At the beginning of the year, JAMK University of Applied Sciences launched its own fundraising campaign that involved approximately 20 people from our areas of strength and the management taking part in donor visits. A total of approx. €478,000 was accumulated in donations, in addition to which the visits produced a considerable amount of various co-operation openings. Matched funding from the government is distributed to universities of applied sciences in relation to fundraising results. JAMK was granted €487,428.63 in matched funding from the government.

For a long time, the funding for universities of applied sciences has been determined by a result-based funding model and its indicators. A new funding model was prepared in 2018 and will enter into force in 2021. The results of the new funding model will be taken into consideration from the previous three years, meaning that the results of 2018 will affect the funding distributed based on the new funding model. JAMK University of Applied Sciences has steered its operations into the direction that the Ministry of Education and Culture wants universities of applied sciences to go in. Therefore, the change in the new funding model will be positive from a financial perspective.

In the autumn of 2018, JAMK University of Applied Sciences began to actively invest its cash. The investments are made with moderate risk and must not compromise liquidity. Investees are decentralised, investments are made with expert services and the investment activities are also guided by the principles of responsible investment.

Income statement: income 2018 (59,2 M€)

Income statement: expences 2018 (58,3 M€)

Financial indicators

  2018 2017 2016 2018 2017 2016
Turnover 58 304 172 56 653 474 53 864 767 58 304 978 56 654 280 53 872 125
Profit 887 572 880 804 353 489 888 964 882 116 358 519
% of turnover
1,5 1,6 0,7 1,5 1,6 0,7
Salaries and fees 32 956 391 31 500 866 30 395 783 32 956 391 31 500 866 30 395 783
Salaries and fees,
% of turnover
56,5 55,6 56,4 56,5 55,6 56,4
Staff * 628 604 582 628 604 582
Rental expenses 6 797 295 6 835 388 6 357 113 6 797 295  6 835 388 6 357 113
Rental expenses,
% of turnover
11,7 12,1 11,8 11,7 12,1 11,8
Advance rental expenses,
9 303 620 10 034 542 10 765 463 9 303 620 10 034 542 10 765 463
Rate of
self-sufficiency (%)
80,5 78,9 80,6 80,5 78,9 79,0
Revenue from
own capital (%)
1,0 3,0 1,5  1,0 3,2 1,5
Revenue from
invested capital (%)
2,9 3,0 1,2 2,9 3,1 1,4
Quick ratio 2,9 3,6 3,7 2,9 3,6 3,1

* The average number of staff is calculated as person-years due to the seasonal turnover of part-time teachers.


Degree programmes in JAMK University of Applied Sciences produced 1,114 bachelor’s degrees in 2018 (1,165 in 2017), as well as 194 master’s degrees (195 in 2017). The number of ECTS credits completed in the Open Studies was 15,281 (12,877 in 2017), which is a new record.

The number of students at the Teacher Education College during the financial year was 829, and vocational teaching qualifications were achieved by 321 people (404 in 2017).

Degree goals of JAMK University of Applied Sciences for 2017–2020

Classification in accordance with the
agreement with the Ministry of
Education and Culture
2017-2020 on avg.
Result 2018 Result 2017 Result 2016
Bachelor’s degrees in total 1 063 1 114 1 165 1 121
- Arts and cultural fields, educational
fields, social sciences (Bachelor)
38 41 61 56
- Humanistic fields, medical science and health and wellness fields (Bachelor) 325 347 364 347
- Business management, administration
and law and service fields (Bachelor)
320 356 359 346
- Natural sciences, business information technology and telecommunications, technology fields and agriculture and
forestry fields (Bachelor)
380 370 381 372
Master’s degrees in total 205 194 195 179
Those with completed Teacher Education training 390 321 404 422

Research and development activities

2018 was a record-breaking year for JAMK’s RDI activities, marking an increase of 19% compared to the previous year. External funding for RDI activities amounted to €7.9M (€6.6M in 2017), marking a growth of approximately €1.3M compared to the previous year. As expected, the total volume kept increasing, reaching €11.0M (€9.4M in 2017). The RDI activities were more extensive than ever as international operations were strengthened and the operational volume remained at the target level throughout the entire year.

The RDI efforts developed with a focus on the strengths specified by JAMK’s strategy, including education and business expertise, bioeconomy, applied cybersecurity, multidisciplinary rehabilitation, and automation and robotics as an emerging field. The effectiveness of RDI activities was a particular area of effort. Other development areas selected based on an external evaluation of the RDI activities were also moved actively forward, especially those related to applied research and communications. The EduFutura co-operation with key partners, the University of Jyväskylä and the municipal education consortium was diverse. JAMK experts were actively involved in the development of the Kangas, Nova (new hospital) and Hippos areas.

