Annual Report 2009 (PDF 2 MB) - Wellington Institute of Technology

Notes to the Financial Statements2009 2009 2008Actual Budget Actual$000 $000 $0001.GOVERNMENT GRANTSStudent Component Funding 18,609 18,495 17,317FINANCIAL STATEMENTSBase Funding 7,987 7,866 5,202Grants 1,696 1,593 2,93828,292 27,954 25,4572.TERTIARY FEESDomestic Students 9,256 8,307 8,134International Students 4,245 4,672 3,50413,501 12,979 11,6383.CONTRACT INCOMEContract Students 3,734 4,288 4,312Contract Income 551 250 3,2454,285 4,538 7,557Contract Income for 2008 includes $0.9M of QRP capital funding received under an agreement negotiated in 2006 with the TEC. In April2009 the TEC advised all ITP's that QRP payments in relation to 2008 capital funding were sourced from a Capital Appropriation as opposedto an Expenditure Appropriation as had been the case in 2007. The TEC requested that ITP's reflect the funding as a capital contributionrather than as revenue due to this fact. Wellington Institute of Technology did not adopt this accounting treatment for the 2008 annual reportand as a result a qualified audit report was issued.4.TRADING INCOMERecovery Income 1,026 1,004 1,137Trading Sales 197 240 423Early Childhood 564 552 587Gifted Assets 63 - -Other Income 813 220 1,449Interest on Bank deposits 550 361 1,0383,213 2,377 4,63438WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT