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Bermuda College: Audited Financial Statements 2013/14

24 June, 2016

Ministerial Statement by the Minister of Education, The Hon. R. Wayne Scott, MP, JP

Mr. Speaker, This morning I rise before this Honourable House to lay the 2013/14 Audited Financial Statements for the Bermuda College as stipulated by the Bermuda College Act, 1974. Honorable members may recall that in June last year I informed this House that the College and the Office of the Auditor General were working diligently to bring the audited financial statements up to date. As such, I am pleased to share that the Financial Statements for the year ending March 31st 2014 are now completed for tabling today.

Mr. Speaker, The 2013/14 audited financial statements were unqualified. Therefore, in the opinion of the Auditor General the Statements present fairly, the financial position of Bermuda College, its performance and cash flows. The 2013/14 financial statements indicate that the Bermuda College has total assets worth $28,526,826 and total liabilities of $22,794,578. Additionally, the Bermuda College has no long-term debt. Since there has been no major capital investment at Bermuda College, the capital assets continue to depreciate. However, cash and cash equivalents increased by 11% in 2014 to $3,479,547.

Mr. Speaker, The deferred revenue for the Bermuda College increased by 75% as a result of the large number of students who pre-registered for summer and fall classes prior to March 31st, 2014. However, commencing this year 2016, the College opened registration for both the summer and fall terms on April 1st, to decrease the deferred revenue amount. During the year, the revenue earned from student fees decreased 14% to $2,721,503; and overall revenue decreased by 3% to $23,376,153. Similarly, expenses for the College also decreased by 3% to $23,846,118. As a result, the College ended the year with a surplus of $345,952.

Mr. Speaker, Last year the Department of Internal Audit at the request of the Bermuda College undertook and completed a full internal audit review of its operational processes which led to improvements in its core functions. Additionally, due to the collaborative efforts of the Bermuda College and the Office of the Auditor General in completing the financial statements the College remains compliant with the financial standards set by its accreditors, the New England Association of Schools and Colleges, Inc.

Mr. Speaker, Let me share that the 2006 to 2009 financial statements for the Bermuda College were laid in this House back in July 2014; the 2010 to 2012 financial statements were laid in June last year; and today we have the 2013/14 statements. Well done to the team at the Bermuda College for the focused attention they have given to get this done over the last three years. The 2014/15 audit package is now with the Office of the Auditor General and the College is currently preparing the audit package for the period ending March 31st, 2016. Upon completion of the 2016 audit, the Bermuda College will be current with all annual audits.

Mr. Speaker, In closing, I thank the faculty and staff at the Bermuda College under the leadership of President, Dr. Duranda Greene, for their support and continued commitment to deliver quality tertiary education with excellence to the broad community.

Thank you, Mr. Speaker