FOUR YEARS after Northern Caribbean University (NCU) received its charter that designated it a university, the institution is yet to access all the benefits of its status.
The government is yet to have the charter passed into law, and according to NCU president, Dr. Hebert Thompson, the main drawback to that was the university could not to secure tax-exemption status without its passage.
However, the parties have found a way around the problem.
Minister of Education Maxine Henry-Wilson announced last Thursday that the Government and NCU have signed a temporary agreement that grants the institution the exemptions until the necessary legislation is passed.
Mrs. Henry-Wilson spoke at the launch of NCU's Endowment Foundation held at the Hilton Kingston hotel last Thursday.
EXEMPTION
This temporary agreement allows full General Consumption Tax exemption on school related purchases and exemption from duties on all imported school materials as long as all its documents are channelled through a window at the Ministry of Finance.
The new NCU Foundation is seeking to raise $50 million to finance a 10-year master plan for NCU's development. The university currently has 5,300 students on roll, four times the number it had four years ago.
According to the administration: "This planned expansion is necessary to keep pace with the rapid growth in the student population and programme offerings it has been experiencing since it gained university status in 1999."
The Foundation, launched by William Clarke, managing director of the Bank of Nova Scotia Jamaica Limited received a head start with a $5 million donation from BNS.
The bank is also collaborating with the NCU on a community based project to establish a computer centre in Mandeville, for which BNS is contributing US$75,000 (approx. $4.5 million).
The moneys donated to the NCU Foundation will be used to implement a phased programme to expand the physical capacity and upgrade teaching and research facilities at the institution.
