The numbers would suggest real vaults, given that we are talking about liquid assets amounting to billions of euros. And those who manage them enjoy stellar salaries. Welcome to the little-known world of Italian universitiesan Eldorado dotted with 67 public universities, each of which is a jealous guardian of its own fiefdom, its own privileges, above all its own assets. The result is paradoxical: while students more or less throughout Italy protest for the expensive rents and for the increase of university fees setting up tents inside the universities, as happened only a few months ago in Bologna and Rome, few of them know that these same universities very often sit on a avalanche of money without them being – inexplicably – used.
NO CUT TO FUNDS: THE MONEY IS THERE
Before analyzing the topic, a false myth must be dispelled. The government gives funds to universities, of course. Every year they are subsidized for their ordinary activity by an expenditure chapter managed directly by the ministry now led by Anna Maria Bernini. Let’s talk about Ordinary financing fund (Ffo). Here, in 2025 there was no cut: the government gave 9.4 billionup by 336 million euros compared to last year (although, looking back over the years, the trend is not positive). So our universities have the money. But, as we said, they don’t use them.
THE MOUNTAIN OF LIQUIDITY: 14 BILLION STOP
Panorama has read the latest financial statements of all the public institutions in Italy. From North to South. And the picture is merciless: the rectors would have “liquid assets” of over 14 billion euros.
THE SAPIENZA CASE: 1.3 BILLION IN LIQUIDITY
Let’s take the case of Wisdom of Rome. According to what is reported in the ministerial tables, this year it will receive 558 million euros, a slight increase compared to the previous budget. Well, if we look at the final balance sheet for 2024 (the last visible one) under the heading “liquid assets”, here is the figure: 1,336,686,567.30. One billion and 336 million euros. Almost triple the public funds allocated. And to this monstrous amount are added, again, inventories for 989 thousand euros, financial assets for 196 thousand euros and receivables for another 476 million. The total of “current assets” is therefore equal to over 1.8 billion. Money locked in the university drawer. It’s hard to understand why, but that’s what everyone does.
POLITECNICO, FLORENCE, TURIN, NAPLES: BILLION ACCOUNTS
Let’s look at another Italian excellence: the Polytechnic of Milan. Same situation: liquid assets amount to 1.08 billionup from 995 million the previous year.
And – to name a few – universities are also bursting with cash Florence (516 million), Turin (675 million), Naples (748 million). There Bologna in deficit of students? 946 million. The Milan State University records it 591 million.
THE PALERMO CASE: OVER 300 MILLION IN LIQUIDITY AND CREDITS
It must also be said that very often they are only a part of the current assets. An example comes from Palermowhere others are added to the 317 million in liquidity as of 31 December 2024 377 million credits.
Of what? Of money that the university has left over: 233 million from the Ministry of the University, 87 million from the Sicily Region, 10 million from other universities and 2 million from students for unpaid installments.
OPAQUE ANSWERS AND SPENDING LIMITS
Panorama asked some universities to account. Among evasive answers, the clearest comes from the Milan State University:
all liquid resources are poured into Bank of Italy and subject to “requirement limit”which determines how much you can actually spend each year, regardless of your inventory.
Without prejudice to the fact that the stock… there is.
BANK DEPOSITS EVERYWHERE: THE MYSTERY OF MILLIONS STOP
Molise has a current asset of 32 million, of which 26 million 887 thousand euros in «liquid assets», but only 12 thousand euros actually in cash. The rest? Immobilized in bank and postal deposits.
The University of Calabria holds 215 million all deposited in the bank or post office. Everyone. Stop.
AN IMMENSE HERITAGE: LAND, WORKS OF ART, LIBRARIES
What makes everything more surprising is the vastness of the universities’ assets: books, works of art, land, buildings, scientific equipment.
In Bologna the heritage of land and buildings is valid 386 million; plants 37 million; scientific equipment 26; book heritage and works of art 17; furnishings 7 million.
Milan boasts a book and artistic heritage from 35 million; La Sapienza furniture and furnishings for 13 million.
Molise, despite declaring zero euros in book and museum assets, owns land and buildings for 45.8 million.
“CREATIVE” LIVING EXPENSES: BETWEEN PORTER AND CATERING
And we come to living expenses.
At La Sapienza, staff costs money 544 million in 2024 (506 in 2023). Only for missions and reimbursements over 4 million.
The case of Turin is curious: 521 thousand euros in «business lunches and catering».
For Federico II, “clothing” costs money 61 thousand euros (17 thousand in 2023).
In Florence the “concierge” absorbs 6 million.
THE SUPER SALARIES OF RECTORS AND GENERAL DIRECTORS
Leading these forts are rectors and above all general managersoften more paid than their rectors.
Example: the general manager of La Sapienza, Loredana Segretoearn 183 thousand euros gross; the rector Antonella Polimeni receives 54 thousand as office allowance (plus teacher’s salary and tokens).
The director of the University of Milan, Roberto Contein 2023 brings home 202 thousand eurosthen dropped to 164 thousand in 2024, with performance bonus of 29 thousand euros.
SALARY INCREASES: THE NEW BANDS ARE ARRIVING
Ministerial Decree 194/2017 has been updated: now the DGs can get to 194 thousand euros gross per yearmore rewards.
And the academic senates decide.
The general director of Federico II, Alessandro Buttàreceives 178 thousand euros for 13 months plus 35,600 euros of prizes: total 213 thousand euros. And an upward revaluation is already expected.
A SYSTEM THAT CAN SLEEP PEACEFULLY
In short, even more money for everyone.
Total spending on general managers could go from 9.7 million to 10.3 million in the next three years.
With a burden for the State.
The universities, however, as far as we have seen, they can sleep peacefully.
