Fiscal Year 2009-2010 was a year of great beginnings. In June the University opened the Far Eastern College in Silang, Cavite. It offers basic education and tertiary courses in Business, Education, and Hotel and Restaurant Management. Its College Center for Continuing Education also accepts enrollees in its Resident Care Attendant Program, offered in partnership with the Sprott-Shaw Community College of Canada.
Simultaneously, the renovation of the FEU Makati Building on Gil Puyat Avenue, corner Malugay Street, was completed and this allowed the FEU Makati branch to start operations effective school year 2010-2011. The branch offers MBA courses, as well as undergraduate courses in Business and Information Technology.
The University also ventured into a culinary arts school when it organized Institute of Culinary Arts-Center for Continuiing Education (ICF-CCE), Inc. with Pancake House, Inc. The school, named ICF @ FEU, is housed in the ground and second floors of the FEU Building in Makati. At the ground floor is "The Loop", a restaurant that will serve as training grounds for the Culinary Arts students.
In the Manila campus, improvement of facilities and updating of equipment were non-stop. Among our heavy investments were: radio and television rooms and equipment for the Mass Communications program; additional furniture and kitchen equipment for the Hotel and Restaurant Management Program; 240 computer units for additional computer laboratories; the renovation of several academic and non-academic offices; the purchase of artworks by well-known artists to enrich our collection. In the pipeline are the extension of our E-Library, the installation of the Close Circuit Television (CCTV) system and the construction of a Studio Theater.
Notwithstanding the significant investments made in Far Eastern College in Silang and in FEU Makati, the results of operations were satisfactory, permitting the declaration of the usual cash dividends.
Our students continue to bring honor to the University. The performance of our Law, Nursing and Accountancy graduates in the Board Examinations have been above the national average. Far Eastern University was declared by the Commission on Higher Education as the top performing school in the country in terms of its highest number of passers in the 2009 Nursing Licensure Examinations.
FEU athletes won several championship trophies, and student leaders excelled in many nationwide organizations and competitions. The FEU Pep Squad finally made it to the top, winning first place in the 2009 Cheering Competition of the UAAP.
Harmonious and cordial relations with the faculty and employees labor unions have been maintained and the two collective bargaining agreements were signed last year. Made available are in-service training and development programs for faculty and staff.
With a new government in place we are optimistic that there will be a great opportunity for improvement in the field of education. With your continued support, we are confident that we will meet the challenges of the year ahead. On behalf of the Board of Trustees, I wish to thank the officers and administrative staff, the faculty and employees, the students and the alumni for another successful year. To you, our stockholders, our heartfelt gratitude for your continued trust and confidence in our leadership.
LOURDES R. MONTINOLA
Chair
Board of Trustees
FAR EASTERN UNIVERSITY, INCORPORATED
STATEMENTS OF FINANCIAL POSITION
MARCH 31, 2010 AND 2009 (With Comparative Figures for 2008)
(Amounts in Philippine Pesos)
Supplemental Information on Noncash Financing Activities:
1. The University declared and issued stock dividends amounting to P280.2 million in 2009 (see Note 18).
2. In 2010, 2009 and 2008, the University declared cash dividends totaling P294.3 million, P252.3 million and P315.3 million, respectively, of which P8.5 million, P24.6 million and P119.5 million, respectively, were not paid in the year of declarations (see Notes 10 and 18).
