Bermuda College Revenue, Enrollment Increases

November 22, 2015

The 2013 financial statements show that the revenue earned from student fees at the Bermuda College increased by 22.5% to $3,166,014 and the College ended the year with a surplus of revenue of $132,881 compared to a loss of $111,880 in 2012, Minister of Education Wayne Scott said in the House of Assembly.

“The 2013 audited statements were unqualified and as such, in the opinion of the Auditor General, the statements present fairly, in all material respects, the financial position of Bermuda College, its performance and cash flows,” the Minister said.

“The financial statements indicate that the Bermuda College has total assets worth $29,189,454 and total liabilities of $3,855,592. Additionally, the Bermuda College has no long-term debt.”

“The number of full-time students enrolled for the Fall 2014 semester increased by 11.7 percent while the retention rate advanced 12 percent to 63 percent.”

Minister Scott also highlighted various initiatives at the College, including their 40th anniversary celebrations, the high school dual enrollment initiative, the “Streetwise MBA™” programme, their re-accreditation, a new programme in Major Appliance Service and Repair, the Professional and Career Education [PACE] Division workshops and more.

The Minister’s full statement follows below:

Mr. Speaker,

This morning I rise before this Honourable House to lay the 2015 Annual Report and the 2013 Audited Financial Statements for the Bermuda College as stipulated by the Bermuda College Act, 1974.

Mr. Speaker,

Let me first discuss the Bermuda College 2015 Annual Report which highlights the operational activities, goals and objectives that were achieved by the Bermuda College during the past year as the College celebrated 40 years of setting Bermuda’s students on the paths to success, with the theme “Forty Years and Forging Forward”.

Mr. Speaker,

You may recall that the year-long celebration commenced with a tree planting ceremony at the Robert’s Avenue Devonshire old Bermuda College Campus site followed by an alumnus and friends walk to the current Stonington Paget College Campus. Other public events included a: brick-laying ceremony; stimulating lecture by Honorary Fellow, Dr. David Saul on the eventful history of the College; Seventies Dance; Winter Wonderland display; golf tournament; tag days; and the historic publishing of Bermuda’s first peer-reviewed Bermuda College journal for educators: ‘Voices in Education’.

Mr. Speaker,

For the first time, Bermuda College accepted students from our public high schools as full-time Bermuda College students under the Dual Enrolment initiative. These students are now positioned to earn college course credits prior to graduating from high school. The pilot programme saw ten students from both public high schools enroll on a full-time basis, while 35 students enrolled in either one or two college-level courses. The College also engaged its first cohort of public high school students in the Certificate for Nursing Assistant programme.

Mr. Speaker,

The number of full-time students enrolled for the Fall 2014 semester increased by 11.7 percent while the retention rate advanced 12 percent to 63 percent. It should be noted that the national average retention rate in the United States for two-year public institutions is 59%. The Academic Resource Centre recorded a 16 percent decrease in those students who needed to take a developmental math course – 52 percent compared to 68 percent the previous year; and, a 7 percent increase in the percentage of students who placed directly into Freshman English.

Mr. Speaker,

The Bermuda College partnered with the renowned Boston-based “Streetwise MBA™” programme in January with a local cohort of 19 small business owners and entrepreneurs. The programme attracted interest from a diverse group of businesses and was 95 percent underwritten by local corporate partners and organisations including HSBC, the Bank of Bermuda Foundation, the Bermuda Economic Development Corporation and Atlantic Philanthropies, Bermuda, Ltd.

Mr. Speaker,

In February, a training initiative to provide Bermudians opportunities in the field of financial services compliance was unveiled by the Hon. Premier and the Minister of Economic Development in conjunction with the Bermuda College and the Regulatory Compliance Association [RCA], to support the continued growth of intellectual capital on the Island. Also, locally-based ACCA accounting professionals partnered with the Bermuda College to sponsor Berkeley Institute students who were interested in earning accounting certificates. Students spent additional time outside of regular school class time to participate. We are very much pleased to report that three students successfully passed the requirements for the ACCA Beginner’s Certificate in Accounting in Finance exams.

Mr. Speaker,

In March the Bermuda College hosted members of the New England Association of Schools and Colleges [NEASC] for a final site visit before their report and recommendation to the Commission on Institutes of Higher Education [CIHE] for re-accreditation. This all-important visit culminated many hours of hard work by the Bermuda College NEASC Steering Committee co-chaired by faculty members Ms. Lynette Woods and Dr. Dwayne Thompson.

