FINANCE
Pension Administration The University operates defined-contribution pension schemes for its academic and senior administrative staff and non-academic staff The St. Augustine Campus administers a defined-benefit plan for its administrative and technical staff. The Federated Superannuation Scheme for Universities (FSSU) for academic and senior administrative staff has a defined benefit element which provides qualifying retirees with a supplement to pension on retirement. This scheme is currently unfunded and conversion to a funded scheme is of priority. THEWAY FORWARD The University appreciates the financial support received from contributing governments, funding agencies— particularly donors to research projects, the private sector, alumni, staff, students and other stakeholders, and looks forward to a continuing mutually beneficial relationship. Stewardship of the University’s resources and restoring the financial health of The UWI remains a priority. The University will continue to focus on revenue generation and cost containment in order to achieve the targets of its Strategic Plan. The efforts of all members of staff in the Office of Finance and the Campus Bursaries are appreciated for maintaining sound financial practices and contributing to the achievement of the financial goals of the University. The finance team remains committed to the success of the Triple A Strategy which is the current roadmap for The UWI as it seeks to deliver quality service and drive Caribbean development.
EXPANSION OF ACCESS TO TERTIARY EDUCATION Tuition Fees The UWI has managed to keep tuition fees affordable and hence widen access to students regionally and internationally. For the year 2018/2019 tuition fees for University Grant funded programmes (UGC) at the Mona Campus were increased by 2.5%. Tuition fees at the other campuses remained at the 2017/2018 levels. Scholarships During the 2018/2019 year, the Office of Finance provided financial oversight and management of funds generated for the purpose of granting scholarships to students. Scholarships to deserving students were provided from funds raised through The UWI Regional Endowment Fund, American Foundation of The UWI, British Foundation of The UWI, and the UWI Toronto Benefit Gala. At the end of the academic year, 27 students who were awarded scholarships (18 from the Mona Campus and 9 from the Cave Hill Campus) completed the first year of their study in the BSc Software Engineering programme at the Global Institute of Software Technology (GIST) in Suzhou, China. The second cohort started their first year in China with the assistance of scholarships from the private sector.
financial information. Staff members University-wide who are tasked with ensuring that the system is optimally used, attended the annual Banner Finance Conference in April 2019 in New Orleans.
During the financial year, the Cave Hill Campus started transitioning to the Ellucian Cloud platform.
Use of the Banner Finance System allowed the University to continue to improve efficiency in the accounting operations, and generated timely and accurate financial information to support major initiatives across the University. Digital Transformation Project This is a University-wide implemented project which is expected to yield efficiencies in several areas of the operations of the institution. A consultant has been engaged to lead the project which has three tracks; academic, technology and business. The digital transformation project will include an ICT Target Operating Model for shared services. The Office of Finance and Campus Bursaries will be engaged in the implementation of various aspects of this model. Cost Saving Measures Cognisant of the funding challenges, the University has undertaken a number of cost saving measures across the campuses and the University Centre to reduce expenditure in deserving areas including staff costs, capital expenditure, travel, and utilities. Staff are continually apprised of these measures to remain financially viable in an environment of budget cuts. Costs related to post-employment benefits are being reviewed for more cost effective arrangements to be implemented.
INITIATIVES FOR IMPROVEMENT OF OPERATIONAL EFFICIENCY Banner Finance
All campuses and the University Centre are currently upgrading the Banner Finance software to version 9 to achieve greater efficiency in processing and reporting
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