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FINANCE INCOME Income increased dramatically from $2.9m to $51.3m in 2012-2013. This was mainly due to a significant increase in donations and matching grants received ($41.4m). As the investment market steadily picked up, investment return recorded a gain of $6.8m (as compared to last year’s loss of $0.8m). Government

subvention declined by just $53,000 reflecting a 1.9% decrease. Owing to change of basis of preparation for the financial reporting by the University, payout from the endowed capital would not be treated as income from 2012-2013 onwards.

COLLEGE INCOME 2012-2013 (Total: 51.3m) Other Incomes $0.4m (0.8%)

MORNINGSIDE COLLEGE

Interest and Net Investment Gain $6.8m (13.2%)

Government Subvention $2.7m (5.3%)

Donations and Matching Grants Received $41.4m (80.7%)

EXPENDITURE Expenditure in total increased 32.5% over the past year, from $6.3m to $8.4m. The increase in expenditure was mainly due to the granting of more scholarships and financial aid (from $1.2m to $1.7m, 42% increase over that of last year), a $1.5m increase in College operation expenditure as more College

events were organized, and around $0.8m spent on the organization of the Distinguished Visitors Programme and College Branding Development.

COLLEGE EXPENDITURE 2012-2013 (Total: 8.4m) (i) Distinguished Visitors Programme $0.5m (6.3%)

Branding Development $0.3m (3.2%)

Exchange Programmes $0.3m (3.2%) Student Orientation Camp $0.03m (0.3%) Scholarships and Financial Aid $1.4m (16.7%)

College Operation $5.7m (68.0%)

General Education Programmes $0.07m (0.8%)

(i) Student Orientation Camp expenditure is excluded as it is a student self-financed project.

College Life Activities $0.1m (1.5%)

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Profile for Morningside College, CUHK

Morningside College Master's Report 2012-2013  

Morningside College Master's Report 2012-2013