During the academic year, the College moved closer to completion of mid-term goals and objectives as outlined in its Strategic Plan. There was marked success in both full-time and dual enrolment of students. The financial audits were completed up to the year 2012; and, preparations were undertaken for the technological debut of a new campus-wide student information system. Additionally, Departments and Divisions at the Bermuda College successfully positioned students to take advantage of many opportunities for academic growth and achievement.

Mr. Speaker,

The Division of Applied Science & Technology was merged with the Division of Business Administration and Hospitality to become the Division of Business, Hospitality and Technical Education. A new programme in Major Appliance Service and Repair was created in partnership with Bermuda Gas and was immediately oversubscribed, resulting in the addition of a second cohort of the class which was held on weekends.

Additionally, the Professional and Career Education [PACE] Division continued to play a critical role in the community for non-traditional students desirous of realising professional and career goals. The Division offered its first workshop series in Supply Chain Management for persons seeking expertise in monitoring the efficiency of their relationships with Suppliers. The first workshop was heavily oversubscribed.

Mr. Speaker,

In charting its future course of action, the Bermuda College will continue the steady implementation of its Strategic Plan and the undertaking of its mid-term strategic goals; some of which include: completion of the International Candidacy Presentation for the Nursing Programme and preparation for the accreditation site visit by the Accreditation Commission for Education in Nursing [ACEN]; continuing the implementation of action items in the five-year Academic Plan and the Success and Retention Plan; and, completion of the conversion and implementation of the new IT systems.

Mr. Speaker,

I will now speak to the 2013 Audited Financial Statements for the Bermuda College. At April 1, 2012, the Bermuda College adopted the requirements of the new accounting framework Public Sector Accounting Standards [PSAB] for government not-for-profit organizations [GNFPOs]. As a result, the audited financial statements ending March 31, 2013, are the first set of financial statements prepared using these new standards.

Mr. Speaker,

The 2013 audited statements were unqualified and as such, in the opinion of the Auditor General, the statements present fairly, in all material respects, the financial position of Bermuda College, its performance and cash flows. The financial statements indicate that the Bermuda College has total assets worth $29,189,454 and total liabilities of $3,855,592. 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 more than tripled in 2013 to $3,128,091.

Mr. Speaker,

During the year, the revenue earned from student fees increased by 22.5% to $3,166,014. Consequently, the College ended the year with a surplus of revenue of $132,881 compared to a loss of $111,880 in 2012. During the past year, the Bermuda College and the Office of the Auditor General have been working assiduously to get its audits up to date in order that Bermuda College can be in compliance with the financial standards for its accreditors, the New England Association of Schools and Colleges, Inc.

Mr. Speaker,

It should be noted that in the past 18 months, six sets of audited financial statements have been completed. The College acknowledges the efforts of the Auditor General and her staff in achieving this. The outstanding audits up to the year ending March 2015 will be completed by the end of this current fiscal year, March 2016. The newly implemented IT system at the College will greatly improve the efficiencies as it relates to the production of its annual financials.

Mr. Speaker,

In closing I would like to commend the faculty and staff at the Bermuda College for their continued commitment to the vison of the Bermuda College, and the provision of sound tertiary community college programmes for our students.

Thank You.

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Comments (9)

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  1. Madog says:

    OBA STOP WORRYING ABOUT MONEY!!!!

    NOW HOW MANY STUDENTS ENDED UP GOING TO THE BERMUDA COLLEGE BEING THEY HAVE TO PAY NOW!!!!

    • Double S says:

      Pretty sure it states enrolment has increased.

      Stop worrying about money is what the PLP did, hence the financial issues we face today. Some will just never understand I guess.

      Notice ever since the OBA got in the audits have become unqualified?

  2. Navin Johnson says:

    An unqualified audit in 2013. Thank you

  3. yah but says:

    Maybe we can add more evening classes now, like for trades where many of us can’t afford to leave our day jobs to go to school

    • Come Correct says:

      Yo yo yo, slow ya stroll. You either work and make money, or you study and leave your family stranded.

      Sincerely, any government you vote for

  4. Furlough says:

    Why did employees of the College have to take a furloughs when there was a surplus?

    • Come Correct says:

      What part of shared sacrifice don’t you understand? All you sacrifice, they share.

    • Zevon says:

      It isn’t the miniscule surplus this year. It’s the huge losses in the past. Duh.

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