Deficit of €1.2m last year for DkIT

DUnDALK Institute of Technology recently published their audited financial statements, as of Friday the 28th of July 2023 with figures showing a deficit for the year ended 31 August 2022 of €1.237 million. This compares favourably to a projected deficit of €2.408 million for the same period. The variance can be predominately attributed to an increase in income in relation to student enrolment versus that projected. The Governing Body and executive Board would like to acknowledge the work carried out across the college to achieve this positive outcome.

Current projections forecast the Institute will return to a break-even situation in 2024/25. The Institute engaged with the higher education Authority, and an independently appointed third party, when it became apparent the Institute’s financial performance had deteriorated. The Institute subsequently adopted the report of the independent party, and the 29 recommendations therein. From this report and recommendations, the Institute created a robust Sustainability Plan. In addition to oversight provided by the Finance, Audit & Risk Committee on the implementation of this plan the Institute as a whole are committed to a return to a break-even position.

In June 2022 the executive Board and Governing Body became aware of six bank accounts that were in existence across the Institute for a number of years. The cumulative balance of these accounts was €29,187. These bank accounts had been opened and operated outside of the Institute’s normal control and reporting environment. The six bank accounts were predominately opened and operated to collect contributions from students for financing a number of extra-curriculum activities. The Institute engaged a third-party audit and assurance firm to complete an independent review of the accounts. Based on the documentation reviewed the third party found no evidence to indicate that fraud or misappropriation has occurred.

The recently published financial statements also contains a severance payment, in line with the Institute’s relevant policies, as agreed with staff unions and the Department of Public expenditure and Reform. Severance payment made to a member of staff during this period was €69,393. The person received gross salary payments totalling €205,405 whilst