UST HAS urged the public to analyze financial data and public statements in their entirety, saying selectively citing figures from its audited financial report without understanding their operational functions causes misconceptions.
The University said mistaking its short-term investments and net asset increases for “idle funds” fails to account for its comprehensive financial standing, apparently responding to the UST Faculty Union’s (USTFU) claim that the Dominican-run school’s investment records indicate “substantial resources.”
“A responsible reading of the AFS (audited financial statements) would show that funds are actively utilized for operational and educational development—not stockpiled or withheld,” UST said in a statement released on April 4.
“The University urges the public to examine financial data and public statements in full context and with great prudence. Selectively citing line items and figures in the audited financial statements of the University without understanding their operational purpose leads to misconceptions.”
The Dominican-run university explained that net asset growth derives from property and equipment developments, while short-term investments are earmarked for covering liabilities, operational expenses, donations and savings to ensure its “operational viability and vitality.”
In a March 29 statement, USTFU claimed that the University’s supposed prioritizing of long-term assets over faculty concerns is a “strategic choice” rather than a limitation.
The faculty union has lobbied for teachers’ salary restructuring and rank upgrades to be sourced outside of their government-mandated tuition hike shares, citing UST’s funds as proof of its “exceptionally strong” financial position.
The proposal is one of the unaddressed requests by USTFU in the contentious collective bargaining agreement (CBA) talks, which led to the union filing a strike notice on March 25.
The two sides reached an impasse after months of negotiations.
“The [USTFU] stands by its position regarding the P12 billion in net assets, despite UST’s assertion that our view is incorrect. The University’s financial statements, as publicly available, clearly indicate substantial resources, including investments, cash equivalents, and receivables,” the faculty union said.
However, UST reiterated that its unrestricted net assets contain cash, short-term investments and non-current assets, including property, buildings and equipment, that cannot be simply repurposed as it would compromise the University’s campus operations and “long-term sustainability.”
“These investments in infrastructure are necessary to maintain and elevate the quality of Thomasian education. Thus, the unrestricted net assets–which, again, include short-term investments, property and equipment-should not be misconstrued as readily available funds that may be freely liquidated and reallocated on a whim,” the University said.
With USTFU ready to stage a strike as early as May 2, the UST administration recently filed for assumption of jurisdiction with the Department of Labor and Employment, which will allow the labor secretary to intervene in the dispute and prevent work disruptions.
If the National Conciliation Mediation Board fails to reconcile the UST administration and USTFU, the union may hold a strike vote on April 24 among its members. Discussions between both parties will resume on Monday, April 7, with the board serving as mediator. F — Mei Lin Weng
