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Bermuda College Audited Financial Statements

Financial statements show Bermuda College had assets worth $ 22,535,958 and total liabilities of $ 18,236,334, Education Minister Diallo Rabain said.

Speaking today in the House of Assembly [July 23] the Minister said: “This morning I rise before this Honorable House to table the 2020 Audited Financial Statements of Bermuda College, as stipulated in section 8 of the Bermuda College Act, 1974.

“I am pleased to report that the audited financial statements for 2020 are without qualification and, as such, in the opinion of the Auditor General, the statements fairly present the financial position of Bermuda College as at March 31, 2020 and the results of its operations, changes in its net assets and cash flows.

The Minister’s full statement follows below:

Mister President,

This morning I rise to address this Honorable Assembly to table the 2020 Audited Financial Statements of Bermuda College, as stipulated in Section 8 of the Bermuda College Act, 1974.

Mister President,

I am pleased to report that the 2020 audited financial statements are without qualification and, as such, in the opinion of the Auditor General, the statements fairly present the financial position of Bermuda College as at March 31, 2020 and the results of its operations, changes in its net assets and cash flows. Financial statements show Bermuda College had assets worth $ 22,535,958 and total liabilities of $ 18,236,334.

In addition, Mr. President, it should be noted that Bermuda College currently has no long-term debt. Cash and cash equivalents for the year decreased 10.7% to $ 3,104,424. Accounts receivable increased 22.3% to $ 1,062,359 and accounts payable increased 9.8% to $ 2,957,052 at the end of fiscal 2020.

Mister President,

The net book value of fixed assets as at March 31, 2020 was $ 15,555,788, down 6.6% or $ 1,093,366 from last year’s total. With the Bermuda College Foundation now operational, it is expected that the College’s asset base and associated depreciation will increase over time.

Mister President,

During the fiscal year ended March 31, 2020, the government operating grant increased by $ 125,000 while other income increased slightly by $ 13,570. However, during the same period, academic services, administration fees and public relations increased by $ 622,690 resulting in a deficit of $ 483,616 at the end of fiscal 2020.

Mister President,

Over the past few years, Bermuda College and the Office of the Auditor General have worked diligently to update the College’s audits to bring Bermuda College up to the financial standards of its accreditors. Last year, with the filing of its 2018 and 2019 Audited Financial Statements, all of Bermuda College’s ongoing audits were completed and with the filing of the 2020 Audited Financial Statements, Bermuda College’s audits are all up to date.

Mister President,

Going forward, the audited file for the fiscal year ended March 31, 2021 is currently in the Office of the Auditor General and the audit is expected to begin the planning meeting scheduled for July 16, 2021. The audit is expected to be completed by September 30. , 2021, in accordance with the Bermuda College Act.

Mister President,

In closing, we thank the former Auditor General, Ms. Heather Jacobs-Matthews, the current Auditor General, Ms. Heather Thomas, and the Office of the Auditor General team for their efforts to bring Bermuda College up to date with its audits. . We also thank the faculty and staff of Bermuda College, under the leadership of President Dr Duranda Greene, for their support and continued commitment to providing quality higher education to the entire community.

Thank you Mr. Chairman.

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