Earl Moxam, Senior Gleaner Writer

The grounds of the University of the West Indies, Mona, St. Andrew, the largest of three regional campuses. UWI Vice-Chancellor, Professor E. Nigel Harris, has named Barbados banker, Michael Mansoor, as head of a Capital Development Task Force for the regional institiution. - file

The University of the West Indies (UWI), outpaced in financial resources by comparable American institutions, is now exploring ways of bridging that gap.

With a budget of US$250 million, UWI with 36,000 students - approximately US$6,900 per student - had half the financial resources of Oregon State University whose US$507 million budget in 2003/04 schooled 19,000 students, reflecting spend of about US$26,000 per student.

The University of Texas (Arlington), with a student population of 25,000 in 2004/05, was operating on a budget of US$310 million.

The University of Connecticut (UConn), United States), in 2004 had a budget of US$627 million. UConn has a population of about 28,000 students.

To secure more non-government funding to meet its expansion needs, UWI has asked banker, Michael Mansoor, to head a new Capital Development Task Force, which will advise the institution on options for raising money.

Support from heavyweights

Mansoor, the executive chairman of Barbados-based FirstCarib-bean International Bank, will have support on the task force from heavyweights in business and financial services, ranging across four regional countries.

The task force has been asked, among other things, to review and analyse proposals submitted by the university to meet its capital development needs, identify sources of potential financing for individual projects, and assist in raising funds.

UWI, which operates three main campuses in Jamaica, Trinidad and Barbados, in recent years, has seen a steady fall-off in its traditional support base, government grants, which are now only 52 per cent of its budget.

Professor E. Nigel Harris, vice-chancellor of the university, told Wednesday Business that, with the governments of the participating countries having to contend with a wider range of funding priorities, the UWI needed to do even more to finance its development programmes.

One initiative being pursued is a university consulting company to compete for consulting contracts with government agencies and other regional entities.

The Caribbean Development Bank is providing technical assistance for the firm.

UWI's annual budget is allocated across its campuses and the University Centre, with Mona receiving 38.4 per cent, St. Agustine, 25.6 per cent, Cave Hill, 19.5 per cent, while the centre which incorporates teaching and research departments, outreach to non-campus territories and administration, gets 16.5 per cent.

- business@gleanerjm.com

UWI Capital Development Task Force

Michael Mansoor, executive chairman, FirstCaribbean, Barbados (chairman)

Dr. Compton Bourne, president, Caribbean Development Bank

William 'Bill' Clarke, president/CEO, Bank of Nova Scotia Jamaica

Nigel Clarke, director of Facey Commodity Company, Jamaica

Charmaine Gardner, CARASCO & Son Limited, St. Lucia

Aubyn Hill, CEO of Corporate Strategies Limited, Jamaica

Minna Israel, managing director, Bank of Nova Scotia Bahamas

Robert LeHunte, managing director and CEO of Barbados National Bank

Robert A. Mathavious, managing director/CEO, Financial Services

Commission, British Virgin Islands

Dodridge Miller, CEO of Sagicor Life, Barbados

Marios St. Rose, former vice-president, CDB.