• Home
  • NEWS
  • SPORTS
  • ENTERTAINMENT
    • POWER HOUSE
    • MUSIC / VIDEOS
    • MOVIES / TV
  • LIVE
  • Contact Us
Facebook Twitter Instagram
Trending
  • Rihanna, A$AP Rocky attend ‘Iconic’ Beenie Man show in Barbados
  • Beenie Man injures ankle in bike crash — source
  • Will Smith Says He ‘Understands’ If Moviegoers Aren’t Ready to Watch New Film After Oscars Slap
  • Will Smith says bottled rage led him to slap Chris Rock at the Oscars
  • Drake Gifts DJ Khaled with Toilets
  • Soca Invasion Brings Caribbean Culture to Ghana in January
  • SVG days away from exporting first legal shipment of medicinal cannabis
  • Protect yourself and use condom properly- AIDS Secretariat
Magic 103.7
  • Home
  • NEWS
  • SPORTS
  • ENTERTAINMENT
    • POWER HOUSE
    • MUSIC / VIDEOS
    • MOVIES / TV
  • LIVE
  • Contact Us
Magic 103.7
Home»News»UWI Considers Alternative Funding Models To Tackle Collection Crisis
News

UWI Considers Alternative Funding Models To Tackle Collection Crisis

By Magic 103.7November 7, 2018No Comments3 Mins Read
Facebook Twitter WhatsApp Reddit Pinterest LinkedIn Telegram Tumblr Email

In light of funding challenges facing The University of the West Indies (UWI), its University Grants Committee (UGC) met at The UWI Regional Headquarters in Mona last week Thursday, to receive the special report of a task force commissioned to examine alternative models.

The meeting, chaired by Barbados Prime Minister Mia Mottley, and attended by Government representatives of the university’s contributing countries along with members of its executive management, discussed and explored ways to ensure the financial sustainability of university research, teaching and community service for the future.

Mottley, who is also the minister of finance, economic affairs and investment of Barbados as well as a former education minister and University Council member, is said to have expressed concern for the university’s financial health and provided insights and leadership in respect of the task force’s recommendations.

According to a release from The UWI, among her critical contributions, Mottley called for the establishment of a University Trust Fund to manage the institution’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, the release said.

“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” she said.

Meanwhile, 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”, the release said.

The vice-chancellor also expressed gratitude to all the 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 release said.

The task force is co-chaired by Professor Densil Williams, pro vice-chancellor, planning, The UWI, and Ravi Rambarran, group chief operating officer, Sagicor Financial Corporation, and comprises representatives of the private sector, contributing governments, student body, and university executive management, the release said.

Source: Jamaica Observer

Mia Mottley University of the West Indies (UWI)
Share. Facebook Twitter WhatsApp Reddit Pinterest LinkedIn Telegram Tumblr Email
Previous ArticleQueen Ifrica Demands Apology From Vybz Kartel Over Bleaching Rumours
Next Article CCJ Rejection Disappoints Grenada PM

Related Posts

UWI to benefit from over US $250 million in support as part of reparations for slavery

November 27, 2018

New UWI Chancellor takes office

July 21, 2017

St Vincent PM disagrees with CARICOM Chairman on LIAT

July 5, 2017

Comments are closed.

  • Facebook
  • Twitter
  • Instagram
  • YouTube
Listen To Magic 103.7 Live

Trending

Rihanna, A$AP Rocky attend ‘Iconic’ Beenie Man show in Barbados

November 29, 2022

Beenie Man injures ankle in bike crash — source

November 29, 2022

Will Smith Says He ‘Understands’ If Moviegoers Aren’t Ready to Watch New Film After Oscars Slap

November 29, 2022

Will Smith says bottled rage led him to slap Chris Rock at the Oscars

November 29, 2022

Drake Gifts DJ Khaled with Toilets

November 29, 2022
Magic 103.7 - Today's Music Yesterday's Hits
Today’s Music Yesterday’s Hits
Follow Us
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Popular This Week

Rihanna, A$AP Rocky attend ‘Iconic’ Beenie Man show in Barbados

November 29, 2022

Beenie Man injures ankle in bike crash — source

November 29, 2022
Copyright © Magic 103.7 | Designed by Delano Maloney Designs
  • Privacy Policy
  • Contact Us
  • Subscribe

Type above and press Enter to search. Press Esc to cancel.