RMIT UNIVERSITY | 2015 ANNUAL REPORT Published By: RMIT University Marketing Building 1, Level 2 124 La Trobe Street Melbourne
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RMIT UNIVERSITY | 2015 ANNUAL REPORT Published by: RMIT University Marketing Building 1, Level 2 124 La Trobe Street Melbourne GPO Box 2476 Melbourne VIC 3001 Australia Tel. +61 3 9925 2000 ABN: 49 781 030 034 CRICOS provider code: 00122A RTO code: 3046 Project manager and editor: Pauline Charleston Design layout and production: Jael Rincón, Vince Lowe RMIT University’s 2015 Annual Report and previous reports are available online at: www.rmit.edu.au/about/governance-and-management/governance/annual-reports/ Contents Letter of Transmittal 2 DISCLOSURE INDEX 35 ORGANISATIONAL OVERVIEW FINANCIAL STATEMENTS Strategy, Vision, Mission and Values 4 Declarations 38 Chancellor’s Statement 6 Independent Auditor’s Report 39 Vice-Chancellor’s Statement 7 Income Statement 41 About RMIT 8 Statement of Comprehensive Income 42 Organisational Chart 9 Statement of Financial Position 43 Senior Officers 10 Statement of Changes in Equity 44 Academic Schools and Research Institutes 12 Statement of Cash Flows 45 Statistical Snapshot 13 Contents to the Notes to the Financial Statements 46 Financial Performance 14 Notes to the Financial Statements 47 REPORT OF OPERATIONS Income Statement for the Years 2015 to 2011 inclusive 107 Strategic Plan to 2020 15 Balance Sheet for the Years 2015 to 2011 inclusive 108 Life-Changing Experiences 17 Passion with Purpose 19 Shaping the World 21 Students and Staff 24 Sustainability and Resource Usage 27 UNIVERSITY GOVERNANCE Governance 28 Council Members 29 Council Committees 30 RMIT Subsidiaries 31 Statutory Reporting 32 Risk Management and Internal Audit 33 Consultancies 34 Objects of the University 34 RMIT University 2015 ANNUAL REPORT 4 ORGANISATIONAL OVERVIEW SECTION Strategy, Vision, Mission, Values Strategy to 2020 RMIT’s Strategic Plan, Ready for Life and Work, sets out the goals and directions through which the University proposes to shape its future. Our Vision A global university of technology, design and enterprise. Our Mission RMIT exists to create transformative experiences for our students, getting them ready for life and work, and to help shape the world with research, innovation, teaching and engagement. RMIT embraces the task of extending the benefits of a fast-innovating, high-skill knowledge economy to our whole community and our world. We are dedicated to helping shape a new urban and industrial renaissance in the global economy. We are driven by impact and focused on the challenges and opportunities emerging around us. As the world economy transforms, we have a responsibility to make the resulting changes work for the whole of society. Our distinctive approach to connected education and research links creative ideas with technical knowledge. We empower students to shape their own lives, achieve impact and create valued places for themselves through work and engagement in the wider community. RMIT understands how to do this during a period of deep technological change – because we have been through it before. RMIT began helping people and organisations make the transition to an industrial society more than a century ago. Today, we embrace the challenge of helping to shape a new urban and industrial renaissance in a global economy. The innovation and pace of change now under way is immense. New industries are being created while others are destroyed. Yet more are being transformed and renewed. The mass factories of the past are being replaced by clusters of production centred around new knowledge, technology, skills and creativity. Students, workers and institutions need entrepreneurship and teamwork to adapt and succeed. Today, how we learn is just as important for success as where and what we learn. Being ready for life and work means combining contemporary ideas and deep knowledge with cutting-edge learning skills and methods. We are passionately committed to growing interdisciplinary expertise and creative thinking, together with practical application and problem-solving directly relevant to the lives of the communities we serve. Our commitment to serving students from all backgrounds is equally strong. This includes a responsibility to take a leading role in supporting Aboriginal and Torres Strait Islander students, to ensuring access and effective support for students with disadvantaged backgrounds, and to embracing the global diversity and talent of all our students and staff. 