INCOME BY YEARS
INITIATIVES TO INCREASE INCOME
Commercial units during the academic year 2022/2023 also made greater effort towards achieving profitability. Notably, the University Bookshop recorded a 90% reduction in operating deficit for the period and achieved the highest increase in revenue for any one period, 76.9% over the previous year. The Bookshop recorded a deficit of $4,727,437.43 for the period in contrast to a deficit of $45,560,999.63 in the previous year. The Library deposited over $11,000,000.00 to the UWI, Mona Campus as income generated from the Reprographic Services Unit (RESU) and the Multifunctional Room. The Faculty of Science and Technology (FST) through its Resource Mobilization Unit (RMU) successfully pursued new grant funding from external sources during the academic year. The RMU has been pivotal in successfully maintaining existing partnerships and forging new collaborations with government ministries, private sector entities, external grant agencies, and alumni. The RMU continues to serve as the primary facilitator for negotiations pertaining to internal UWI processes related to grant agreements, and provides invaluable support for project oversight, affording principal investigators greater flexibility in the execution of their research tasks. Furthermore, the Unit exercises a strategic oversight role in managing the consistent growth of the Faculty’s Endowment Fund.
MONA
At the end of the year, gross income increased by 4% over the previous year to $20.7B (2022 $19.9B), but there was a 13% increase in operating expenses to $20B (2022 $17.7B), returning total deficit for the year of $1.7B in stark contrast to the 2021/2022 net positive income $1.55B.
Using its global reputation to restore financial health to The UWI
The Campus pursued several initiatives aimed at converting the University’s “reputational value into much needed revenue”. (2022/2027 Strategic Plan). This was evident in the efforts at collaboration with overseas and local entities for partnerships and investments in programmes that have development and economic value to our region. For example, the Turks & Caicos Island Community College (TCICC) engaged our School of Nursing (UWISON) to place final year nursing students in its programme to gain clinical experiences at The University Hospital of the West Indies (UHWI). This resulted from a joint Memorandum of Understanding between the UWI, the UHWI and the TCICC. Advancing dialogue with industry players and international partner universities signalled even greater potential for the future of the Western Jamaica Campus (WJC). Of special note were the signing of the cooperation agreement with CHEC and the UWI Global Health Institute to construct a civil engineering lab at the WJC Irwin property, and the participation of James Madison University in WJC’s International Study-Visit Programme.
EFFORTS TO CURTAIL OPERATING COSTS
The Campus operated under tight fiscal management during the review year. All Faculties and other Campus units reviewed their operations with a view to reducing operating costs. Faculties saw a significant scaling down of staff.
The Campus operated under tight fiscal management during the review year. All Faculties and other Campus units reviewed their operations with a view to reducing operating costs. Faculties saw a significant scaling down of staff. Notably, for instance, the Faculty of Medical Sciences (FMS) addressed the untenable ratios of Associate Lecturers: Students to a more acceptable distribution. This cost saving exercise resulted in the Faculty’s reducing the expenditure of employing Associate Lecturers by approximately JMD$ 80 million. The Estate Management Division sought to redesign the facilities management operating model, shifting from the current decentralized facilities operation to an inclusive “Hub and Spoke” operating model to reduce operating costs while providing more ready access to the department’s services for better maintenance of the Campus plant.
77 UWI MONA ANNUAL REPORT 2022/2023
76 UWI MONA ANNUAL REPORT 2022/2023
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