{"id":133313,"date":"2021-07-16T08:43:50","date_gmt":"2021-07-16T12:43:50","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=133313"},"modified":"2021-07-16T08:43:50","modified_gmt":"2021-07-16T12:43:50","slug":"heres-how-the-uwi-plans-to-address-its-financial-sustainability","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/heres-how-the-uwi-plans-to-address-its-financial-sustainability\/","title":{"rendered":"Here’s how The UWI plans to address its financial sustainability"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>

On Wednesday, July 14, Vice-Chancellor of The University of the West Indies (The UWI) Professor Sir Hilary Beckles, leading the University\u2019s Executive Management Team in a strategic planning retreat, launched Operation RR75+<\/em>, the second, five years of its ten-year strategic plan.<\/p>

\"\"<\/a><\/div>\n

 <\/p>\n

Describing the new five-year operation plan, Operation Revenue Revolution 75+ (Operation RR75+), he noted that this was an historic moment because it is the first time in its 73-year-old history that the University will be implementing an operational plan dedicated solely and exclusively to addressing its financial sustainability.<\/p>

\"\"<\/a><\/div>
\"\"<\/a><\/div>\n

 <\/p>

\"\"<\/a><\/div>\n

Vice-Chancellor Beckles noted that in the prior five-year operational plan, themed \u201cThe Reputation Revolution\u201d, the University focused on rebuilding its brand, and radically upgrading its reputation regionally and globally as a pre-condition for the second phase.<\/p>\n

 <\/p>

\"\"<\/a><\/div>\n

He noted, \u201cWe could not go to the region and world for resources and development partnerships with our brand and reputation in question. We had to put our house in good order before going out into the very competitive higher education world.\u201d<\/p>\n

 <\/p>

\"\"<\/a><\/div>\n

\u201cThe results of this first phase were spectacular\u201d he said. He added, \u201cThe UWI in 2019 received a \u2018triple 1st ranking\u2019 from the Times Higher Education<\/em>: number 1 in the Caribbean, top 1% in Latin America and the Caribbean region, and top 1% in its global cohort (of universities between 50 and 80 years old).\u00a0 The UWI is now ready for a fully fledged revenue revolution. The foundations have already been laid in the prior five years, but the blinkered singularity of purpose is now before us. This is not a knee-jerk COVID-19 response. It was on the cards in 2017 when the Triple A Strategic Plan<\/em> was approved. In 2018 and 2019 my annual reports to the University Council spoke to The UWI\u2019s \u2018Corporate Bonding\u2019 and \u2018Off we go on the Revenue Revolution\u2019, Sir Hilary noted. \u201cThe COVID-19 pandemic for us is not a game changer, but a super accelerator. Our thoughts and strategies preceded the 2020 catastrophe.\u201d<\/p>

\"\"<\/a><\/div>\n

 <\/p>\n

Vice-Chancellor Beckles invited Chairman of CARICOM, Prime Minister the Honourable Gaston Browne, to address the Wednesday Retreat to speak from the perspective of contributing governments. Prime Minister Browne embraced the University\u2019s vision and strategy. The change process, he predicted, will see the university doing well. He noted that the governments are solidly behind the regional university in leading financial reforms for greater autonomy. He endorsed the quest to radically alter The UWI\u2019s financial circumstance.<\/p>\n

 <\/p>\n

Group President and Chief Executive Officer of Sagicor Financial Corporation Limited, Dr. Dodridge Miller representing the private sector perspective, spoke about benefits The UWI can reap if it learns from the Sagicor model in going from local and regional, to global in order to secure its financial future and assure the quality of its offerings to the Caribbean people.<\/p>\n

 <\/p>\n

Also, new President of the Caribbean Development Bank, Dr. Hyginus ‘Gene’ Leon, speaking from a regional development perspective, commended the University for accurately reading the challenges endemic to its domestic eco-system, and operationalising an innovative response that would serve the institution and region well.<\/p>\n

 <\/p>\n

Vice-Chancellor Beckles spoke about the notion that the University cannot continue to grow, innovate, and prosper solely within its domestic financial base. He recognised the devastation of the regional economy by COVID-19 leading to governments\u2019 inability to fund it at approved level. He then argued that the global gaze was now at centre stage within the five-year operational plan.<\/p>\n

 <\/p>\n

\u201cThere has been an explosion of innovation within The UWI during the last five years, and we are capturing this in the current strategy,\u201d the Vice-Chancellor noted. This will be reflected in an upsurge in productivity, cost reduction, and the greater application of technologies to the new business culture.<\/p>\n

 <\/p>\n

The Vice-Chancellor noted that the current funding model, characterised by large government arrears and subsequent impairment and write-offs, produces a budgetary gap that must now be closed. The University has taken on the task of closing this budgetary gap through its new entrepreneurial projects. He further stated, \u201cDespite the fact that the deficit drivers are outside of management\u2019s control, we are owning them, and taking on the project of closing the gap by generating cash to end the 30-year-old era of deficit financing and moving to balance budgeting within two years.\u201d<\/p>\n

 <\/p>\n

Operation RR75+ which sees its first target as the 75th anniversary of the University in 2023 and looking beyond, seeks to create a funding model as follows:<\/p>\n

 <\/p>\n

50% revenue from The UWI\u2019s contributing Caribbean governments and 50% revenue from the University\u2019s entrepreneurial actions including:<\/p>\n