60

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This is the second year of the triennium for which

the HKSAR Government mandated a 10% unit-cost

funding reduction. The University continued to exercise

appropriate caution and prudence in its financial affairs,

which resulted in a surplus of some HK$64 million. The

surplus will be carried forward to the following year in

order to deal with the further reductions scheduled for

the final year of the triennium.

General income was HK$1,819 million, including

HK$1,461 million in grants from the University Grants

Committee (UGC) and HK$294 million in tuition fees.

There was a 7% drop in general income compared with

last year’s figure of HK$1,962 million. The reduction

was primarily due to the scheduled reduction in grants

by the UGC.

Finance

61

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General expenditure during the year was

HK$1,678 million, representing a drop of 2.2%

compared with last year’s HK$1,715 million. The major

components of this year’s expenditure were:

HK$1,137 million (67.8%) for academic departments

and academic support centers, HK$262 million (15.6%)

for maintenance of premises, and HK$141 million

(8.4%) for administration.

After transfers to reserves/provisions, general

income over general expenditure for the year showed

a surplus of HK$64 million. In accordance with the

general guidelines laid down by the UGC, this surplus

will be carried forward to and utilized in the year

2000/01, the last year of the current triennium.

The University’s balance sheet and income and

expenditure statement are shown in Appendix C, while

a detailed Treasurer’s Report is contained in the

University’s Financial Statements, available separately.

Donations

Although the Hong Kong economy during the year 1999-

2000 was still somewhat lackluster, HKUST

nevertheless received more than HK$81 million of

generous donations and pledges during the year, an

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62

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amount comparable to previous years’. The University,

as always, is immensely grateful to the individual,

corporate, and foundation donors for their generous

support.

Major donations to support the University’s

education and research development included the

following: Television Broadcasts Ltd contributed an

additional HK$1.6 million to the TVB Fund that the

Company established at the University; and the Wei Lun

Foundation pledged HK$5 million to endow faculty

fellowships.

Donations for major items of research totaled

HK$43.88 mill ion. Dassault Systemes, IBM

Corporation, and Mtech Engineering Co Ltd jointly

donated a set of software (CATIA V5 and ENOVIA),

with an estimated value of over HK$40 million, as a

support package for the University’s new Digital

Enterprises Laboratory. The Hong Kong Jockey Club

Charities Trust continued its support for the

University’s Biotechnology Research Institute with

further donations totaling HK$2.73 million toward

its HK$130 million pledge. The Cable & Wireless HKT

Foundation (now Pacific Century Cyberworks

Foundation) awarded HK$1.15 million to support

research at the Hongkong Telecom Institute of

Information Technology.

Grants from private sources in support of faculty

research projects amounted to HK$4.53 million. Of

this amount, HK$1 million was provided by

Millennium Environment Technology as matching

funds for a project on the conversion of municipal

and construction wastes into high quality building

materials, which is supported by the SAR

Government’s Innovation and Technology Fund. The

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Dassault Systemes, IBM Corporation, and MtechEngineering Co Ltd jointly donated a set of softwarevalued over HK$40 million.

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63

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Company’s total pledge for this project is HK$6.5

million. The Croucher Foundation provided HK$0.

98 million for two faculty members, Prof Maria Li

LUNG of the Biology Department and Prof Po Lok

YUE of the Chemical Engineering Department, under

the “Advanced Study Institute” scheme which aims

at promoting scholarly exchange in advanced

research areas.

During the year, 360 scholarships amounting to

HK$9.46 million and 388 bursaries and loans

amounting to HK$1.79 million were distributed.

Noteworthy were the contributions of HK$2.04

million from the Hong Kong Jockey Club Charities

Trust, HK$1.42 million from the Dr Richard Charles

and Esther Yewpick Lee Charitable Foundation, and

HK$1.4 million from the Jebsen Educational

Foundation.

In 1999-2000, contributions for conferences,

workshops, academic programs, and student

activities stood at HK$2.78 million. The University

also received in-kind donations worth approximately

HK$0.67 million, including such items as equipment,

software, and books.

Naming Ceremonies

During the year, several naming ceremonies were

held to recognize the philanthropy of the generous

benefactors of the University.

On September 1999, the HKUST Library held a

naming ceremony for the Ping Yuan and Kinmay W

Tang Gallery. The Tang Family has donated

HK$6 million in support of education and research

development of the University.

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Millennium Environment Technology Ltd donates funds tosupport a wastes recycling research project.

64

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The new Annex of the University was officially

inaugurated on 17 December 1999 by its major donors

who sponsored most of the construction costs (see

picture on P.60). They are the Hong Kong Jockey Club

Charities Trust (represented by Mr Paul M F CHENG),

Dr Vincent LO of the Shui On Group, Mr Ronnie C CHAN

of the Chan Tseng-Hsi Foundation, Dr and Mrs Thomas

CHEN, and the Sir Tang Shiu Kin Fund (represented by

Mr Richard Y S TANG). Four facilities were named on

the same day in recognition of their kind contributions:

the Hong Kong Jockey Club Biotechnology Research

Institute, the Shui On Center for China Business and

Management, the Hang Lung Professional Education

Center, and the Tang Shiu Kin Computational

Laboratory.

A 120-seat lecture theater, originally known as

Lecture Theater E, was named the Cheung On Tak

Lecture Theater in January 2000 in recognition of a

generous donation of HK$2.5 million from the Cheung

On Tak Foundation. The donation is to support the

University’s education and research development.

A dedication ceremony for the Padma & Hari

Harilela Lecture Theater, originally known as Lecture

Theater C, was held on 17 March 2000. The Lecture

Theater was named after Mrs Padma and Dr Hari

HARILELA in recognition of their donation of HK$5

million to the University’s general fund.

The Stephen Kam Chuen Cheong Memorial

Education Fund presented a donation worth

HK$8.3 million to the University on 23 March 2000.

The Postgraduate Hall I was named “Stephen Kam

Chuen Cheong Hall” to commemorate the gift and to

recognize the significant contributions of the late Mr

65

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Stephen CHEONG as a founding member of the

University Council and Chairman of the Council’s

Appointment Committee, and as a donor.

Named in honor of its principal corporate

benefactor, the CLP Power Wind/Wave Tunnel

Facility was inaugurated by the Hon TUNG Chee-

hwa, Chief Executive of the HKSAR, the Hon Michael

D KADOORIE, Chairman of CLP Holdings, and

President Chia-Wei WOO of HKUST. CLP Holdings

contributed HK$10 million toward the construction of

the Facility.

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Dr Hari HARILELA and family at the dedication ceremony of the Padma & Hari HarilelaLecture Theater.