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University made even more money in 2011

Even bigger surprise profit on University of Copenhagen’s accounts, as annual report up-adjusts the numbers

The University of Copenhagen can close off the 2011 accounting year with a large DKK 335 million profit – almost DKK 300m more than projected, and DKK 60m more than estimates quoted in December.

This can be seen in the agenda with links to the preliminary annual report released as an appendix to the University Board meeting today Thursday. The accounts will be approved at this meeting.

According to news site, both the University of Copenhagen, Aarhus University and DTU report significantly higher profits than originally budgeted.

‘High – from political perspective’

The large surplus on accounts means that the University of Copenhagen has capital assets totalling just over DKK 1 billion. An appendix to the report delivers several pages of explanation for the higher profits: Lower payroll, for example, as a result of the hiring freeze has saved DKK 121m.

Faculties also report a higher use of hourly wage paid staff relative to fixed wage staff.

The report notes that the »the University of Copenhagen’s capital can be seen to be high from a political perspective and a classical subsidy economical viewpoint«.

Merger costs DKK 100m

University director Jørgen Honoré states to that he does not see profit number as being too high.

»No, it is not. We have many dispositions for the future,« he says.

The merger of faculties will cost DKK 100m in the period 2012-2015, according to the report, and there is uncertainty over future government subsidies.

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