The UWI considers alternative funding models: Launch of University Trust Fund on the horizon

UWI St. Augustine News

The UWI considers alternative funding models: Launch of University Trust Fund on the horizonFor Release Upon Receipt – November 7, 2018UWIThe 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 …

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