External funding of the RDI projects 2018 (7,9 M€)

Other activities

The domestic service business turnover was approximately €4.8M (€4.7M in 2017), remaining at the same level as in the previous year, but education exports grew by approximately 40% (€1.7M). A significant factor in the growth of education exports was the tuition fees collected from students from outside the EU/EEA, which comprised one third of the education export revenue.

JAMK has focused its service operations on competence areas where the competence is based on the public educational mission, thus maintaining the staff’s competence. This way, the services particularly develop and strengthen the quality of the education and keep it relevant and up-to-date in terms of the working life.

In the autumn of 2018, JAMK opened an office in Töölönlahti, Helsinki, to strengthen its education exports and service business activities.


The average number of staff at JAMK University of Applied Sciences during the past financial year was 739 (717 in 2017) and the number of person-years amounted to 628. The staff expenses increased by €1.3 million.

Significant events after the end of the financial year

The operations have continued as planned after the end of the financial year.

Forecast of future development

Among the key projects of the Finnish government, know-how and education form a central part in the government’s action plan. From the perspective of the related goals and action plans, JAMK’s goal is to maintain, even strengthen its position in relation to other universities of applied sciences.

The volume of RDI activities has seen good development and is anticipated to grow in 2020. The service activities are expected to retain their current level in Finland or grow slightly. Education exports have become a strong pillar of support for business operations. In addition to controlled business growth, our performance and quality will continue to be developed.

Key risks and uncertainties

The new funding model for universities of applied sciences has been approved and will enter into force in 2021. The new funding model gives JAMK an opportunity to reach an even better performance level, provided that JAMK’s curriculum work succeeds and develops increasingly versatile, high-quality and effective learning opportunities in degree programmes. In reaching the goals of the curriculum work, failure forms the greatest foreseeable financial risk to JAMK’s operations. Another risk related to the funding model is the competition between universities of applied sciences and JAMK’s relative success in this mutual performance measurement.

Environmental issues

The environmental legislation and its changes do not require any particular measures as regards the company’s business, but taking account of environmental issues may have significance for the company’s image.

Administration and organisation

The Board of the parent company assembled nine times over the course of the operating year, one meeting being an e-mail conference. The key decisions of the Board included regular matters concerning the budget and financial statements, as well as the decision to lease facilities for the School of Health and Social studies in the renewed Hippos area.

Rector Jussi Halttunen served as the president, Vice Rector Heikki Malinen as the president’s deputy, BDO Oy as the auditor and Pertti Hiltunen (Chartered Accountant, Chartered Public Finance Auditor) as the principal auditor.

Management team

Chair  Jussi Halttunen, President
  Heikki Malinen, Vice Rector
  Mikko R. Salminen, Director of Administration
  Pertti Malkki, Director, School of Health and Social Studies
  Pasi Raiskinmäki, Director, School of Technology
  Pekka Risku, Director, Teacher Education College
  Asta Wahlgrén, Director, School of Business and Services
Staff representative (1 Jan–31 Jul 2018) Esa Salmikangas, Senior Lecturer
  (1 Aug– 31 Dec 2018) Heljä Kautto, Executive Secretary
Secretary Heli Toivola, Marketing Manager

Board members

Board members of JAMK University of Applied Sciences Ltd. 1 January – 31 December 2018:

Sinuhe Wallinheimo, Chair of the Board  
Aila Paloniemi, Vice-President  
Lotta Ahola Vesa Arkko
Jouni Kurkela Ahti Ruoppila
Jari Vähäpesola    

Staff representative
Minna Tunkkari-Eskelinen 

Student representative  
Sami Jussinmäki

and Eino Leisimo as controller for the City of Jyväskylä. 
Mikko R. Salminen, Director of Administration, served as the Board’s secretary.

The Annual General Meeting was held on 14 May 2018

The JAMK University of Applied Sciences Group is a subgroup of the Jyväskylä City Corporation. The domicile of the City Corporation is the City of Jyväskylä.

A copy of the consolidated financial statements is available at: City of Jyväskylä, Talouskeskus public utility, Heikinkatu 3 B, FI-40100 Jyväskylä.


Board of Directors’ proposal to the Annual General Meeting

The Board of Directors proposes to the Annual General Meeting that the financial statements be approved and that the parent company’s profit for the financial year, €320,667.07, be left in the profit account.

Company shares

The parent company has 160 shares of the same type, with a nominal value of €168.19 each.