In front of a jam-packed auditorium and in presence of AIT Council
members, Mr. Noppadon Rittipongshusit outlined the state of AIT’s
finances with projections for the Institute’s financial reserves for
the calendar year and 2013. Despite numerous financial pressures, AIT
is currently financially sound, he said.
members, Mr. Noppadon Rittipongshusit outlined the state of AIT’s
finances with projections for the Institute’s financial reserves for
the calendar year and 2013. Despite numerous financial pressures, AIT
is currently financially sound, he said.
Mr. Noppadon explained AIT’s overall
financial balances as of September 2012, offering detailed explanations
for various income streams and expenditures.
financial balances as of September 2012, offering detailed explanations
for various income streams and expenditures.
Overall, the Institute’s financial
reserves were down in 2012. With the Royal Thai Government (RTG)
support halted this year, AIT voluntarily shouldered the expenses of
students’ education at a cost to the Institute of 46 Million Baht, he
said, citing one example of unexpected expenses impacting the balance
sheet.
reserves were down in 2012. With the Royal Thai Government (RTG)
support halted this year, AIT voluntarily shouldered the expenses of
students’ education at a cost to the Institute of 46 Million Baht, he
said, citing one example of unexpected expenses impacting the balance
sheet.
The flood of 2011 also significantly impacted AIT's finances and with
the promised RTG Flood grant being suspended, renovations and
rehabilitation have not been able to be completed on time, and AIT has
had to use money from its reserves to ensure that academic programs do
not suffer.
Despite the difficult year in coping
with the aftermath of the flood of 2011 and numerous challenges, there
were positive signs of growth, with outreach and research activities
significantly bolstering overall earnings to help offset some
other deficits.
with the aftermath of the flood of 2011 and numerous challenges, there
were positive signs of growth, with outreach and research activities
significantly bolstering overall earnings to help offset some
other deficits.
A recent decision by the insurance
loss adjuster to allow AIT to claim for 223 Million Baht in lost
equipment on an ‘indemnity basis’ would also bolster AIT’s finances.
“This is good news,” he said, “as it will enable AIT to significantly
replace and enhance its laboratories and other infrastructure that were
damaged by the flood.”
loss adjuster to allow AIT to claim for 223 Million Baht in lost
equipment on an ‘indemnity basis’ would also bolster AIT’s finances.
“This is good news,” he said, “as it will enable AIT to significantly
replace and enhance its laboratories and other infrastructure that were
damaged by the flood.”
The Head of Finance stated that AIT
will have 230 million Baht in reserves by the end of 2012 and is
projected to have 179 million Baht in reserves at the end of
2013.
will have 230 million Baht in reserves by the end of 2012 and is
projected to have 179 million Baht in reserves at the end of
2013.
The Institute is solvent, but AIT
will need to increase revenues significantly from tuition fees, he told
the large audience.
will need to increase revenues significantly from tuition fees, he told
the large audience.