The Northern Marianas College saw a significant decline in its revenue collection but noted an increase in its foundation monies in fiscal year 2012.
According to NMC dean of administration Dave Attao, the college posted major financial losses last fiscal year when its revenues totaled only $17.6 million as opposed to fiscal year 2011's revenue of $21.2 million.
In last week's Board of Regents meeting, Attao disclosed that the losses were due to a reduction in CNMI appropriation, which only totaled $3.7 million last fiscal year compared to 2011's $4.3 million. He also cited the loss of federal grants and indirect cost revenues after the American Recovery and Reinvestment Act monies closed out last fiscal year.
Saipan Tribune learned that NMC received $3 million from ARRA's state fiscal stabilization fund in fiscal year 2011 compared to only $425,000 last fiscal year. After losing these federal grants, he said the college reprogrammed money from its tuition and fees to cover expenses.
NMC, he said, generated $4.2 million from student tuition and fees last fiscal year.
Attao also reported a decline in the number of international students last fiscal year and dwindling donations to the college. All figures were unaudited as of last week.
In terms of expenditures, Attao reported that the college incurred $17.3 million in total expenses last fiscal year, of which $7.2 million went to personnel wages and benefits. In fiscal year 2011, NMC posted total expenses of $19.6 million.
Meantime, Attao revealed that the NMC Foundation account recorded a growth of 15.8 percent. In fiscal year 2011, the account had a total value of $5.3 million. This went up to $6.1 million, or an increase of over $842,000, in fiscal year 2012.