Colleges to face fines if accounts not shown

Managers of colleges which fail to give up-to-date accounts or explain how much money they have in private trusts and foundations by the next budget should be hit with significant financial penalties and fines.

The Dáil Public Accounts Committee made the recommendation at the launch of its damning report into the sector’s secret finances yesterday, saying options could include cuts or blocking of board of governor salaries.

The 64-page PAC report was drawn up in response to months of meetings with UCC, Cork IT, Dublin IT, University of Limerick, Dundalk IT, and Waterford Institute of Technology since the start of the year.