5 In the coming years RMIT will offer programs and research in ways that will: Our Values — enhance creativity and impact Passion — fully embrace the digital environment We take pride in RMIT and its achievements and we are deeply — get students, experts and employers working together committed to extending and deepening RMIT’s positive impact. — apply learning through work and enterprise Impact — draw upon the leading edge of industry practice RMIT achieves impact through an applied, practice-based approach — introduce students to potential employers and investors to meeting contemporary needs. We shape the world for the better — encourage students to belong to the life of their cities and their world through collaborative design, research, learning and problem-solving. — help students to start and succeed in enterprises of their own Inclusion We will deploy our distinctive research capabilities to make new RMIT creates life-changing opportunities for all, welcomes students and discoveries, to innovate through practice and to generate ideas and staff from diverse backgrounds, honours the identity and knowledge of culture that enrich the economy and community. Our unique mix of Aboriginal and Torres Strait Islander nations, and is an accessible and interdisciplinary expertise and collaborative clustering will help to solve open institution dedicated to serving the needs of the whole community. complex local national and global problems. Courage For RMIT, this approach is both historically grounded and firmly We are honest and fair in our conduct and relationships. We embrace contemporary. This is how we were established and how we have new thinking and evidence, test it rigorously and apply it to our own developed over almost 130 years. Being a university of technology, learning. We are strongly committed to performance, accountability design and enterprise and a great urban university located in some and value for money. We speak out on issues of importance to our of the most dynamic and creative cities around the world gives us a community and our world. We respect the rights of others and our major advantage. obligations to the health of the planet. By building on what we have achieved and embracing the possibilities of digital, economic and social transformation, RMIT will help to shape Agility the future in a way that no other university can. We are forward-looking, balanced and sustainable in our approach to organisation and resourcing. We are able to adapt quickly and Our task is to bring the talents of our staff and students together with effectively to new pressures and opportunities. industry and the community to renew ourselves through teaching, learning, research and collaborative innovation, all supported by Imagination new technology. We value innovation and creativity as essential qualities of our work and resources for the economy and society. We are committed to developing, applying and sharing new ideas and perspectives. 6 7 Chancellor’s Statement 2015 was an important year for RMIT University, The University continues to be well served by its students and staff. We welcomed a new its Council members and I am grateful to my Vice-Chancellor with a global track record in colleagues for their diligence, enthusiasm and innovation and with a mandate to continue to wisdom in helping guide our institution. improve the unique RMIT student experience. We welcomed Ms Anne Ward and Mr Gary Martin Bean CBE joined us in January, returning Hogan to the Council during 2015 and to Australia after 20 years in the US and UK. farewelled Professor Julianne Reid. In particular, I would like to thank the Deputy Chancellor, Martin previously held the positions of Ms Janet Latchford, who has fulfilled her duties Vice-Chancellor of The Open University, the UK’s in Melbourne and globally with grace, rigour largest academic institution and a global leader and finesse. in the provision of flexible learning, and General Manager of Microsoft’s Education Products RMIT looks forward to the challenges and Group. He has also held various executive opportunities that will define the sector in the leadership roles at Novell and other companies years ahead, and to our position within it. Under integrating technology and learning systems. the leadership of the Vice-Chancellor and his executive team, University staff are creating 2015 saw the enunciation of the next an environment designed to provide a special five-year Strategic Plan to lead the University student experience, deliver a respected and into the future. Not surprisingly, at its core, relevant educational credential, and produce the Strategic Plan is focused on graduating students ready to make their mark in the world. students ready for life and work. As a global university of technology, design and enterprise, RMIT works with industry and the community to provide life-changing experiences for our students, to make a difference in the world. Dr Ziggy Switkowski AO We’ve placed the student at the centre of the Chancellor RMIT experience – we want our students to have global, meaningful and innovative experiences throughout their time at the University, and beyond, embracing