UWI wants a 50/50 partnership with regional Governments

The University of the West Indies (UWI) is working on a new funding model, which if successful, will result in approximately a two per cent increase in funding from regional governments and the private sector, international partners and entrepreneurial activities.

This was disclosed on Friday by Vice Chancellor of the UWI Sir Hilary Beckles, who indicated that the regional learning institution was in the process of rolling out a global online facility to aid its development and increase revenues.

He was presenting his report to the annual business meeting of the university council.

The report, The UWI – A Global Disruptor: Surging in a World of Disruption noted that the government debt owed to the university stood at around US$51.33 million as of July 2021. Sir Hilary said a part of the new funding model for the university was to get governments increase their financial support.

“At the moment, the governments of the region are contributing 48 per cent of the operational cost of this university. With my humble submission, I believe it is too low,” he said, as he recalled that at one point the contribution was as high as 80 per cent.

“In my humble submission, I think the future would be ideal if we can hold our governments to a 50 per cent . . . and leave the rest to us. This would be an ideal partnership, 50/50. If we could achieve this, we can then pursue the students, the alumni, the private sector, the entrepreneurial activity,” he said.

The proposed new funding model would see the UWI getting 15 per cent of its funding from students, 10 per cent each from the private sector, international development partners and its own entrepreneurial activities, and five per cent from its alumni.

In relation to its global online academic content to help with revenue generation, Sir Hilary said the UWI was currently in the process of seeking donations from its international donor organisations to roll out those systems, and the response has so far been encouraging.

“We believe we have finally found a coherent solution to the financial problems of this university. We believe we have finally reached that moment where we have a strategy, a vision and we will bring that proposal to this council for approval when we are ready,” said Sir Hilary.

He said the university, which has campuses across the region, has been forming several local and international partnerships with the private sector, engaging in digital transformation, increasing its external funding for research and advancing the reparation discussions.

Sir Hilary also disclosed that he planned to use the university’s ranking as a marketing tool in an effort to attract financing towards its programmes aimed at tackling the issue of climate change.

Stating that the UWI was not a reactor to disruption, Sir Hilary said the 2020/2021 financial year has been “one of the finest” for the university, which he said has been seeing “extraordinary success” in its transformation process.

“So here we are at the top of our game,” said Sir Hilary.

Among the university’s achievements has been attaining global university rankings to the top 1.5 per cent; offering classes to students during the height of the COVID-19 pandemic; providing assistance to regional governments in their fight against the pandemic and completing the first part of the UWI’s strategic plan, which he said called for a “reputation revolution” within the UWI.

However, he indicated that the focus would now be shifted to the 2022-2027 “revenue revolution plan”, which makes up phase two of the university’s strategic plan.

Stating that the institution was entering the second phase “aggressively”, Sir Hilary said the plan was intended to transform the internal financial health of the institution by containing costs and generating more revenues.

“We are looking at efficiencies. We are putting the entire structure of the UWI’s financial system into view for careful and critical action,” he said.

However, he pointed to rising Government debt, a resulting decrease in net asset value and an unfunded pension liability scheme despite promised public funding, that he said were affecting the UWI’s balance sheet from time to time.

Sir Hilary said he was satisfied that several plans under phase two of the university’s strategic plan have already started, including that of pension reform, which is being led by Chief Executive Officer of Sagicor Dodridge Miller. (MM)