Federation University's annual report has revealed the regional university rode out the pandemic better than many other tertiary institutions despite a large drop in revenue.
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Federation University's 2020 Annual Report, which was tabled in the Victorian Parliament this week, showed a net operating surplus for the university and its subsidiaries of $3.9 million - a big drop from the 2019 surplus of $36.7 million but higher than forecasts made at the start of the COVID-19 pandemic.
Much of the drop was attributed to the loss of international students.
Across all of Federation University Australia's campuses, including Ballarat, Berwick, Gippsland, the Wimmera and Brisbane, international fee-paying student revenue fell $58.1 million to $125.2 million - a 32 per cent drop.
In 2019 the university had 10,271 international students enrolled compared to 8467 last year.
The report outlined extensive support for international students during the pandemic, including $2.44 million in grants to support more than 2000 students and establishment of a dedicated Case Management Support Team which helped about 500 students navigate and access financial and support services available during COVID-19.
"Importantly, the vast majority of existing international students continued their enrolment in online learning and more than 2400 new international students commenced their study via online delivery," the report stated.
Support also extended to domestic students included financial aid through Special Assistance Schemes, subsidised accommodation on residence, establishment of five 'Community Pantries' to distribute food, access to IT including computers and internet access, enhanced careers, engagement and development activities to increase access to employment and student emotional wellbeing, fee relief, fee deferrals, special consideration to resit exams, and no fees for repeating any failed first semester courses
Staff numbers across the university during 2020 dropped almost five per cent compared to 2019 from 1700 to 1618 with voluntary redundancy packages offered late last year.
"While 2020 was a momentous year of uncertainty and change for our university it has provided significant opportunity for us as Australia's leading regional university," said Federation University vice chancellor Professor Duncan Bentley.
"We are in a strong position to rebuild in 2021-22 and beyond, making a material contribution to access and participation, skills, education, and jobs and economic growth in the regions we serve.
"It has been a year in which our staff have shown enormous commitment and fortitude as they worked tirelessly to deliver the best possible experience for our students.
"Post-COVID we will provide education that focuses on the critical skills needed by our society and employers, with in-work experience; develop targeted, world-leading research and innovation that will continue to sustain and transform our regional communities; and engage in wide-ranging partnerships domestically and internationally."
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Prof Bentley said the university would continue to use its significant footprint in the regions to build university towns and technology parks that drive economic growth and jobs.
According to the annual report, the IBM and Federation University 25-year partnership contributed $629 million in economic value to the Victorian economy between 2018-2019 and has seen more than 300 graduates go on to work at IBM. The Western Research Institute economic impact report found Ballarat Technology Park underpinned 4435 jobs in the state, based on the same data period, and nearly 9 per cent of jobs in the Ballarat local government area.
Federation University chancellor Terry Moran welcomed the institution's financial strength despite the pandemic.
"The COVID-19 pandemic has impacted every part of our lives in Australia and has created some of the most challenging conditions ever seen for the modern university sector. Federation entered the year in a very strong financial position, putting us in an enviable position compared to many, which has allowed us to weather the storm of reduced international student numbers and a rapid and complete overhaul of the way we deliver education and services," he said.
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