‘ITs at risk of running out of money’

Several institutes of technology risk running out of cash next year, a report on the sector’s finances warns.

The Higher Education Authority (HEA) says the current cashflow situation at Waterford Institute of Technology (WIT) means it could have no money to spend on day-to-day expenditure next summer.

While the HEA has identified three unnamed institutes of technology as being at most immediate risk of running out of cash, the report shows a projected cash shortfall of nearly €2.3m at WIT next August.