College Tribune 05_30

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#UCDnews.

Politics.

Features.

Music.

Tech.

Sport.

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Campus abortion referendum analysis.

Unions reaffirm harm reduction drug policy.

Students’ opinions on marriage explored.

The death and decline of Vine.

A look at the UCD Boxing Club.

Independent Student Media *Since 1989

Interview with Two Door Cinema Club.

College Tribune.

0530

UCD Turn €10 Million Profit from On-Campus Accommodation Rent Jack Power | Editor

The college brought in €18.2 million in income from student residences, which cost €7.7 million to run UCD Residences rent has been increased by 20% in two years, with further rises planned for next year UCD brought in over €18 million in income from student residences in 2015 the Tribune can report. On-campus accommodation costs the college €7.7 million to run and maintain according to financial figures obtained under the Freedom of Information Act. The bulk of the income generated came from rent, but also included laundry and catering services. The breakdown in the costs of running accommodation included €348,000 in pay for those working is residential services, and €471,000 spent on minor works. €6.9 million was spent on general running costs.

University management in 2015 raised on-campus accommodation rents by 13%, as part of a plan to increase residency fees by 40% over three years. UCD followed this by raising rents by 7% for this 16/17 college term. The college administration at the time stated the increased rates were necessary in ‘order to fund the maintenance of existing residences and the development of further spaces’. The €10.5 million profit the college turned over from campus accommodation was put towards capital developments for future residential blocs construction, and payments for recently built new accommodation.

However, UCD financial reports from 2012 show other factors in the university’s decision to raise rents. In 2012 the college brought in €15.9 million from Residences. But in 2013 UCD’s income stream from campus accommodation fell to €14.8 m according to college financial statements. Students’ Union President Conor Viscardi said he has been in dialogue with university management over further increases for next year, which he stated would only be in the ‘range of 2-3%’. Continues on pg 3.


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