College with ‘bad finances’ funded by €100m

The Higher Education Authority has been criticised for failing to properly monitor the financial affairs of the National College of Art and Design to which it has given more than €100m in funds in the last eight years.

In a report on NCAD’s accountability and governance, the by the Comptroller and Auditor General said the most recently audited financial statements for the college related to the year ending September 30, 2010.

“The preparation and audit of financial statements is a key mechanism in ensuring accountability in respect of State funding,” the C&AG said. “The senior management and board have allowed a situation to develop whereby this basic requirement is effectively not being met.”