2011/2012 Annual Report - Open Campus - Uwi.edu

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4. Funding The Enterprise The Open Campus is currently funded bygovernment contributions, tuition fees andother income generating activities. While theratio of government funding to other sourcesof revenue is about 37% at present, the realityis this contribution is unpredictable so OCmust look at increasing revenue from otherexisting sources and generating avenues fornew sources of funds to meet recurrentexpenditure.A C A M P U S F O R T H E T I M E S . . . A C A M P U S F O R T H E F U T U R E
THE OC FINANCE DIVISION currently has offices inthree locations, in barbados, trinidad andJamaica and is responsible for the day to dayfinance operations in these locations for all Ocunits. in the uWi 12 locations, the finance functionoperates through a matrix structure wherethe finance office coordinates the finance activitiesat these sites through a dedicated staffassigned at each site. the finance staff at theuWi 12 sites report to the Head of Site.the Open campus is currently funded by governmentcontributions, tuition fees and otherincome generating activities. While the ratio ofgovernment funding to other sources of revenueis about 37% at present, the reality is this contributionis unpredictable so Oc must look atincreasing revenue from other existing sourcesand generating avenues for new sources of fundsto meet recurrent expenditure. the Open campusFinance has presented to council a fewproposed strategies for consideration whichinvolves the Oc, contributing governments andthe private sector.during 2011/12 Finance worked with cAtS on asystem to automatically upload receipts fromstudents based in Jamaica unto the student systemthrough a centralized function thus eliminatingthe need for sites staff involvement in theprocess. this reduced the reporting time significantlyso student accounts are updated weeklywith all stages of the process controlled byFinance. this is a short term measure until theerP is implemented during the 2012/2017period.Another initiative in progress for implementationin January 2013 is the centralisation of theprocessing of the uWi 12 payroll, currently doneat each Site, so that the process is under thedirect control of the Finance unit. this centralisationwill streamline processes, improve internalcontrols, provide consistency, and at thesame time allow the staff at the site currentlyperforming this task to concentrate more on sitespecific student related functions. this functionwill be outsourced.A C A M P U S F O R T H E T I M E S . . . A C A M P U S F O R T H E F U T U R E37
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2011/2012 Annual Report - Open Campus - Uwi.edu

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