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MEETING THE CHALLENGES OF FUNDING UNIVERSITIES: The role of the Administrator 20-22 June, 2011

MEETING THE CHALLENGES OF FUNDING UNIVERSITIES: The role of the Administrator 20-22 June, 2011. The Role of Internally Generated Funds Presented by: Richard O. Boapea June 20, 2011. SOURCES OF INCOME TO UNIVERSITIES.

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MEETING THE CHALLENGES OF FUNDING UNIVERSITIES: The role of the Administrator 20-22 June, 2011

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  1. MEETING THE CHALLENGES OF FUNDING UNIVERSITIES:The role of the Administrator20-22 June, 2011 The Role of Internally Generated Funds Presented by: Richard O. Boapea June 20, 2011

  2. SOURCES OF INCOME TO UNIVERSITIES T he following have been identified as the main sources of funding for universities: • Grants from central and local government bodies • Research Grants and Contracts • Academic Fees • Endowment and Investment • Other Income

  3. FUNDS OF UNIV. OF GHANA Sec.24(1) of University of Ghana Act, 2010 Act 806 defines the following as constituting funds of the university: • Government of Ghana subventions • Moneys that accrue to the university in the performance of its functions • Interest from Investments • Endowments, donations and gifts; • Moneys from any other source approved by the Council

  4. WHAT THEN IS IGF? “Any money or moneys accruing to a university from a source, other than government, through the sole efforts of the university in the performance of its functions”. ROB

  5. MATERIALITY AND IMPORTANCE OF IGF Sample UK universities: Government Grants 35.62% Academic Fees 36.05% Research Grants 13.06% Other Income 13.60% Endowment & Investment 1.67% Total 100.00%

  6. MATERIALITY AND IMPORTANCE OF IGF University of Ghana (avg 2004-2010): • Government Subvention 60% • Academic Fees 29% • Research Grants • Other Income 11% • Endowments and Investments Total 100.00%

  7. ANY CONTRASTS WITH FOREIGN UNIVERSITIES? • Common sources of funding between UG and other universities • IGF as a source of funding is relatively new in Ghana • Student fees dominate IGF • Government contribution still dominant • Contributions from sources such as Research Grants and Endowments under exploited

  8. THE FUTURE OF IGF Dependence on IGF will increase for the following reasons: Demographics Massive expansion leading to reduced resource availability per student Rising cost of higher education The state’s inability to finance due to competing public needs Recognized need for alternative sources Cost sharing :

  9. INCREASING IGF IN SCOPE AND VOLUME 1. Increase income from Academic Fees • Deepen cost sharing Raise realistic fees – Tuition and AFUF Full cost recovery of other non-instruction costs such as technology, sports and healthcare • Expand earnings from overseas students, self finance students, and specialized tailor made programmes

  10. Increasing IGF cont’d • Organize continuing education programmes for industries and professions • Re-define admission objectives to include revenue maximization 2. Increase rent incomes from: • Staff and student residencies, • Sporting facilities • Private commercial entities

  11. Increasing IGF cont’d 3. Generate funds from Charities such as; • Nippon and Tokyo Foundations of Japan • US based private foundations- Ford, Rockefeller, MacArthur, Carnegie, Bill and Belinda Gates • George Soros’s Open Society Programme

  12. Increasing IGF cont’d 4. Endowment Funds Easy to establish one? 5. Consultancy Services 6. Partnership with Business

  13. 7. Doing more with less involving: • Rational allocation of resources • Monitoring and control • Central fee collection and debt management • Management of cash reserves

  14. How do we realise the above? • Some institutions already established • IPO, UGEL • Establish Office of Fund Raising (OFR) • Revive our Consultancy Services • Engage government on policy issues • Foreign student quota • Ceiling on yearly AFUF percentage increases • Entrenchment of budgeting and budgetary control

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