Institute records K1.8mil revenue

Business

THE Institute of Engineers generated a revenue of K1,828,266 in the 2019 financial year – a decrease of K46,189 from the 2018 figure of K2, 203,671.
During the 2019 annual general meeting last week, chief executive Benedick Mick attributed this to money owed to the institute.
Mick said there was a decline in membership because some engineers had not paid their registration fees.
This was due to the introduction of the competency-based assessment (CBA) which engineers were required to take to practice.
Other highlights included net asset of K7,439,646, membership equity of K7,439,646, net cash flow of K2,635,936 and total expenses of K1,874,455.
“We are very confident of moving forward with the CBA full swing with the help and support of the council and some changes being put in place,” Mick said.
“We are looking forward to hopefully a good year in 2020.
“The future looks good for us.”
He also urged engineers who had not registered to pay their fees which they were required to by taking the assessment.
President Finkewe Zurecnouc said the institute had also been given provisional accreditation
by the Asia Pacific Economic Corporation engineers to be a member.
This came after the institute CBA system was assessed by a team of New Zealand engineers who determined that it was competent.