KINGSTON, Jamaica, Tuesday November 6, 2018 – As the University of the West Indies (UWI) seeks alternative sources of funding, a suggestion from Barbados’ Prime Minister and Minister of Finance Mia Mottley could see a University Trust Fund being launched.
The UWI said yesterday that such a launch was on the horizon, after its University Grants Committee (UGC) met in a special session at the university’s regional headquarters in Mona, Jamaica last week, 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 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.
The Barbadian leader, herself a former Education Minister and University Council member, with 20 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”, a statement from the UWI said.
Among her contributions, she called for the establishment of a University Trust Fund to manage the UWI’s wealth potential. This, she suggested, may be initially capitalized if the Governments agree to provide physical assets and other revenue performing assets in lieu of cash. Mottley said this would help the university in terms of having some of the governments’ receivables settled.
“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,” Mottley said.
“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, at the UWI and Ravi Rambarran, Group Chief Operating Officer, Sagicor Financial Corporation. It comprises representatives of the private sector, contributing governments, student body and university executive management.