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University Of Belize releases annual report

The University of Belize (UB) has released its 2018-2019 Annual Report which includes audited Financial Statements. The report reflected the changes brought on by the COVID-19 pandemic, which caused UB’s transition into fully online as opposed to being on campus, thus reducing or eliminating altogether certain fees and expenditures. A majority of  UB’s income was generated by tuition and fees and government subvention at 50% and 42% respectively. This figure represents an amount of $13,939,239 dollars in tuition and fees, and $10, 333,332 dollars in government subvention. Notably, no income was generated through the programs that cater to international students such as the Open Distance Learning Center (ODL) or through the rental of equipment or use of facilities, as no students were on campus. The University spent $2,485,277 dollars on general and admin, which encompasses salaries and day to day operations. A total of $3,279,325 was spent on educational services and the maintenance of facilities. UB noted in their report that the school saw a surplus of $2,061,169, a change from the deficit of $1,450,878 recorded the previous academic year. The Financial Report also included an independent audit carried out by HLB Belize, a network of auditing firms which confirmed that UB’s report was fair and no discrepancies were found.