Finance - Hong Kong University of Science and Technology
Transcript of Finance - Hong Kong University of Science and Technology
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This is the second year of the triennium for which
the HKSAR Government mandated a 10% unit-cost
funding reduction. The University continued to exercise
appropriate caution and prudence in its financial affairs,
which resulted in a surplus of some HK$64 million. The
surplus will be carried forward to the following year in
order to deal with the further reductions scheduled for
the final year of the triennium.
General income was HK$1,819 million, including
HK$1,461 million in grants from the University Grants
Committee (UGC) and HK$294 million in tuition fees.
There was a 7% drop in general income compared with
last year’s figure of HK$1,962 million. The reduction
was primarily due to the scheduled reduction in grants
by the UGC.
Finance
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General expenditure during the year was
HK$1,678 million, representing a drop of 2.2%
compared with last year’s HK$1,715 million. The major
components of this year’s expenditure were:
HK$1,137 million (67.8%) for academic departments
and academic support centers, HK$262 million (15.6%)
for maintenance of premises, and HK$141 million
(8.4%) for administration.
After transfers to reserves/provisions, general
income over general expenditure for the year showed
a surplus of HK$64 million. In accordance with the
general guidelines laid down by the UGC, this surplus
will be carried forward to and utilized in the year
2000/01, the last year of the current triennium.
The University’s balance sheet and income and
expenditure statement are shown in Appendix C, while
a detailed Treasurer’s Report is contained in the
University’s Financial Statements, available separately.
Donations
Although the Hong Kong economy during the year 1999-
2000 was still somewhat lackluster, HKUST
nevertheless received more than HK$81 million of
generous donations and pledges during the year, an
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amount comparable to previous years’. The University,
as always, is immensely grateful to the individual,
corporate, and foundation donors for their generous
support.
Major donations to support the University’s
education and research development included the
following: Television Broadcasts Ltd contributed an
additional HK$1.6 million to the TVB Fund that the
Company established at the University; and the Wei Lun
Foundation pledged HK$5 million to endow faculty
fellowships.
Donations for major items of research totaled
HK$43.88 mill ion. Dassault Systemes, IBM
Corporation, and Mtech Engineering Co Ltd jointly
donated a set of software (CATIA V5 and ENOVIA),
with an estimated value of over HK$40 million, as a
support package for the University’s new Digital
Enterprises Laboratory. The Hong Kong Jockey Club
Charities Trust continued its support for the
University’s Biotechnology Research Institute with
further donations totaling HK$2.73 million toward
its HK$130 million pledge. The Cable & Wireless HKT
Foundation (now Pacific Century Cyberworks
Foundation) awarded HK$1.15 million to support
research at the Hongkong Telecom Institute of
Information Technology.
Grants from private sources in support of faculty
research projects amounted to HK$4.53 million. Of
this amount, HK$1 million was provided by
Millennium Environment Technology as matching
funds for a project on the conversion of municipal
and construction wastes into high quality building
materials, which is supported by the SAR
Government’s Innovation and Technology Fund. The
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Dassault Systemes, IBM Corporation, and MtechEngineering Co Ltd jointly donated a set of softwarevalued over HK$40 million.
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Company’s total pledge for this project is HK$6.5
million. The Croucher Foundation provided HK$0.
98 million for two faculty members, Prof Maria Li
LUNG of the Biology Department and Prof Po Lok
YUE of the Chemical Engineering Department, under
the “Advanced Study Institute” scheme which aims
at promoting scholarly exchange in advanced
research areas.
During the year, 360 scholarships amounting to
HK$9.46 million and 388 bursaries and loans
amounting to HK$1.79 million were distributed.
Noteworthy were the contributions of HK$2.04
million from the Hong Kong Jockey Club Charities
Trust, HK$1.42 million from the Dr Richard Charles
and Esther Yewpick Lee Charitable Foundation, and
HK$1.4 million from the Jebsen Educational
Foundation.
In 1999-2000, contributions for conferences,
workshops, academic programs, and student
activities stood at HK$2.78 million. The University
also received in-kind donations worth approximately
HK$0.67 million, including such items as equipment,
software, and books.
Naming Ceremonies
During the year, several naming ceremonies were
held to recognize the philanthropy of the generous
benefactors of the University.
On September 1999, the HKUST Library held a
naming ceremony for the Ping Yuan and Kinmay W
Tang Gallery. The Tang Family has donated
HK$6 million in support of education and research
development of the University.
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The new Annex of the University was officially
inaugurated on 17 December 1999 by its major donors
who sponsored most of the construction costs (see
picture on P.60). They are the Hong Kong Jockey Club
Charities Trust (represented by Mr Paul M F CHENG),
Dr Vincent LO of the Shui On Group, Mr Ronnie C CHAN
of the Chan Tseng-Hsi Foundation, Dr and Mrs Thomas
CHEN, and the Sir Tang Shiu Kin Fund (represented by
Mr Richard Y S TANG). Four facilities were named on
the same day in recognition of their kind contributions:
the Hong Kong Jockey Club Biotechnology Research
Institute, the Shui On Center for China Business and
Management, the Hang Lung Professional Education
Center, and the Tang Shiu Kin Computational
Laboratory.
A 120-seat lecture theater, originally known as
Lecture Theater E, was named the Cheung On Tak
Lecture Theater in January 2000 in recognition of a
generous donation of HK$2.5 million from the Cheung
On Tak Foundation. The donation is to support the
University’s education and research development.
A dedication ceremony for the Padma & Hari
Harilela Lecture Theater, originally known as Lecture
Theater C, was held on 17 March 2000. The Lecture
Theater was named after Mrs Padma and Dr Hari
HARILELA in recognition of their donation of HK$5
million to the University’s general fund.
The Stephen Kam Chuen Cheong Memorial
Education Fund presented a donation worth
HK$8.3 million to the University on 23 March 2000.
The Postgraduate Hall I was named “Stephen Kam
Chuen Cheong Hall” to commemorate the gift and to
recognize the significant contributions of the late Mr
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Stephen CHEONG as a founding member of the
University Council and Chairman of the Council’s
Appointment Committee, and as a donor.
Named in honor of its principal corporate
benefactor, the CLP Power Wind/Wave Tunnel
Facility was inaugurated by the Hon TUNG Chee-
hwa, Chief Executive of the HKSAR, the Hon Michael
D KADOORIE, Chairman of CLP Holdings, and
President Chia-Wei WOO of HKUST. CLP Holdings
contributed HK$10 million toward the construction of
the Facility.
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Dr Hari HARILELA and family at the dedication ceremony of the Padma & Hari HarilelaLecture Theater.