The Barbados Institute of Management and Productivity (BIMAP) will be “adjusting” its fees come January.
This revelation has come from chairman John Rocheford, who pointed out that last year the learning institution ran a small deficit.
In addition, Rocheford said fees were going up “all around” including bank fees, and it was therefore time that the institution revisited the fees it was charging for its range of courses.
“We certainly will have to look at some kind of increase in the fees because as it stands right now there are a lot of increased expenditure to the institute and therefore we try at every possible turn to keep fees constant, but sometimes you have to say ‘we have to do little increase to keep things going because expenditure is rising’. As you know, we have to get similar inflows to the outflows if you want to stay afloat,” said Rocheford.
In presenting his first Chairman’s Report, Rocheford said for the financial year ending December 31, 2018 the institute recorded a deficit of $59,374 before depreciation.
Total revenue for the reporting period reached some $2.6 million, while expenditure increased marginally to reach $2.21 million.
He reported that while training and consulting fees increased by approximately 49 per cent, there was a decrease in subventions and grants by about 6.5 per cent.
“Of significant note – the net loss of $409,649 on de-recognition of financial assets. Reserves also fell by $1141,081,” said Rocheford.
“The institute was able to control its expenditure by keeping staff costs steady. However, there was an increase in office administration and building and equipment maintenance as a direct result of the increase in utilities, repairs and insurance. The overall effect of these adjustments was that despite the significant increase in total comprehensive expenses, including the loss on financial assets, there was a reduction in the net loss for the year,” reported Rocheford.
Further justifying the institution’s rationale for wanting to increase its fees, Rocheford said coupled with the financial losses, one of its bankers – Republic Bank Barbados – had implemented new fees effective October 1, 2019.
“Fees are going up and up and up all around us and we are here trying to hold strain on our fees,” said Rocheford.
He said in its correspondence the bank informed that it was increasing its fees “because of the increasing costs associated with the general operation of business accounts”.
Pointing to the increased bank fees for large volume cheque processing and other service charges, Rocheford said: “we might have to start doing something about our fees too”.
Meanwhile, Executive Director of BIMAP Dr Sonia Greenidge-Franklyn said as the institution considered an adjustment in its fees, it would ensure that payment plans and special arrangements with the Student Revolving Loan Fund and other services remained in place.
“We have all of those things in place to help students to get their course fees paid. Yes, we do have to adjust the course fees, we don’t want to say increase because we have not adjusted course fees for several years, but because of the constant increases in the expenses we have to make an adjustment from January,” said Greenidge-Franklyn.
She said the institution would also be making special arrangements for students who have started courses and have stopped.
There are currently two BIMAP sites – its head office in Wildey, St Michael and its information technology training centre at the BIDC Fontabelle, St Michael.
The officials reported that there was a growing demand for the range of programmes being offered at the institution, including the number of companies reaching out for training of their staff.
“Demand for in-company programmes was moderate with some regional programmes taking place,” said Rocheford.
“BIMAP remains committed to its mission of improving the operational effectiveness of organisations by developing solutions and building their internal capacity. The institute will maintain its close collaboration with partners, members and clients to provide realistic solutions, based on industry best practices,” he said. [email protected]