Namcol financially prudent: Report

22 May 2019 07:50am
WINDHOEK, 21 MAY (NAMPA) – The Namibian College of Open Learning (Namcol) remains financially sound to meet its foreseeable obligations, a report shows.
The information is captured in the institution’s board of governors’ report for the 2017/18 financial year, which was recently submitted to the National Assembly (NA).
The board of governors further indicated that they were not aware of any new material changes that may adversely impact the college.
They were also not aware of any statutory or regulatory requirements or any pending changes in legislation that may affect the college.
“The board of governors have reviewed the college’s cash flow forecast for the year to 31 March 2019 and in light of this review and the current financial position, they are satisfied that the college has or had access to adequate resources to continue in operational existence for the foreseeable future,” the report reads.
During the period under review, according to its annual report which was also submitted to the NA, the college received N.dollars 124.6 million from the government.
Of this subvention, N.dollars 119.5 million was allocated to secondary education while N.dollars 5 million was allocated to tertiary programmes.
In addition to the government subvention, Namcol also had other revenue streams.
It includes N.dollars 40.9 million it received from enrolment income, a 2,3 per cent increase from the preceding financial year.
Namcol received N.dollars 5.6 million from the Namibia Training Authority compared to N.dollars 3.2 million the previous year, representing a 43,2 per cent increase for the execution of its TVET programmes.
Namcol’s operational expenditure for the year in question amounted to N.dollars 173.6 million.
The greater chunk, N.dollars 112.4 million (64,7 per cent) of the budget went into salaries and wages for full-time and part-time employees.
In the report Namcol Director, Dr Heroldt Murangi was upbeat about their milestones during the period in question.
Chief successes, according to him include the production of textbooks in line with the new curriculum and the introduction of the Bachelor of Arts in Youth Development as well as the Certificate in Business and Entrepreneurship courses.
In terms of infrastructure, the construction of a multipurpose hall, archiving facilities and lecture halls were concluded.
“Namcol will continue to make fundamental contributions to ensuring access to our young people and adults as well as to implement new programmes aimed at bridging the gaps in the higher education arena,” Murangi stated.