SYDNEY — Another good financial year was reported by Cape Breton University. Assets have continued to climb since David Dingwall became the university's ...
Gordon MacInnis, CBU's VP Finance and Operations, said they've had strong balance sheets over the past few years. CONTRIBUTED
Dingwall's base salary is $350,000, which was increased from $290,000 in October 2020 by the board of governors after a glowing performance review. Gordon MacInnis, CBU's VP Finance and Operations, said they've had strong balance sheets over the past few years. CONTRIBUTED - ContributedOver the past three non-consolidated financial statements, which can also be found on the university's website at cbu.ca, assets have increased by more than $129 million. For the year ending March 31, 2020, assets were reported at $175,777,756. This increased to $209,468,348 in 2021 and for the year ending March 31, 2022, jumped to $304,797,265.
"The university has a strong balance sheet," said MacInnis."The university has done fine over the past couple of years." CBU President and vice-chancellor David C. Dingwall was named to the position in 2018. CONTRIBUTED - ContributedWhile there have been many financial positives for CBU, revenues haven't returned to pre-pandemic amounts and millions are owing in student accounts.
For 2022, there is $3,359,685 in doubtful accounts which is counted as lost revenue as it's expected to not be paid."It's certainly an issue," he said."Any accountant would see they want those numbers to be zero … We have to find the ebb and flow of it to bring that number down."Out of the 173 CBU staff making $100,000 or more, four are making in excess of $200,000 and Dingwall is the only one making in excess of $300,000.
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