Technological University Dublin President David FitzPatrick has admitted to an accounting error leading to a misallocation of €7 million ($7.65 million) in government funds and confirmed an independent review for corrective actions.
Technological University Dublin President David FitzPatrick has admitted to an accounting error leading to a misallocation of €7 million ($7.65 million) in government funds and confirmed an independent review for corrective actions.
Technological University Dublin is grappling with a €10 million ($10.9 million) funding deficit in the face of a considerable drop in student enrolment and increasing costs, according to University President David FitzPatrick.
The student population has decreased by nearly 2,500 to about 21,750 this academic year, a decrease of almost 10 percent from the previous year, posing serious financial repercussions for the institution in the forthcoming year.
The university’s financial predicament caught the attention of the Higher Education Authority, which agreed last week to conduct an external review, expected to be concluded by mid-October. Despite the financial struggles, the institution’s immediate operations remain unaffected owing to its substantial reserves exceeding €100 million ($109.3 million).
The significant drop in enrolment has taken many by surprise, especially in a sector that’s witnessing growth. There are rising concerns about the worsening crisis if the university does not recuperate its enrolment numbers swiftly. The HEA, however, remains optimistic, anticipating a plan to address the deficit over the next few years.
Compounding the financial issues, FitzPatrick admitted to an accounting error that resulted in misallocation of approximately €7 million ($7.65 million) in government funds to the incorrect financial year. “We aspire for error-free accounts and budgets with less variability,” FitzPatrick stated in a message to the university staff. He further confirmed an agreement with the HEA for an independent review to suggest corrective actions.
FitzPatrick also disclosed that the university has been continually in touch with the HEA and the Comptroller and Auditor General about these issues and has kept them fully apprised as developments unfolded.
The Department of Higher and Further Education, upon learning about TU Dublin’s predicament, affirmed that it had been notified during the HEA’s routine financial surveillance of higher education institutions about a projected deficit at TU Dublin. The department is in talks with the HEA about the next steps.
