Number of UCC staff earning more than €100,000 jumps to 644

Despite the rise in staff costs, the college’s cost reduction plan Project Alpha helped turn around the college’s finances.

Annual accounts for 2024 show that despite the university group’s staff costs rising by 8% to €326m, the college’s cost reduction plan Project Alpha helped turn around the college’s finances. File picture

The number of staff earning more than €100,000 at University College Cork (UCC) last year rose by 26% to 644 on the back of national pay awards.

Annual accounts for 2024 show that despite the university group’s staff costs rising by 8% to €326m, the college’s cost reduction plan Project Alpha helped turn around the college’s finances.

The accounts show that the UCC group recorded a surplus of €6.77m in the 12 months to the end of September last, which followed a loss of €8.57m in the prior year.

A 26% increase to €12.8m in income from student residences contributed to the turnaround in the finances.

Overall income last year rose by €50.77m or 10%, from €475.43m to €526.2m. Costs rose by €39.27m or 8% from €487.82m to €527m.

The increase in costs coincided with numbers employed rising by 160 from 3,521 to 3,681.

Following a €8.57m loss recorded in 2023, the college implemented a comprehensive deficit reduction plan, Project Alpha.

In his report, UCC president, Professor John O’Halloran said: “2024 was a challenging but successful year financially for UCC. 

Throughout the period of the deficit reduction plan, the University prioritised maintaining the quality of the student experience, and teaching, and learning.

Prof O’Halloran said the main reasons for the surplus were the impacts of strong State grants income growth of €12.3m driven by support for Government pay awards; strong academic fee income growth of €8m driven by student volume and mix; strong other operating income growth of €10.2m; strong interest income growth of €1.6m focusing on optimising treasury yield, and other operating expenses reduction of €2.2m, with the last three contributors all driven by Project Alpha.

Prof O’Halloran’s salary for the year was €236,114 excluding employer PRSI and employer pension contributions compared to €226,300 in the prior year.

The accounts show that 10 employees earned over €300,000 with a further 10 in the €250,000 to €300,000 remuneration range and the bulk, if not all, of those would be teaching medical consultants.

The numbers earning over €100,000 was 644 last year compared to 509 in the year prior.

Pay to key management personnel or the university management team which includes the president, deputy president and registrar, secretary, bursar, and heads of college last year totalled €2.3m which compares to €2m in the year previous.

The accounts point out that overall staff costs as a percentage of total income declined from 63% to 61% in 2024.

Earlier this month, UCC confirmed that it has agreed to sell the Irish Management Institute to the Kilcullen Business Post Group.

The new accounts show that 2024 income from the Irish Management Institute DAC totalled €10.98m compared to €11.13m in the prior year.

A note attached to the accounts refers to the 2024 UCC decision to upgrade its existing dental teaching facilities at Cork University Hospital and not proceed with the construction of a new dental hospital facility at its Curraheen location in Cork.

The note states that consequently, the expenditure incurred to date, €2.1m, on the proposed new dental hospital facility at Curraheen was impaired at year end September 30, 2024, and has been removed from the university fixed-asset register at year ended September 30, 2024.

The surplus last year takes account of non-cash depreciation costs of €23.99m. 

Cash funds at the end of September last totalled €122m.