SOLOMON Islands National University (SINU) has recorded a surplus of $26million in the first half of this year, highlighting a positive financial achievement.
This was highlighted by the SINU Vice Chancellor, Dr Transform Aqorau, in his reflection on the achievement made by the university over the past months.
“The financial position of the university remains stable due to robust financial management and control over its operations.
“Notably, for the period from January 1 to May 31, 2023, the university achieved positive financial results.
“This resulted in a surplus of $25,971,927, with a total revenue of $79,832,511 and total expenses of $53,860,584,” he said.
The VC said even though there were positive gains in the financial standing of the university, some stringent measures will still be needed to control spending and collect outstanding dues.
“Although the university’s financial position remains strong as of May 31, 2023, with healthy net assets, it recognises the importance of further strengthening its financial position,” he said.
“To achieve this, the university aims to address outstanding fees owed by sponsors, including Members of Parliament, secure government capital grants and explore additional revenue initiatives.
“By focusing on these areas, the university aims to enhance its financial sustainability and overall performance,” he added.
Dr Aqorau said to move forward with these promising prospects, the university must establish a cut-off date for its audited accounts and diligently work towards producing up-to-date and comprehensive financial records.
“This proactive step will demonstrate transparency, accountability, and responsible financial management – all of which are paramount in attracting reputable investors and nurturing long-lasting partnerships.
“I want to express my heartfelt gratitude to each and every one of you for your unwavering commitment and dedication to making SINU a beacon of academic excellence. The achievements we have celebrated so far are a testament to your hard work, creativity and teamwork,” he said.
By MOFFAT MAMU
