the Campus lived agility as part of the Strategic Plan because, despite plans, there were unforeseen changes that cropped up
from one day to the next, one month to the other.
Mona Campus FY 2022 Income by Source
7.1 FINANCIAL REPORT 2021-2022 Overview T he financial year ending July 2022, was one of change as the Mona Campus began to see a lessening of the effects of the COVID-19 pandemic, and began to work at reinstating a new operating normal in delivering its academic and commercial services. The Mona Campus used this financial year to continue to adjust core operations and grasp new opportunities that emerged from stakeholder engagements. The Campus worked assiduously to meet the ‘Triple A’ targets associated with The UWI Strategic Plan 2017 – 2022, as this Plan came to an end. Efforts were therefore aimed at reducing costs by 10% and identifying commercial activities to be enhanced or removed. These measures allowed the Mona Campus to close 2022 with a smaller loss of J$287M than the 2021 operational loss of J$1.3B, and a surplus after re-measurement of employee benefit reserves of $1.475B.
Despite the unhealthy financial circumstances of the Campus, and the further losses incurred as many of the services and income earning capacity within the Campus had closed down, there was never a fear from the staff that they would be fired or laid off. Moved by the dire need to contribute, members of the Campus population responded instead by figuring out creative and valuable ways in which the Campus could save money or earn money. Some of these ideas involved using the Campus infrastructure to generate incomes, such as rentals of unused areas, and providing identified services for the public or for companies. The result was a change in the Campus’ mindset on how to make the best use of the capital that the Campus possesses, both its human resources and the plant. Most importantly it brought the Campus community together in the unified goal of staying above water and making ends meet, a lesson in the strength of the collective as a tool of survival, a message that will have long ranging consequences for future financial planning.
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