THE UNIVERSITY saw a modest 6.2-percent growth in revenues last year to P7 billion despite a dip in tuition collections, according to the latest publicly available documents from the government.
Combined revenues from UST’s academic and hospital sectors and temporarily restricted revenues reached P7.02 billion in Academic Year (AY) 2022 to 2023, up from P6.61 billion the previous year, according to financial statements audited by SGV & Co. and submitted to the Securities and Exchange Commission in May 2024.
The majority of the revenue of UST, a nonstock, nonprofit corporation, came from its academic sector, which accounted for nearly three-quarters of the total, or P5.13 billion. This was an increase from the P4.9 billion in academic sector revenues recorded in AY 2021-2022.
The hospital sector accounted for nearly a quarter of the overall revenue, P1.63 billion, up from P1.43 billion in the previous year.
RELATED: UST Hospital back in the black under new management
Tuition collections, UST’s biggest source of revenues, dipped by 3 percent to P3.75 billion in the 12 months that ended July 31, 2023, from P3.87 billion in the previous year.
It was not until AY 2023 to 2024, which began in August 2023, that UST implemented a 6 percent increase in tuition.
Costs and expenses rose by 5 percent to P6.68 billion in AY 2022-2023, UST’s financial statements showed. The figure included expenses for instruction, research, and community service programs, as well as hospital services, auxiliary services, and general and administrative support.
Academic sector expenses alone reached P4.89 billion, up nearly 6 percent from the previous year’s P4.62 billion, while hospital costs stood at P1.65 billion, up 5 percent from P1.57 billion.
Revenues exceeded expenses by P927.22 million in AY 2022-2023, a significant widening from P490.66 million the previous year.
Total assets grew by 3.8 percent to P21.34 billion from P20.55 billion, while liabilities inched up by just a fraction of a percent to P4.83 billion from P4.79 billion.
Net assets improved by 5 percent to P16.51 billion. Amador Denzel M. Teston
