UWI Crest Campus Image: Mona Curve image for menu aesthetics
 
Coloured Mural
Marketing and Communications Office
Search |

The UWI Considers Alternative Funding Models

From left: Professor Hilary Beckles, Vice Chancellor of THE UWI; the Honourable

From left: Professor Hilary Beckles, Vice Chancellor of THE UWI; the Honourable Mia Mottley, Prime Minister and Minister of Finance, Economic Affairs and Investment of Barbados; Mr. Ravi Rambarran, Group Chief Operating Officer, Sagicor Financial Corporation; Mrs Andrea McNish, Bursar for The UWI; and Professor Densil Williams, Pro Vice-Chancellor, Planning.

Launch of University Trust Fund on the horizon

The University Grants Committee (UGC) of The University of the West Indies (The UWI) met in a special session at The UWI Regional Headquarters in Mona, Jamaica on November 1, 2018, to receive the special report of a Task Force commissioned to examine alternative models of university funding in light of the challenges facing the existing arrangements.

The UGC meeting chaired by Prime Minister and Minister of Finance, Economic Affairs and Investment of Barbados, the Honourable Mia Mottley, and attended by government representatives of The UWI’s contributing countries along with members of the University’s executive management, discussed and explored innovative ways to ensure the financial sustainability of university research, teaching, and community service for the future.

Prime Minister Mottley, herself a former Education Minister and University Council member, with twenty years of experience in the financial affairs of the University, expressed concern for its financial health and provided expert insights and leadership in respect of the Task Force’s recommendations. Among her critical contributions, she called for the establishment of a University Trust Fund to manage The UWI’s wealth potential. This, she suggested, may be initially capitalised if the Governments agree to provide physical assets and other revenue performing assets in lieu of cash. This will help the University in terms of having some of the Governments’ receivables settled.

Prime Minister Mottley noted, “Many Governments pledged to look at the settling of some of their arrears in the next few months. In the medium term, however, the University currently has three primary sources of income on which it relies. While it continues to strengthen its potential in these areas, it should, as it goes global, have the ability to receive gifts of land and shares from Governments and individuals (especially graduates) to add to its corporate endowment programme. If this is ultimately agreed to by the University Grants Committee, the University should use the establishment of this Trust to ensure that it can hold faith with its original mandate 70 years ago and keep the fees paid by Governments and students at an affordable level. We will await in the next few months the Report of the Expanded Task Force.”

In his concluding remarks, Vice-Chancellor, Professor Sir Hilary Beckles thanked the Task Force for an excellent report, and commended Prime Minister Mottley for her transformational leadership. He was optimistic that “the path discussed and agreed would lead to a new era in the history of the University.” He also expressed gratitude to all Ministers and other governments representatives for their “commitment to resolving the collection crisis that has befallen the institution.”

The special Task Force was established in 2017 in response to the mounting level of arrears owing to the University by regional governments; which was also the subject of a discussion at the CARICOM Heads of Government meeting in Haiti earlier this year. The Task Force is co-chaired by Professor Densil Williams, Pro Vice-Chancellor, Planning, The UWI and Mr. Ravi Rambarran, Group Chief Operating Officer, Sagicor Financial Corporation and comprises representatives of the private sector, contributing governments, student body and university executive management.

-End-

About UGC

The University Grants Committee (UGC) is a body established to enquire into the financial needs of University education and to approve the level of funding required to meet those needs; to assist in consultations with the University and other bodies concerned, in the preparation and execution of plans for the development of the University as may from time to time be required in order to ensure that they are fully adequate to national needs. The chairmanship of the UGC is rotated among the Ministers of Finance of the traditional campus countries (Barbados, Jamaica and Trinidad & Tobago) on a triennial basis.

About the Special Task Force established to examine The UWI’s funding model

At the UGC’s meeting in April 2017, it was recommended that a special Task Force be set up to examine the current funding model for The UWI and tertiary education in general, and to propose a new model for future funding. This recommendation was made in response to the significant level of government receivables across The UWI’s contributing countries and the inability of governments to sustain the existing 80/20 (government/student) cost sharing model. The Task Force was established in December 2017.

About The UWI

For 70 years The University of the West Indies (The UWI) has provided service and leadership, and in 2018 it marks its evolution from a university college in Jamaica with 33 medical students in 1948 to a respected regional university with near 50,000 students and four campuses: Mona in Jamaica, St. Augustine in Trinidad and Tobago, Cave Hill in Barbados, and an Open Campus. As part of its robust globalization agenda, The UWI has established partnering centres with sister universities in North America, Asia, and Africa such as the State University of New York (SUNY)-UWI Center for Leadership and Sustainable Development, the UWI-China Institute of Information Technology, and the University of Lagos (UNILAG)-UWI Institute of African and Diaspora Studies. The UWI offers over 800 certificate, diploma, undergraduate and postgraduate degree options in Food & Agriculture, Engineering, Humanities & Education, Law, Medical Sciences, Science & Technology, Social Sciences and Sport. The University was recently ranked among Times Higher Education’s top universities in world for 2019 and the only Caribbean-based university to make the prestigious list. Website: www.uwi.edu. (Please note that the proper name of the university is The University of the West Indies, inclusive of the “The”, hence The UWI.)

 

 

 

 


© The University of the West Indies. All rights reserved. Disclaimer | Privacy Statement
Telephone: (876) Fax: (876)
Site best viewed at 800 x 600 resolution or higher.