Research Grants Increasing research output remained a priority for the University during the year. The University continued to make significant strides towards its goal of growing and sustaining a culture of research and innovation aligned to the specific developmental needs of the region. The value of research grants received by the University during the year 2019/2020 was US$13.1 million (2018/2019: US$6.3 million). Efforts are being made to obtain new grants of high value to conduct research, particularly related to health care and regional development. Execution of research grants provides income to the University in the form of administrative fees. Risk Management The University of the West Indies, like similar institutions of Higher Learning, is exposed to a wide cross section of risks related to reputation, student experience, staffing issues, information technology (cyber risks) and financial issues. Efforts continue to be made to ensure that all major risks are properly identified and to foster more complete risk management arrangements. To this end, initiatives regarding the establishment of adequate University-wide Enterprise Risk Management (ERM) processes are being considered for implementation. The University is now in the process of hiring a new Risk Manager to identify risk, communicate risk policies and processes for the University.
RECURRENT CONTRIBUTIONS FROMTHE CONTRIBUTING GOVERNMENTS
were reviewed by the Technical Advisory Committees (TACs) at the meetings hosted by the Government of Trinidad and Tobago on March 3 and 4, 2020. The meetings of the Campus Grants Committees (CGCs) and the University Grants Committee (UGC) were subsequently held on May 4, 2020 and July 10, 2020 virtually to review and approve the recommendations of the TACs. At the UGC meeting, which was chaired by the Honourable Colm Imbert, Minister of Finance, Trinidad and Tobago, an expenditure budget of BDS$701.4 million was approved for The UWI, to be funded by Government contributions totalling BDS$531.5 million and the balance from tuition fees and other sources of income. At the UGC meeting of May 4, 2020 the formation of a Sub-Committee of UGC was agreed, which would meet periodically over the next two years (2020/2021 and 2021/2022), to critically review the budgets of The UWI and the UHWI and to make recommendations regarding the best strategies to: improve teaching and learning; restructure The UWI, its expenditure and cash flow, and develop a plan for income-generation. It was noted that this approach would provide for a greater level of involvement of the UGC in the overall operations of The UWI.
Focus has been placed on maintaining dialogue with Governments to encourage payments of their assessed contributions to The UWI on a consistent basis. During the year 2019/2020, The UWI continued to maintain invaluable relationships with contributing Governments and increased their awareness regarding their outstanding obligations to the institution. In an effort to recover outstanding debt, the University continued to submit payment plans accompanied by monthly or quarterly invoices to the contributing Governments. This has assisted somewhat in reducing the receivables from Governments.
BROADENING THE FUNDING BASE University Trust Fund
The creation of a Trust Fund to provide additional income from performing assets is still being pursued. The contributing Governments will pledge physical assets and other revenue performing assets to the Trust and in some cases these assets will be exchanged for contributions owed to the University. The shortfall in funding of the University’s budget from its current sources of income, has increased the need for the University to seek other sources of income for the long- term. The income-earning capacity of assets in the Trust Fund is being considered as a long-term solution to provide an additional source of revenue to reduce the gap in the budget. Other funding mechanisms are also being explored.
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