#accrualaccounting — Public Fediverse posts

Is there anything else required to convince everyone that the issue and the problems with ANU’s alleged financial troubles is anything but financial trouble?

Squarely, this misapprehension is a direct result of #Mismanagement and #AccrualAccounting neither of which ought to be experienced by an education institution.

Time for the #Education #Minister Jason Clare to dismiss the council outright and implement the recommended fixes that were commended to him Including scrapping the #JobReadyGraduate #Morrison crap!

“If we believe the auditor, there is no crisis at the ANU. To be clear, as a government owned, not-for-profit entity, the ANU is under no pressure to maximise its profits so that it can maximise dividends paid to shareholders. On the contrary, when the ANU made a surplus of $89.9 million in 2024 it did so by spending less money on its students, staff and community than it received.” (Source: The Australian Institute)

#ANU #NeoLiberalism #Managerialism #BishopMustGo #ANUCouncil #AusPol #JasonClareMP #InUnity #JoinYourUnionNow

Read more:

https://australiainstitute.org.au/post/the-anus-hidden-90m-budget-surplus/

TIL: the ANU is awash with #CASH:
“But here is the paradox: while education and staffing were cut, ANU’s financial wealth kept growing. By 2023, the university held over $2B in financial assets and recorded $3.4B in total net assets. It continued to run cash surpluses despite reporting accrual accounting deficits”

AND that the financial crisis making the news and resulting in over 450 staff losses and plans to close some faculties are a direct result of the application of accrual accounting. This is an accounting practice that is necessary to run a business responsible to shareholders — but CANNOT be applied to education institutions which have a different raison d’etre and report to society (via parliaments).

#Managerialism and #NeoClassicEconomics responsible for the #FailedGovernance of ANU is made worse by the #Council’s use of ANU funds in speculative and #RealEstate investments partly funded by borrowings (Debt). These #NeoLiberal Council forays in #Productivism and #Capitalism are NOT core business to Universities. Not only is this the Absolutely Wrong Governance model to run a Uni, but it is currently grossly #Mismanaged and noone is taking responsibility for this, least of all #JulieBishop the #Chancellor of ANU.

Take a break and read the article, it is well written and explains much of what is going on. Furthermore, it provides the reasons why #Bishop should go and a sorely needed change to #Governance processes and responsibilities. If #JasonClaiMP can’t see this he’s a #FailedMinister

Read more:

https://michaelwest.com.au/uni-finances-anu-and-the-commercialisation-of-higher-ed/

#AccrualAccounting #TertiaryEducation #ANU #JulieBishop #Auspol #EducationMinister #SaveOurUniversities #GovernanceReformsNow #InUnity #JoinYourUnionNow #SaveOurUniversities #SackUniCouncils #CollegiateGovernance