OFFICE OF FINANCE
Digital Transformation Project
INITIATIVES FOR IMPROVEMENT OF OPERATIONAL EFFICIENCY
EXPANSION OF ACCESS TO TERTIARY EDUCATION Scholarships
The Digital Transformation Project is being financed through a loan of up to US$6 million and a grant of US$190,000 from the Caribbean Development Bank (CDB). The loan was guaranteed by Sagicor and two contributing governments. The University received US$2.3 million as the first tranche of the loan in April 2023, for execution of specific areas of the project. The procurement process is now in progress. The project will be implemented University- wide and is aimed at strengthening the institution’s delivery of teaching, learning and research, as well as its operational efficiency in several areas, including its resilience and global competitiveness. Implementation will allow The UWI to provide consistent and reliable services to all stakeholders, and will achieve greater operational efficiencies and economies of scale. The Office of Finance and Campus Bursaries will be engaged in the implementation of various initiatives for shared services, which will provide significant reduction in the cost of operations.
Revenue Revolution The 2022 –2027 Strategic Plan, aimed at improving the University’s financial health, is the second phase of The UWI “Triple A Strategy” and focuses on revenue generation. In aligning with the strategic objectives of the Plan, there was an increased effort to manage stakeholder relationships which included Caribbean Governments, regional and international corporations, development partners, and higher education institutions. During the year 2022/2023, planning continued for the expansion of the University through the establishment of The UWI International School for Development Justice (ISDJ) which is considered to be a major milestone achievement for the University in achieving its globalisation objectives. The ISDJ was conceptualised to adopt a for-profit income generating model and will leverage the infrastructure and services provided by the Global Campus, to launch its operations. The UWI campuses also embarked on a number of innovative and impactful initiatives under their entrepreneurial thrust, including commercialisation of research and technology. Rental of space to facilitate operations of Business Processing Outsourcing Centres also boosted the revenues for the reporting period. Revenue was also received from various licensing agreements.
During the 2022/2023 academic year, the University in alignment with its alumni, donors, corporate partners and other stakeholders, was able to provide scholarships to students in an attempt to expand access to higher education. The UWI Regional Endowment Fund (UWIREF) which started in 2008 has grown tremendously over the years, and reported a value of J$1.55 billion (US$10 million) at July 31, 2023. Alumni, staff, students and friends of The UWI have made generous donations to support specific scholarships. The UWIREF has a diversified investment portfolio with the goal of growing the original gifts to provide an ongoing income stream to support the specific endowed purposes. The UWIREF continues to transform the lives of many students by providing financial aid. New funds injected during the year totalled J$71 million (approximately US$463,000), most of which was received from The UWI Medical Alumni Association (UWIMAA) which recently came on board during the academic year 2022. Scholarships were also provided by the American Foundation of The UWI, the British Foundation of The UWI, The UWI Toronto Benefit Gala and gifts from individuals and the private sector. The awarding of scholarships received from these sources was managed by the Institutional Advancement Division. The UWI, from its UGC budget, also offered Open Scholarships to undergraduate students, and post- graduate students were also provided with scholarships and grants for research and publications.
Cost saving measures
Several cost saving measures were implemented by The UWI during the 2022/2023 academic year. The UWI is seeking to use a variety of measures to adjust its operational model, to close the gap between revenues and expenditures on an ongoing basis, by reducing costs and enhancing operational efficiency.
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