SIT happy with financial position, despite lockdown

The Southern Institute of Technology’s chief financial officer is not foreseeing a “huge drop” in enrolments at the institution due to the recent Covid-19 lockdown.

Daryl Haggerty gave an update of the financial situation of the institution to the SIT board yesterday.

The meeting was held online due to the current national lockdown.

He said he was pleased with the results as the number of domestic enrolments had surpassed the figure from the previous year.

The SIT recorded a surplus of $578,000 against a budgeted surplus for the same period of $432,000 and a deficit of $130,000 if compared with the same period last year.

Board member Maryann Geddes asked him if SIT could face a massive number of cancellations from students due to the lockdown.

Mr Haggerty acknowledged SIT could have “a little bit” of cancellation from students who had not started their courses yet, but he did not see this as a big issue.

He was comfortable with the current position of the institution.

“We’ve continued with our delivery online so there is no excuse, I don’t think at the moment, for sort of dropping out courses,’’ he said.

“I’m not foreseeing a huge drop-off.”

Mr Haggerty also told members the actual cash reserve was $35.4million as compared with $42.8million for the same time last year.

This drop was mainly due to the construction of its Centre of Creative Industries at the old St John’s Anglican Church in Invercargill, he said.

Chief executive Onno Mulder also said since the lockdown was announced SIT was focusing its efforts to support staff and students, including checking on students who lived in SIT’s accommodation facilities.

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