The University of Limerick is to engage with the Higher Education Authority amid controversy over an overspend on twenty houses in Rhebogue.
The Governing Authority has met to consider matters relating to the acquisition of the properties, the consequent financial impairment for UL and the associated implications in relation to governance, financial management, and potential future funding.
It follows the revaluation of the acquired properties at the end of last year and what it’s described as the serious impairment that must be reflected in the University’s financial statements for the year ending in September, 2023.
The Governing Authority of UL says it’s reviewed and considered the findings of an independent factfinding report commissioned in February this year, to establish key facts relating to the acquisition of the twenty properties.
It’s determined that certain University personnel should be afforded the opportunity to review its content and submit written observations on its findings.
Once responses have been received, the Governing Authority will meet to determine the appropriate next steps.
The Governing Authority has also considered a written request from the HEA this month, asking it to undertake a review of specific issues relating to the acquisition of the Rhebogue properties and in relation to general governance and culture of the University.
In a statement to Clare FM, the Governing Authority says it’s is engaging closely, and regularly, with the HEA to confirm the terms of reference for this review, which are expected to be finalised shortly.
It says it will move quickly to ensure that the review and report are completed within the specified deadline.
“The Chancellor of University of Limerick, Professor Brigid Laffan has said ”I am proud and humbled to have been appointed Chancellor of this great University in November of last year.
“I want nothing more than to help steer this esteemed academic institution that is renowned worldwide for its research and learning, into the future.
“It is with profound upset and disappointment that instead of dedicating all my energies to that task, I must instead focus on addressing this issue of governance and financial management.
“It is a matter of significant regret that we find ourselves in this very difficult situation. This is a critical matter for me and for the Governing Authority as a whole.
“It is essential that the facts are established, that measures are taken to ensure that something like this never happens again, and that there is accountability.
“The reputation of this University is of the utmost importance to me and to my fellow members of the Governing Authority. We take matters of governance, financial management and transparency, extremely seriously and this issue is being dealt with as a matter of the highest possible priority. We will do all that we can to restore the University’s reputation and to rebuild trust with the University community and with all stakeholders.
“I want to thank the staff of the University and the students for their continued focus on learning and excellence despite the negativity that surrounds them.”
The Governing Authority will continue to provide relevant updates in respect of developments to the University community and all relevant stakeholders as and when available and appropriate.
