MIDLANDS State University (MSU) staff costs including salaries gobbled over $85 million, the higher learning institution’s consolidated financial statement for 2017 has revealed.
BY STEPHEN CHADENGA
According to the financial statement, MSU recorded an increase in turnover from $132 million last year to $145 million this year.
The university’s assets and reserves are now at $271 million, up from $234 million recorded in 2016.
MSU also said it realised more than $73 million income from its subsidiaries and income-generating projects.
“Of the total income recorded in 2017, $73 093 207 came from MSU Group a subsidiary of companies and other income-generating projects,” said the university.
Recently, MSU vice-chancellor, Victor Muzvidziwa, said the institution was owed nearly $20 million by students in unpaid fees.
The university, which has an enrolment of over 20 000, also has foreign students from South Sudan, Namibia and Swaziland.